v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) $ 327,219 $ (10,303)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 575,435 514,972
Loss on extinguishment of debt   117,938
Share-based compensation expense 46,099 46,180
Net foreign currency adjustments on euro-denominated debt (70,298) 137,922
Other, net 13,600 254
Changes in operating assets and liabilities:    
Accounts receivable, net 9,550 (46,754)
Inventories (26,749) (11,319)
Prepaid expenses and other assets (83,481) (89,441)
Accounts payable 50,741 12,415
Accrued expenses and other liabilities 89,925 14,073
Advance ticket sales 481,997 708,135
Net cash provided by operating activities 1,414,038 1,394,072
Cash flows from investing activities    
Additions to property and equipment, net (1,894,361) (1,858,861)
Other, net (4,226) (9,201)
Net cash used in investing activities (1,898,587) (1,868,062)
Cash flows from financing activities    
Repayments of long-term debt (1,212,597) (3,866,296)
Proceeds from long-term debt 1,755,848 4,452,990
Common share issuance proceeds, net   63,996
Net share settlement of restricted share units (30,122) (23,805)
Early redemption premium   (106,108)
Deferred financing fees and other (20,373) (53,537)
Net cash provided by financing activities 492,756 467,240
Net increase (decrease) in cash and cash equivalents 8,207 (6,750)
Cash and cash equivalents at beginning of period 209,893 190,765
Cash and cash equivalents at end of period $ 218,100 $ 184,015