SCHEDULE: Vanguard Group Boosts Royal Caribbean Stake to 11.06%

The Vanguard Group has reported an 11.06% beneficial ownership stake in Royal Caribbean Cruises Ltd., holding over 30 million shares.

Summary

• The Vanguard Group, an investment adviser, has filed an Amendment No. 11 to Schedule 13G for Royal Caribbean Cruises Ltd.
• As of September 30, 2025, The Vanguard Group beneficially owns 30,066,167 shares of Royal Caribbean Cruises Ltd. Common Stock.
• This aggregate amount represents 11.06% of the class of securities.
• The Vanguard Group holds sole voting power over 0 shares, shared voting power over 1,524,512 shares, sole dispositive power over 27,626,791 shares, and shared dispositive power over 2,439,376 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The filing indicates a significant and stable institutional ownership stake by The Vanguard Group, reflecting ongoing confidence in Royal Caribbean Cruises Ltd. as an investment. It is a routine disclosure without negative implications.

Positives

• The continued significant institutional ownership by The Vanguard Group, a major asset manager, indicates ongoing confidence in Royal Caribbean Cruises Ltd. as an investment.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding Royal Caribbean Cruises Ltd.'s future performance or operations.

Industry Context

The filing reflects a routine update from a major institutional investor in the cruise industry. The Vanguard Group's substantial stake underscores the continued interest of large asset managers in established players like Royal Caribbean Cruises Ltd., particularly as the travel and leisure sector continues to navigate post-pandemic recovery and growth.

Stakeholder Impact

• Shareholders may view the significant and stable institutional ownership by The Vanguard Group as a positive signal of long-term investor confidence in Royal Caribbean Cruises Ltd.

Key Dates

Recommendation

The Schedule 13G filing primarily reports a significant institutional ownership stake by The Vanguard Group. While it indicates continued confidence from a major asset manager, it does not provide new financial or operational data to warrant a change in investment thesis. Therefore, a 'hold' recommendation is appropriate for existing investors, reflecting the stability of institutional interest without new catalysts for significant price movement.

Keywords

Royal Caribbean Cruises, Vanguard Group, Beneficial Ownership, Schedule 13G, Common Stock, Cruise Line, Institutional Investor, RCL