Royal Caribbean Cruises Ltd

Royal Caribbean Cruises

RCL · NYSE

Industrials

Catalog as of September 15, 2026. Not a live market feed.

Fiscal Year: 2025
Revenue: $17.9B
Assets: $41.6B
SEC filing: DEF 14A
Filed: April 17, 2026

Executive Compensation

Compensation reported for Royal Caribbean Cruises’ named executive officers, including salary, stock awards, incentive compensation, other compensation, and total compensation.

Named executive officer compensation
Executive	Position	Salary	Stock Awards	Incentives	Option Awards	Other	Reported total
Jason T. Liberty	President And Chief Executive Officer	$1,396,154	$15,800,057	$5,129,600	$0	$1,653,002	$23,978,813
Michael W. Bayley	President and CEO, Royal Caribbean	$1,154,385	$5,499,924	$2,372,340	$0	$407,578	$9,434,227
Naftali Holtz	Chief Financial Officer	$946,769	$3,999,874	$2,101,537	$0	$66,028	$7,114,208
Laura Hodges Bethge	President, Celebrity Cruises	$893,462	$3,200,054	$1,715,702	$0	$142,991	$5,952,209
Harri U. Kulovaara	EVP, Maritime	$932,846	$1,850,164	$1,981,711	$0	$142,924	$4,907,645

Jason T. Liberty
President And Chief Executive Officer
$24M
Reported total
Salary
$1,396,154
Stock awards
$15,800,057
Incentives
$5,129,600
Option awards
$0
Other
$1,653,002
Michael W. Bayley
President and CEO, Royal Caribbean
$9.4M
Reported total
Salary
$1,154,385
Stock awards
$5,499,924
Incentives
$2,372,340
Option awards
$0
Other
$407,578
Naftali Holtz
Chief Financial Officer
$7.1M
Reported total
Salary
$946,769
Stock awards
$3,999,874
Incentives
$2,101,537
Option awards
$0
Other
$66,028
Laura Hodges Bethge
President, Celebrity Cruises
$6M
Reported total
Salary
$893,462
Stock awards
$3,200,054
Incentives
$1,715,702
Option awards
$0
Other
$142,991
Harri U. Kulovaara
EVP, Maritime
$4.9M
Reported total
Salary
$932,846
Stock awards
$1,850,164
Incentives
$1,981,711
Option awards
$0
Other
$142,924

Jason T. Liberty

President And Chief Executive Officer

$24M

Reported total · FY2025 · SCT Total as filed

Source: DEF 14A Summary Compensation Table, filed April 17, 2026.

Salary: $1.4M
Stock Awards: $15.8M
Incentives: $5.1M
Other: $1.7M

Historical Compensation

Jason T. Liberty total compensation, fiscal years 2023–2025.

Year-by-year total compensation
Fiscal Year	Salary	Stock Awards	Total Compensation
2025	$1,396,154	$15,800,057	$23,978,813
2024	$1,342,308	$12,999,935	$19,497,820
2023	$1,246,986	$11,500,037	$17,216,275

Named Executive Officers

Jason T. Liberty

President And Chief Executive Officer

Royal Caribbean Cruises · RCL

$24M

FY 2025 · DEF 14A

Naftali Holtz

Chief Financial Officer

Royal Caribbean Cruises · RCL

$7.1M

FY 2025 · DEF 14A

Michael W. Bayley

President and CEO, Royal Caribbean

Royal Caribbean Cruises · RCL

$9.4M

FY 2025 · DEF 14A

Laura Hodges Bethge

President, Celebrity Cruises

Royal Caribbean Cruises · RCL

$6M

FY 2025 · DEF 14A

Harri U. Kulovaara

EVP, Maritime

Royal Caribbean Cruises · RCL

$4.9M

FY 2025 · DEF 14A

Source information

Company: Royal Caribbean Cruises Ltd
Ticker: RCL · NYSE
Filing type: DEF 14A
Fiscal year: 2025
Filing date: April 17, 2026
SEC accession number: 0000884887-26-000017

Source: U.S. Securities and Exchange Commission, DEF 14A Summary Compensation Table. View SEC filing

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