Royal Caribbean Group is the world's largest cruise company by revenue, operating three owned brands — Royal Caribbean (mass market and premium, 29 ships), Celebrity Cruises (premium, 15 ships), and Silversea (ultra-luxury and expedition, 12 small ships) — plus a 50% joint venture in TUI Cruises, which operates German-market brands. The core product is the cruise vacation: guests pay a bundled price for accommodations, meals, and entertainment while sailing to multiple destinations. Revenue splits roughly 70% from ticket sales and 30% from onboard spending (specialty dining, beverages, casino, spa, excursions, and WiFi). Beyond the ships, Royal Caribbean owns a growing portfolio of private land destinations — including Perfect Day at CocoCay in the Bahamas — where guests pay separately for access, generating high-margin revenue incremental to the ticket. Royal Caribbean's growth strategy combines moderate new ship capacity additions (~5-7% annually), private destination expansion from 3 to 8 locations by 2028, and an entry into river cruising through Celebrity River Cruises, targeting 20 ships by 2031. Royal Caribbean sells primarily through travel advisors and direct digital channels, and nearly 40% of bookings come from loyalty members, who spend roughly 25% more per trip than non-members. The key financial metric management tracks is Net Yield — revenue per available passenger cruise day — and the core earnings algorithm is moderate capacity growth plus yield growth plus cost control.