Naftali Holtz, the chief financial officer at Royal Caribbean Cruises Ltd. (NYSE: RCL), executed a sale of 43,121 shares of common stock on February 13, 2026, netting approximately $16.7 million. The transactions were completed at prices between $322.67 and $332.19 per share, as disclosed in a Form 4 filing with the U.S. Securities and Exchange Commission.
The SEC filing also notes a separate gift transaction of 750 shares. After these moves, Holtz is shown as the direct owner of 28,116 Royal Caribbean shares.
These insider transactions come amid a batch of company-level developments that underline Royal Caribbean's current financial position. In its fourth quarter of 2025, Royal Caribbean reported earnings per share of $2.80, matching analysts' expectations, and posted revenue of $4.26 billion, which aligned with forecasts. The company described these results as reflecting sustained demand and effective pricing measures.
Credit ratings agency Moody's Ratings recently adjusted Royal Caribbean's credit profile, upgrading the senior unsecured rating from Baa3 to Baa2 and the commercial paper rating from P-3 to P-2. At the same time, Moody's moved the outlook to stable from positive. In its rationale, Moody's signaled expectations for continued earnings growth and projected that the company's debt-to-EBITDA ratio will remain below 3.0x over the coming years.
Moody's assessment acknowledged that Royal Caribbean is undertaking significant capital investment in new ships, with much of that spending financed through debt. Despite this, the rating agency anticipates the company will preserve financial stability while it invests in fleet growth.
The sequence of events recorded in the Form 4 filing - the sizable share sale by the CFO, the company reporting quarter-end results in line with market consensus, and Moody's upgrade paired with a moderated outlook - together present a clear snapshot of Royal Caribbean's position at this stage. The filings and announcements provide concrete data points but do not, by themselves, explain motivations behind the insider sale or future operational outcomes beyond the expectations Moody's has stated.