Royal Caribbean Cruises Ltd.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $4.27B | $2.88B | $1.70B | $-2.16B | $-5.26B | $-5.80B | $1.88B | $1.81B |
| Depreciation & Amortization | $1.72B | $1.60B | $1.46B | $1.41B | $1.29B | $1.28B | $1.25B | $1.03B |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | — | — | — | — | — | — | — | — |
| Stock-Based Compensation | $175.0M | $267.0M | $126.0M | $36.0M | $64.0M | $39.8M | $75.9M | $46.1M |
| Net Cash from Operating Activities | $6.47B | $5.27B | $4.48B | $481.0M | $-1.88B | $-3.73B | $3.72B | $3.48B |
| Investing Activities | ||||||||
| Capital Expenditures | $5.23B | $3.27B | $3.90B | $2.71B | $2.23B | $1.97B | $3.02B | $3.66B |
| Business Acquisitions | — | — | — | — | — | $0 | $0 | $916.1M |
| Net Cash from Investing Activities | $-5.01B | $-3.45B | $-3.92B | $-2.99B | $-2.15B | $-2.18B | $-3.09B | $-4.49B |
| Financing Activities | ||||||||
| Dividends Paid | $824.0M | $107.0M | $0 | $0 | $0 | $326.4M | $602.7M | $527.5M |
| Stock Repurchases | $1.16B | $0 | $0 | — | $0 | $0 | $99.6M | $575.0M |
| Net Cash from Financing Activities | $-1.02B | $-1.92B | $-1.99B | $1.74B | $3.04B | $9.35B | $-670.4M | $1.20B |
| Net Change in Cash | $437.0M | $-109.0M | $-1.44B | $-767.0M | $-982.0M | $3.44B | $-44.1M | $167.7M |
| Free Cash Flow | $1.24B | $2.00B | $580.0M | $-2.23B | $-4.11B | $-5.70B | $691.7M | $-180.9M |