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 September 30, | | Nine Months Ended September 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Net Income attributable to Royal Caribbean Cruises Ltd. for basic earnings per share | $ | 1,728 | | | $ | 1,575 | | | $ | 3,798 | | | $ | 3,514 | | | Add convertible notes interest and inducement expense | — | | | — | | | — | | | 16 | | | Net Income attributable to Royal Caribbean Cruises Ltd. for diluted earnings per share | $ | 1,728 | | | $ | 1,575 | | | $ | 3,798 | | | $ | 3,530 | | | Weighted-average common shares outstanding | 267 | | | 272 | | | 268 | | | 271 | | | Dilutive effect of stock-based awards | 1 | | | 1 | | | 1 | | | 1 | | | Dilutive effect of convertible notes | — | | | 1 | | | — | | | 3 | | | Diluted weighted-average shares outstanding | 268 | | | 274 | | | 269 | | | 275 | | | Basic earnings per share | $ | 6.46 | | | $ | 5.79 | | | $ | 14.15 | | | $ | 12.97 | | | Diluted earnings per share | $ | 6.45 | | | $ | 5.74 | | | $ | 14.12 | | | $ | 12.83 | |
There were no antidilutive shares for the quarters and nine months ended September 30, 2026 and 2025, respectively.
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