CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 851	$ 825
Trade and other receivables, net	409	317
Inventories	304	264
Prepaid expenses and other assets	750	690
Derivative financial instruments	160	115
Total current assets	2,474	2,211
Property and equipment, net	38,297	35,696
Operating lease right-of-use assets	751	620
Goodwill	808	808
Other assets	2,483	2,284
Total assets	44,813	41,619
Current liabilities
Current portion of long-term debt	2,239	3,180
Current portion of operating lease liabilities	71	90
Accounts payable	979	953
Accrued expenses and other liabilities	1,983	2,026
Derivative financial instruments	107	67
Customer deposits	6,034	5,739
Total current liabilities	11,413	12,055
Long-term debt	20,116	18,165
Long-term operating lease liabilities	744	600
Other long-term liabilities	627	554
Total liabilities	32,900	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; 303,899,853 and 303,054,848 shares issued, at September 30, 2026 and December 31, 2025, respectively)	3	3
Paid-in capital	7,916	7,964
Retained earnings	8,512	5,925
Accumulated other comprehensive loss	(384)	(604)
Treasury stock (36,429,278 and 32,631,826 common shares at cost, at September 30, 2026 and December 31, 2025, respectively)	(4,334)	(3,251)
Total shareholders’ equity attributable to Royal Caribbean Cruises Ltd.	11,713	10,037
Noncontrolling Interest	200	208
Total shareholders’ equity	11,913	10,245
Total liabilities and shareholders’ equity	$ 44,813	$ 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).