Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Operations

v3.25.4
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue      
Total revenue $ 9,827,592 $ 9,479,651 $ 8,549,924
Cruise operating expense      
Total cruise operating expense 5,639,163 5,688,696 5,468,587
Other operating expense      
Marketing, general and administrative 1,548,806 1,434,807 1,341,858
Depreciation and amortization 1,078,755 890,242 808,568
Total other operating expense 2,627,561 2,325,049 2,150,426
Operating income 1,560,868 1,465,906 930,911
Non-operating income (expense)      
Interest expense, net (953,506) (747,223) (727,531)
Other income (expense), net (178,641) 54,224 (40,204)
Total non-operating income (expense) (1,132,147) (692,999) (767,735)
Net income before income taxes 428,721 772,907 163,176
Income tax benefit (expense) (5,475) 137,350 3,002
Net income $ 423,246 $ 910,257 $ 166,178
Weighted-average shares outstanding      
Basic (in shares) 448,542,442 435,278,605 424,424,962
Diluted (in shares) 477,742,311 515,030,548 427,400,849
Earnings per share      
Basic (in dollars per share) $ 0.94 $ 2.09 $ 0.39
Diluted (in dollars per share) $ 0.92 $ 1.89 $ 0.39
Passenger ticket      
Revenue      
Total revenue $ 6,687,667 $ 6,415,545 $ 5,753,966
Commissions, transportation and other      
Cruise operating expense      
Total cruise operating expense 1,782,004 1,917,443 1,883,279
Onboard and other      
Revenue      
Total revenue 3,139,925 3,064,106 2,795,958
Cruise operating expense      
Total cruise operating expense 688,724 661,553 599,904
Payroll and related      
Cruise operating expense      
Total cruise operating expense 1,403,056 1,344,718 1,262,119
Fuel      
Cruise operating expense      
Total cruise operating expense 675,887 698,050 716,833
Food      
Cruise operating expense      
Total cruise operating expense 315,460 312,992 358,310
Other      
Cruise operating expense      
Total cruise operating expense $ 774,032 $ 753,940 $ 648,142