ROYAL CARIBBEAN CRUISES LTD (RCL) FY2025 Q3 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-07-01 to 2025-09-30

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ROYAL CARIBBEAN CRUISES LTD cash flow reconciliation, Jul 1, 2025 through Sep 30, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Calculated remaining financing cash flows are purple; remaining operating and investing bundles are gray. Their underlying inflows and outflows are not separately identified. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net Income → Net cash from operating activities: $1,469,000,000.00Net Income → Operating adjustments reconciliation: $110,000,000.00Depreciation and amortization → Operating adjustments reconciliation: $436,000,000.00Dividends received from unconsolidated affiliates → Operating adjustments reconciliation: $263,000,000.00Increase in prepaid expenses and other assets → Operating adjustments reconciliation: $100,000,000.00Share-based compensation expense → Operating adjustments reconciliation: $44,000,000.00Increase (decrease) in accrued expenses and other liabilities → Operating adjustments reconciliation: $40,000,000.00Amortization of debt issuance costs, discounts and premiums → Operating adjustments reconciliation: $26,000,000.00Other, net → Operating adjustments reconciliation: $20,000,000.00Increase in trade and other receivables, net → Operating adjustments reconciliation: $17,000,000.00Net deferred income tax expense → Operating adjustments reconciliation: $11,000,000.00(Gain) loss on derivative instruments not designated as hedges → Operating adjustments reconciliation: $11,000,000.00Operating adjustments reconciliation → Increase in customer deposits: $775,000,000.00Operating adjustments reconciliation → Equity investment income: $158,000,000.00Operating adjustments reconciliation → (Decrease) increase in accounts payable trade: $124,000,000.00Operating adjustments reconciliation → Increase in inventories: $21,000,000.00Debt proceeds → financing reconciliation: $2,432,000,000.00Other, net → financing reconciliation: $3,000,000.00financing reconciliation → Net cash from financing activities: $615,000,000.00financing reconciliation → Repayments of debt: $1,130,000,000.00financing reconciliation → Repurchase of common stock: $414,000,000.00financing reconciliation → Dividends paid: $204,000,000.00financing reconciliation → Debt issuance costs: $72,000,000.00Net cash used in investing activities → investing reconciliation: $2,387,000,000.00Cash received on loans from unconsolidated affiliates → investing reconciliation: $56,000,000.00Cash received on settlement of derivative financial instruments → investing reconciliation: $33,000,000.00Other, net → investing reconciliation: $15,000,000.00investing reconciliation → Purchases of property and equipment: $2,458,000,000.00investing reconciliation → Investments in and loans to unconsolidated affiliates: $17,000,000.00investing reconciliation → Remaining investing cash flows, net (calculated): $15,000,000.00investing reconciliation → Cash paid on settlement of derivative financial instruments: $1,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $735,000,000.00Net cash from operating activities → Cash sources and uses: $1,469,000,000.00Net cash from financing activities → Cash sources and uses: $615,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $432,000,000.00Cash sources and uses → Net cash used in investing activities: $2,387,000,000.00Net Income: $1,579,000,000.00Net Income+$1.58 BDepreciation and amortization: $436,000,000.00Depreciation & amortization+$436.00 MNet deferred income tax expense: $11,000,000.00Net deferred income tax expense+$11.00 M(Gain) loss on derivative instruments not designated as hedges: $11,000,000.00(Gain) loss on derivative instruments not designatedas hedges+$11.00 MShare-based compensation expense: $44,000,000.00Stock-based compensation+$44.00 MEquity investment income: -$158,000,000.00Equity-method results−$158.00 MAmortization of debt issuance costs, discounts and premiums: $26,000,000.00Debt cost amortization+$26.00 MLoss on extinguishment of debt and inducement expense: $0.00Increase in trade and other receivables, net: $17,000,000.00Receivables, net+$17.00 MIncrease in inventories: -$21,000,000.00Inventories−$21.00 MIncrease in prepaid expenses and other assets: $100,000,000.00Prepaid & other assets+$100.00 M(Decrease) increase in accounts payable trade: -$124,000,000.00Accounts payable−$124.00 MIncrease (decrease) in accrued expenses and other liabilities: $40,000,000.00Accrued & other liabilities+$40.00 MIncrease in customer deposits: -$775,000,000.00Deferred revenue−$775.00 MDividends received from unconsolidated affiliates: $263,000,000.00Dividends received+$263.00 MOther, net: $20,000,000.00Other working capital, net+$20.00 MNet cash from operating activities: $1,469,000,000.00Operating cash+$1.47 BOperating adjustments reconciliation: $1,078,000,000.00Debt issuance costs: -$72,000,000.00Debt issuance costs−$72.00 MPremium on repayment of debt: $0.00Repayments of debt: -$1,130,000,000.00Long-term debt repaid−$1.13 BOther, net: $3,000,000.00Other financing, net+$3.00 MDividends paid: -$204,000,000.00Dividends paid−$204.00 MDebt proceeds: $2,432,000,000.00Long-term debt issued+$2.43 BRepurchase of common stock: -$414,000,000.00Common stock repurchases−$414.00 MNet cash from financing activities: $615,000,000.00Financing cash+$615.00 Mfinancing reconciliation: $2,435,000,000.00Purchases of property and equipment: -$2,458,000,000.00PP&E purchases−$2.46 BCash received on settlement of derivative financial instruments: $33,000,000.00Investing derivative proceeds+$33.00 MCash paid on settlement of derivative financial instruments: -$1,000,000.00Investing derivative payments−$1.00 MInvestments in and loans to unconsolidated affiliates: -$17,000,000.00Investments in affiliates−$17.00 MCash received on loans from unconsolidated affiliates: $56,000,000.00Related party loan repaid+$56.00 MOther, net: $15,000,000.00Other investing, net+$15.00 MRemaining investing cash flows, net (calculated): -$15,000,000.00Remaining investing (calculated)−$15.00 MNet cash used in investing activities: -$2,387,000,000.00. Cash required to fund net payments.Investing cash−$2.39 Binvesting reconciliation: $2,491,000,000.00Cash sources and uses: $2,819,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $735,000,000.00Beginning cash$735.00 MEnding cash: Cash, cash equivalents, and restricted cash: $432,000,000.00Ending cash$432.00 MCASH RECONCILIATIONOperatingflowsFinancingflowsInvestingflowsFree cash flow−$989.00 MOperating cash − cash spent on PP&ECash flow / Net income0.93×Operating cash flow ÷ net incomeNet cash change−$303.00 MEnding cash − beginning cash
Chart details

ROYAL CARIBBEAN CRUISES LTD cash flow reconciliation, Jul 1, 2025 through Sep 30, 2025

Cash flows for Jul 1, 2025 through Sep 30, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Jun 30, 2025. Ending cash: Sep 30, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Jun 30, 2025
735,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
1,469,000,000 US dollars. Net cash provided.
Net Income
1,579,000,000 US dollars
Depreciation and amortization
436,000,000 US dollars
Net deferred income tax expense
11,000,000 US dollars
(Gain) loss on derivative instruments not designated as hedges
11,000,000 US dollars
Share-based compensation expense
44,000,000 US dollars
Equity investment income
negative 158,000,000 US dollars
Amortization of debt issuance costs, discounts and premiums
26,000,000 US dollars
Loss on extinguishment of debt and inducement expense
0 US dollars
Increase in trade and other receivables, net
17,000,000 US dollars
Increase in inventories
negative 21,000,000 US dollars
Increase in prepaid expenses and other assets
100,000,000 US dollars
(Decrease) increase in accounts payable trade
negative 124,000,000 US dollars
Increase (decrease) in accrued expenses and other liabilities
40,000,000 US dollars
Increase in customer deposits
negative 775,000,000 US dollars
Dividends received from unconsolidated affiliates
263,000,000 US dollars
Other, net
20,000,000 US dollars
Investing activities
negative 2,387,000,000 US dollars. Net cash used. The remaining amount is calculated by subtracting the other displayed items from the investing total. This quarter is the year to date less the prior quarter's year to date. The prior quarter reported part of this section under different lines (Proceeds from sale of unconsolidated affiliates), so those amounts cannot be separated for this quarter. It may combine inflows and outflows.
Purchases of property and equipment
negative 2,458,000,000 US dollars
Cash received on settlement of derivative financial instruments
33,000,000 US dollars
Cash paid on settlement of derivative financial instruments
negative 1,000,000 US dollars
Investments in and loans to unconsolidated affiliates
negative 17,000,000 US dollars
Cash received on loans from unconsolidated affiliates
56,000,000 US dollars
Other, net
15,000,000 US dollars
Remaining investing cash flows, net (calculated)
negative 15,000,000 US dollars
Financing activities
615,000,000 US dollars. Net cash provided.
Debt issuance costs
negative 72,000,000 US dollars
Premium on repayment of debt
0 US dollars
Repayments of debt
negative 1,130,000,000 US dollars
Other, net
3,000,000 US dollars
Dividends paid
negative 204,000,000 US dollars
Debt proceeds
2,432,000,000 US dollars
Repurchase of common stock
negative 414,000,000 US dollars
Operating adjustment reconciliation
1,078,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
2,435,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing displayed reconciliation
2,491,000,000 US dollars. Intermediate calculation joining the displayed items and the calculated net remainder. It does not establish gross cash receipts or payments and is not an additional cash flow.
Exchange-rate effect
0 US dollars
Ending cash on Sep 30, 2025
432,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
2,819,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 303,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
0.93×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
1,469,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
Cash purchases of property, plant and equipment
2,458,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
negative 989,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income exceeds operating cash. The diagram allocates $1.47B of net income directly to operating cash and $110.00M to the adjustment junction, where it combines with other additions to reconcile deductions. This is an accounting presentation, not a tracing of cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash purchases of property, plant and equipment equals free cash flow: 1,469,000,000 US dollars minus 2,458,000,000 US dollars equals negative 989,000,000 US dollars.
ROYAL CARIBBEAN CRUISES LTD (RCL) FY2025 Q3 Statement of Cash Flows Sankey chart
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