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Royal Caribbean Group cash flow statement

In fiscal 2025, Royal Caribbean Group's operations generated $6.46bn of cash; it spent $5.23bn on capital projects, leaving free cash flow of $1.24bn. It returned $824m in dividends and $1.16bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations8451,6631,4561,3821,4121,7441,9462,5172,8753,4793,716−3,732−1,8784814,4775,2656,4656,897
Depreciation and amortisation5686447027307557728278959511,0341,2461,2791,2931,4071,4551,6001,7181,868
Stock-based pay1728242421263633694676406436126267175133
Capital spending2,4782,1871,1741,2917641,8111,6132,4945643,6603,0251,9652,2302,7103,8973,2685,2295,387
Free cash flow−1,633−52428290648−68333222,310−181692−5,697−4,108−2,2295801,9971,2361,510
Free cash flow after stock pay−1,649−55225866627−94297−102,241−227616−5,737−4,172−2,2654541,7301,0611,377
Dividends paid——221181441992803464375276033260001078241,347
Share buybacks———0023620030022557510000—001,1591,539

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Royal Caribbean Group's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Royal Caribbean Group.