Michael W. Bayley, who serves as President and Chief Executive Officer of Royal Caribbean International, executed a series of sales of Royal Caribbean Cruises Ltd. (NYSE: RCL) common stock on February 13, 2026. The disposition comprised 79,894 shares sold at prices ranging from $322.66 to $332.19 per share, producing aggregate proceeds of $26,145,463.
Following these transactions, Bayley directly holds 58,108 shares of the company. The filings disclose the number of shares sold, the per-share price range and the post-transaction share count.
Company results and credit action
In an operating and financial update released separately, Royal Caribbean reported fourth-quarter 2025 earnings per share of $2.80, in line with analyst expectations. Revenue for the quarter totaled $4.26 billion, also matching forecasts. The company described the results as reflecting strong growth, which has helped underpin investor sentiment.
Credit ratings agency Moody's Ratings has updated its view of Royal Caribbean's credit profile. Moody's raised the issuer's senior unsecured rating to Baa2 from Baa3 and upgraded the company's commercial paper rating to P-2 from P-3. At the same time, Moody's changed the outlook on the ratings to stable from positive.
Moody's rationale, as disclosed, rests on expectations for ongoing earnings growth supported by robust demand, effective pricing, and disciplined cost management. The agency additionally expects that Royal Caribbean's debt to EBITDA ratio will remain below 3.0x over the coming years, even as the company continues to commit significant capital to new ships.
Key takeaways
- Executive stock sale - CEO Michael W. Bayley sold 79,894 shares on Feb. 13, 2026, for total proceeds of $26,145,463 and retains 58,108 shares.
- Quarterly performance - Q4 2025 EPS of $2.80 and revenue of $4.26 billion both met analyst expectations.
- Credit upgrade - Moody's elevated senior unsecured and commercial paper ratings and set a stable outlook, citing demand, pricing, and cost control; it expects debt/EBITDA to stay below 3.0x despite investments in new ships.
Risks and uncertainties noted in disclosures
- Reliance on continued demand, pricing power and cost control - Moody's upgrade and its expectations for earnings growth are contingent on these factors remaining in place.
- Capital investment scale - Moody's comments acknowledge significant investments in new ships; these commitments are material to balance-sheet metrics and remain a factor in future credit assessments.
Where the public filings or disclosures are concise, the record above reflects only the transactions, reported quarterly results and the credit-rating action as stated in company and ratings filings.