皇家加勒比邮轮 2025年度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ANNUAL REPORT PURSUANT TO SECTION13 OR15(d)OFTHE SECURITIESEXCHANGE ACT OF1934 For the fiscal year ended December 31, 2025 TRANSITION REPORT PURSUANT TO SECTION 13 OR15(d)OFTHESECURITIESEXCHANGE ACT OF1934 ROYAL CARIBBEAN CRUISES LTD. (Exact name of registrant as specified in its charter) Republic of Liberia(State or other jurisdiction ofincorporation or organization) (Address of principal executive offices) (zip code) (305)539-6000 (Registrant's telephone number, including area code) Securities registered pursuant to Section12(b) of the Act: Name of each exchange on which registered New York Stock Exchange Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act.Yes☒No☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☒ Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of RegulationS-T(§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule12b-2 of the ExchangeAct. Large accelerated filer☒Acceleratedfiler☐Non-acceleratedfiler☐Smallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes☒No☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act).Yes☐No☒ The aggregate market value of the registrant's common stock at June30, 2025 (based upon the closing sale price of the common stock on the New York Stock Exchangeon June30, 2025) held by those persons deemed by the registrant to be non-affiliates was approximately $79.1 billion. There were 270,528,303 shares of common stock outstanding as of February9, 2026. DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant's Definitive Proxy Statement relating to its 2026 Annual Meeting of Shareholders are incorporated by reference in PartIII, Items10-14 of thisAnnual Report on Form10-K as indicated herein. ROYAL CARIBBEAN CRUISESLTD.TABLE OF CONTENTS PART I Item1.Item1A.Item1B.Item 1C.Item2.Item3.Item4.PART IIItem5. BusinessRisk FactorsUnresolved Staff CommentsCybersecurityPropertiesLegal ProceedingsMine Safety Disclosures Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity SecuritiesReservedManagement's Discussion and Analysis of Financial Condition and Results of OperationsQuantitative and Qualitative Disclosures About Market RiskFinancial Statements and Supplementary DataChanges In and Disagreements With Accountants on Accounting and Financial DisclosureControls and ProceduresOther InformationDisclosure Regarding Foreign Jurisdictions that Prevent Inspections Item6.Item7.Item7A.Item8.Item9.Item9A.Item9B.Item9C.PART IIIItem10.Item11.Item12. Directors, Executive Officers and Corporate GovernanceExecutive CompensationSecurity Ownership of Certain Beneficial Owners and Management and Related StockholderMattersCertain Relationships and Related Transactions, and Director In