CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 512	$ 825
Trade and other receivables, net	479	317
Inventories	271	264
Prepaid expenses and other assets	719	690
Derivative financial instruments	223	115
Total current assets	2,204	2,211
Property and equipment, net	35,884	35,696
Operating lease right-of-use assets	611	620
Goodwill	808	808
Other assets	2,483	2,284
Total assets	41,990	41,619
Current liabilities
Current portion of long-term debt	1,448	3,180
Current portion of operating lease liabilities	79	90
Accounts payable	1,010	953
Accrued expenses and other liabilities	1,968	2,026
Derivative financial instruments	12	67
Customer deposits	6,548	5,739
Total current liabilities	11,065	12,055
Long-term debt	19,666	18,165
Long-term operating lease liabilities	599	600
Other long-term liabilities	632	554
Total liabilities	31,962	31,374
Shareholders’ equity
Preferred stock ($0.01 par value; 20,000,000 shares authorized; none outstanding)	0	0
Common stock ($0.01 par value; 500,000,000 shares authorized; 303,822,400 and 303,054,848 shares issued, March 31, 2026 and December 31, 2025, respectively)	3	3
Paid-in capital	7,867	7,964
Retained earnings	6,460	5,925
Accumulated other comprehensive loss	(385)	(604)
Treasury stock (35,631,237 and 32,631,826 common shares at cost, at March 31, 2026 and December 31, 2025, respectively)	(4,135)	(3,251)
Total shareholders’ equity attributable to Royal Caribbean Cruises Ltd.	9,810	10,037
Noncontrolling Interest	218	208
Total shareholders’ equity	10,028	10,245
Total liabilities and shareholders’ equity	$ 41,990	$ 41,619

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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- Definition

Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).