ROYAL CARIBBEAN CRUISES LTD (RCL)

NYSE · Common Stock · Water Transportation

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cruise holding company

Corporate structure

21 entities across 16 jurisdictions, 4 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-11 — see the exhibit.

Which other public companies file entities in the same places:

England and Wales5 Cyprus2 Delaware1 Indiana1 Cayman Islands1 Florida1 Netherlands1 Germany1 Hong Kong1 Singapore1 China1 Switzerland1

Subsidiaries of ROYAL CARIBBEAN CRUISES LTD as disclosed in its SEC filing
Entity	Jurisdiction	Note
GG Operations Inc.	Delaware
Island for Science, Inc.	Indiana
Labadee Investments Ltd.	Cayman Islands	offshore centre
RCL Cruises (Cyprus) Limited	Cyprus	offshore centre
RCL Cruises Ltd.	England and Wales
RCL GEO LLC	Florida
RCL Holdings Cooperatief U.A.	Netherlands
RCL Investments Ltd.	England and Wales
RCL TUI Cruises German Holding GmbH & Co. KG	Germany
RCL (UK) Ltd.	England and Wales
RCL Worldwide (Hong Kong) Limited	Hong Kong
Royal Caribbean Cruises (Asia) Pte. Ltd.	Singapore
Royal Caribbean Cruises Services (China) Company Limited	China
SG Expeditions Cyprus Limited	Cyprus	offshore centre
SG Expeditions SAGL	Switzerland
Silversea Cruises Australia Pty. Ltd.	Australia
Silversea Cruises Canada Ltd.	Canada
Silversea Cruises (Europe) Ltd.	England and Wales
Silversea Cruises South Africa Pty. Ltd.	South Africa
Silversea Cruises (UK) Ltd.	England and Wales
Silversea SAM	Monaco	offshore centre

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

6 / 7

PASSReturn on assets positiveROA 10.3%
PASSOperating cash flow positiveOCF 6.5B
PASSReturn on assets improving7.8% → 10.3%
PASSCash flow exceeds earningsOCF 6.5B vs NI 4.3B
FAILLong-term debt ratio fallingno debt reported
PASSCurrent ratio improving0.17 → 0.18
PASSNo share dilution279M → 274M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.44× → 0.43×

Altman Z-score

2.18grey

Bankruptcy-risk screen combining working capital, retained earnings, operating income, market value against liabilities, and asset turnover. Above 2.99 is the safe zone; below 1.81 is distress.

Cash conversion: 151.5%
Share count change: -1.8%

Six-year record

Year	Revenue	Net income	Free cash flow	Gross margin	Shares
FY2020	$2.2B	−$5.8B	−$5.7B	—	214,335,000
FY2021	$1.5B	−$5.3B	−$4.1B	—	251,812,000
FY2022	$8.8B	−$2.2B	−$2.2B	—	255,011,000
FY2023	$13.9B	$1.7B	$580.0M	—	283,000,000
FY2024	$16.5B	$2.9B	$2.0B	—	279,000,000
FY2025	$17.9B	$4.3B	$1.2B	—	274,000,000

Ownership flow

1 institutions tracked — 0 added, 1 reduced.

Institutional holders of ROYAL CARIBBEAN CRUISES LTD and their share-count change
Manager	Kind	Shares	Change	Value
GEODE CAPITAL MANAGEMENT, LLC	Index	6,945,690	−102,841	$2.2B

From 13F filings, which cover institutions managing over $100m and are filed up to 45 days after the quarter ends — so this is a considered position, not a live one, and it is not the whole shareholder register.

Capital returned

What the company actually paid out and bought back, as reported — the record behind any yield figure.

Dividend per share

2026Q2: $1.50
2026Q1: $1.50
2025Q4: $1.00
2025Q3: $1.00
2025Q2: $0.75
2025Q1: $0.75

Shares repurchased

2026Q1: $836.0M
2025Q1: $241.0M
2024Q1: $0
2019Q1: $0
2018Q1: $275.0M
2017Q1: $0

Identity

CIK: 0000884887
LEI: K2NEH8QNVW44JIWK7Z55
FIGI: BBG000BB5792
SIC: 4400 · Water Transportation
Headquarters: MIAMI, FL
Employees: 107.7
Founded: 1997-01-01

Ownership

Institutional: 84.5%
Institutions: 1,670
Insiders: 6.2%

Ownership percentages are a vendor aggregate, not a filing — unlike everything else on this page.

Other water transportation companies

ROYAL CARIBBEAN CRUISES LTD files under SIC 4400 — all 6 water transportation companies compared on assets and F-score.

Carnival Corp Ltd.CCL KIRBY CORPKEX Matson, Inc.MATX International Seaways, Inc.INSW TIDEWATER INCTDW

Questions about ROYAL CARIBBEAN CRUISES LTD

How many subsidiaries does ROYAL CARIBBEAN CRUISES LTD file with the SEC?: 21, listed in its most recent exhibit 21. They are incorporated across 16 jurisdictions, led by Delaware, Indiana, Cayman Islands. 4 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.
Is ROYAL CARIBBEAN CRUISES LTD financially healthy?: ROYAL CARIBBEAN CRUISES LTD scores 6 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the grey zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.
Who are the largest institutional holders of ROYAL CARIBBEAN CRUISES LTD?: Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are GEODE CAPITAL MANAGEMENT, LLC (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.

This page is one panel of the terminal

The structure map above is the Corporate Blueprint, and in the desktop it is interactive — click any entity to re-centre the map on it and walk the ownership chain. It sits alongside the screener, the scorecard and the filings lab on one desk, on your machine.

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Sourced from SEC EDGAR primary filings. Figures are as reported by the company and are not investment advice. Scores are standard published screens computed from those filings; every input is shown above so you can check the arithmetic.

Corporate structure

21 entities across 16 jurisdictions, 4 in offshore financial centres. Read directly from the company’s own 10-K EX-21 filed 2026-02-11 — see the exhibit.

Entity

Jurisdiction

Note

GG Operations Inc.

Delaware

Island for Science, Inc.

Indiana

Labadee Investments Ltd.

Cayman Islands

offshore centre

RCL Cruises (Cyprus) Limited

Cyprus

offshore centre

RCL Cruises Ltd.

England and Wales

RCL GEO LLC

Florida

RCL Holdings Cooperatief U.A.

Netherlands

RCL Investments Ltd.

England and Wales

RCL TUI Cruises German Holding GmbH & Co. KG

Germany

RCL (UK) Ltd.

England and Wales

RCL Worldwide (Hong Kong) Limited

Hong Kong

Royal Caribbean Cruises (Asia) Pte. Ltd.

Singapore

Royal Caribbean Cruises Services (China) Company Limited

China

SG Expeditions Cyprus Limited

Cyprus

offshore centre

SG Expeditions SAGL

Switzerland

Silversea Cruises Australia Pty. Ltd.

Australia

Silversea Cruises Canada Ltd.

Canada

Silversea Cruises (Europe) Ltd.

England and Wales

Silversea Cruises South Africa Pty. Ltd.

South Africa

Silversea Cruises (UK) Ltd.

England and Wales

Silversea SAM

Monaco

offshore centre

Financial health

Two standard screens, computed from the XBRL in FY2025 against FY2024. Every test shows the numbers behind it — a score with its inputs hidden is a number you cannot check.

Piotroski F-score

6 / 7

PASSReturn on assets positiveROA 10.3%
PASSOperating cash flow positiveOCF 6.5B
PASSReturn on assets improving7.8% → 10.3%
PASSCash flow exceeds earningsOCF 6.5B vs NI 4.3B
FAILLong-term debt ratio fallingno debt reported
PASSCurrent ratio improving0.17 → 0.18
PASSNo share dilution279M → 274M shares
FAILGross margin improvingno gross profit reported
FAILAsset turnover improving0.44× → 0.43×

Altman Z-score

2.18grey

Bankruptcy-risk screen combining working capital, retained earnings, operating income, market value against liabilities, and asset turnover. Above 2.99 is the safe zone; below 1.81 is distress.

Cash conversion: 151.5%
Share count change: -1.8%

Year

Revenue

Net income

Free cash flow

Gross margin

FY2020

$2.2B

−$5.8B

−$5.7B

—

214,335,000

FY2021

$1.5B

−$5.3B

−$4.1B

—

251,812,000

FY2022

$8.8B

−$2.2B

—

255,011,000

FY2023

$13.9B

$1.7B

$580.0M

—

283,000,000

FY2024

$16.5B

$2.9B

$2.0B

—

279,000,000

FY2025

$17.9B

$4.3B

$1.2B

—

274,000,000

Ownership flow

1 institutions tracked — 0 added, 1 reduced.

Institutional holders of ROYAL CARIBBEAN CRUISES LTD and their share-count change
Manager	Kind	Shares	Change	Value
GEODE CAPITAL MANAGEMENT, LLC	Index	6,945,690	−102,841	$2.2B

Questions about ROYAL CARIBBEAN CRUISES LTD

How many subsidiaries does ROYAL CARIBBEAN CRUISES LTD file with the SEC?

21, listed in its most recent exhibit 21. They are incorporated across 16 jurisdictions, led by Delaware, Indiana, Cayman Islands. 4 of them sit in offshore financial centres. That exhibit is filed with the company's annual report and is the company's own list, not an estimate.

Is ROYAL CARIBBEAN CRUISES LTD financially healthy?

ROYAL CARIBBEAN CRUISES LTD scores 6 out of 7 on the Piotroski F-score. Only 7 of the nine tests could be computed from what it filed; the rest need a prior year it has not reported. Its Altman Z-score puts it in the grey zone. Every test and the numbers behind it are shown above, so the arithmetic is checkable rather than something you have to take on trust.

Who are the largest institutional holders of ROYAL CARIBBEAN CRUISES LTD?

Among the managers tracked here, the biggest positions as of the 2026-Q2 13F filings are GEODE CAPITAL MANAGEMENT, LLC (trimming). Direction is the change in share count against that manager's own previous filing; managers with no prior filing are left out rather than counted as new buyers.