CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
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
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
Commitments and Contingencies (Note 17)
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; 303,054,848 and 297,368,235 shares issued, December 31, 2025 and December 31, 2024, respectively)	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 December 31, 2024, respectively)	(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

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).