Company Overview - Royal Caribbean is the second-largest cruise ship operator globally, holding a market share of nearly 28% as of the end of 2025, trailing only Carnival [2] - The company differentiates itself by focusing on premium experiences, offering larger and more technologically advanced ships with more amenities [3] Financial Performance - In the fourth quarter, Royal Caribbean reported a revenue increase of 13.2% year over year, reaching $4.26 billion, driven by strong demand for passenger tickets and onboard sales [4] - The company's strategy of targeting a higher-end niche is proving effective, with potential for future growth through expanded land-based experiences [4] Expansion and Diversification - Royal Caribbean has popular private island resorts like CocoCay and Royal Beach Club Paradise Island, which opened in 2019, and is planning to expand to a new private island property, Royal Beach Club Lelepa, in Vanuatu by October 2027 [5][6] - These investments aim to transform Royal Caribbean from a cruise company into a luxury travel brand, enhancing diversification and capturing a larger share of overall guest spending [6]