Valeo Group | 29 Jan, 2026
| 2 min
Troy, Mich.—January 29, 2026—Valeo, a global leader in automotive technology, and Kapsch TrafficCom, a leading global provider of transportation solutions, today announced a strategic partnership to develop and demonstrate a real-time, secure, seamless and automated vehicle-to-everything (V2X) tolling solution.
The contractually agreed financial license terms include payments of up to €125 million in upfront and milestone payments, triggered by development progress, regulatory approvals, and global commercial milestones.
“We are very pleased to have accompanied Innovative Molecules in this strategically important transaction. The partnership with Alfasigma not only strengthens the development of a much-needed innovative therapeutic approach, but also underlines the increasing importance of cross-border life science collaborations that reflect investment interests as well as IP transactions and collaborations,” commented Julia Braun, lead partner of the transaction.
Baker McKenzie’s corporate/M&A and life sciences teams regularly advise pharmaceutical companies, financial investors, strategic investors and biotechnology companies on national and international transactions in the life sciences sector. Most recently, Baker McKenzie advised inter alia GIMV, EQT Life Sciences, Fountain Healthcare and LifeArc Ventures on a EUR 50 million Series B2 financing of Exciva GmbH, Bristol Myers Squibb on the transfer of Juno Therapeutics GmbH to TQ Therapeutics GmbH, ATB Therapeutics on a EUR 54 million Series A financing, EQT Life Sciences on a EUR 128 million Series B2 financing of Tubulis GmbH, KD Pharma Group on the acquisition of the marine lipids business from dsm-firmenich in exchange for a minority stake in the company and Mitsubishi Tanabe Pharma on the sale of the European Argatroban business to Ethypharm.
Legal adviser to Innovative Molecules:
Baker McKenzie
Lead:
Corporate/M&A: Julia Braun LL.M. (partner, Munich), Dr. Julia Rossié (senior associate, Munich)
Team:
Corporate/M&A: Erik Kuhn (associate, Munich)
Transactional IP: Oren Livne (partner, New York), Patrick H. Wilkening (partner, Düsseldorf), Yannick Filoda (associate, Düsseldorf)
Antitrust/Competition: Jan Kresken LL.M. (partner, Düsseldorf), Dr. Florian Kotman LL.M. (counsel, Düsseldorf)
Banking & Finance: Prof. Dr. Artur M. Swierczok LL.M. (counsel, Frankfurt)
Pharma: Dr. Martin Altschwager LL.M. (partner, Frankfurt), Anna Fischer (associate, Frankfurt)
FDI: Frederik Alexander Dörr (associate, Berlin)
The U.S. Federal Trade Commission signaled age-verification and age-assurance tools are becoming a key mechanism in privacy compliance efforts. During the FTC’s age verification workshop 28 Jan., stakeholders said proportionate and effective age assurance practices could reshape how organizations comply with the Children’s Online Privacy Protection Act and the emerging network of state-level children’s online safety rules.
COPPA requires organizations collecting the personal data of children under age 13 years to remain transparent about their data collection practices and obtain parental consent. Meanwhile, state comprehensive privacy laws require similar enhanced protections and requirements for children’s data while many states are adding legislation that directly requires age verification.
“As Congress considers whether to adopt additional legislation to protect children online, which it has been doing for some time, the FTC must use every tool at our disposal, chief among them COPPA and the COPPA Rule, to empower parents for the first and best line of defense to protect children online,” FTC Chair Andrew Ferguson said in his workshop remarks.
The FTC recently announced a USD10 million settlement with Disney after the agency allegedly found the company insufficiently labeled child-friendly content on YouTube. The action outlined expectations for age verification and content labeling tools by noting that companies are expected to restrict certain content to users who have not verified their age.
Ferguson noted the order “therefore authorized Disney, which uploads an incredible amount of content to YouTube to phase out the systemic review,” and implement age-verification technology to ensure COPPA compliance.
“Higher costs are no excuse for breaking the law or for relaxing standards for complying with the law, and the FTC order permits neither,” he added. “It instead encourages technological innovation in COPPA compliance, which in turn expands the protection of children by reducing the cost of complying with COPPA or of voluntarily implementing other measures to protect children.”
As organizations continue to deploy age-verification tools, global regulators have worked to examine how the tools can be used to bolster compliance with children’s online safety regulations.
The U.K. Information and Commissioner’s Office has contemplated how assurance tools fit with Children’s Code requirements. Speaking at the FTC workshop, ICO Head of Regulatory Policy Michael Murray noted that while design practices often request users provide their age, “self-declaration is not age assurance.”
The U.K.’s approach focuses on applying protections based on the likelihood individuals under 18 will access a service. The framework allows organizations to tailor protections based on risk, rather than imposing broad verification requirements across all services.
“The whole age assurance system, including the complaints processing, must be secure and services must be accountable for the decision,” Murray said. “So, we’re not looking just at the initial age gate, but the whole process of age assurance from the start to the finish of the decision-making process.”
While the FTC’s enforcement through COPPA does not require organizations verify the age of all users, stakeholders noted age-assurance tools may affect how companies assess whether they are obligated to implement age verification.
Ferguson emphasized the agency does not view age verification as creating new legal obligations under COPPA, but as a tool that can help companies continue to advance innovative efforts while identifying when existing obligations apply.
“The task of innovators is not to find innovative ways of breaking the law, as we sadly see so often in our consumer protection cases, but to develop and adopt new technologies or business practices that make compliance with the law and the company’s service to consumers easier and more cost-effective,” Ferguson said.
He also argued lawmakers, regulators and businesses “should be invested in technological innovation that makes it easier for businesses to protect the privacy of children online because we believe that the flourishing of our nation’s children depends on the privacy of their personal data and on the capacity of parents to control who has access to their child’s data and how those data are used.”
FTC Division of Privacy and Identity Protection Associate Director Ben Wiseman previously noted at an IAPP KnowledgeNet that the agency has set its focus on enforcing COPPA’s new amendments adopted in 2024.
The FTC’s enforcement measures aim to provide greater control to parents to prevent underage users from accessing potentially harmful content online. Ferguson claimed while regulators cannot prevent children from every online harm, organizations “can make it easier for parents to protect their children from it by adopting robust age-verification technologies.”
Despite regulators’ efforts to clarify requirements and ensure compliance, the effectiveness of age-verification regulations has raised concerns about whether they can meaningfully protect children online without creating new privacy and access risks.
Utah Department of Commerce Consumer Protection Division Director Katherine Haas noted the state’s implementation of the App Store Accountability Act is intended to address online harms that parents cannot mitigate on their own.
“There is some sort of obligation of these companies that are out there on the web to make sure that they’re protecting youth who are coming onto their platforms,” Haas said. “So all of the laws that Utah is passing are to protect children from harms that we are seeing, whether it’s social media with their algorithms, whether it’s now AI platforms and chatbots, whether it’s downloading harmful material and on the App Store, and most especially, also pornography.”
While these laws aim to protect children from online harms and access inappropriate content, Cato Institute Technology Policy Senior Fellow Jennifer Huddleston questioned whether age-verification mandates achieve those goals.
She warned some age-verification laws often “require additional data collection, which could create a kind of honey pot for bad actors to know where all the young people’s information is.” She also argued parents, not policymakers, “are often the best decision-makers when it comes to when it’s appropriate for their child to have certain online experiences.”
Children’s access to the internet could be a beneficial tool for educational purposes. Ethics and Public Policy Center Bioethics, Technology and Human Flourishing Program Fellow Clare Morell noted age-verification regulations do not aim to prevent children from accessing content that is deemed appropriate for underage users.
“I don’t think any of these age-verification laws are talking about the internet as a whole, but it’s recognizing there are parts of the internet … that are highly addictive to children,” Morrell said. “These laws are necessary, and I don’t see them as being kind of opposed to what parents want, but actually empowering parents and helping them out with the government kind of providing critical backup.”
Lexie White is a staff writer for the IAPP.
Delivers real-time visibility, monitoring, and protection for the massive data volumes that power AI-driven digital operations
SANTA CLARA, Calif., Jan. 29, 2026 /PRNewswire/ — As enterprises increasingly rely on AI to run digital operations, protect assets, and drive growth, success depends on one critical factor: trusted, high-quality, real-time data. Palo Alto Networks® (NASDAQ: PANW), the global cybersecurity leader, today announced it has completed its acquisition of Chronosphere addressing a core challenge of the AI era: the inability to see and secure the massive data volumes running modern businesses.
Palo Alto Networks® announced it has completed its acquisition of Chronosphere, a leading observability company.
Chronosphere, a Leader in the 2025 Gartner® Magic Quadrant™ for Observability Platforms,1 was purpose-built to handle this scale. While legacy tools break down in cloud-native environments, Chronosphere gives customers deep visibility across their entire digital estate. With this acquisition, Palo Alto Networks is redefining how organizations run at the speed of AI — by enabling customers to gain deep, real-time visibility into their applications, infrastructure, and AI systems — while maintaining strict control over data cost and value.
The planned integration of Palo Alto Networks Cortex® AgentiX™ with Chronosphere’s cloud-native observability platform will allow customers to apply AI agents that can now find and fix security and IT issues automatically — before they impact the customer or the bottom line. AI security without deep observability is blind; this acquisition delivers the essential context across models, prompts, users, and performance to move from manual guessing to autonomous remediation.
Nikesh Arora, Chairman and CEO, Palo Alto Networks:
“Enterprises today are looking for fewer vendors, deeper partnerships, and platforms they can rely on for mission-critical security and operations. Chronosphere accelerates our vision to be the indispensable platform for securing and operating the cloud and AI. We believe that great security starts with deep visibility into all your data, and Chronosphere provides that foundation for our customers.”
Martin Mao, Co-founder and CEO, Chronosphere is joining Palo Alto Networks as SVP, GM Observability and comments:
“Chronosphere was built to help the world’s most complex digital organizations operate at scale with confidence. Joining Palo Alto Networks allows us to bring AI-era observability to a global audience. Together, we’re delivering a new standard — where observability, security, and AI come together to give organizations control over their most valuable asset: data.”
The Chronosphere Telemetry Pipeline remains available as a standalone solution, enabling organizations to eliminate the ‘data tax’ associated with modern security operations. By acting as an intelligent control layer, the pipeline can filter low-value noise to reduce data volumes by 30% or more and has been shown to require 20x less infrastructure than legacy alternatives. This will be key to Palo Alto Networks Cortex XSIAM® strategy, ensuring customers can scale their security posture—not their spending—as they transition to autonomous, AI-driven operations.
Follow Palo Alto Networks on Twitter, LinkedIn, Facebook and Instagram.
About Palo Alto Networks
As the global AI and cybersecurity leader, Palo Alto Networks (NASDAQ: PANW) is dedicated to protecting our digital way of life via continuous innovation. Trusted by more than 70,000 organizations worldwide, we provide comprehensive AI-powered security solutions across network, cloud, security operations and AI, enhanced by the expertise and threat intelligence of Unit 42. Our focus on platformization allows enterprises to streamline security at scale, ensuring protection fuels innovation. Explore more at www.paloaltonetworks.com.
Palo Alto Networks, Cortex, Cortex XSIAM, Cortex AgentiX, AgentiX and the Palo Alto Networks logo are trademarks of Palo Alto Networks, Inc. in the United States or in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners. Any unreleased services or features (and any services or features not generally available to customers) referenced in this or other press releases or public statements are not currently available (or are not yet generally available to customers) and may not be delivered when expected or at all. Customers who purchase Palo Alto Networks applications should make their purchase decisions based on services and features currently generally available.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions, including, but not limited to, statements regarding the anticipated benefits and impact of the acquisition on Palo Alto Networks and its customers. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including, but not limited to: risks related to disruption of management time from ongoing business operations due to the acquisition and other contemplated acquisitions, including our pending transaction with CyberArk; our ability to effectively operate Chronosphere’s operations and business, integrate Chronosphere’s business and products into our products, and realize the anticipated synergies in the transaction in a timely manner or at all; changes in the fair value of our contingent consideration liability associated with acquisitions; developments and changes in general market, political, economic and business conditions; failure of our platformization product offerings; risks associated with managing our growth; risks associated with new product, subscription and support offerings in the observability and/or cybersecurity space, including the cost model related to subscriptions in the observability space; shifts in priorities or delays in the development or release of new product or subscription or other offerings or the failure to timely develop and achieve market acceptance of new products and subscriptions, as well as existing products, subscriptions and support offerings; failure of our product offerings or business strategies in general; defects, errors, or vulnerabilities in our products, subscriptions or support offerings; our customers’ purchasing decisions and the length of sales cycles; our ability to attract and retain new customers; developments and changes in general market, political, economic, and business conditions; our competition, including increased competition from entry into new product categories; our ability to acquire and integrate other companies, products, or technologies in a successful and timely manner; and our share repurchase program, which may not be fully consummated or enhance shareholder value, and any share repurchases which could affect the price of our common stock.
Additional risks and uncertainties that could affect our financial results are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Quarterly Report on Form 10-Q filed with the SEC on November 20, 2025, which is available on our website at investors.paloaltonetworks.com and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
1 Gartner, Magic Quadrant for Observability Platforms, Gregg Siegfried, Padraig Byrne, Andre Bridges, Martin Caren and Matt Crossley, July 7, 2025.
SOURCE Palo Alto Networks, Inc.
NEW YORK – January 29, 2026 – To view the full report please click the following link – Blackstone’s Fourth-Quarter and Full-Year 2025 results.
Blackstone will host its fourth-quarter and full-year 2025 investor conference call via public webcast on January 29, 2026 at 9:00 a.m. ET. To register and listen to the call, please use the following link here.
For those unable to listen to the live broadcast, there will be a webcast replay on the Shareholders section of Blackstone’s website at https://ir.blackstone.com/ beginning about two hours after the event.
About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.3 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
Contact
Blackstone Public Affairs
New York
+1 (212) 583-5263
Fourth quarter exceeds guidance, resulting in over 30% earnings growth in 2025
WAVE season off to a record start, propelling momentum for 2026
Adjusted EPS in 2026 are expected to be $17.70 to $18.10
Expanding vacation portfolio with Royal Caribbean’s new Discovery Class, and 10 additional ships for Celebrity River Cruises
MIAMI, Jan. 29, 2026 /PRNewswire/ — Royal Caribbean Group (NYSE: RCL) today reported 2025 Earnings per Share (“EPS”) of $15.61 and Adjusted EPS of $15.64. These results were better than the company’s guidance primarily due to more favorable revenue and better performance from joint ventures. Looking ahead, demand remains strong and the company expects Adjusted EPS to be in the range of $17.70 to $18.10 per share in 2026.
“2025 was an outstanding year, and the momentum is further accelerating into 2026,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “WAVE is off to a great start and we continue to see strong and growing preference for our leading brands and differentiated vacation experiences. We expect another strong year of financial performance with both revenue and earnings growing double digits, and we remain on track to achieve our Perfecta goals by 2027,” added Liberty.
“We are shaping the future by further investing in game-changing vacation experiences. The new Discovery Class for Royal Caribbean, the expansion of Celebrity River Cruises, and five new exclusive destinations launching by 2028 strengthen our long-term growth trajectory,” added Liberty. “We are also creating long-term value by connecting our innovative ships, differentiated exclusive destinations, cross-brand loyalty program, and disruptive technologies into a single vacation ecosystem. We are attracting new guests and driving repeat engagement, turning the vacation of a lifetime into a lifetime of vacations.”
Full Year 2025 Results:
Full Year 2026 Outlook:
Fourth Quarter 2025 Results
Net Income for the fourth quarter of 2025 was $0.8 billion or $2.76 per share compared to Net Income of $0.6 billion or $2.02 per share for the same period in the prior year. Adjusted Net Income was $0.8 billion or $2.80 per share for the fourth quarter of 2025 compared to Adjusted Net Income of $0.4 billion or $1.63 per share for the same period in the prior year. The company also reported total revenues of $4.3 billion and Adjusted EBITDA of $1.5 billion.
Gross Margin Yields increased 9.2% as-reported, and Net Yields increased 3.1% as-reported (2.5% in Constant Currency), when compared to the fourth quarter of 2024. Load factor for the quarter was 108%.
Gross Cruise Costs per APCD decreased 4.5% as-reported, compared to 2024. NCC, excluding Fuel, per APCD decreased 5.8% as-reported and 6.3% in Constant Currency, when compared to 2024.
Update on Bookings and Onboard Revenue
Since the last earnings call, Cyber Sales and the onset of WAVE season have resulted in the highest seven booking weeks in the company’s history. The company has approximately two-thirds of 2026 capacity booked, which is within historical ranges and at record rates, and the company continues to see elevated close-in bookings. Guest spending onboard and pre-cruise purchases continue to exceed prior years driven by greater participation at higher prices. Nearly 50% of onboard revenue in 2025 was booked pre-cruise, with 90% of pre-cruise purchases being made through digital channels. Looking to 2026, the share of booked guests who have purchased onboard revenue pre-cruise is up year-over-year.
“We’re very pleased by the strength we’re seeing across our portfolio as consumers continue to prioritize our vacation experiences,” said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. “We continue to see net yield growth for key products, including the Caribbean, as our investments continue to differentiate us and strengthen our leadership in the region,” added Holtz.
First Quarter 2026
Net Yields are expected to increase 2.4% to 2.9% as-reported and 1.0% to 1.5% in Constant-Currency as compared to 2025. This includes an impact of 30 bps from itinerary modifications in China.
NCC, excluding Fuel, per APCD, is expected to increase 1.7% to 2.2% as-reported and 0.9% to 1.4% in Constant-Currency as compared to 2025.
Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects first quarter Adjusted EPS to be in the range of $3.18 to $3.28.
Expanding Vacation Portfolio
Earlier today, Royal Caribbean announced a series of agreements with the Chantiers de l’Atlantique shipyard in Saint Nazaire, France to secure the construction of its highly anticipated Discovery Class ships that will redefine how Royal’s guests experience the world. The agreements include two firm ship orders with options for four additional ships. The first ship in the class is set to debut in 2029, while the second ship is scheduled to be delivered in 2032.
In addition, Celebrity Cruises announced a commitment for 10 new ships that will expand its river cruise fleet to 20 vessels by 2031. Celebrity River Cruises is Royal Caribbean Group’s new premium river cruise vacation offering that will launch in 2027 and take guests to historic cities on the world’s most iconic rivers.
“Today’s announcements mark an exciting step forward in expanding our vacation portfolio across ocean and river,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “With Discovery Class, we’re building a new platform with Chantiers de l’Atlantique that will advance next-generation innovation and sustainability while taking our guests to extraordinary destinations around the world. And with the next phase of Celebrity River Cruises, we’re extending our vacation ecosystem into iconic rivers and historic cities – expanding into more geographies and itineraries over time while staying true to the elevated, guest-first experience Celebrity is known for. Together, these moves create more reasons for guests to vacation with us more often, for more occasions, and across our family of brands.”
Fuel Expense
Bunker pricing, net of hedging, for the fourth quarter was $667 per metric ton and consumption was 439,000 metric tons.
The company does not forecast fuel prices and its fuel cost calculations are based on current at-the-pump prices, net of hedging impacts. Based on today’s fuel prices, the company has included $275 million of fuel expense in its first quarter guidance at a forecasted consumption of 436,000 metric tons, which is 66% hedged via swaps. Forecasted consumption is 60%, 47%, and 26% hedged via swaps for 2026, 2027, and 2028, respectively. The annual average cost per metric ton of the hedge portfolio is approximately $474, $393, and $416 for 2026, 2027, and 2028, respectively.
The company provided the following guidance for the first quarter and full year 2026:
|
FUEL STATISTICS |
First Quarter 2026 |
Full Year 2026 |
|
Fuel Consumption (metric tons) |
436,000 |
1,762,000 |
|
Fuel Expenses |
$275 million |
$1,173 million |
|
Percent Hedged (fwd. consumption) |
66.0 % |
60.0 % |
|
GUIDANCE |
As-Reported |
Constant Currency |
|
First Quarter 2026 |
||
|
Net Yields vs. 2025 |
2.4% to 2.9% |
1.0% to 1.5% |
|
Net Cruise Costs per APCD vs. 2025 |
0.2% to 0.7% |
(0.5%) to 0.0% |
|
Net Cruise Costs per APCD ex. Fuel vs. 2025 |
1.7% to 2.2% |
0.9% to 1.4% |
|
Full Year 2026 |
||
|
Net Yields vs. 2025 |
2.1% to 4.1% |
1.5% to 3.5% |
|
Net Cruise Costs per APCD vs. 2025 |
(0.3%) to 0.7% |
(0.6%) to 0.4% |
|
Net Cruise Costs per APCD ex. Fuel vs. 2025 |
0.4% to 1.4% |
0.0% to 1.0% |
|
GUIDANCE |
First Quarter 2026 |
Full Year 2026 |
|
APCDs |
13.7 million |
56.9 million |
|
Capacity change vs. 2025 |
8.5 % |
6.7 % |
|
Depreciation and amortization |
$455 to $465 million |
$1,890 to $1,900 million |
|
Net Interest, excluding loss on extinguishment of debt |
$245 to $255 million |
$990 to $1,000 million |
|
Adjusted EPS |
$3.18 to $3.28 |
$17.70 to $18.10 |
|
SENSITIVITY |
First Quarter 2026 |
Full Year 2026 |
|
1% Change in Net Yields |
$36 million |
$156 million |
|
1% Change in NCC excluding Fuel |
$18 million |
$73 million |
|
First Quarter 2026 |
Full Year 2026 |
|
|
1% Change in Currency |
$5 million |
$25 million |
|
10% Change in Fuel prices |
$13 million |
$57 million |
|
100 basis pt. Change in SOFR |
$1 million |
$12 million |
|
Exchange rates used in guidance calculations |
||
|
GBP |
$1.34 |
|
|
AUD |
$0.67 |
|
|
CAD |
$0.72 |
|
|
EUR |
$1.17 |
|
Liquidity
As of December 31, 2025, the Group’s liquidity position was $7.2 billion, which includes cash and cash equivalents and undrawn revolving credit facility capacity.
During the fourth quarter of 2025, the company purchased 1.8 million of its shares for a total of $504 million. The company completed the prior $1 billion share repurchase program, authorized in February 2025 and currently has $1.8 billion remaining under its current program authorization.
The company noted that as of December 31, 2025, the scheduled debt maturities for 2026, 2027, 2028, 2029 and 2030 were $3.2 billion, $2.6 billion, $3.2 billion, $1.1 billion, and $1.1 billion respectively.
Capital Expenditures and Capacity Guidance
Capital expenditures for the full year 2026 are expected to be approximately $5 billion, based on current foreign exchange rates and are predominantly related to the company’s new ship order book. The company expects to take delivery of Legend of the Seas in the second quarter of 2026 and has committed financing in place. Non-new ship related capital expenditures are expected to be $1.8 billion, a significant portion of which includes the company’s previously announced private destinations under development including Perfect Day Mexico.
Capacity changes for 2026 are expected to be 6.7% compared to 2025. Capacity changes for 2027, 2028, and 2029 are expected to be 4%, 6%, and 7%, respectively. These figures do not include potential ship sales or additions that the company may elect in the future.
Conference call scheduled
The company has scheduled a conference call at 10 a.m. Eastern Time today. This call can be heard, either live or on a delayed basis, on the company’s investor relations website at www.rclinvestor.com.
Definitions
Selected Operational and Financial Metrics
Adjusted Earnings per Share (“Adjusted EPS”) is a non-GAAP measure that represents Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.
Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. For the periods presented, these items included (i) other income; (ii) restructuring charges and other initiative expenses; (iii) equity investment impairment, recovery of losses, and other; and (iv) impairment losses.
Adjusted EBITDA Margin is a non-GAAP measure that represents Adjusted EBITDA (as defined above) divided by total revenues.
Adjusted Gross Margin represents Gross Margin, adjusted for payroll and related, food, fuel, other operating, and depreciation and amortization expenses. Gross Margin is calculated pursuant to GAAP as total revenues less total cruise operating expenses, and depreciation and amortization.
Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. is a non-GAAP measure that represents Net Income attributable Royal Caribbean Cruises Ltd., excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. For the periods presented, these items included (i) loss on extinguishment of debt and inducement expense; (ii) restructuring charges and other initiatives expenses; (iii) the amortization of the Silversea intangible assets resulting from the Silversea acquisition; (iv) gain on sale of noncontrolling interest; (v) equity investment impairment, recovery of losses and other; (vi) litigation loss contingency, which includes the 2024 release of the loss contingency recorded in 2022 in connection with the Havana Docks litigation inclusive of related legal fees and costs; (vii) impairment losses; and (viii) tax on the sale of PortMiami noncontrolling interest.
Adjusted Operating Income represents operating income including income from equity investments and provision for income taxes but excluding certain items for which we believe adjusting for is meaningful when assessing our operating performance on a comparative basis. We use this non-GAAP measure to calculate ROIC (as defined below).
Available Passenger Cruise Days (“APCD“) is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.
Constant Currency is a significant measure for our revenues and expenses, which are denominated in currencies other than the U.S. Dollar. Because our reporting currency is the U.S. Dollar, the value of these revenues and expenses in U.S. Dollar will be affected by changes in currency exchange rates. Although such changes in local currency prices are just one of many elements impacting our revenues and expenses, it can be an important element. For this reason, we also monitor our revenues and expenses in “Constant Currency” – i.e., as if the current period’s currency exchange rates had remained constant with the comparable prior period’s rates. For the 2025 periods presented, we calculate “Constant Currency” by applying the average for 2024 or Q4 2024 period exchange rates for each of the corresponding months of the reported and/or forecasted period, so as to calculate what the results would have been had exchange rates been the same throughout both periods. We do not make predictions about future exchange rates and use current exchange rates for calculations of future periods. It should be emphasized that the use of Constant Currency is primarily used by us for comparing short-term changes and/or projections. Over the longer term, changes in guest sourcing and shifting the amount of purchases between currencies can significantly change the impact of the purely currency-based fluctuations.
EBITDA is a non-GAAP measure that represents Net Income attributable to Royal Caribbean Cruises Ltd. excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) provision for income taxes. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis.
Gross Cruise Costs represent the sum of total cruise operating expenses plus marketing, selling and administrative expenses.
Gross Margin Yield represent Gross Margin per APCD.
Invested Capital represents the most recent five-quarter average of total debt (i.e., Current portion of long-term debt plus Long-term debt) plus the most recent five-quarter average of Total shareholders’ equity. We use this measure to calculate ROIC (as defined below).
Net Cruise Costs (“NCC”) and NCC excluding Fuel are non-GAAP measures that represent Gross Cruise Costs excluding commissions, transportation and other expenses and onboard and other expenses and, in the case of Net Cruise Costs excluding Fuel, fuel expenses. In measuring our ability to control costs in a manner that positively impacts net income, we believe changes in Net Cruise Costs and Net Cruise Costs excluding Fuel to be the most relevant indicators of our cost performance. For periods presented, Net Cruise Costs and Net Cruise Costs excluding Fuel exclude (i) restructuring charges and other initiative expenses; and (ii) impairment losses.
Net Yields represent Adjusted Gross Margin per APCD. We utilize Adjusted Gross Margin and Net Yields to manage our business on a day-to-day basis as we believe that they are the most relevant measures of our pricing performance because they reflect the cruise revenues earned by us net of our most significant variable costs, which are commissions, transportation and other expenses, and onboard and other expenses.
Occupancy (“Load factor”), in accordance with cruise vacation industry practice, is calculated by dividing Passenger Cruise Days (as defined below) by APCD. A percentage in excess of 100% indicates that three or more passengers occupied some cabins.
Passenger Cruise Days (“PCD”) represent the number of passengers carried for the period multiplied by the number of days of their respective cruises.
Perfecta Program refers to the multi-year Adjusted EPS and ROIC goals we are seeking to achieve by end of 2027. Under our Perfecta Program, we are targeting 20% compound annual growth rate in Adjusted EPS compared to 2024 and ROIC of 17% or higher by the end of 2027.
Return on Invested Capital (“ROIC”) represents Adjusted Operating Income divided by Invested Capital. We believe ROIC is a meaningful measure because it quantifies how efficiently we generated operating income relative to the capital we have invested in the business.
For additional information see “Adjusted Measures of Financial Performance” below.
About Royal Caribbean Group
Royal Caribbean Group is a leading global vacation company spanning cruise, exclusive destinations, and land-based vacation experiences. The company operates 69 ships sailing to more than 1,000 destinations across all seven continents through its three wholly owned brands -Royal Caribbean, Celebrity Cruises, and Silversea – and a 50% joint venture interest in TUI Cruises which operates the Mein Schiff and Hapag-Lloyd brands.
The Group is expanding its portfolio of private destinations from three to eight by 2028 through its Perfect Day and Royal Beach Club collections, and the company will enter river cruising in 2027 with Celebrity River Cruises. Powered by innovative brands, advanced technology, and an industry-leading loyalty program, the company has built a connected vacation ecosystem, turning the vacation of a lifetime into a lifetime of vacations.
Named to the Fortune World’s Most Admired Companies 2026 list and to Forbes’ 2026 Best American Companies lists, Royal Caribbean Group is guided by its mission to deliver the best vacations responsibly. For more information, visit www.royalcaribbeangroup.com.
Cautionary Statement Concerning Forward-Looking Statements
Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to: statements regarding revenues, costs and financial results for 2026 and beyond; anticipated timing for launch of private destinations; our progress toward achievement of our Perfecta Program; demand for our brands; expectations on timing and demand for river cruising offerings; future capital expenditures; and expectations regarding our credit profile. Words such as “anticipate,” “believe,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “encouraged,” “project,” “shaping up,” “position,” “allows,” “seek,” “should,” “will,” “would,” “considering,” and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management’s current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the economic and geopolitical environment, including changing tariffs and the related uncertainty thereof, on key aspects of our business, such as the demand for cruises, passenger spending, and operating costs; changes in operating costs; the unavailability or cost of air service; disease outbreaks and increased concern about the risk of illness on our ships or when travelling to or from our ships, which could cause a decrease in demand, guest cancellations, and ship redeployments; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; the effects of weather, climate events and/or natural disasters on our business; risks related to our sustainability activities; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; unavailability of ports of call; vacation industry competition and increase in industry capacity and overcapacity; inability to manage our cost and capital allocation strategies; the uncertainties of conducting business globally and expanding into new markets and new ventures, including potential acquisitions; issues with travel advisers that sell and market our cruises; reliance on third-party service providers; potential unavailability of insurance coverage; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining data integrity and security; uncertainties of a foreign legal system as we are not incorporated in the United States; our ability to obtain sufficient financing or capital to fund our capital expenditures, operations, debt repayments and other financing needs; our expectation and ability to pay a cash dividend on our common stock in the future; changes to our dividend policy; growing anti-tourism sentiments and environmental concerns; changes in U.S. or other countries’ foreign travel policy; impact of new or changing legislation and regulations (including environmental regulations) or governmental orders on our business; fluctuations in foreign currency exchange rates, fuel prices and interest rates; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; our ability to recruit, develop and retain high quality personnel; and pending or threatened litigation, investigations and enforcement actions.
More information about factors that could affect our operating results is included under the caption “Risk Factors” in our most recent annual report on Form 10-K, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Adjusted Measures of Financial Performance
This press release includes certain adjusted financial measures defined as non-GAAP financial measures under Securities and Exchange Commission rules, which we believe provide useful information to investors as a supplement to our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles, or U.S. GAAP.
The presentation of adjusted financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP. These measures may be different from adjusted measures used by other companies. In addition, these adjusted measures are not based on any comprehensive set of accounting rules or principles. Adjusted measures have limitations in that they do not reflect all of the amounts associated with our results of operations as do the corresponding U.S. GAAP measures.
A reconciliation to the most comparable U.S. GAAP measure of all adjusted financial measures included in this press release can be found in the tables included at the end of this press release. We have not provided a quantitative reconciliation of the projected non-GAAP financial measures to the most comparable GAAP financial measures because preparation of meaningful U.S. GAAP projections would require unreasonable effort. Due to significant uncertainty, we are unable to predict, without unreasonable effort, the future movement of foreign exchange rates, fuel prices and interest rates inclusive of our related hedging programs. In addition, we are unable to determine the future impact of non-core business related gains and losses which may result from strategic initiatives. These items are uncertain and could be material to our results of operations in accordance with U.S. GAAP. Due to this uncertainty, we do not believe that reconciling information for such projected figures would be meaningful.
|
ROYAL CARIBBEAN CRUISES LTD. |
|||||||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
|||||||
|
(in millions, except per share data) |
|||||||
|
Quarter Ended |
Year Ended |
||||||
|
December 31, |
December 31, |
||||||
|
2025 |
2024 |
2025 |
2024 |
||||
|
(unaudited) |
(unaudited) |
||||||
|
Passenger ticket revenues |
$ 2,937 |
$ 2,599 |
$ 12,515 |
$ 11,499 |
|||
|
Onboard and other revenues |
1,323 |
1,161 |
5,419 |
4,986 |
|||
|
Total revenues |
4,259 |
3,761 |
17,935 |
16,484 |
|||
|
Cruise operating expenses: |
|||||||
|
Commissions, transportation and other |
545 |
492 |
2,369 |
2,250 |
|||
|
Onboard and other |
206 |
183 |
981 |
909 |
|||
|
Payroll and related |
356 |
342 |
1,366 |
1,301 |
|||
|
Food |
269 |
237 |
1,019 |
934 |
|||
|
Fuel |
293 |
284 |
1,146 |
1,160 |
|||
|
Other operating |
572 |
514 |
2,202 |
2,098 |
|||
|
Total cruise operating expenses |
2,242 |
2,052 |
9,083 |
8,652 |
|||
|
Marketing, selling and administrative expenses |
630 |
674 |
2,223 |
2,125 |
|||
|
Depreciation and amortization expenses |
453 |
411 |
1,718 |
1,600 |
|||
|
Operating Income |
933 |
624 |
4,910 |
4,106 |
|||
|
Other income (expense): |
|||||||
|
Interest income |
7 |
3 |
24 |
16 |
|||
|
Interest expense, net of interest capitalized |
(267) |
(266) |
(992) |
(1,590) |
|||
|
Equity investment income |
100 |
57 |
414 |
260 |
|||
|
Other income |
4 |
141 |
17 |
149 |
|||
|
Income before income taxes |
777 |
559 |
4,373 |
2,941 |
|||
|
Provision for income taxes |
(15) |
— |
(82) |
(46) |
|||
|
Net Income |
762 |
559 |
4,291 |
2,896 |
|||
|
Less: Net Income attributable to noncontrolling interest |
8 |
6 |
23 |
18 |
|||
|
Net Income attributable to Royal Caribbean Cruises Ltd. |
$ 754 |
$ 553 |
$ 4,268 |
$ 2,877 |
|||
|
Earnings per Share: |
|||||||
|
Basic |
$ 2.78 |
$ 2.06 |
$ 15.75 |
$ 11.00 |
|||
|
Diluted |
$ 2.76 |
$ 2.02 |
$ 15.61 |
$ 10.94 |
|||
|
Weighted-Average Shares Outstanding: |
|||||||
|
Basic |
271 |
269 |
271 |
261 |
|||
|
Diluted |
273 |
277 |
274 |
279 |
|||
|
Comprehensive Income (Loss) |
|||||||
|
Net Income |
$ 762 |
$ 559 |
$ 4,291 |
$ 2,896 |
|||
|
Other comprehensive income (loss): |
|||||||
|
Foreign currency translation adjustments |
2 |
17 |
(26) |
17 |
|||
|
Change in defined benefit plans |
(2) |
9 |
(4) |
12 |
|||
|
(Loss) gain on cash flow derivative hedges |
(76) |
(75) |
228 |
(157) |
|||
|
Total other comprehensive (loss) income |
(76) |
(49) |
198 |
(128) |
|||
|
Comprehensive Income |
686 |
510 |
4,489 |
2,768 |
|||
|
Less: Comprehensive Income attributable to noncontrolling interest |
8 |
6 |
23 |
18 |
|||
|
Comprehensive Income attributable to Royal Caribbean Cruises Ltd. |
$ 678 |
$ 504 |
$ 4,466 |
$ 2,750 |
|||
|
Certain amounts may not add or calculate due to use of rounded numbers. |
|
|
ROYAL CARIBBEAN CRUISES LTD. |
|||||||
|
STATISTICS |
|||||||
|
(unaudited) |
|||||||
|
Quarter Ended |
Year Ended |
||||||
|
December 31, |
December 31, |
||||||
|
2025 |
2024 |
2025 |
2024 |
||||
|
Passengers Carried |
2,484,241 |
2,159,429 |
9,446,010 |
8,564,272 |
|||
|
Passenger Cruise Days |
15,116,254 |
13,678,795 |
58,518,751 |
54,844,780 |
|||
|
APCD |
14,025,949 |
12,716,724 |
53,325,212 |
50,552,731 |
|||
|
Occupancy |
107.8 % |
107.6 % |
109.7 % |
108.5 % |
|||
|
ROYAL CARIBBEAN CRUISES LTD. |
|||
|
CONSOLIDATED BALANCE SHEETS |
|||
|
(in millions, except share data) |
|||
|
As of |
|||
|
December 31, |
December 31, |
||
|
2025 |
2024 |
||
|
(unaudited) |
|||
|
Assets |
|||
|
Current assets |
|||
|
Cash and cash equivalents |
$ 825 |
$ 388 |
|
|
Trade and other receivables, net |
317 |
371 |
|
|
Inventories |
264 |
265 |
|
|
Prepaid expenses and other assets |
690 |
670 |
|
|
Derivative financial instruments |
115 |
11 |
|
|
Total current assets |
2,211 |
1,705 |
|
|
Property and equipment, net |
35,696 |
31,831 |
|
|
Operating lease right-of-use assets |
620 |
677 |
|
|
Goodwill |
808 |
808 |
|
|
Other assets |
2,284 |
2,049 |
|
|
Total assets |
$ 41,619 |
$ 37,070 |
|
|
Liabilities and shareholders’ equity |
|||
|
Current liabilities |
|||
|
Current portion of long-term debt |
$ 3,180 |
$ 1,603 |
|
|
Current portion of operating lease liabilities |
90 |
74 |
|
|
Accounts payable |
953 |
919 |
|
|
Accrued expenses and other liabilities |
2,026 |
1,635 |
|
|
Derivative financial instruments |
67 |
90 |
|
|
Customer deposits |
5,739 |
5,496 |
|
|
Total current liabilities |
12,055 |
9,817 |
|
|
Long-term debt |
18,165 |
18,473 |
|
|
Long-term operating lease liabilities |
600 |
670 |
|
|
Other long-term liabilities |
554 |
375 |
|
|
Total liabilities |
31,374 |
29,335 |
|
|
Shareholders’ equity |
|||
|
Preferred stock ($0.01 par value; 20,000,000 shares authorized; 0ne outstanding) |
— |
— |
|
|
Common stock ($0.01 par value; 500,000,000 shares authorized; 303,054,848 and 297,368,235 |
3 |
3 |
|
|
Paid-in capital |
7,964 |
7,831 |
|
|
Retained earnings |
5,925 |
2,612 |
|
|
Accumulated other comprehensive loss |
(604) |
(802) |
|
|
Treasury stock (32,631,826 and 28,468,430 common shares at cost, December 31, 2025 and |
(3,251) |
(2,081) |
|
|
Total shareholders’ equity attributable to Royal Caribbean Cruises Ltd. |
10,037 |
7,563 |
|
|
Noncontrolling Interest |
208 |
172 |
|
|
Total shareholders’ equity |
10,245 |
7,735 |
|
|
Total liabilities and shareholders’ equity |
$ 41,619 |
$ 37,070 |
|
|
ROYAL CARIBBEAN CRUISES LTD. |
|||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
|
(in millions) |
|||
|
Year Ended December 31, |
|||
|
2025 |
2024 |
||
|
(unaudited) |
|||
|
Operating Activities |
|||
|
Net Income |
$ 4,291 |
$ 2,896 |
|
|
Adjustments: |
|||
|
Depreciation and amortization |
1,718 |
1,600 |
|
|
Net deferred income tax expense |
18 |
— |
|
|
(Gain) loss on derivative instruments not designated as hedges |
(49) |
77 |
|
|
Share-based compensation expense |
175 |
267 |
|
|
Equity investment income |
(414) |
(260) |
|
|
Amortization of debt issuance costs, discounts and premiums |
97 |
98 |
|
|
Loss on extinguishment of debt and inducement expense |
16 |
463 |
|
|
Changes in operating assets and liabilities: |
|||
|
(Increase) decrease in trade and other receivables, net |
(3) |
52 |
|
|
Increase in inventories, net |
— |
(17) |
|
|
Increase in prepaid expenses and other assets |
(100) |
(137) |
|
|
Increase in accounts payable |
27 |
120 |
|
|
Increase in accrued expenses and other liabilities |
216 |
— |
|
|
Increase in customer deposits |
243 |
186 |
|
|
Dividends received from unconsolidated affiliates |
264 |
29 |
|
|
Other, net |
(34) |
(109) |
|
|
Net cash provided by operating activities |
6,465 |
5,265 |
|
|
Investing Activities |
|||
|
Purchases of property and equipment |
(5,229) |
(3,268) |
|
|
Cash received on settlement of derivative financial instruments |
200 |
14 |
|
|
Cash paid on settlement of derivative financial instruments |
(24) |
(130) |
|
|
Investments in and loans to unconsolidated affiliates |
(106) |
(67) |
|
|
Cash received on loans to unconsolidated affiliates |
126 |
18 |
|
|
Other, net |
21 |
(13) |
|
|
Net cash used in investing activities |
(5,012) |
(3,446) |
|
|
Financing Activities |
|||
|
Debt proceeds |
4,671 |
10,318 |
|
|
Debt issuance costs |
(118) |
(133) |
|
|
Repayments of debt |
(3,534) |
(11,651) |
|
|
Premium on repayment of debt |
(2) |
(292) |
|
|
Repurchase of common stock |
(1,159) |
— |
|
|
Dividends paid |
(824) |
(107) |
|
|
Other, net |
(52) |
(57) |
|
|
Net cash used in financing activities |
(1,018) |
(1,922) |
|
|
Effect of exchange rate changes on cash |
2 |
(6) |
|
|
Net increase (decrease) in cash and cash equivalents |
437 |
(109) |
|
|
Cash and cash equivalents at beginning of year |
388 |
497 |
|
|
Cash and cash equivalents at end of year |
$ 825 |
$ 388 |
|
|
Supplemental Disclosures |
|||
|
Cash paid during the year for: |
|||
|
Interest, net of amount capitalized |
$ 864 |
$ 1,210 |
|
|
Non-Cash Investing Activities |
|||
|
Purchases of property and equipment included in accounts payable and accrued expenses and other liabilities |
$ 72 |
$ 47 |
|
|
Non-Cash Financing Activities |
|||
|
Non-cash inducement on convertible notes exchange |
$ 7 |
$ 104 |
|
|
ROYAL CARIBBEAN CRUISES LTD. |
|||||||||||
|
NON-GAAP RECONCILING INFORMATION |
|||||||||||
|
(unaudited) |
|||||||||||
|
Gross Margin Yields, Net Yields and Adjusted Gross Margin per PCD are calculated as follows (in millions, except APCD, PCD, Yields, and Adjusted Gross |
|||||||||||
|
Quarter Ended December 31, |
Year Ended December 31, |
||||||||||
|
2025 |
2025 On a |
2024 |
2025 |
2025 On a |
2024 |
||||||
|
Total revenues |
$ 4,259 |
$ 4,236 |
$ 3,761 |
$ 17,935 |
$ 17,915 |
$ 16,484 |
|||||
|
Less: |
|||||||||||
|
Cruise operating expenses |
2,242 |
2,232 |
2,052 |
9,083 |
9,058 |
8,652 |
|||||
|
Depreciation and amortization expenses |
453 |
453 |
411 |
1,718 |
1,718 |
1,600 |
|||||
|
Gross Margin |
1,564 |
1,550 |
1,298 |
7,133 |
7,140 |
6,231 |
|||||
|
Add: |
|||||||||||
|
Payroll and related |
356 |
355 |
342 |
1,366 |
1,366 |
1,301 |
|||||
|
Food |
269 |
269 |
237 |
1,019 |
1,019 |
934 |
|||||
|
Fuel |
293 |
293 |
284 |
1,146 |
1,146 |
1,160 |
|||||
|
Other operating |
572 |
567 |
514 |
2,202 |
2,188 |
2,098 |
|||||
|
Depreciation and amortization expenses |
453 |
453 |
411 |
1,718 |
1,718 |
1,600 |
|||||
|
Adjusted Gross Margin |
$ 3,508 |
$ 3,488 |
$ 3,086 |
$ 14,585 |
$ 14,577 |
$ 13,325 |
|||||
|
APCD |
14,025,949 |
14,025,949 |
12,716,724 |
53,325,212 |
53,325,212 |
50,552,731 |
|||||
|
Passenger Cruise Days |
15,116,254 |
15,116,254 |
13,678,795 |
58,518,751 |
58,518,751 |
54,844,780 |
|||||
|
Gross Margin Yields |
$ 111.49 |
$ 110.53 |
$ 102.06 |
$ 133.77 |
$ 133.89 |
$ 123.27 |
|||||
|
Net Yields |
$ 250.09 |
$ 248.72 |
$ 242.66 |
$ 273.51 |
$ 273.35 |
$ 263.59 |
|||||
|
Adjusted Gross Margin per PCD |
$ 232.05 |
$ 230.78 |
$ 225.60 |
$ 249.24 |
$ 249.09 |
$ 242.96 |
|||||
|
ROYAL CARIBBEAN CRUISES LTD. |
|||||||||||
|
NON-GAAP RECONCILING INFORMATION |
|||||||||||
|
(unaudited) |
|||||||||||
|
Gross Cruise Costs, Net Cruise Costs and Net Cruise Costs excluding Fuel are calculated as follows (in millions, except APCD and costs per APCD. Certain |
|||||||||||
|
Quarter Ended December 31, |
Year Ended December 31, |
||||||||||
|
2025 |
2025 On a |
2024 |
2025 |
2025 On a |
2024 |
||||||
|
Total cruise operating expenses |
$ 2,242 |
$ 2,232 |
$ 2,052 |
$ 9,083 |
$ 9,058 |
$ 8,652 |
|||||
|
Marketing, selling and administrative |
630 |
627 |
674 |
2,223 |
2,220 |
2,125 |
|||||
|
Gross Cruise Costs |
2,872 |
2,859 |
2,726 |
11,306 |
11,277 |
10,778 |
|||||
|
Less: |
|||||||||||
|
Commissions, transportation and other |
545 |
542 |
492 |
2,369 |
2,362 |
2,250 |
|||||
|
Onboard and other |
206 |
205 |
183 |
981 |
976 |
909 |
|||||
|
Net Cruise Costs including other costs |
2,121 |
2,112 |
2,051 |
7,957 |
7,938 |
7,619 |
|||||
|
Less: |
|||||||||||
|
Restructuring charges and other initiatives |
1 |
1 |
5 |
8 |
8 |
10 |
|||||
|
Impairment losses (2) |
— |
— |
3 |
— |
— |
9 |
|||||
|
Net Cruise Costs |
2,120 |
2,111 |
2,043 |
7,949 |
7,931 |
7,600 |
|||||
|
Less: |
|||||||||||
|
Fuel |
293 |
293 |
284 |
1,146 |
1,146 |
1,160 |
|||||
|
Net Cruise Costs excluding Fuel |
$ 1,827 |
$ 1,818 |
$ 1,759 |
$ 6,803 |
$ 6,784 |
$ 6,440 |
|||||
|
APCD |
14,025,949 |
14,025,949 |
12,716,724 |
53,325,212 |
53,325,212 |
50,552,731 |
|||||
|
Gross Cruise Costs per APCD |
$ 204.79 |
$ 203.84 |
$ 214.33 |
$ 212.03 |
$ 211.48 |
$ 213.20 |
|||||
|
Net Cruise Costs per APCD |
$ 151.15 |
$ 150.48 |
$ 160.63 |
$ 149.07 |
$ 148.72 |
$ 150.34 |
|||||
|
Net Cruise Costs excluding Fuel per |
$ 130.27 |
$ 129.61 |
$ 138.31 |
$ 127.57 |
$ 127.23 |
$ 127.40 |
|||||
|
(1) |
These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss). |
|
(2) |
For 2024, represents property and equipment impairment charges related to certain construction in progress assets. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss). |
|
ROYAL CARIBBEAN CRUISES LTD. |
||||||||
|
NON-GAAP RECONCILING INFORMATION |
||||||||
|
(unaudited) |
||||||||
|
EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are calculated as follows (in millions, except APCD and per APCD data. Certain amounts may not |
||||||||
|
Quarter Ended December 31, |
Year Ended December 31, |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
Net Income attributable to Royal Caribbean Cruises Ltd. |
$ 754 |
$ 553 |
$ 4,268 |
$ 2,877 |
||||
|
Interest income |
(7) |
(3) |
(24) |
(16) |
||||
|
Interest expense, net of interest capitalized |
267 |
266 |
992 |
1,590 |
||||
|
Depreciation and amortization expenses |
453 |
411 |
1,718 |
1,600 |
||||
|
Provision for income taxes |
15 |
— |
82 |
46 |
||||
|
EBITDA |
1,483 |
1,227 |
7,036 |
6,097 |
||||
|
Other income |
(4) |
(141) |
(17) |
(149) |
||||
|
Restructuring charges and other initiatives expenses (1) |
1 |
5 |
8 |
10 |
||||
|
Equity investment impairment, recovery of losses and other |
— |
4 |
(1) |
4 |
||||
|
Impairment losses (2) |
— |
3 |
— |
9 |
||||
|
Adjusted EBITDA |
$ 1,481 |
$ 1,098 |
$ 7,025 |
$ 5,971 |
||||
|
Total revenues |
$ 4,259 |
$ 3,761 |
$ 17,935 |
$ 16,484 |
||||
|
APCD |
14,025,949 |
12,716,724 |
53,325,212 |
50,552,731 |
||||
|
Net Income attributable to Royal Caribbean Cruises Ltd. per APCD |
$ 53.76 |
$ 43.46 |
$ 80.04 |
$ 56.92 |
||||
|
Adjusted EBITDA per APCD |
$ 105.55 |
$ 86.35 |
$ 131.75 |
$ 118.13 |
||||
|
Adjusted EBITDA Margin |
34.8 % |
29.2 % |
39.2 % |
36.2 % |
||||
|
(1) |
These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss). |
|
(2) |
For 2024, represents property and equipment impairment charges related to certain construction in progress assets. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss). |
|
ROYAL CARIBBEAN CRUISES LTD. |
|||||||
|
NON-GAAP RECONCILING INFORMATION |
|||||||
|
(unaudited) |
|||||||
|
Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. and Adjusted Earnings per Share are calculated as follows (in millions, except per share data. |
|||||||
|
Quarter Ended December 31, |
Year Ended December 31, |
||||||
|
2025 |
2024 |
2025 |
2024 |
||||
|
Net Income attributable to Royal Caribbean Cruises Ltd. |
$ 754 |
$ 553 |
$ 4,268 |
$ 2,877 |
|||
|
Loss on extinguishment of debt and inducement expense (1) |
6 |
7 |
16 |
463 |
|||
|
Restructuring charges and other initiatives expenses (2) |
1 |
5 |
8 |
10 |
|||
|
Amortization of Silversea intangible assets resulting from the Silversea |
2 |
2 |
6 |
6 |
|||
|
Gain on sale of noncontrolling interest (4) |
— |
— |
(11) |
— |
|||
|
Equity investment impairment, recovery of losses and other |
— |
(1) |
(1) |
(1) |
|||
|
Litigation loss contingency (5) |
— |
(124) |
— |
(124) |
|||
|
Impairment losses (6) |
— |
3 |
— |
9 |
|||
|
PortMiami tax on sale of noncontrolling interest (7) |
— |
— |
— |
(3) |
|||
|
Adjusted Net Income attributable to Royal Caribbean Cruises Ltd. |
$ 762 |
$ 445 |
$ 4,286 |
$ 3,237 |
|||
|
Earnings per Share – Diluted (8) |
$ 2.76 |
$ 2.02 |
$ 15.61 |
$ 10.94 |
|||
|
Adjusted Earnings per Share – Diluted (9) |
$ 2.80 |
$ 1.63 |
$ 15.64 |
$ 11.80 |
|||
|
Weighted-Average Shares Outstanding – Diluted |
273 |
277 |
274 |
279 |
|||
|
(1) |
For 2025 and 2024, includes $10 million and $119 million, respectively, of inducement expense related to the settlements of our 6.00% convertible notes due 2025. These amounts are included in Interest expense, net of interest capitalized within our consolidated statements of comprehensive income (loss). |
|
(2) |
These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss). |
|
(3) |
Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition. |
|
(4) |
Represents gain on sale of noncontrolling interest of Floating Docks and Grand Bahama Shipyard. These amounts are included in Other income within our consolidated statements of comprehensive income (loss). |
|
(5) |
For 2024, represents the release of the loss contingency recorded in 2022, in connection with the Havana Docks litigation inclusive of related legal fees and costs. These amounts are included in Other income within our consolidated statements of comprehensive income (loss). |
|
(6) |
For 2024, represents property and equipment impairment charges related to certain construction in progress assets. These amounts are included in Other operating within our consolidated statements of comprehensive income (loss). |
|
(7) |
For 2024, represents adjustments to tax impacts on the 2023 PortMiami sale of noncontrolling interest. These amounts are included in Other income (expense) in our consolidated statements of comprehensive income (loss). |
|
(8) |
Diluted EPS includes the add-back of $16 million and $175 million of dilutive inducement and interest expense related to our convertible notes for the year ended December 31, 2025, and 2024, respectively, and none and $5 million for the quarters ended December 31, 2025, and 2024, respectively. |
|
(9) |
Adjusted Diluted EPS includes the add-back of dilutive interest expense related to our convertible notes of $6 million and $56 million for the year ended December 31, 2025, and 2024, respectively, and none and $5 million for the quarters ended December 31, 2025, and 2024 respectively. |
|
ROYAL CARIBBEAN CRUISES LTD. |
|
|
NON-GAAP RECONCILING INFORMATION |
|
|
(unaudited) |
|
|
Adjusted Operating Income and ROIC, are calculated as follows: (in millions, except ROIC. Certain amounts may not add or |
|
|
For the Twelve Months Ended |
|
|
December 31, 2025 |
|
|
Operating Income |
$ 4,910 |
|
Including: |
|
|
Equity investment income |
414 |
|
Provision for income taxes |
(82) |
|
Adjustments: |
|
|
Restructuring charges and other initiatives expenses (1) |
8 |
|
Amortization of Silversea intangible assets related to Silversea acquisition (2) |
6 |
|
Gain on sale of noncontrolling interest (3) |
(11) |
|
Equity investment impairment, recovery of losses and other |
(1) |
|
Adjusted Operating Income |
$ 5,243 |
|
Invested Capital |
$ 29,174 |
|
ROIC |
18.0 % |
|
(1) |
These amounts are included in Marketing, selling and administrative expenses within our consolidated statements of comprehensive income (loss). |
|
(2) |
Represents the amortization of the Silversea intangible assets resulting from the 2018 Silversea acquisition. |
|
(3) |
For 2025 represents gain on sale of noncontrolling interest of Floating Docks and Grand Bahama Shipyard. These amounts are included in Other income within our consolidated statements of comprehensive income (loss). |
SOURCE Royal Caribbean Group
Munich. The BMW Group once again reduced the
CO2 emissions of its vehicle fleet sold in the European
Union (EU27+2: EU, Norway, Iceland) in financial year 2025. Based on
preliminary internal calculations, the figure came in at 90.0 grams
per kilometre according to WLTP (2024: 99.5 grams per kilometre). This
represents a reduction of approximately 9.5% in these emissions
compared to 2024.
The applicable fleet target limit for the BMW Group set by the
European Union (EU27+2: EU, Norway, Iceland) stood at 92.9 grams in
2025. The company was thus able to outperform this target by 2.9 grams.
“We once again overfulfilled Europe’s ambitious CO2
targets in 2025 – without relying on flexibility mechanisms or
pooling. This underlines that our technology-neutral approach and
systematic CO2 reduction are not contradictory but go hand
in hand. The decisive factor is the efficiency of all the drive
technologies we offer our customers,” said Oliver Zipse, Chairman of
the Board of Management of BMW AG.
The continuing electrification of the BMW Group was a key driver in
reducing its fleet-wide emissions last year. In 2025, the company
delivered more than 316,000 electrified vehicles to customers in the
European Union (EU27+2: EU, Norway, Iceland). The share of BMW Group
sales represented by electrified vehicles in the European Union
(EU27+2: EU, Norway, Iceland) rose to 41.1% last year.
In 2025, the BMW Group sold over 202,000 fully electric vehicles in
the European Union (EU27+2: EU, Norway, Iceland). This represented
around 26.3% of total sales volume in this region.
This provides a strong starting point for the BMW iX3, the first
production model of the Neue Klasse, which will expand the BMW Group’s
product line-up from 2026.
The reduction of fleet-wide emissions supports the BMW Group’s
long-term climate goals. In this way, the BMW Group is pursuing a
holistic decarbonisation strategy across the entire lifecycle, with
the aim of reaching “net zero” no later than 2050. This represents a
firm commitment by the company to the goals of the Paris Climate
Agreement. By 2035, it plans to reduce its CO2e emissions
by at least 60 million tonnes compared with 2019 levels.
“Every tonne of CO2 we can avoid counts. That is why we have adopted
a holistic development approach to decarbonisation that goes far
beyond fleet emissions. We are reducing CO2 across the entire
lifecycle of our vehicles – from the supply chain to production and
throughout their operation,” explains Joachim Post, member of the
Board of Management of BMW AG, Development.
The delivery figures reported in this press release are provisional
and may change up until the BMW Group Report 2025 is published. Notes
on how delivery figures are prepared can be found in the BMW Group
Report 2024 on p. 427.
BMW i4 eDrive40 (WLTP combined (EnVKV): energy consumption 17.8
kWh/100 km; CO2 emissions 0 g/km; CO2 class A);
range 510-613 km (WLTP combined (PER)
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VELIZY-VILLACOUBLAY, France — January 29, 2026 — Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today announced 3DEXPERIENCE World taking place in Houston from Feb. 1-4. The annual event will gather thousands of SOLIDWORKS and 3DEXPERIENCE platform users around the future of design to manufacturing, exploring 3D UNIV+RSES and artificial intelligence at the core of creation and innovation.
Guest speakers Jensen Huang – founder and CEO of NVIDIA, Pablos Holman – the renowned hacker and inventor with more than 6,000 patents, and Jay “Engineezy” Vogler – STEAM advocate and influencer, will kick off a rich agenda delving into the technologies enabling virtual environments that push the boundaries of imagination. One year after introducing 3D UNIV+RSES, Dassault Systèmes will showcase a holistic view of AI encompassing assistive, predictive and generative AI that plays an integral role in powering more efficient, sustainable and successful design, simulation, manufacturing and governance.
Event highlights include:
“Artificial intelligence is defining the way people work – automating tasks but also allowing more time for creativity and innovation. At 3DEXPERIENCE World 2026, we will demonstrate the value of our AI-powered portfolio for SOLIDWORKS and 3DEXPERIENCE platform users – a legacy of innovation that keeps pushing product development forward to serve 8 million users,” said Manish Kumar.