Royal Caribbean Cruises Ltd (RCL)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	7,563,000	7,045,000	6,008,000	5,151,000	4,724,000	4,422,980	3,363,650	2,851,620	2,868,810	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
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, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $7,563,000K)
= 0.00

The debt-to-capital ratio of Royal Caribbean Cruises Ltd has consistently been reported at 0.00 across multiple reporting periods from March 31, 2020, to December 31, 2024. A debt-to-capital ratio of 0.00 indicates that the company has not utilized debt financing to fund its operations or investments during these periods. This suggests that the company has primarily relied on equity financing to support its activities, which could be viewed positively by investors and creditors as it signifies a lower financial risk and a strong financial position. However, it is important to note that a very low or zero debt-to-capital ratio may also indicate missed opportunities for leveraging debt to potentially enhance shareholder returns in an environment of low borrowing costs.