RCL Royal Caribbean Cruises Ltd. Common Stock
$303.13
Price · Aug 19, 2026
Fundamentals as of Jul 28, 2026
52W Range
$232–$366
53% of range
Analyst Rating
BUY
36 analysts
Price Target
$347
+14% upside
P/E (TTM)
17.9
ROE
48.5%
Net Profit Margin
23.8%
About Royal Caribbean Cruises Ltd. Common Stock Company overview from Wikipedia
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd Cruises, with the Group's global fleet consisting of 70 ships.
Read more
Royal Caribbean Group, formerly known as Royal Caribbean Cruises Ltd., is a cruise holding company headquartered in Miami, Florida, United States and incorporated in Liberia. It is the world's second-largest cruise line operator, after Carnival Corporation & plc. As of September 2025, Royal Caribbean Group fully owns three cruise lines: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises. It also holds a 50% stake in TUI Cruises, which operates Mein Schiff and Hapag-Lloyd Cruises, with the Group's global fleet consisting of 70 ships.
History
Royal Caribbean was founded in 1969 in Norway. Royal Caribbean Group was formed as Royal Caribbean Cruises Ltd. in 1997 when Royal Caribbean Cruise Line purchased Celebrity Cruises. The decision was made to keep the two cruise line brands separate following the merger; as a result Royal Caribbean Cruise Line was re-branded Royal Caribbean International and Royal Caribbean Cruises Ltd. was established as the new parent company of both Royal Caribbean International and Celebrity Cruises.
A third brand under Royal Caribbean Cruises ownership was formed in 2000 when Island Cruises was created as a joint venture with First Choice Holidays. Island Cruises became an informal cruise line on the British and Brazilian markets.
In November 2006, Royal Caribbean Cruises purchased Pullmantur Cruises based in Madrid, Spain. From there, the company expanded with the creation of Celebrity Cruises subsidiary, Azamara Cruises, in 2007. It followed this with the formation of CDF Croisières de France in May 2008 to serve the French-language market.
Royal Caribbean also has an interest in TUI Cruises, a joint venture with TUI AG, which began operations in 2009 aimed at a German-speaking market. TUI Cruises' subsidiary, TUI Travel, had a 50% interest in Island Cruises following their merger with First Choice Holidays in 2007. In October 2008, Royal Caribbean Cruises rationalized their holdings by selling their share of Island Cruises to TUI.
In 2016, Royal Caribbean sold 51% of Pullmantur and CDF to Cruises Investment Holdings S.A.R.L.
In early 2019, Royal Caribbean announced in a joint venture with ITM Group the formation of Holistica, a cruise destination development company. The company developed the Grand Lucayan Resort, located in Freeport.
On July 10, 2020, Royal Caribbean Cruises purchased the remaining shares of Silversea Cruises. That same month, it also changed its name to Royal Caribbean Group. It also adjusted its logo. Royal Caribbean sold Azamara Cruises to Sycamore Partners in March 2021 for $201 million.
In July 2022, Royal Caribbean Group received court approval to purchase Endeavor, a former Crystal Cruise ship, for $275 million. The ship was renamed Silver Endeavour when it officially joins the Royal Caribbean's subsidiary, Silversea Cruises' fleet.
On February 1, 2024, Royal Caribbean Group broke ground on a new headquarters building between its two existing headquarters buildings at PortMiami.
Brands and ships
Royal Caribbean International
Royal Caribbean International (RCI) is a cruise line founded in 1969 in Norway. It reorganized as a wholly owned subsidiary in 1997 and was renamed to Royal Caribbean Group in 2020.
Based in Miami, Florida, it is the largest cruise line by revenue and second largest by passenger counts. As of 2025, Royal Caribbean International controlled 27.0% of the worldwide cruise market by passengers and 24.8% by revenue.
List of Royal Caribbean International ships
Celebrity Cruises
Celebrity Cruises is a cruise line headquartered in Miami, Florida, and is a wholly owned subsidiary of Royal Caribbean Group. Celebrity Cruises was founded in 1988 by the Greece-based Chandris Group, and merged with Royal Caribbean Cruise Line in 1997.
List of Celebrity Cruises ships
Celebrity River Cruises
In 2025, Celebrity Cruises announced the addition of Celebrity River Cruises and an initial order of 10 river cruise ships. In 2026, company officials confirmed the fleet intends to operate at least 20 ships by 2031. The first two ships, the Celebrity Compass and Celebrity Seeker, scheduled to begin sailing in 2027 on the Rhine and Danube rivers.
Silversea Cruises
Silversea Cruises is a luxury cruise line headquartered in Monaco. It was founded in 1994 by Antonio Lefebvre d'Ovidio and V-Ships (formerly Vlasov Group). Since 2018, it has been owned by Royal Caribbean Group.
List of Silversea Cruises ships
Other significant investments
TUI Cruises
Holistica Destinations
Holistica Destinations was formed in early 2019 as a joint venture between Royal Caribbean Group and the ITM Group with the intention of purchasing the Grand Lucayan Resort and re-developing the neighbouring Freeport Harbour in The Bahamas as a cruise destinations that would benefit the local Freeport economy. However, the Government of the Bahamas withdrew support for the re-development of the Grand Lucayan Resort citing that it was 'not in the best interests of the Bahamian people'. Holistica continues to plan for a Freeport Harbour re-development.
Holistica also operates three other Caribbean cruise destinations. These are Costa Maya in Mexico, Roatan in Honduras, and Puerto Plata in the Dominican Republic.
Grand Bahama Shipyard
Grand Bahama Shipyard is a ship maintenance facility located in Freeport, the Bahamas. Royal Caribbean Group holds a 40% stake. Other investors include Carnival Corporation (40% stake) and the Grand Bahama Port Authority (20% stake), and MSC Cruises.
Royal Caribbean Group and Carnival Corporation announced a joint investment of $350 million in the shipyard in 2021, partly in response to damage suffered to the facility after an incident involving the collapse of two cranes during maintenance on Oasis of the Seas and damages caused by Hurricane Dorian, both occurring in 2019.
iCON Infrastructure partnership
Royal Caribbean Group and iCON Infrastructure entered a partnership in 2022 to own, manage, and develop strategic cruise port infrastructure in home ports and key ports of call. The partnership includes Royal Caribbean International-operated Terminal A in PortMiami, as well as several development projects in Spain, Italy, and the U.S. Virgin Islands. Royal Caribbean Group holds a 10% stake.
Strategic partnership with Meyer Turku and Finland
In December 2022, Royal Caribbean announced a strategic partnership with Meyer Turku and the government of Finland to engage in sustainable shipbuilding in Finland.
Former brands
Island Cruises (50% share, owned 2000–2008)
CDF Croisières de France (2007–2017)
SkySea Cruise Lines (35%, 2016–2018)
Azamara Cruises (2000–2021, sold)
Pullmantur Cruises (2000–2020, defunct)
Admiral Cruises (1988–1992)
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
RCL Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$303.13
Market Cap
—
P/E (TTM)
17.9
EPS (TTM)
$15.61
Revenue (TTM)
$17.93B
Div Yield
—
ROE
48.5%
Debt/Equity
—
52W Range
$232 – $367
RCL Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$17.93B
2016-12-31
→
2025-12-31
EPS
$15.61
2016-12-31
→
2025-12-31
Free Cash Flow
$1.24B
2016-12-31
→
2025-12-31
Margins
23.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
RCL
Peer Median
P/E (TTM)
17.9
27.5
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
RCL
Peer Median
Operating Margin
27.4%
—
Net Profit Margin
23.8%
12.0%
ROA
10.8%
7.7%
ROE
48.5%
41.6%
ROIC
48.0%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
RCL
Peer Median
Current Ratio
0.2
0.6
Quick Ratio
0.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
RCL
Peer Median
Revenue YoY
8.8%
—
Revenue CAGR 3Y
26.6%
—
Revenue CAGR 5Y
52.0%
—
EPS YoY
42.7%
—
Net Income YoY
48.4%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
RCL
Peer Median
Payout Ratio
19.3%
—
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
19.3%
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| June 3, 2026 | $1.5000 |
| March 6, 2026 | $1.5000 |
| Dec. 26, 2025 | $1.0000 |
| Sept. 25, 2025 | $1.0000 |
| June 4, 2025 | $0.7500 |
| March 7, 2025 | $0.7500 |
| Dec. 27, 2024 | $0.5500 |
| Sept. 20, 2024 | $0.4000 |
| March 5, 2020 | $0.7800 |
| Dec. 19, 2019 | $0.7800 |
| Sept. 19, 2019 | $0.7800 |
| June 3, 2019 | $0.7000 |
| March 6, 2019 | $0.7000 |
| Dec. 19, 2018 | $0.7000 |
| Sept. 20, 2018 | $0.7000 |
| June 1, 2018 | $0.6000 |
| March 6, 2018 | $0.6000 |
| Dec. 20, 2017 | $0.6000 |
| Sept. 21, 2017 | $0.6000 |
| May 31, 2017 | $0.4800 |
RCL Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
36 analysts
- Strong Buy 9 25.0%
- Buy 16 44.4%
- Hold 11 30.6%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
26 analysts · 2026-08-14
Median
$353.00
Now
$303.13
Low
$262.00
High
$415.00
Median target
$353.00
+16.5%
Mean target
$346.92
+14.4%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.16%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $4.21 | $4.02 | 0.19% |
| March 31, 2026 | $3.60 | $3.22 | 0.38% |
| Dec. 31, 2025 | $2.80 | $2.83 | -0.03% |
| Sept. 30, 2025 | $5.75 | $5.73 | 0.02% |
| June 30, 2025 | $4.38 | $4.13 | 0.25% |
| March 31, 2025 | $2.71 | $2.57 | 0.14% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| RCL | — | 17.9 | 8.8% | 23.8% | 48.5% | — |
| BKNG | $345.53B | 32.3 | 13.4% | — | — | — |
| ABNB | $81.70B | — | 10.3% | 20.5% | 31.4% | — |
| MAR | $82.48B | 32.6 | 4.3% | 9.9% | -77.2% | — |
| HLT | $66.19B | 46.9 | 7.7% | 12.1% | -32.0% | — |
| EXPE | $33.14B | 28.9 | 7.6% | 8.8% | 91.1% | — |
| CCL | — | 12.8 | 6.4% | 10.4% | 24.8% | — |
| H | — | -291.5 | 6.8% | -0.73% | -1.5% | — |
| NCLH | $10.16B | 24.3 | 3.7% | 4.3% | 22.4% | — |
| NAVN | $3.00B | -3.0 | 30.8% | -56.7% | 204117.9% | 71.3% |
| WH | — | 30.2 | 1.5% | 13.5% | 37.2% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.93B | $16.48B | $13.90B | $8.84B | $1.53B | $2.21B | $10.95B | $9.49B | $8.78B | $8.50B | $8.30B | $8.07B | |
| Cost of Revenue | $9.08B | $8.65B | $7.78B | $6.62B | $2.74B | $2.77B | $6.06B | $5.26B | $4.90B | $5.02B | $5.10B | $5.31B | |
| SG&A Expense | $2.22B | $2.12B | $1.79B | $1.58B | $1.37B | $1.20B | $1.56B | $1.30B | $1.19B | $1.11B | $1.09B | $1.05B | |
| Operating Expenses | · | · | · | · | · | · | · | · | $7.03B | $7.02B | $7.42B | $7.13B | |
| Operating Income | $4.91B | $4.11B | $2.88B | $-766M | $-3.87B | $-4.60B | $2.08B | $1.89B | $1.74B | $1.48B | $875M | $942M | |
| Interest Expense | · | · | $1.40B | $1.36B | $1.29B | $844M | $409M | $334M | $300M | $307M | $278M | $258M | |
| Other Non-op | $17M | $149M | $-2M | $-119M | $20M | $-137M | $-25M | $11M | $-5M | $-36M | $-24M | $19M | |
| Pretax Income | $4.37B | $2.94B | $1.71B | · | · | · | · | · | · | · | · | · | |
| Income Tax | $82M | $46M | $6M | $4M | $-45M | · | · | · | · | · | · | · | |
| Net Income | $4.27B | $2.88B | $1.70B | $-2.16B | $-5.26B | $-5.80B | $1.88B | $1.81B | $1.63B | $1.28B | $666M | $764M | |
| EPS (Basic) | $15.75 | $11.00 | $6.63 | $-8.45 | $-20.89 | $-27.05 | $8.97 | $8.60 | $7.57 | $5.96 | $3.03 | $3.45 | |
| EPS (Diluted) | $15.61 | $10.94 | $6.31 | $-8.45 | $-20.89 | $-27.05 | $8.95 | $8.56 | $7.53 | $5.93 | $3.02 | $3.43 | |
| Shares (Basic) | 271,000,000 | 261,000,000 | 256,000,000 | 255,000,000 | 252,000,000 | 214,335,000 | 209,405,000 | 210,570,000 | 214,617,000 | 215,393,000 | 219,537,000 | 221,658,000 | |
| Shares (Diluted) | 274,000,000 | 279,000,000 | 283,000,000 | 255,000,000 | 252,000,000 | 214,335,000 | 209,930,000 | 211,554,000 | 215,694,000 | 216,316,000 | 220,689,000 | 223,044,000 | |
| EBITDA | $4.91B | $4.11B | $2.88B | $-764M | $-3.87B | $-4.60B | $2.08B | $1.89B | $1.74B | $1.48B | $875M | $942M |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $825M | $388M | $497M | $1.94B | $2.70B | $3.68B | $244M | $288M | $120M | $133M | $122M | $189M | |
| Receivables | $317M | $371M | $405M | $531M | $408M | $284M | $306M | $325M | $319M | $292M | $239M | $261M | |
| Inventory | $264M | $265M | $248M | $224M | $150M | $119M | $162M | $154M | $111M | $114M | $121M | $123M | |
| Prepaid Expense | $690M | $670M | $617M | $456M | $286M | $154M | $429M | $457M | $258M | $210M | $221M | $227M | |
| Current Assets | $2.21B | $1.71B | $1.79B | $3.21B | $3.60B | $4.31B | $1.16B | $1.24B | $908M | $748M | $837M | $801M | |
| PP&E (Net) | $35.70B | $31.83B | $30.11B | $27.55B | $25.91B | $25.25B | $25.47B | $23.47B | $19.74B | $20.16B | $18.78B | $18.19B | |
| PP&E (Gross) | $52.67B | $47.14B | $43.92B | $40.08B | $37.09B | $35.26B | $35.55B | $32.44B | $27.78B | $28.14B | $26.22B | $25.28B | |
| Accum. Depreciation | $16.98B | $15.31B | $13.81B | $12.53B | $11.18B | $10.02B | $10.08B | $8.97B | $8.04B | $7.98B | $7.44B | $7.09B | |
| Goodwill | $808M | $808M | $809M | $809M | $809M | $809M | $1.39B | $1.38B | $289M | $288M | $287M | $287M | |
| Intangibles | $390M | $404M | $418M | $426M | $435M | $445M | $489M | $502M | · | · | $0 | $0 | |
| Other Non-current Assets | $2.28B | $2.05B | $1.80B | $1.68B | $1.40B | $1.50B | $1.62B | $1.61B | $1.43B | $1.11B | $880M | $1.30B | |
| Total Assets | $41.62B | $37.07B | $35.13B | $33.78B | $32.26B | $32.47B | $30.32B | $27.70B | $22.36B | $22.31B | $20.78B | $20.71B | |
| Accounts Payable | $953M | $919M | $792M | $647M | $546M | $353M | $564M | $488M | $360M | $305M | $302M | $332M | |
| Accrued Liabilities | $2.03B | $1.64B | $1.48B | $1.46B | $888M | $616M | $1.08B | $900M | $903M | $692M | $659M | $635M | |
| Short-term Debt | · | · | · | · | $0 | $409M | $1.43B | $775M | $0 | · | · | · | |
| Current Liabilities | $12.05B | $9.82B | $9.40B | $8.57B | $7.29B | $4.54B | $7.95B | $7.11B | $4.85B | $4.44B | $4.29B | $3.85B | |
| Capital Leases | $600M | $670M | $613M | $523M | $535M | $564M | $602M | · | · | · | · | · | |
| Other Non-current Liabilities | $554M | $375M | $486M | $508M | $505M | $646M | $618M | $583M | $453M | $646M | $799M | $935M | |
| Total Liabilities | $31.37B | $29.34B | $30.23B | $30.91B | $27.17B | $23.70B | $17.59B | $16.05B | $11.66B | · | · | · | |
| Total Debt | · | · | · | · | $0 | $409M | $1.43B | $775M | · | · | · | · | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $2M | |
| Retained Earnings | $5.92B | $2.61B | $-10M | $-1.71B | $302M | $5.56B | $11.52B | $10.26B | $9.02B | $7.86B | $6.94B | $6.58B | |
| Treasury Stock | $3.25B | $2.08B | $2.07B | $2.07B | $2.07B | $2.06B | $2.06B | $1.95B | $1.38B | $1.15B | $853M | $650M | |
| AOCI | $-604M | $-802M | $-674M | $-644M | $-711M | $-739M | $-798M | $-628M | $-334M | $-916M | $-1.33B | $-897M | |
| Stockholders' Equity | $10.04B | $7.56B | $4.72B | $2.87B | $5.09B | $8.76B | $12.16B | $11.11B | $10.70B | $9.12B | $8.06B | $8.28B | |
| Liabilities + Equity | $41.62B | $37.07B | $35.13B | $33.78B | $32.26B | $32.47B | $30.32B | $27.70B | $22.36B | $22.31B | $20.78B | $20.71B |
Cash Flow 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.72B | $1.60B | $1.46B | $1.41B | $1.29B | $1.28B | $1.25B | $1.03B | $951M | $895M | $827M | $772M | |
| Stock-based Comp | $175M | $267M | $126M | $36M | $64M | $40M | $76M | $46M | $69M | $33M | $36M | $26M | |
| Deferred Tax | $18M | · | · | · | · | · | · | · | · | · | $-12M | $-34M | |
| Restructuring | · | · | · | · | · | · | $12M | $0 | $0 | · | · | $4M | |
| Operating Cash Flow | $6.46B | $5.26B | $4.48B | $481M | $-1.88B | $-3.73B | $3.72B | $3.48B | $2.87B | $2.52B | $1.95B | $1.74B | |
| CapEx | $5.23B | $3.27B | $3.90B | $2.71B | $2.23B | $1.97B | $3.02B | $3.66B | $564M | $2.49B | $1.61B | $1.81B | |
| Investing Cash Flow | $-5.01B | $-3.45B | $-3.92B | $-2.99B | $-2.15B | $-2.18B | $-3.09B | $-4.49B | $-214M | $-2.72B | $-1.74B | $-1.77B | |
| Debt Issued | $4.67B | $10.32B | $7.64B | $9.79B | $4.47B | $13.55B | $3.53B | $8.59B | $5.87B | $7.34B | $4.40B | $4.15B | |
| Net Debt Issued | $1.14B | $-1.33B | $-1.93B | $2.06B | $2.17B | $9.70B | $-535M | $1.63B | $-1.97B | $973M | $281M | $430M | |
| Stock Repurchased | $1.16B | $0 | $0 | · | $0 | $0 | $100M | $575M | $225M | $300M | $200M | $236M | |
| Net Stock Activity | $-1.16B | · | · | · | $0 | $0 | $-100M | $-575M | $-225M | $-300M | $-200M | $-236M | |
| Dividends Paid | $824M | $107M | $0 | $0 | $0 | $326M | $603M | $527M | $437M | $346M | $280M | $199M | |
| Financing Cash Flow | $-1.02B | $-1.92B | $-1.99B | $1.74B | $3.04B | $9.35B | $-670M | $1.20B | $-2.68B | $244M | $-254M | $17M | |
| Net Change in Cash | $437M | $-109M | $-1.44B | $-767M | $-982M | $3.44B | $-44M | $168M | $-12M | $11M | $-68M | $-15M | |
| Free Cash Flow | $1.24B | $2.00B | $580M | $-2.23B | $-4.11B | $-5.70B | $692M | $-181M | $2.31B | $22M | $333M | $-68M |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 27.4% | 24.9% | 20.7% | -8.6% | -252.6% | -208.3% | 19.0% | -629.8% | 19.9% | 17.4% | 10.5% | 11.7% | |
| Net Margin | 23.8% | 17.4% | 12.2% | -24.4% | -343.3% | -262.5% | 17.2% | -601.9% | 18.5% | 15.1% | 8.0% | 9.5% | |
| Pretax Margin | 24.4% | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 27.4% | 24.9% | 20.7% | -8.6% | -252.6% | -208.3% | 19.0% | -629.8% | 19.9% | 17.4% | 10.5% | 11.7% | |
| ROA | 10.8% | 8.0% | 4.9% | -6.5% | -16.3% | -18.5% | 6.5% | 7.2% | 7.3% | 6.0% | 3.2% | 3.8% | |
| ROE | 48.5% | 46.8% | 44.7% | -68.8% | -91.1% | -67.8% | 15.6% | 16.1% | 16.4% | 14.9% | 8.2% | 8.9% | |
| ROIC | 48.0% | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 4
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.5 | 1.0 | 0.1 | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 | |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.3 | 0.4 | 0.9 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| Debt / Equity | · | · | · | · | 0.0 | 0.0 | 0.1 | 0.1 | · | · | · | · | |
| Interest Coverage | · | · | 2.1 | -0.6 | -3.0 | -5.5 | 5.1 | 5.7 | 5.8 | 4.8 | 3.2 | 3.6 |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.4 | 0.3 | 0.0 | 0.1 | 0.4 | -0.0 | 0.4 | 0.4 | 0.4 | 0.4 | |
| Inventory Turnover | 34.3 | 33.7 | 32.9 | 35.3 | 19.8 | 19.7 | 38.4 | 39.7 | 43.4 | 42.6 | 41.7 | 38.6 | |
| Receivables Turnover | 52.1 | 42.5 | 29.7 | 18.8 | 4.4 | 7.5 | 34.7 | -0.9 | 28.8 | 32.0 | 33.2 | 31.0 |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.8% | 18.6% | 57.2% | 477.0% | -30.6% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 26.6% | 120.8% | 84.6% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 52.0% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 42.7% | 73.4% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 48.4% | 69.5% | · | · | · | · | · | · | · | · | · | · | |
| Dividend CAGR 5Y | 20.3% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $17.93B | $16.48B | $13.90B | $8.84B | $1.53B | $2.21B | $10.95B | $9.49B | $8.78B | $8.50B | $8.30B | $8.07B | |
| Net Income TTM | $4.27B | $2.88B | $1.70B | $-2.16B | $-5.26B | $-5.80B | $1.88B | $1.81B | $1.63B | $1.28B | $666M | $764M | |
| P/E | 17.9 | 21.1 | 20.5 | -5.8 | -3.7 | -2.8 | 14.9 | 11.4 | 15.8 | 13.8 | 33.5 | 24.0 | |
| Earnings Yield | 5.6% | 4.7% | 4.9% | -17.1% | -27.2% | -36.2% | 6.7% | 8.8% | 6.3% | 7.2% | 3.0% | 4.2% | |
| Payout Ratio | 19.3% | 3.7% | · | 0.00% | 0.00% | -5.6% | 32.1% | 29.1% | 26.9% | 27.0% | 42.1% | 26.0% | |
| Annual Payout | $824M | $107M | $0 | $0 | $0 | $326M | $603M | $527M | $437M | $346M | $280M | $199M |
Income Statement 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.83B | $4.45B | $4.26B | $5.14B | $4.54B | $4.00B | $3.76B | $4.89B | $4.11B | $3.73B | $3.33B | $4.16B | $3.52B | $2.89B | $2.60B | $2.99B | |
| Cost of Revenue | $2.55B | $2.25B | $2.24B | $2.48B | $2.28B | $2.08B | $2.05B | $2.39B | $2.15B | $2.06B | $1.89B | $2.14B | $1.96B | $1.79B | $1.78B | $1.97B | |
| SG&A Expense | $513M | $582M | $631M | $522M | $508M | $562M | $673M | $451M | $466M | $535M | $503M | $393M | $435M | $461M | $444M | $373M | |
| Operating Income | $1.31B | $1.16B | $934M | $1.70B | $1.33B | $945M | $623M | $1.63B | $1.10B | $750M | $570M | $1.26B | $771M | $272M | $13M | $298M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $424M | · | $341M | $356M | $360M | · | $352M | |
| Other Non-op | $7M | $2M | $70M | $-36M | $11M | $5M | $186M | $-26M | $-3M | $-8M | $6M | $-8M | $-5M | $5M | $-124M | $780.0K | |
| Pretax Income | $1.15B | $976M | · | · | $1.23B | $751M | · | · | · | · | · | · | · | · | · | · | |
| Income Tax | $14M | $26M | · | · | $17M | $16M | · | · | · | · | · | · | · | · | · | · | |
| Net Income | $1.13B | $941M | $753M | $1.57B | $1.21B | $730M | $552M | $1.11B | $854M | $360M | $277M | $1.01B | $459M | $-48M | $-500M | $33M | |
| EPS (Basic) | $4.21 | $3.49 | $2.80 | $5.79 | $4.45 | $2.71 | $2.06 | $4.22 | $3.32 | $1.40 | $1.09 | $3.94 | $1.79 | $-0.19 | $-1.95 | $0.13 | |
| EPS (Diluted) | $4.20 | $3.48 | $2.76 | $5.74 | $4.41 | $2.70 | $2.27 | $4.21 | $3.11 | $1.35 | $1.15 | $3.65 | $1.70 | $-0.19 | $-1.95 | $0.13 | |
| Shares (Basic) | 268,000,000 | 270,000,000 | -542,000,000 | 272,000,000 | 272,000,000 | 269,000,000 | -516,000,000 | 263,000,000 | 257,000,000 | 257,000,000 | -511,000,000 | 256,000,000 | 256,000,000 | 255,000,000 | -509,856,000 | 255,071,000 | |
| Shares (Diluted) | 268,000,000 | 271,000,000 | -551,000,000 | 274,000,000 | 275,000,000 | 276,000,000 | -547,000,000 | 264,000,000 | 281,000,000 | 281,000,000 | -536,000,000 | 282,000,000 | 282,000,000 | 255,000,000 | -510,163,000 | 255,378,000 | |
| EBITDA | $1.31B | $1.16B | · | $1.70B | $1.33B | $945M | · | $1.63B | $1.10B | $750M | · | $1.27B | $772M | $272M | · | $298M |
Balance Sheet 24
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $875M | $512M | $825M | $432M | $735M | $386M | $388M | $418M | $391M | $437M | · | $600M | $726M | $1.23B | · | $1.57B | |
| Receivables | $441M | $479M | $317M | $356M | $431M | $427M | $371M | $441M | $412M | $455M | · | $360M | $375M | $379M | · | $534M | |
| Inventory | $267M | $271M | $264M | $269M | $247M | $256M | $265M | $265M | $242M | $236M | · | $242M | $216M | $221M | · | $237M | |
| Prepaid Expense | $803M | $719M | $690M | $652M | $785M | $723M | $670M | $667M | $790M | $690M | · | $509M | $605M | $544M | · | $436M | |
| Current Assets | $2.43B | $2.20B | $2.21B | $1.89B | $2.45B | $1.83B | $1.71B | $1.83B | $1.89B | $1.87B | · | $1.78B | $1.97B | $2.41B | · | $2.84B | |
| PP&E (Net) | · | · | $35.70B | · | · | · | $31.83B | · | · | · | · | · | · | · | · | · | |
| PP&E (Gross) | · | · | $52.67B | · | · | · | $47.14B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $16.98B | · | · | · | $15.31B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $808M | $808M | $808M | $808M | $808M | $808M | $808M | $809M | $809M | $809M | · | $809M | $809M | $809M | · | $809M | |
| Intangibles | · | · | $390M | · | · | · | $404M | · | · | · | · | · | · | · | · | · | |
| Other Non-current Assets | $2.53B | $2.48B | $2.28B | $2.17B | $2.28B | $2.25B | $2.05B | $2.07B | $1.93B | $1.89B | · | $1.79B | $1.66B | $1.66B | · | $1.57B | |
| Total Assets | $44.64B | $41.99B | $41.62B | $40.11B | $38.54B | $37.45B | $37.07B | $37.07B | $36.97B | $35.19B | · | $32.77B | $32.92B | $32.87B | · | $33.46B | |
| Accounts Payable | $1.09B | $1.01B | $953M | $828M | $959M | $956M | $919M | $851M | $821M | $876M | · | $715M | $692M | $715M | · | $624M | |
| Accrued Liabilities | $2.17B | $1.97B | $2.03B | $1.85B | $1.70B | $1.50B | $1.64B | $1.48B | $1.41B | $1.24B | · | $1.21B | $1.39B | $1.20B | · | $859M | |
| Current Liabilities | $11.65B | $11.06B | $12.05B | $11.47B | $10.57B | $10.30B | $9.82B | $9.63B | $9.89B | $9.90B | · | $9.24B | $9.67B | $9.44B | · | $9.79B | |
| Capital Leases | $611M | $599M | $600M | $613M | $639M | $655M | $670M | $648M | $591M | $603M | · | $517M | $538M | $510M | · | $543M | |
| Other Non-current Liabilities | $654M | $632M | $554M | $536M | $358M | $362M | $375M | $592M | $522M | $481M | · | $489M | $492M | $489M | · | $538M | |
| Total Liabilities | $34.18B | $31.96B | $31.37B | $29.82B | $29.18B | $29.31B | $29.34B | $29.84B | $30.79B | $29.86B | · | $28.17B | $29.38B | $29.85B | · | $30.26B | |
| Common Stock | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | $3M | · | $3M | $3M | $3M | · | $3M | |
| Retained Earnings | $7.19B | $6.46B | $5.92B | $5.44B | $4.14B | $3.14B | $2.61B | $2.21B | $1.20B | $350M | · | $-288M | $-1.30B | $-1.76B | · | $-1.21B | |
| Treasury Stock | $4.33B | $4.13B | $3.25B | $2.75B | $2.33B | $2.33B | $2.08B | $2.08B | $2.08B | $2.08B | · | $2.07B | $2.07B | $2.07B | · | $2.07B | |
| AOCI | $-516M | $-385M | $-604M | $-528M | $-519M | $-695M | $-802M | $-753M | $-654M | $-617M | · | $-645M | $-680M | $-678M | · | $-792M | |
| Stockholders' Equity | $10.24B | $9.81B | $10.04B | $10.09B | $9.17B | $7.96B | $7.56B | $7.04B | $6.01B | $5.15B | · | $4.42B | $3.36B | $2.85B | · | $3.21B | |
| Liabilities + Equity | $44.64B | $41.99B | $41.62B | $40.11B | $38.54B | $37.45B | $37.07B | $37.07B | $36.97B | $35.19B | · | $32.77B | $32.92B | $32.87B | · | $33.46B |
Cash Flow 13
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $464M | $461M | $454M | $435M | $417M | $412M | $410M | $410M | $393M | $387M | $368M | $365M | $362M | $360M | $361M | $355M | |
| Stock-based Comp | $30M | $38M | $39M | $44M | $39M | $53M | $158M | $26M | $38M | $45M | $47M | $13M | $40M | $26M | $12M | $14M | |
| Operating Cash Flow | $1.86B | $1.83B | $1.62B | $1.47B | $1.75B | $1.63B | $1.47B | $897M | $1.57B | $1.33B | $1.12B | $660M | $1.39B | $1.31B | $576M | $-45M | |
| CapEx | $2.74B | $500M | $1.51B | $2.46B | $836M | $428M | $552M | $334M | $2.14B | $242M | $2.57B | $281M | $796M | $252M | $167M | $226M | |
| Investing Cash Flow | $-2.67B | $-529M | $-1.48B | $-2.39B | $-706M | $-440M | $-641M | $-311M | $-2.20B | $-296M | $-2.57B | $-327M | $-787M | $-234M | $-116M | $-343M | |
| Debt Issued | $2.91B | $2.81B | $1.51B | $2.43B | $250M | $480M | $960M | $4.66B | $2.52B | $2.18B | $5.83B | $600M | $503M | $705M | $2.58B | $3.38B | |
| Net Debt Issued | · | $-277M | · | · | · | $-741M | · | · | · | $-928M | · | · | · | $-1.96B | · | · | |
| Stock Repurchased | $199M | $836M | $504M | $414M | $0 | $241M | $0 | $0 | $0 | $0 | · | · | · | · | · | · | |
| Net Stock Activity | · | $-836M | · | · | · | $-241M | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid | $404M | $270M | $272M | $204M | $200M | $148M | $107M | $0 | $0 | $0 | · | · | · | · | · | · | |
| Financing Cash Flow | $1.18B | $-1.62B | $254M | $615M | $-696M | $-1.19B | $-852M | $-559M | $580M | $-1.09B | $1.35B | $-458M | $-1.10B | $-1.78B | $-92M | $-147M | |
| Net Change in Cash | $363M | $-313M | $393M | $-303M | $349M | $-2M | $-30M | $27M | $-46M | $-60M | $-103M | $-126M | $-501M | $-708M | $369M | $-536M | |
| Free Cash Flow | · | $1.33B | · | · | · | $1.20B | · | · | · | $1.09B | · | · | · | $1.06B | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 27.1% | 26.1% | · | 33.1% | 29.3% | 23.6% | · | 33.4% | 26.7% | 20.1% | · | 30.4% | 21.9% | 9.4% | · | 10.0% | |
| Net Margin | 23.3% | 21.1% | · | 30.6% | 26.7% | 18.2% | · | 22.7% | 20.8% | 9.7% | · | 24.2% | 13.0% | -1.7% | · | 1.1% | |
| Pretax Margin | 23.8% | 21.9% | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| EBITDA Margin | 27.1% | 26.1% | · | 33.1% | 29.3% | 23.6% | · | 33.4% | 26.7% | 20.1% | · | 30.4% | 21.9% | 9.4% | · | 10.0% | |
| ROA | 2.7% | 2.4% | · | 4.1% | 3.2% | 2.0% | · | 3.2% | 2.4% | 1.1% | · | 3.0% | 1.4% | -0.15% | · | 0.10% | |
| ROE | 11.6% | 10.6% | · | 18.4% | 16.0% | 11.1% | · | 19.4% | 18.2% | 9.0% | · | 26.5% | 13.6% | -1.4% | · | 0.68% | |
| ROIC | 12.6% | 11.5% | · | · | · | · | · | · | · | · | · | · | · | · | · | · |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.3 | · | 0.3 | |
| Quick Ratio | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.2 | · | 0.2 | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 1.8 | · | 3.7 | 2.2 | 0.8 | · | 0.8 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 9.9 | 8.5 | · | 9.3 | 9.3 | 8.5 | · | 9.4 | 9.4 | 9.0 | · | 8.9 | 8.8 | 8.9 | · | 10.3 | |
| Receivables Turnover | 11.1 | 9.8 | · | 12.9 | 10.8 | 9.1 | · | 12.2 | 10.4 | 8.9 | · | 9.3 | 7.5 | 6.5 | · | 6.4 |
Valuation (TTM) 5
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $18.96B | $18.13B | · | $18.56B | $17.53B | $16.72B | · | $16.88B | $15.52B | $14.30B | · | $13.56B | $11.59B | $9.12B | · | $6.69B | |
| Net Income TTM | $4.85B | $4.46B | · | $4.63B | $3.90B | $3.06B | · | $3.33B | $2.68B | $1.78B | · | $1.45B | $-78M | $-1.70B | · | $-3.08B | |
| P/E | 17.8 | 16.9 | · | 19.0 | 21.7 | 18.1 | · | 14.4 | 16.3 | 21.4 | · | 17.4 | -253.0 | -9.8 | · | -3.1 | |
| Earnings Yield | 5.6% | 5.9% | · | 5.3% | 4.6% | 5.5% | · | 7.0% | 6.2% | 4.7% | · | 5.7% | -0.40% | -10.2% | · | -31.9% | |
| Payout Ratio | · | 28.7% | · | · | · | 20.3% | · | · | · | · | · | · | · | · | · | · |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $17.93B | $16.48B | $13.90B | $8.84B | $1.53B |
| Operating Margin % | 27.4% | 24.9% | 20.7% | -8.6% | -252.6% |
| Net Income | $4.27B | $2.88B | $1.70B | $-2.16B | $-5.26B |
| Diluted EPS | $15.61 | $10.94 | $6.31 | $-8.45 | $-20.89 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | 0.0 |
| Current Ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.5 |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.3 | 0.4 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $1.24B | $2.00B | $580M | $-2.23B | $-4.11B |
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Institutional owners (13F) 1,360 filers · $55.9B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 168 (-2 vs prior Q) | 90 (-47 vs prior Q) | 465 (-23 vs prior Q) | 440 (+47 vs prior Q) | +6.3M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Capital Research Global Investors | $10,877,491,447 | 34,256,274 | 19.47% | Shares |
| Capital International Investors | $7,779,052,694 | 24,493,815 | 13.93% | Shares |
| Capital World Investors | $5,928,897,410 | 18,670,920 | 10.61% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $5,089,103,163 | 16,027,157 | 9.11% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $3,889,320,185 | 12,248,670 | 6.96% | Shares |
| STATE STREET CORP | $3,409,970,715 | 10,689,134 | 6.11% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $1,941,793,923 | 6,141,040 | 3.48% | Shares |
| Sanders Capital, LLC | $826,610,608 | 2,603,252 | 1.48% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $669,804,451 | 2,109,421 | 1.20% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $603,866,819 | 1,901,764 | 1.08% | Shares |
| NORGES BANK | $510,941,651 | 1,609,113 | 0.91% | Shares |
| UBS Group AG | $482,232,811 | 1,518,700 | 0.86% | Call option |
| VANGUARD FIDUCIARY TRUST CO | $448,736,254 | 1,413,209 | 0.80% | Shares |
| BARCLAYS PLC | $378,495,760 | 1,192,000 | 0.68% | Shares |
| AMERIPRISE FINANCIAL INC | $325,715,080 | 1,025,439 | 0.58% | Shares |
| National Pension Service | $322,090,683 | 1,014,363 | 0.58% | Shares |
| AMERICAN CENTURY COMPANIES INC | $289,800,869 | 912,672 | 0.52% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $238,568,545 | 751,326 | 0.43% | Shares |
| BARCLAYS PLC | $238,147,500 | 750,000 | 0.43% | Put option |
| Swiss National Bank | $228,189,124 | 718,638 | 0.41% | Shares |
| JANE STREET GROUP, LLC | $223,128,331 | 702,700 | 0.40% | Put option |
| TD Asset Management Inc | $203,740,584 | 641,642 | 0.36% | Shares |
| WOLVERINE TRADING, LLC | $202,697,088 | 620,400 | 0.36% | Call option |
| WELLINGTON MANAGEMENT GROUP LLP | $201,785,870 | 635,486 | 0.36% | Shares |
| Capital International, Inc./CA/ | $197,583,043 | 622,250 | 0.35% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $195,028,514 | 614,205 | 0.35% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $194,920,227 | 613,748 | 0.35% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $174,426,215 | 549,322 | 0.31% | Shares |
| Vanguard Global Advisers, LLC | $171,482,077 | 540,050 | 0.31% | Shares |
| BlackRock, Inc. | $169,889,346 | 535,034 | 0.30% | Shares |
| JANE STREET GROUP, LLC | $169,497,514 | 533,800 | 0.30% | Call option |
| Ensign Peak Advisors, Inc | $163,091,346 | 513,625 | 0.29% | Shares |
| GOLDMAN SACHS GROUP INC | $156,410,800 | 492,586 | 0.28% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $155,420,139 | 489,466 | 0.28% | Shares |
| VANGUARD GROUP INC | $153,902,757 | 551,781 | 0.28% | Shares |
| RHUMBLINE ADVISERS | $148,309,866 | 467,074 | 0.27% | Shares |
| BANK OF AMERICA CORP /DE/ | $144,939,744 | 456,460 | 0.26% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $144,211,330 | 454,166 | 0.26% | Shares |
| ASSETMARK, INC | $137,784,226 | 433,925 | 0.25% | Shares |
| Caption Management, LLC | $132,568,775 | 417,500 | 0.24% | Call option |
| Legal & General Group Plc | $130,322,571 | 410,426 | 0.23% | Shares |
| CAPITAL INTERNATIONAL SARL | $129,606,538 | 408,171 | 0.23% | Shares |
| WOLVERINE TRADING, LLC | $118,926,080 | 364,000 | 0.21% | Put option |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $109,643,109 | 345,300 | 0.20% | Shares |
| Rathbones Group PLC | $103,168,037 | 324,908 | 0.18% | Shares |
| STOREBRAND ASSET MANAGEMENT AS | $98,021,511 | 308,700 | 0.18% | Shares |
| California Public Employees Retirement System | $97,538,865 | 307,180 | 0.17% | Shares |
| AMF Tjanstepension AB | $96,779,969 | 304,790 | 0.17% | Shares |
| NOMURA ASSET MANAGEMENT INTERNATIONAL INC. | $95,457,000 | 300,625 | 0.17% | Shares |
| BARCLAYS PLC | $95,259,000 | 300,000 | 0.17% | Call option |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $94,926,093 | 344,960 | 0.17% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $93,261,418 | 293,714 | 0.17% | Shares |
| VICTORY CAPITAL MANAGEMENT INC | $91,800,146 | 289,107 | 0.16% | Shares |
| Silvant Capital Management LLC | $91,253,994 | 287,387 | 0.16% | Shares |
| FMR LLC | $89,878,032 | 283,054 | 0.16% | Shares |
| RAYMOND JAMES FINANCIAL INC | $89,750,345 | 282,652 | 0.16% | Shares |
| Junto Capital Management LP | $85,091,689 | 267,980 | 0.15% | Shares |
| MILLENNIUM MANAGEMENT LLC | $84,785,590 | 267,016 | 0.15% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $83,432,966 | 259,560 | 0.15% | Shares |
| HSBC HOLDINGS PLC | $83,384,331 | 262,603 | 0.15% | Shares |
| PNC Financial Services Group, Inc. | $82,246,938 | 259,021 | 0.15% | Shares |
| MACKENZIE FINANCIAL CORP | $78,186,364 | 246,233 | 0.14% | Shares |
| FRONTIER CAPITAL MANAGEMENT CO LLC | $74,290,271 | 233,963 | 0.13% | Shares |
| Quantinno Capital Management LP | $73,958,524 | 232,918 | 0.13% | Shares |
| ALLIANCEBERNSTEIN L.P. | $73,732,280 | 267,942 | 0.13% | Shares |
| AVIVA PLC | $70,826,972 | 223,056 | 0.13% | Shares |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $69,129,456 | 217,710 | 0.12% | Shares |
| Robeco Institutional Asset Management B.V. | $68,000,320 | 214,154 | 0.12% | Shares |
| ROYAL BANK OF CANADA | $67,796,000 | 213,509 | 0.12% | Shares |
| LOS ANGELES CAPITAL MANAGEMENT LLC | $65,284,804 | 205,602 | 0.12% | Shares |
| Korea Investment CORP | $65,116,512 | 205,072 | 0.12% | Shares |
| LPL Financial LLC | $62,893,925 | 198,073 | 0.11% | Shares |
| CAPITAL INTERNATIONAL LTD /CA/ | $62,095,214 | 195,557 | 0.11% | Shares |
| M&G PLC | $56,727,702 | 178,389 | 0.10% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $56,500,018 | 177,936 | 0.10% | Shares |
| Retirement Systems of Alabama | $56,354,589 | 177,478 | 0.10% | Shares |
| NEUBERGER BERMAN GROUP LLC | $55,354,512 | 174,328 | 0.10% | Shares |
| Asset Management One Co., Ltd. | $54,130,933 | 196,711 | 0.10% | Shares |
| MORGAN STANLEY | $53,307,039 | 167,880 | 0.10% | Shares |
| Polar Capital Holdings Plc | $52,425,473 | 165,104 | 0.09% | Shares |
| Walleye Trading LLC | $51,185,836 | 161,200 | 0.09% | Put option |
| Amundi | $50,855,605 | 160,160 | 0.09% | Shares |
| PARNASSUS INVESTMENTS, LLC | $49,044,096 | 154,455 | 0.09% | Shares |
| PFA Pension, Forsikringsaktieselskab | $48,589,602 | 153,024 | 0.09% | Shares |
| PINNACLE ASSOCIATES LTD | $48,265,797 | 152,004 | 0.09% | Shares |
| MARSHALL WACE, LLP | $47,711,105 | 150,257 | 0.09% | Shares |
| STRS OHIO | $46,123,138 | 145,256 | 0.08% | Shares |
| Universal- Beteiligungs- und Servicegesellschaft mbH | $45,949,667 | 145,491 | 0.08% | Shares |
| Calamos Advisors LLC | $45,821,484 | 144,306 | 0.08% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $45,189,357 | 142,315 | 0.08% | Shares |
| NISSAY ASSET MANAGEMENT CORP /JAPAN | $44,965,423 | 141,610 | 0.08% | Shares |
| Interval Partners, LP | $44,881,595 | 141,346 | 0.08% | Shares |
| Zurcher Kantonalbank (Zurich Cantonalbank) | $44,834,918 | 141,199 | 0.08% | Shares |
| Pictet Asset Management Holding SA | $44,697,428 | 140,766 | 0.08% | Shares |
| Columbus Hill Capital Management, L.P. | $44,583,435 | 140,407 | 0.08% | Shares |
| JONES FINANCIAL COMPANIES LLLP | $44,289,469 | 139,218 | 0.08% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $43,911,849 | 159,575 | 0.08% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $43,186,620 | 136,008 | 0.08% | Shares |
| NEW YORK STATE COMMON RETIREMENT FUND | $41,549,436 | 130,852 | 0.07% | Shares |
| TUDOR INVESTMENT CORP ET AL | $41,405,912 | 130,400 | 0.07% | Call option |
Company insiders 46 insiders · 17 officers · 19 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Michael W Bayley | Pres&CEO, Royal Caribbean Intl | July 29, 2026 S | 45,297 | 0 | 1 | $-4,048,148 |
| Jason T Liberty | President & CEO | March 24, 2025 F | 141,591 | 0 | 0 | $0 |
| Lisa Lutoff-Perlo | Pres & CEO, Celebrity Cruises | March 24, 2023 F | 63,483 | 0 | 0 | $0 |
| Lawrence R Pimentel | Pres&CEO, Azamara Club Cruises | Feb. 9, 2018 F | 31,100 | 0 | 0 | $0 |
| Jorge Vilches | President & CEO, Pullmantur | June 2, 2016 F | 15,370 | 0 | 0 | $0 |
| Barbier Gonzalo Chico | President & CEO, Pullmantur | Feb. 8, 2014 F | 70,009 | 0 | 0 | $0 |
| Daniel J Hanrahan | Pres & CEO, Celebrity Cruises | Oct. 27, 2010 M | 187,220 | 0 | 0 | $0 |
| Naftali Holtz | Chief Financial Officer | March 24, 2025 F | 41,826 | 0 | 0 | $0 |
| Luis E Leon | EVP and CFO | Feb. 6, 2006 A | 48,078 | 0 | 0 | $0 |
| Laura H Bethge | President, Celebrity Cruises | June 1, 2026 F | 32,519 | 0 | 0 | $0 |
| Adam M Goldstein | Pres., Chief Operating Officer | Feb. 13, 2018 A | 154,053 | 0 | 0 | $0 |
| Robert Alexander Lake | SVP, CLO, Secretary & CCO | June 27, 2025 S | 21,077 | 0 | 0 | $0 |
| Henry L Pujol | Chief Accounting Officer | March 24, 2025 F | 13,033 | 0 | 0 | $0 |
| Bradley H Stein | SVP, GC & ChiefComplianceOff | April 26, 2018 F | 14,692 | 0 | 0 | $0 |
| Brian J Rice | Vice Chairman | Feb. 20, 2014 M | 62,059 | 0 | 0 | $0 |
| Rudzki Lisa Bauer | EVP,Global Sales&Mkting, RCI | Feb. 15, 2013 F | 23,470 | 0 | 0 | $0 |
| Blair H Gould | VP, Chief Accounting Officer | March 17, 2008 F | 59,097 | 0 | 0 | $0 |
| Tara Bunch | Director | July 31, 2026 A | 683 | 0 | 0 | $0 |
| Christopher J Wiernicki | Director | May 28, 2026 A | 922 | 0 | 0 | $0 |
| Ann S Moore | Director | May 28, 2026 F | 28,925 | 0 | 0 | $0 |
| Rebecca Yeung | Director | May 28, 2025 A | 5,703 | 0 | 0 | $0 |
| Stephen R. Howe Jr. | Director | May 28, 2025 A | 14,297 | 0 | 0 | $0 |
| Maritza Gomez Montiel | Director | May 28, 2025 A | 15,334 | 0 | 0 | $0 |
| Michael O Leavitt | Director | May 28, 2025 A | 8,180 | 0 | 0 | $0 |
| Vagn O Sorensen | Director | May 28, 2025 A | 26,707 | 0 | 0 | $0 |
| Amy Mcpherson | Director | May 28, 2025 A | 10,572 | 0 | 0 | $0 |
| William L Kimsey | Director | Feb. 8, 2024 A | 32,386 | 0 | 0 | $0 |
| Thomas Pritzker | Director | Feb. 13, 2018 A | 515,897 | 0 | 0 | $0 |
| Bernt Reitan | Director | Feb. 13, 2018 A | 9,258 | 0 | 0 | $0 |
| William K Reilly | Director | Feb. 13, 2018 A | 15,728 | 0 | 0 | $0 |
| Bernard W Aronson | Director | Feb. 6, 2015 A | 23,039 | 0 | 0 | $0 |
| Gert Munthe | Director | May 8, 2013 A | 6,308 | 0 | 0 | $0 |
| Morten Arntzen | Director | Feb. 8, 2013 A | 21,256 | 0 | 0 | $0 |
| Laura Laviada | Director | Feb. 8, 2011 A | 20,401 | 0 | 0 | $0 |
| Arvid Grundekjoen | Director | Feb. 11, 2008 A | 27,158 | 0 | 0 | $0 |
| John Chandris | Director | Sept. 15, 2005 A | 2,992 | 0 | 0 | $0 |
| Wilhelmsen A S A | 10% owner | Feb. 5, 2019 S | 20,099,253 | 0 | 0 | $0 |
| Associates Cruise | 10% owner | Aug. 25, 2011 J | 0 | 0 | 0 | $0 |
| Donald Thompson | — | May 28, 2026 A | 40,314 | 0 | 0 | $0 |
| Eyal Ofer | — | May 28, 2026 A | 43,756 | 0 | 0 | $0 |
| Arne Alexander Wilhelmsen | — | May 28, 2026 A | 8,520 | 0 | 85 | $-549,611,080 |
| Richard D Fain | — | May 28, 2026 A | 151,122 | 0 | 0 | $0 |
| John Brock | — | May 28, 2026 A | 24,788 | 0 | 0 | $0 |
| Harri U Kulovaara | — | Feb. 12, 2026 F | 59,959 | 0 | 0 | $0 |
| OSIRIS HOLDINGS INC. | — | Aug. 25, 2011 J | 9,656,380 | 0 | 0 | $0 |
| Jack L Williams | — | March 17, 2005 F | 40,310 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 105 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| BCUS · Exchange Listed Funds Trust | 4.20% | 15,937 NS | May 31, 2026 | N-PORT |
| AMOM · Exchange Listed Funds Trust | 1.25% | 1,441 NS | April 30, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 1.21% | 1,930 NS | April 30, 2026 | N-PORT |
| GXPD · Global X Funds | 1.15% | 2,000 NS | May 31, 2026 | N-PORT |
| WANT · Direxion Shares ETF Trust | 0.99% | 770 NS | April 30, 2026 | N-PORT |
| WLTG · ETF Opportunities Trust | 0.96% | 2,772 NS | April 30, 2026 | N-PORT |
| AVLV · AMERICAN CENTURY ETF TRUST | 0.79% | 357,692 NS | May 31, 2026 | N-PORT |
| QIDX · Spinnaker ETF Series | 0.70% | 1,018 NS | April 30, 2026 | N-PORT |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.62% | 5,623 NS | May 31, 2026 | N-PORT |
| DUHP · Dimensional ETF Trust | 0.54% | 232,760 NS | April 30, 2026 | N-PORT |
| HIBL · Direxion Shares ETF Trust | 0.46% | 1,370 NS | April 30, 2026 | N-PORT |
| DFVX · Dimensional ETF Trust | 0.40% | 7,313 NS | April 30, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.25% | 118,317 NS | May 31, 2026 | N-PORT |
| AVLC · AMERICAN CENTURY ETF TRUST | 0.25% | 10,986 NS | May 31, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.24% | 1,817 NS | May 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.21% | 3,204 NS | April 30, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.20% | 345,172 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.16% | 18,370 NS | April 30, 2026 | N-PORT |
| OALC · Unified Series Trust | 0.16% | 1,364 NS | May 31, 2026 | N-PORT |
| DFAU · Dimensional ETF Trust | 0.14% | 58,789 NS | April 30, 2026 | N-PORT |
| XCLR · Global X Funds | 0.11% | 14 NS | April 30, 2026 | N-PORT |
| XYLG · Global X Funds | 0.11% | 269 NS | April 30, 2026 | N-PORT |
| XYLD · Global X Funds | 0.11% | 12,836 NS | April 30, 2026 | N-PORT |
| XRMI · Global X Funds | 0.11% | 202 NS | April 30, 2026 | N-PORT |
| CATH · Global X Funds | 0.11% | 4,998 NS | April 30, 2026 | N-PORT |
| ONOF · Global X Funds | 0.11% | 545 NS | May 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.11% | 4,201 NS | April 30, 2026 | N-PORT |
| GXLC · Global X Funds | 0.11% | 17 NS | May 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.10% | 14 NS | April 30, 2026 | N-PORT |
| ACVF · ETF Opportunities Trust | 0.10% | 568 NS | April 30, 2026 | N-PORT |
| CHRI · Global X Funds | 0.10% | 20 NS | April 30, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.10% | 76,445 NS | April 30, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.10% | 844 NS | April 30, 2026 | N-PORT |
| SPXL · Direxion Shares ETF Trust | 0.08% | 17,025 NS | April 30, 2026 | N-PORT |
| MSLC · MORGAN STANLEY PATHWAY FUNDS | 0.07% | 9,834 NS | May 31, 2026 | N-PORT |
| EQL · ALPS ETF Trust | 0.06% | 2,700 NS | May 31, 2026 | N-PORT |
| HCMT · Direxion Shares ETF Trust | 0.04% | 894 NS | April 30, 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | — | — | July 13, 2026 | Daily |
| VTV · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VUG · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VO · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VOT · VANGUARD INDEX FUNDS | — | — | July 15, 2026 | Daily |
| VFVA · VANGUARD WELLINGTON FUND | — | — | July 30, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | — | — | July 15, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | — | — | July 15, 2026 | Daily |
| VYM · VANGUARD WHITEHALL FUNDS | — | — | July 15, 2026 | Daily |
| VONE · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | — | — | July 15, 2026 | Daily |