皇家加勒比邮轮 2026年季度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended June30, 2026 OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromtoCommission File Number: 1-11884 ROYAL CARIBBEAN CRUISES LTD. (Exact name of registrant as specified in its charter)Republic of Liberia98-0081645(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 1050 Caribbean Way, Miami, Florida 33132(Address of principal executive offices) (zip code)(305) 539-6000(Registrant’s telephone number, including area code)N/A(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, par value $0.01 per shareRCLNew York Stock Exchange Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12 months (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 past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant 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 smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No☒There were 267,452,084 shares of common stock outstanding as of July24, 2026. TABLE OF CONTENTS PARTI. FINANCIAL INFORMATIONItem 1. Financial Statements1Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations20Item 3. Quantitative and Qualitative Disclosures About Market Risk37Item 4. Controls and Procedures37PARTII. OTHER INFORMATIONItem 1. Legal Proceedings38Item 1A. Risk Factors38Item 2. Unregistered Sales of Equity Securities and Use of Proceeds39Item 5. Other Information39Item 6. Exhibits40SIGNATURES41 ROYAL CARIBBEAN CRUISES LTD.CONSOLIDATED STATEMENTS OF CASH FLOW(unaudited; in millions) Supplemental Disclosure ROYAL CARIBBEAN CRUISES LTD.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(unaudited) As used in this Quarterly Report on Form10-Q,the terms "Royal Caribbean Group," the “Company,” “we,” “our” and “us”refer to Royal Caribbean Cruises Ltd. and, depending on the context, Royal Caribbean Cruises Ltd.’s consolidated subsidiaries and/oraffiliates. The terms “Royal Caribbean,” “Celebrity Cruises,” and "Silversea" refer to our wholly owned global cruise brands.Throughout this Quarterly Report on Form 10-Q, we also refer to our partner brands in which we hold an ownership interest,including “Mein Schiff” and "Hapag-Lloyd Cruises." However,because these partner brands are unconsolidated investments, ouroperating results and other disclosures herein do not include these brands unless otherwise specified. In accordance with cruisevacation industry practice, the term “berths” is determined based on double occupancy per cabin even though many cabins canaccommodate three or more passengers. This Quarterly Report on Form 10-Q should be read in conjunction with our Annual Reporton Form10-K for the year ended December 31, 2025. This Quarterly Report on Form10-Q also includes trademarks, trade names and service marks of other companies.Use ordisplay by us of other parties’ trademarks, trade names or service marks is not intended to and does not imply a relationship with, orendorsement or sponsorship of us by, these other parties other than as described herein. Note 1. General Description of Business We are a global cruise company. We own and operate three global cruise brands: Royal Caribbean, Celebrity Cruises andSilversea (collectively, our "Global Brands"). We also own a 50% joint venture interest in TUI Cruises GmbH ("TUIC", "TUICruises"), which operates the German brands Mein Schiff and Hapag