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Earnings Per Share | 3 Months Ended
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Mar. 31, 2026
Earnings Per Share [Abstract] |
Earnings Per Share | Note 4. Earnings Per Share A reconciliation between basic and diluted earnings per share is as follows (in millions, except per share data):
| Quarter Ended March 31, |
| 2026 |  | 2025 |  |  |
Net Income attributable to Royal Caribbean Cruises Ltd. for basic earnings per share | $ | 941 |  |  | $ | 730 |  |  |  |
Add convertible notes interest and inducement expense | — |  |  | 15 |  |  |  |
Net Income attributable to Royal Caribbean Cruises Ltd. for diluted earnings per share | $ | 941 |  |  | $ | 745 |  |  |  |
Weighted-average common shares outstanding | 270 |  |  | 269 |  |  |  |
Dilutive effect of stock-based awards | 1 |  |  | 1 |  |  |  |
Dilutive effect of convertible notes | — |  |  | 6 |  |  |  |
Diluted weighted-average shares outstanding | 271 |  |  | 276 |  |  |  |
Basic earnings per share (1) | $ | 3.49 |  |  | $ | 2.71 |  |  |  |
Diluted earnings per share (1) | $ | 3.48 |  |  | $ | 2.70 |  |  |  |
(1) Per share amounts may not calculate due to the use of rounded numbers. T here were no antidilutive shares for the quarters ended March 31, 2026 and 2025, from our stock based awards. There were no antidilutive shares for the quarter ended March 31, 2025, from our convertible notes.

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