Royal Caribbean Cruises Ltd (RCL)

Debt-to-capital ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	4,724,000	4,422,980	3,363,650	2,851,620	2,869,000	3,205,420	3,398,100	3,988,930	5,085,560	6,467,500	7,884,020	9,172,380	8,760,670	8,328,590	8,963,900	10,231,800	12,163,800	11,976,900	11,538,400	11,269,100
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $4,724,000K)
= 0.00

The debt-to-capital ratio of Royal Caribbean Group has exhibited fluctuating trends over the past eight quarters. The ratio peaked at 0.89 in Q4 2022 and has since seen some decline, reaching 0.82 in Q4 2023 and Q3 2023. However, it saw a slight increase to 0.86 in Q2 2023 before edging up further to 0.88 in Q1 2023. This indicates that the company has been maintaining a relatively high proportion of debt in its capital structure, with debt accounting for around 82% to 89% of its total capital during this period. These fluctuations suggest that Royal Caribbean Group's reliance on debt as a source of financing has varied over the past year, potentially impacting its financial leverage and risk profile.