Leases (Tables)

9 Months Ended

Sep. 30, 2025

The components of lease expense were as follows (in millions):


	Consolidated Statement of Comprehensive Income (Loss) Classification	Quarter Ended September 30, 2025		Nine Months Ended September 30, 2025
Lease costs:
Operating lease costs	Commission, transportation and other	$	37	$	148
Operating lease costs	Other operating expenses	4		11
Operating lease costs	Marketing, selling and administrative expenses	5		15
Financial lease costs:
Amortization of right-of-use-assets	Depreciation and amortization expenses	1		2
Interest on lease liabilities	Interest expense, net of interest capitalized	2		6
Total lease costs		$	49	$	182


	Consolidated Statement of Comprehensive Income (Loss) Classification	Quarter Ended September 30, 2024		Nine Months Ended September 30, 2024
Lease costs:
Operating lease costs	Commission, transportation and other	$	38	$	151
Operating lease costs	Other operating expenses	4		11
Operating lease costs	Marketing, selling and administrative expenses	5		14
Financial lease costs:
Amortization of right-of-use-assets	Depreciation and amortization expenses	3		10
Interest on lease liabilities	Interest expense, net of interest capitalized	7		22
Total lease costs		$	57	$	208

The weighted average of the remaining lease terms and weighted average discount rates are as follows:


	As of September 30, 2025		As of December 31, 2024
Weighted average of the remaining lease term in years
Operating leases	18.32		17.96
Finance leases	46.48		47.54
Weighted average discount rate
Operating leases	7.11	%	7.23	%
Finance leases	6.87	%	6.90	%

Supplemental cash flow information related to leases is as follows (in millions):


	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	176	$	178
Operating cash flows from finance leases	$	6	$	22
Financing cash flows from finance leases	$	5	$	19

As of September 30, 2025, maturities related to lease liabilities were as follows (in millions):


Year	Operating Leases		Finance Leases
Remainder of 2025	$	39	$	5
2026	123		12
2027	114		11
2028	104		11
2029	56		11
Thereafter	1,018		585
Total lease payments	1,454		635
Less: Interest	(756)		(486)
Present value of lease liabilities	$	698	$	149

As of September 30, 2025, maturities related to lease liabilities were as follows (in millions):


Year	Operating Leases		Finance Leases
Remainder of 2025	$	39	$	5
2026	123		12
2027	114		11
2028	104		11
2029	56		11
Thereafter	1,018		585
Total lease payments	1,454		635
Less: Interest	(756)		(486)
Present value of lease liabilities	$	698	$	149

ROYAL CARIBBEAN CRUISES LTD 10-Q