Royal Caribbean Cruises Ltd Liquidation Value
Cash & Equivalents
Key Metrics
Cash Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Long-Term Debt: not reported in this period (annual-only)
Liquid Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Long-Term Debt: not reported in this period (annual-only)
Operating Liquidation Value
- Finance Lease Liability: not reported in this period (annual-only)
- Long-Term Debt: not reported in this period (annual-only)
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Liquidation Ladder
| Metric | Total | Per Share |
|---|---|---|
| Cash Liquidation Value | $-11.15B | $-41.30 |
| Liquid Liquidation Value | $-10.47B | $-38.78 |
| Operating Liquidation Value | $-10.20B | $-37.78 |
Key Components (as of 2026-03-31)
| Cash & Equivalents | $512.00M |
| Accounts Receivable | $681.00M |
| Inventory | $271.00M |
| Current Liabilities | $11.06B |
| Long-term Debt | $63.84B |
| Op. Lease Liability | $599.00M |
| Finance Lease | N/A |
| Shares Outstanding | 270.0M |
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Historical
| Period | Cash | AR | Inventory | AP | Curr Liab | LT Debt | Op Lease | Fin Lease |
|---|---|---|---|---|---|---|---|---|
| 2026-03-31 | $512.00M | $681.00M | $271.00M | $1.01B | $11.06B | N/A | $599.00M | N/A |
| 2025-12-31 | $825.00M | $504.00M | $264.00M | $953.00M | $12.05B | N/A | $600.00M | $155.00M |
| 2025-09-30 | $432.00M | $540.00M | $269.00M | $828.00M | $11.47B | N/A | $613.00M | N/A |
| 2025-06-30 | $735.00M | $600.00M | $247.00M | $959.00M | $10.57B | N/A | $639.00M | N/A |
| 2025-03-31 | $386.00M | $586.00M | $256.00M | $956.00M | $10.30B | N/A | $655.00M | N/A |
| 2024-12-31 | $388.00M | $532.00M | $265.00M | $919.00M | $9.82B | N/A | $670.00M | $110.00M |
| 2024-09-30 | $418.00M | $603.00M | $265.00M | $851.00M | $9.63B | N/A | $648.00M | N/A |
| 2024-06-30 | $391.00M | $576.00M | $242.00M | $821.00M | $9.89B | N/A | $591.00M | N/A |
SEC Filings
| Period | Form | Filed | Link |
|---|---|---|---|
| 2026-03-31 | 10-Q | 2026-04-30 | View |
| 2025-12-31 | 10-K | 2026-02-11 | View |
| 2025-09-30 | 10-Q | 2025-10-28 | View |
| 2025-06-30 | 10-Q | 2025-07-29 | View |
| 2025-03-31 | 10-Q | 2025-04-29 | View |
| 2024-12-31 | 10-K | 2025-02-14 | View |
| 2024-09-30 | 10-Q | 2024-10-29 | View |
| 2024-06-30 | 10-Q | 2024-07-25 | View |
AI Insights
Royal Caribbean Cruises Ltd. (RCL) as of March 31, 2026 presents a deeply negative liquidation recovery posture, consistent with prior periods. Total reported assets of $42.0B are dominated by PP&E (ships) at $35.9B, which under a 50-70% recovery haircut yields $17.9B-$25.1B. Against total liabilities of $32.0B carried at face value, equity recovery is marginal to negative on a haircut basis before considering off-balance-sheet commitments. The MFFAIS cash liquidation value of negative $11.2B and operating liquidation value of negative $10.2B confirm this assessment.
The balance sheet is structurally leveraged: total debt of $21.1B (weighted average rate 4.68%, 97% fixed) against $512M cash. Long-term debt alone is $19.7B. Customer deposits (deferred revenue, current) of $6.5B sit as a liability at face value in liquidation—these prepaid cruise fares represent cash already collected that would need to be refunded on wind-up, materially worsening recovery. The customer contract liability (non-current) adds another $3.5B.
A significant change this quarter: RCL issued $2.5B in new senior notes (4.75% due 2033, 5.25% due 2038) in February 2026 and simultaneously redeemed approximately $1.9B of existing notes, incurring $29M loss on extinguishment. Net new debt to the balance sheet is incremental, extending the maturity profile but increasing absolute liability stack. Total debt rose from the December 2025 level (filing discloses $21.1B combined vs. prior period figures) and forward interest obligations total $6.2B through 2042.
Ship purchase obligations of $12.7B (aggregate contracted installments on the order book of $16.2B, with $14.0B committed financing in place) represent contingent production commitments that would not extinguish on wind-up without counterparty agreement. The order book adds 47,330 berths across deliveries through 2032. Full-year 2026 capex guidance is approximately $5B.
Liquidation recovery to equity is negative under any reasonable PP&E haircut scenario. The $35.9B PP&E net book value, even at a 70% recovery ($25.1B), leaves approximately $7B of cushion against $32.0B in face-value liabilities before considering the $6.5B current deferred revenue refund obligation. Goodwill ($808M) and other intangibles receive zero credit. The company is a deeply capital-intensive going concern with no meaningful liquidation equity value.
▼ Community Notes