v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure          
Pay vs Performance Disclosure, Table
Value of Initial Fixed
$100 Investment Based
On:
(4)
Year
Summary
Compensation
Table Total
for

PEO
(Sommer)(1)
($)
Compensation
Actually
Paid
to PEO
(Sommer)
(3)
($)
Summary
Compensation
Table Total
for

PEO
(Del Rio)(1)
($)
Compensation
Actually
Paid
to PEO
(Del Rio)
(3)
($)
Average
Summary
Compensation
Table Total
for
Non-PEO
Named
Executive
Officers
(2)
($)
Average
Compensation
Actually
Paid
to Non-PEO
Named
Executive
Officers
(3)
($)
Total
Shareholder
Return
(4)
($)
Peer Group
Total
Shareholder
Return
(5)
($)
Net Income /
(Loss)
($ millions)
Adjusted
EPS
(Loss)(6)
($)
2025 13,752,560 15,461,282 4,543,112 2,992,389 87.77 144.95 423.2 2.12
2024 12,811,659 24,170,238 5,191,218 9,412,595 101.18 136.02 910.3 1.88
2023 8,864,592 11,627,921 12,372,976 38,885,167 4,614,230 6,585,053 78.80 117.68 166.2 0.87
2022 21,209,333 8,676,811 5,650,356 2,735,578 48.13 87.37 (2,269.9) (4.38)
2021 19,668,768 14,185,949 3,606,788 3,038,679 81.56 110.65 (4,506.6) (7.91)
(1)
Frank J. Del Rio was our President and Chief Executive Officer during 2021, 2022 and through June 30, 2023. Harry Sommer was our President and Chief Executive Officer from July 1, 2023 until February 12, 2026.
(2)
Our other named executive officers consisted of the following individuals for the relevant year: for 2025, Mark Kempa, Patrik Dahlgren, Daniel Farkas, David Herrera and Jason Montague; for 2024, Mark Kempa, Patrik Dahlgren, Daniel S. Farkas and David Herrera; for 2023, Mark Kempa, Patrik Dahlgren, Daniel S. Farkas, David Herrera and T. Robin Lindsay; for 2022, Mark Kempa, Harry Sommer, Jason Montague and Howard Sherman; for 2021, Mark Kempa, Harry Sommer, T. Robin Lindsay and Jason Montague.
(3)
Compensation “actually paid” is calculated in accordance with Item 402(v) of Regulation S-K. The tables below set forth each adjustment made during each year presented in the table to calculate the compensation “actually paid” to our NEOs during each year in the table:
Adjustments to determine Compensation “Actually Paid” for
President and Chief Executive Officer (Sommer)
2025
($)
2024
($)
2023
($)
Equity Awards
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table
(9,499,960)
(5,999,962) (5,224,983)
Deduction for amounts reported under the “Option Awards” column in the Summary Compensation Table
Increase for fair value of awards granted during year that remain outstanding as of covered year end
14,490,144
12,004,589 5,563,745
Increase for fair value of awards granted during year that vested during covered year
Increase/deduction for change in fair value from prior year-end to covered
year-end of awards granted prior to covered year that were outstanding
and unvested as of year-end
(2,518,711)
5,471,769 2,292,071
Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to covered year that vested during covered year
(762,751)
(117,817) 132,496
Deduction of fair value of awards granted prior to covered year that were forfeited during covered year
Increase based upon incremental fair value of awards modified during year
Total Adjustments
1,708,722
11,358,579 2,763,329
Adjustments to determine Compensation “Actually Paid” for
President and Chief Executive Officer (Del Rio)
2023
($)
2022
($)
2021
($)
Equity Awards
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table (10,999,980) (14,063,639)
Deduction for amounts reported under the “Option Awards” column in the Summary
Compensation Table
Increase for fair value of awards granted during year that remain outstanding as of covered year end 7,285,701 8,166,156
Increase for fair value of awards granted during year that vested during covered year
Increase/deduction for change in fair value from prior year-end to covered year-end
of awards granted prior to covered year that were outstanding and unvested as of
year-end
(8,445,341) (493,102)
Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to covered year that vested during covered year 26,520,493 (372,902) 907,766
Deduction of fair value of awards granted prior to covered year that were forfeited during covered year (8,302)
Increase based upon incremental fair value of awards modified during year
Total Adjustments
26,512,191 (12,532,522) (5,482,819)
Adjustments to determine Compensation “Actually
Paid” for Other NEOs
2025
($)
2024
($)
2023
($)
2022
($)
2021
($)
Equity Awards
Deduction for amounts reported under the “Stock Awards”
column in the Summary Compensation Table
(2,271,966) (1,974,978) (1,854,991) (1,895,383) (2,158,701)
Deduction for amounts reported under the “Option Awards” column in the Summary Compensation Table
Increase for fair value of awards granted during year that remain outstanding as of covered year end 2,763,774 3,951,491 2,322,969 941,538 1,852,165
Increase for fair value of awards granted during year that vested during covered year
313,845
Increase/deduction for change in fair value from prior year-end to covered year-end of awards granted prior to covered year that were outstanding and unvested as of year-end (575,708) 2,303,128 1,415,949 (894,404) (468,561)
Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to covered year that vested during covered year (280,675) (58,264) 86,896 (1,380,374) 206,988
Deduction of fair value of awards granted prior to covered
year that were forfeited during covered year
(1,186,148)
Increase based upon incremental fair value of awards modified during year
Total Adjustments
(1,550,723) 4,221,377 1,970,823 (2,914,778) (568,109)
(4)
Assumes $100 invested in our ordinary shares on December 31, 2020. Our Company has not paid dividends.
(5)
The peer group used consists of the companies used in our performance graph as required by Item 201(e) of Regulation S-K and reported in Part II, Item 5 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, namely, the Dow Jones United States Travel and Leisure Index. Assumes $100 invested on December 31, 2020.
(6)
Adjusted EPS as used in connection with our short-term incentives is a non-GAAP financial metric calculated in the same manner as Adjusted EPS in our Annual Report on Form 10-K less the following: (i) fuel rates, (ii) foreign exchange rates, (iii) significant acquisitions and joint ventures, and (iv) other one-time adjustments in our Compensation Committee’s discretion.
       
Company Selected Measure Name Adjusted EPS        
Named Executive Officers, Footnote
(1)
Frank J. Del Rio was our President and Chief Executive Officer during 2021, 2022 and through June 30, 2023. Harry Sommer was our President and Chief Executive Officer from July 1, 2023 until February 12, 2026.
(2)
Our other named executive officers consisted of the following individuals for the relevant year: for 2025, Mark Kempa, Patrik Dahlgren, Daniel Farkas, David Herrera and Jason Montague; for 2024, Mark Kempa, Patrik Dahlgren, Daniel S. Farkas and David Herrera; for 2023, Mark Kempa, Patrik Dahlgren, Daniel S. Farkas, David Herrera and T. Robin Lindsay; for 2022, Mark Kempa, Harry Sommer, Jason Montague and Howard Sherman; for 2021, Mark Kempa, Harry Sommer, T. Robin Lindsay and Jason Montague.
       
Peer Group Issuers, Footnote
(5)
The peer group used consists of the companies used in our performance graph as required by Item 201(e) of Regulation S-K and reported in Part II, Item 5 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, namely, the Dow Jones United States Travel and Leisure Index. Assumes $100 invested on December 31, 2020.
       
Adjustment To PEO Compensation, Footnote
(3)
Compensation “actually paid” is calculated in accordance with Item 402(v) of Regulation S-K. The tables below set forth each adjustment made during each year presented in the table to calculate the compensation “actually paid” to our NEOs during each year in the table:
Adjustments to determine Compensation “Actually Paid” for
President and Chief Executive Officer (Sommer)
2025
($)
2024
($)
2023
($)
Equity Awards
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table
(9,499,960)
(5,999,962) (5,224,983)
Deduction for amounts reported under the “Option Awards” column in the Summary Compensation Table
Increase for fair value of awards granted during year that remain outstanding as of covered year end
14,490,144
12,004,589 5,563,745
Increase for fair value of awards granted during year that vested during covered year
Increase/deduction for change in fair value from prior year-end to covered
year-end of awards granted prior to covered year that were outstanding
and unvested as of year-end
(2,518,711)
5,471,769 2,292,071
Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to covered year that vested during covered year
(762,751)
(117,817) 132,496
Deduction of fair value of awards granted prior to covered year that were forfeited during covered year
Increase based upon incremental fair value of awards modified during year
Total Adjustments
1,708,722
11,358,579 2,763,329
Adjustments to determine Compensation “Actually Paid” for
President and Chief Executive Officer (Del Rio)
2023
($)
2022
($)
2021
($)
Equity Awards
Deduction for amounts reported under the “Stock Awards” column in the Summary Compensation Table (10,999,980) (14,063,639)
Deduction for amounts reported under the “Option Awards” column in the Summary
Compensation Table
Increase for fair value of awards granted during year that remain outstanding as of covered year end 7,285,701 8,166,156
Increase for fair value of awards granted during year that vested during covered year
Increase/deduction for change in fair value from prior year-end to covered year-end
of awards granted prior to covered year that were outstanding and unvested as of
year-end
(8,445,341) (493,102)
Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to covered year that vested during covered year 26,520,493 (372,902) 907,766
Deduction of fair value of awards granted prior to covered year that were forfeited during covered year (8,302)
Increase based upon incremental fair value of awards modified during year
Total Adjustments
26,512,191 (12,532,522) (5,482,819)
       
Non-PEO NEO Average Total Compensation Amount $ 4,543,112 $ 5,191,218 $ 4,614,230 $ 5,650,356 $ 3,606,788
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,992,389 9,412,595 6,585,053 2,735,578 3,038,679
Adjustment to Non-PEO NEO Compensation Footnote
(3)
Compensation “actually paid” is calculated in accordance with Item 402(v) of Regulation S-K. The tables below set forth each adjustment made during each year presented in the table to calculate the compensation “actually paid” to our NEOs during each year in the table:
Adjustments to determine Compensation “Actually
Paid” for Other NEOs
2025
($)
2024
($)
2023
($)
2022
($)
2021
($)
Equity Awards
Deduction for amounts reported under the “Stock Awards”
column in the Summary Compensation Table
(2,271,966) (1,974,978) (1,854,991) (1,895,383) (2,158,701)
Deduction for amounts reported under the “Option Awards” column in the Summary Compensation Table
Increase for fair value of awards granted during year that remain outstanding as of covered year end 2,763,774 3,951,491 2,322,969 941,538 1,852,165
Increase for fair value of awards granted during year that vested during covered year
313,845
Increase/deduction for change in fair value from prior year-end to covered year-end of awards granted prior to covered year that were outstanding and unvested as of year-end (575,708) 2,303,128 1,415,949 (894,404) (468,561)
Increase/deduction for change in fair value from prior year-end to vesting date of awards granted prior to covered year that vested during covered year (280,675) (58,264) 86,896 (1,380,374) 206,988
Deduction of fair value of awards granted prior to covered
year that were forfeited during covered year
(1,186,148)
Increase based upon incremental fair value of awards modified during year
Total Adjustments
(1,550,723) 4,221,377 1,970,823 (2,914,778) (568,109)
       
Compensation Actually Paid vs. Total Shareholder Return [MISSING IMAGE: bc_tsr-4c.jpg]        
Compensation Actually Paid vs. Net Income [MISSING IMAGE: bc_loss-4c.jpg]        
Compensation Actually Paid vs. Company Selected Measure
[MISSING IMAGE: bc_eps-4c.jpg]
       
Total Shareholder Return Vs Peer Group [MISSING IMAGE: lc_peergrouptsr-4c.jpg]        
Tabular List, Table
Tabular List of Most Important Financial Performance Measures
The following provides a list of the financial performance measures that we believe are the most important financial performance measures used to link NEO compensation to our performance. For more information, see “Executive Compensation — Compensation Discussion and Analysis.” Although we do not in practice use any performance measures to link compensation “actually paid” ​(as calculated herein) to our performance, we are providing this list in accordance with Item 402(v) of Regulation S-K to provide information on performance measures used by our Compensation Committee to determine NEO compensation, as more fully described in “Executive Compensation — Compensation Discussion and Analysis.”
2025 Financial Performance Metrics
Adjusted EPS
Adjusted Operational EBITDA Margin
Adjusted ROIC
Net Leverage
       
Total Shareholder Return Amount $ 87.77 101.18 78.8 48.13 81.56
Peer Group Total Shareholder Return Amount 144.95 136.02 117.68 87.37 110.65
Net Income (Loss) $ 423,200,000 $ 910,300,000 $ 166,200,000 $ (2,269,900,000) $ (4,506,600,000)
Company Selected Measure Amount 2.12 1.88 0.87 (4.38) (7.91)
PEO Name Harry Sommer        
Measure:: 1          
Pay vs Performance Disclosure          
Name Adjusted EPS        
Non-GAAP Measure Description
(6)
Adjusted EPS as used in connection with our short-term incentives is a non-GAAP financial metric calculated in the same manner as Adjusted EPS in our Annual Report on Form 10-K less the following: (i) fuel rates, (ii) foreign exchange rates, (iii) significant acquisitions and joint ventures, and (iv) other one-time adjustments in our Compensation Committee’s discretion.
       
Measure:: 2          
Pay vs Performance Disclosure          
Name Adjusted Operational EBITDA Margin        
Measure:: 3          
Pay vs Performance Disclosure          
Name Adjusted ROIC        
Measure:: 4          
Pay vs Performance Disclosure          
Name Net Leverage        
Harry Sommer [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount $ 13,752,560 $ 12,811,659 $ 8,864,592
PEO Actually Paid Compensation Amount 15,461,282 24,170,238 11,627,921
Frank J. Del Rio [Member]          
Pay vs Performance Disclosure          
PEO Total Compensation Amount 12,372,976 21,209,333 19,668,768
PEO Actually Paid Compensation Amount 38,885,167 8,676,811 14,185,949
PEO | Harry Sommer [Member] | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 1,708,722 11,358,579 2,763,329    
PEO | Harry Sommer [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 14,490,144 12,004,589 5,563,745    
PEO | Harry Sommer [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,518,711) 5,471,769 2,292,071    
PEO | Harry Sommer [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount    
PEO | Harry Sommer [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (762,751) (117,817) 132,496    
PEO | Harry Sommer [Member] | Equity Awards Value In Stock Awards Compensation Table For The Applicable Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (9,499,960) (5,999,962) (5,224,983)    
PEO | Harry Sommer [Member] | Equity Awards Value In Option Awards Compensation Table For The Applicable Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount    
PEO | Harry Sommer [Member] | Deduction Of Fair Value Of Awards Granted Prior To Covered Year That Were Forfeited During Covered Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount    
PEO | Harry Sommer [Member] | Change Based Upon Incremental Fair Value Of Awards Modified During Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount    
PEO | Frank J. Del Rio [Member] | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount     26,512,191 (12,532,522) (5,482,819)
PEO | Frank J. Del Rio [Member] | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount     7,285,701 8,166,156
PEO | Frank J. Del Rio [Member] | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount     (8,445,341) (493,102)
PEO | Frank J. Del Rio [Member] | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount    
PEO | Frank J. Del Rio [Member] | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount     26,520,493 (372,902) 907,766
PEO | Frank J. Del Rio [Member] | Equity Awards Value In Stock Awards Compensation Table For The Applicable Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount     (10,999,980) (14,063,639)
PEO | Frank J. Del Rio [Member] | Equity Awards Value In Option Awards Compensation Table For The Applicable Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount    
PEO | Frank J. Del Rio [Member] | Prior Year End Fair Value Of Equity Awards Granted In Any Prior Year That Were Fortified During Covered Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount     (8,302)
Non-PEO NEO | Equity Awards Adjustments          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (1,550,723) 4,221,377 1,970,823 (2,914,778) (568,109)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 2,763,774 3,951,491 2,322,969 941,538 1,852,165
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (575,708) 2,303,128 1,415,949 (894,404) (468,561)
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted and Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount 313,845
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (280,675) (58,264) 86,896 (1,380,374) 206,988
Non-PEO NEO | Equity Awards Value In Stock Awards Compensation Table For The Applicable Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount (2,271,966) (1,974,978) (1,854,991) (1,895,383) (2,158,701)
Non-PEO NEO | Equity Awards Value In Option Awards Compensation Table For The Applicable Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount
Non-PEO NEO | Change Based Upon Incremental Fair Value Of Awards Modified During Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount
Non-PEO NEO | Prior Year End Fair Value Of Equity Awards Granted In Any Prior Year That Were Fortified During Covered Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount $ (1,186,148)
Non-PEO NEO | Frank J. Del Rio [Member] | Change Based Upon Incremental Fair Value Of Awards Modified During Year [Member]          
Pay vs Performance Disclosure          
Adjustment to Compensation, Amount