Credit and interest ratesnegative · 5 filings
“These amounts are included in Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss).”10-Q · Jul 28, 2026 ↗
Royal Caribbean Cruises Ltd.
RCL
Market read
Royal Caribbean Cruises Ltd.'s move is being confirmed by its market group.
No new filing conclusion is available. 5 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
Company+0.5% todayVolume comparison unavailable
Market group5 of 37 activeAirline Operators · inactive
Disclosed network0 of 5 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- At least 25 of 37 durable members become active together.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as ULCC begins moving with the group.
Invalidation: The live read weakens if participation falls to 12 of 37 members or fewer.
Research brief
The story so far
No new filing conclusion is available. 5 of 37 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 5 directly disclosed connections are confirming.
Evidence that supports
No thresholded supportive filing evidence is available yet.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- At least 25 of 37 durable members become active together.
- Capital-flow agreement rises above 55%.
- A filing-linked outsider such as ULCC begins moving with the group.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations602
Usable filing statements136
Verified relationships6
Evidence supporting the case
- Latest annual revenue changed +8.8% year over year.
- Operating margin changed +2.5 percentage points in the latest annual period.
- Net margin changed +6.3 percentage points in the latest annual period.
- Capital investment and capacity has repeated favorable evidence across 4 filings.
- Pricing and mix has repeated favorable evidence across 4 filings.
Evidence challenging the case
- Credit and interest rates has repeated adverse evidence across 5 filings.
- Restructuring and cost reductions has repeated adverse evidence across 5 filings.
Questions before a position
- EV/sales is 462% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 11, 2026
260.196m-2.4%12m-23.8%24m+66.2%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-12-31$1.5B-30.6%$-20.89+17.6%
2022-12-31$8.8B+477.0%$-8.45+1.2%
2023-12-31$13.9B+57.2%$6.31+11.0%
2024-12-31$16.5B+18.6%$10.94-1.4%
2025-12-31$17.9B+8.8%$15.61-1.8%
What management says matters
Persistent and emerging business drivers
Restructuring and cost reductionsnegative · 5 filings
“For the periods presented, these items included (i) loss on extinguishment of debt and inducement expense; (ii) restructuring charges and other initiative expenses; (iii) the amortization of the Silversea intangible assets resulting from the Silversea acquisi…”10-Q · Jul 28, 2026 ↗
Capital investment and capacitypositive · 4 filings
“The change of $2.1 billion was primarily attributable to increased capital expenditures in 2026 compared to 2025.”10-Q · Jul 28, 2026 ↗
Pricing and mixpositive · 4 filings
“The increase was primarily due to an increase in capacity and higher pricing in 2026 compared to the same period in 2025.”10-Q · Jul 28, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 4.0× · EV/sales 3.9×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
260.19+0.5% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for RCL. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Filing analysis
No comparable filing assessment is available yet
Jodie has not yet found a suitable current-versus-prior filing comparison for RCL. This does not mean the latest filing was neutral or immaterial.
Business ecosystem
The relationships behind RCL
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
OTAIFiling-linked namepartnerFeb 11, 2026 ▾
“Our entire fleet is equipped with Starlink through our partnership with SpaceX, bringing the next generation in shipboard connectivity and unlocking an improved guest experience.”
CCLCarnival Corporation Ltd.competitorFeb 11, 2026 ▾
“Our principal cruise competitors are Carnival Corporation & plc, which owns, among other brands, Aida Cruises, Carnival Cruise Line, Costa Cruises, Cunard Line, Holland America Line, P&O Cruises, Princess Cruises and Seabourn; Disney Cruise Line; MSC Cruises;…”
NCLHNorwegian Cruise Line Holdings Ltd.competitorFeb 11, 2026 ▾
“Our principal cruise competitors are Carnival Corporation & plc, which owns, among other brands, Aida Cruises, Carnival Cruise Line, Costa Cruises, Cunard Line, Holland America Line, P&O Cruises, Princess Cruises and Seabourn; Disney Cruise Line; MSC Cruises;…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 3 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
RCL is currently a Participant in the organic co-movement group Airline Operators. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.