Royal Caribbean Cruises Ltd. operates as a cruise company worldwide. The company operates cruises under the Royal Caribbean International, Celebrity Cruises, and Silversea Cruises brands, which comprise a range of itineraries. As of February 21, 2024, it operated 65 ships. Royal Caribbean Cruises Ltd. was founded in 1968 and is headquartered in Miami, Florida.

Royal Caribbean Cruises Ltd.

Royal Caribbean Cruises Ltd. RCL is entering a pivotal stage as its Perfecta financial plan gains momentum. Designed to deliver a 20% compound annual EPS growth rate through 2027 and return on invested capital in the high teens, Perfecta has become the company’s north star. With consumer demand for leisure travel surging and cruise vacations capturing a greater share of the $2 trillion global vacation market, RCL is uniquely positioned to execute on this ambitious blueprint.
Second-quarter 2025 results highlighted that trajectory. During the quarter, adjusted EPS came in at $4.38, a 36% year-over-year increase and $0.33 above guidance. Net yield climbed 5.2%, surpassing estimates, while load factor hit 110%. Onboard spend and pre-cruise purchases exceeded prior years, supported by a millennial and Gen Z demographic representing half of RCL’s guest base. Given the drivers, management now forecasts full-year EPS (earnings per share) growth of 31% year over year to a range of $15.41-$15.55, positioning RCL well ahead of its Perfecta pace.
Strategic investments are central to sustaining this growth arc. The launch of Star of the Seas and Celebrity Xcel is bolstering pricing power, while the debut of Royal Beach Club Paradise Island later this year underscores RCL’s destination-led strategy. The company is also expanding into new categories with river cruising and leveraging AI-powered personalization through its mobile platform, where nearly 50% of onboard purchases are now booked. These initiatives are deepening customer engagement and lifting loyalty-member bookings, which now account for nearly 40% of reservations.
Financially, RCL is translating demand into stronger fundamentals. Adjusted EBITDA margins reached 41% in the second quarter, up 300 basis points year over year, and operating cash flow came in at $1.7 billion. Liquidity as of second-quarter 2025 stands at $7.1 billion, with leverage on track to fall to the mid-2x range by year-end. With strong earnings growth, new ships and destinations coming online, and balance sheet strength improving, RCL remains confident in its ability to achieve its Perfecta milestones and drive long-term shareholder value.
RCL’s Price Performance, Valuation & Estimates
Shares of Royal Caribbean have rallied 36.3% in the past three months compared with the industry’s growth of 14.9%. In the same time frame, other industry players like Carnival Corporation & plc CCL, Norwegian Cruise Line Holdings Ltd. NCLH and OneSpaWorld Holdings Limited OSW have gained 30.5%, 33.9% and 17.5%, respectively.
RCLThree-Month Price Performance
Image Source: Zacks Investment Research
Royal Caribbean stock is currently trading at a discount. The company is currently trading at a forward 12-month price-to-earnings (P/E) multiple of 18.72X, below the industry average of 18.98X. Conversely, industry players, such as Carnival, Norwegian Cruise and OneSpaWorld have P/E multiples of 13.3X, 10.08X and 19.91X, respectively.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Royal Caribbean’s 2025 EPS has been revised upward, increasing from $15.42 to $15.60 over the past 60 days. This upward trend indicates strong analyst confidence in the stock’s near-term prospects.
Image Source: Zacks Investment Research
The company is likely to report solid earnings, with projections indicating a 32.2% rise in 2025. Conversely, industry players like Carnival, Norwegian Cruise and OneSpaWorld are likely to witness a rise of 40.9%, 12.1% and 18.8% respectively, year over year in 2025 earnings.
RCL stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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How Realistic Are RCL's Perfecta Targets Given 2025 EPS Growth of 31%?

Below is Validea's guru fundamental report for ROYAL CARIBBEAN CRUISES LTD (RCL). Of the 22 guru strategies we follow, RCL rates highest using our Quantitative Momentum Investor model based on the published strategy of Wesley Gray. This momentum model looks for stocks with strong and consistent intermediate-term relative performance.
ROYAL CARIBBEAN CRUISES LTD (RCL) is a large-cap growth stock in the Water Transportation industry. The rating using this strategy is 88% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of ROYAL CARIBBEAN CRUISES LTD
More Information on Wesley Gray
About Wesley Gray: Wesley Gray is the founder of Alpha Architect and the author (along with co-author Jack Vogel) of "Quantitative Momentum A Practitioner's Guide to Building a Momentum-Based Stock Selection System". He is also the author (along with co-author Tobias Carlisle) of "Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors". He is an industry recognized expert in the application of quantitative investing strategies. Wes is also a former Marine and has his Phd from the Univerisity of Chicago, where he studied under Nobel Prize winner Eugene Fama.
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About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

RCL Factor-Based Stock Analysis

Below is Validea's guru fundamental report for ROYAL CARIBBEAN CRUISES LTD (RCL). Of the 22 guru strategies we follow, RCL rates highest using our Quantitative Momentum Investor model based on the published strategy of Wesley Gray. This momentum model looks for stocks with strong and consistent intermediate-term relative performance.
ROYAL CARIBBEAN CRUISES LTD (RCL) is a large-cap growth stock in the Water Transportation industry. The rating using this strategy is 94% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of ROYAL CARIBBEAN CRUISES LTD
More Information on Wesley Gray
About Wesley Gray: Wesley Gray is the founder of Alpha Architect and the author (along with co-author Jack Vogel) of "Quantitative Momentum A Practitioner's Guide to Building a Momentum-Based Stock Selection System". He is also the author (along with co-author Tobias Carlisle) of "Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors". He is an industry recognized expert in the application of quantitative investing strategies. Wes is also a former Marine and has his Phd from the Univerisity of Chicago, where he studied under Nobel Prize winner Eugene Fama.
Additional Research Links
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea Detailed Fundamental Analysis - RCL

Carnival Corporation CCL is gearing up for a competitive environment, with major players like Royal Caribbean Cruises Ltd. RCL and Norwegian Cruise Line Holdings NCLH continuing to add capacity and enhance offerings. CCL is also advancing its fleet strategy, aiming to reinforce market position through targeted newbuilds and upgrades.
During the second quarter of 2025, the company highlighted several vessel additions and refurbishments designed to drive demand and support pricing. AIDAdiva returned to service after the first phase of the AIDA Evolution upgrade, delivering strong guest feedback and increased onboard spending. The program will extend to six more vessels over the next few years. Two newbuilds for AIDA, scheduled for delivery in fiscal 2030 and 2032, will further strengthen the brand’s presence in Germany.
Carnival Cruise Line is preparing for the 2027 and 2028 arrivals of Carnival Festivale and Carnival Tropicale, both Excel-class ships featuring Sunsation Point, a family-focused water park spanning three decks. These ships will have 70% more interconnecting rooms than earlier Excel vessels.
The company will also welcome Star Princess later this year, building on the successful Sun Princess platform. With only three ships on order over the next four years, CCL maintains moderate capacity growth, allowing room for debt reduction while still enhancing its guest experience.
By combining selective fleet expansion with brand-specific upgrades, Carnival aims to strengthen its competitive edge and capture share in a market where rivals are also ramping up capacity.
Competitive Positioning in the Cruise Industry
Royal Caribbean is expanding its fleet through a steady pipeline of new ships to strengthen demand and pricing. In the second quarter of 2025, Royal Caribbean increased capacity by 6% year over year, with gains driven by new vessels and enhancements to the existing fleet. Net yield growth of 5.2% was evenly split between new hardware and current ships. The upcoming delivery of Star of the Seas in August and the launch of Celebrity Xcel in November are expected to lift fourth-quarter capacity by 10% year over year. Looking ahead, the company plans to add seven ships through 2028, including Legend of the Seas, Icon 4 and Celebrity River, supporting premium yields and global reach.
Norwegian Cruise is pursuing steady fleet growth with a pipeline that supports approximately 29.7% gross capacity expansion by 2028, indicating a CAGR of about 4% from 2023. In the second quarter of 2025, Norwegian Cruise expanded its fleet with the delivery of Oceania Cruises’ Allura, the brand’s eighth ship and second in the Allura Class. Norwegian Cruise also confirmed orders for two additional Sonata Class ships, bringing total orders to 13 vessels across three brands, reinforcing its long-term growth strategy.
CCL’s Price Performance, Valuation and Estimates
Shares of Carnival have gained 33.2% in the past three months compared with the industry’s growth of 8.9%.
Image Source: Zacks Investment Research
From a valuation standpoint, CCL trades at a forward price-to-earnings ratio of 13.96X, significantly below the industry’s average of 18.91X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for CCL’s fiscal 2025 and 2026 earnings implies a year-over-year uptick of 40.9% and 13.8%, respectively. The EPS estimates for fiscal 2025 have increased in the past 30 days.
Image Source: Zacks Investment Research
CCL currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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Will Carnival's New Ship Additions Boost Its Competitive Position?

Royal Caribbean Cruises Ltd. RCL is expanding capacity through a steady pipeline of new ships, aiming to strengthen demand in 2025. The company’s strategy centers on moderate capacity growth, with each addition designed to drive pricing power, attract new guests and support yield expansion.
In the second quarter of 2025, the company’s capacity increased 6% year over year, supported by new ships alongside improvements across the existing fleet. Net yield growth of 5.2% was evenly split between new hardware and the current portfolio. The company noted that the new ships are generating strong pricing and load factors, reinforcing the demand impact of fleet additions.
The delivery of Star of the Seas in late August and the launch of Celebrity Xcel in November are expected to boost fourth-quarter capacity by 10% year over year. These ships join recent entrants in the short-cruise market, such as Utopia of the Seas and Wonder of the Seas, which are driving repeat bookings and attracting younger demographics.
Looking beyond 2025, Royal Caribbean plans to introduce seven new ships over the next few years, including Legend of the Seas in 2026, Icon 4 and Celebrity River in 2027, and Oasis 7 and Edge 6 in 2028. This measured rollout is designed to enhance global reach and diversify offerings, with each addition positioned to deliver premium yields.
The company emphasized that fleet growth is part of a broader demand strategy, supported by exclusive destinations, digital engagement and loyalty programs. With record bookings and strong demand across itineraries, the company’s expanding fleet is expected to remain a central driver of its 2025 growth momentum.
Competitive Positioning in the Cruise Industry
Norwegian Cruise Line Holdings Ltd. NCLH is pursuing steady fleet growth with a pipeline that supports approximately 29.7% gross capacity expansion by 2028, reflecting a CAGR of about 4% from 2023. In the second quarter of 2025, Norwegian Cruise expanded its fleet with the delivery of Oceania Cruises’ Allura, the brand’s eighth ship and second in the Allura Class. Norwegian Cruise also confirmed orders for two additional Sonata Class ships, bringing total orders to 13 vessels across three brands, reinforcing its long-term growth strategy.
Carnival Corporation & plc CCL is advancing its fleet strategy through a mix of newbuilds and refurbishments aimed at enhancing guest experiences and driving demand. It has ordered two new AIDA ships for delivery in 2030 and 2032. It is preparing to debut Carnival Festivale and Carnival Tropicale in 2027 and 2028, respectively. The upcoming launch of Star Princess, sister ship to Sun Princess, further underscores Carnival’s focus on modern, guest-centric ships to support long-term growth.
RCL’s Price Performance, Valuation & Estimates
Shares of Royal Caribbean have gained 28.2% in the past three months compared with the industry’s growth of 6.7%.
Image Source: Zacks Investment Research
From a valuation standpoint, Royal Caribbean trades at a forward price-to-sales ratio of 4.47x, significantly up from the industry’s average of 2.33x.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for RCL’s 2025 and 2026 earnings implies a year-over-year uptick of 32.2% and 17.7%, respectively. The EPS estimates for 2025 have increased in the past 30 days.
Image Source: Zacks Investment Research
RCL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Will Royal Caribbean's Fleet Growth Anchor Its 2025 Demand Strategy?

Taking full advantage of the stock market and investing with confidence are common goals for new and old investors, and Zacks Premium offers many different ways to do both.
The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores?
The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value Score
Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth Score
Growth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum Score
Momentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM Score
If you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank
The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
With more than 800 top-rated stocks to choose from, it can certainly feel overwhelming to pick the ones that are right for you and your investing journey.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Waste Connections (WCN)
Waste Connections is an integrated solid waste services company that provides non-hazardous waste collection, transfer, disposal and recycling services across the U.S. and Canada. The company offers non-hazardous oilfield waste treatment, recovery and disposal services in several of the active natural resource producing areas in the United States, including the Permian, Bakken and Eagle Ford Basins through its R360 Environmental Solutions subsidiary.
WCN is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Additionally, the company could be a top pick for growth investors. WCN has a Growth Style Score of B, forecasting year-over-year earnings growth of 15% for the current fiscal year.
Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2024, while the Zacks Consensus Estimate has increased $0.01 to $4.82 per share. WCN also boasts an average earnings surprise of 3.1%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, WCN should be on investors' short list.
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Are You a Growth Investor? This 1 Stock Could Be the Perfect Pick

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the First Trust Large Cap Core AlphaDEX Fund ETF (Symbol: FEX), we found that the implied analyst target price for the ETF based upon its underlying holdings is $122.80 per unit.
With FEX trading at a recent price near $111.90 per unit, that means that analysts see 9.74% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of FEX's underlying holdings with notable upside to their analyst target prices are Guidewire Software Inc (Symbol: GWRE), Royal Caribbean Group (Symbol: RCL), and Booking Holdings Inc (Symbol: BKNG). Although GWRE has traded at a recent price of $226.19/share, the average analyst target is 14.84% higher at $259.75/share. Similarly, RCL has 10.14% upside from the recent share price of $315.70 if the average analyst target price of $347.72/share is reached, and analysts on average are expecting BKNG to reach a target price of $6025.33/share, which is 10.03% above the recent price of $5476.09. Below is a twelve month price history chart comparing the stock performance of GWRE, RCL, and BKNG:
Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
Guidewire Software Inc
GWRE
$226.19
$259.75
14.84%
Royal Caribbean Group
RCL
$315.70
$347.72
10.14%
Booking Holdings Inc
BKNG
$5476.09
$6025.33
10.03%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

How The Parts Add Up: FEX Targets $123

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Royal Caribbean RCL Q2 2025 Earnings Transcript

(RTTNews) - While reporting financial results for the second quarter on Tuesday, Royal Caribbean Cruises Ltd. (RCL) raised its adjusted earnings guidance to a range of $15.41 to $15.55 per share from the prior range of $14.55 to $15.55 per share.
On average, 25 analysts polled expect the company to report earnings of $15.45 per share for the year. Analysts' estimates typically exclude special items.
The company said increase in earnings expectations is driven mainly by the stronger than expected second quarter performance, lower than expected spend, and continued favorability below the line for the remainder of the year.
For the third quarter, the company expects adjusted earnings in a range of $5.55 to $5.65 per share, based on current fuel pricing, interest rates and currency exchange rates. The Street is looking for earnings of $5.84 per share for the quarter.
For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Royal Caribbean Boosts FY25 Outlook, But Guides Q3 Below Estimates; Stock Down 6% - Update

Royal Caribbean (RCL) came out with quarterly earnings of $4.38 per share, beating the Zacks Consensus Estimate of $4.1 per share. This compares to earnings of $3.21 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +6.83%. A quarter ago, it was expected that this cruise operator would post earnings of $2.53 per share when it actually produced earnings of $2.71, delivering a surprise of +7.11%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Royal Caribbean, which belongs to the Zacks Leisure and Recreation Services industry, posted revenues of $4.54 billion for the quarter ended June 2025, missing the Zacks Consensus Estimate by 0.25%. This compares to year-ago revenues of $4.11 billion. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Royal Caribbean shares have added about 52.6% since the beginning of the year versus the S&P 500's gain of 8.6%.
What's Next for Royal Caribbean?
While Royal Caribbean has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Royal Caribbean was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.87 on $5.23 billion in revenues for the coming quarter and $15.52 on $18.06 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Leisure and Recreation Services is currently in the bottom 28% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Life Time Group Holdings, Inc. (LTH), has yet to report results for the quarter ended June 2025. The results are expected to be released on August 5.
This company is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of +32%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Life Time Group Holdings, Inc.'s revenues are expected to be $751.9 million, up 12.6% from the year-ago quarter.
Should You Invest in Royal Caribbean Cruises Ltd. (RCL)?
Before you invest in Royal Caribbean Cruises Ltd. (RCL), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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Royal Caribbean Cruises Ltd.

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