V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough
Gaming & Lodging

Royal Caribbean Group Executive Compensation (FY25)

RCL · Miami, FL · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Jason Liberty
Latest say-on-pay support
=
May 28, 2026
Chief executive pay ratio
◇
To the median employee
Velarion Member: every covered company in Gaming & Lodging, with dashboards, peer screens and board-ready briefs. Three seats, one year.
Email me this page as a cited PDF — sent in 2 minutes
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.

The paid brief on Royal Caribbean Group

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
Data as of October 21, 2026Latest filing (8-K): May 28, 2026
16 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Royal Caribbean Group brief$1,500Get the executive brief
Velarion Member, one year
309 figures on this page: 298 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

More on Royal Caribbean Group

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Jason Liberty: $19,497,820 → $23,978,813 (23.0% higher)
Say-on-pay support: 97.0% → 96.8% (0.2 points lower)
CEO pay ratio: 1,037:1 → 1,260:1 (21.5% higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Royal Caribbean Group's chief executive and what were they paid?
Jason Liberty was paid $23,978,813 in total compensation as President and Chief Executive Officer for fiscal 2025. Liberty's total moved 23.0% higher from the $19,497,820 reported for fiscal 2024.
What was Royal Caribbean Group's say-on-pay result?
The say-on-pay proposal drew 96.8% of votes cast for or against in favor at the meeting held May 28, 2026 for fiscal 2025.
Which companies are in Royal Caribbean Group's peer group?
The disclosed peer group names American Airlines Group Inc., Booking Holdings Inc., Caesars Entertainment, Inc., Carnival Corp. and Chipotle Mexican Grill, Inc., among others.
What is Royal Caribbean Group's chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 1,260:1, against median employee compensation of $19,027.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jason Liberty
President and Chief Executive Officer
◇—◇—◇—◇◇
Michael Bayley
President and CEO, Royal Caribbean
◇—◇—◇—◇◇
Lisa Lutoff-Perlo
President and CEO, Celebrity Cruises
◇—◇—◇—◇◇
Harri Kulovaara
EVP, Maritime
◇—◇—◇—◇◇
Naftali Holtz
Chief Financial Officer
◇—◇—◇—◇◇
Richard Fain
Chairman & Former Chief Executive Officer
Departed during or after this year
◇—◇————◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jason Liberty
President and Chief Executive Officer
◇—◇—◇—◇◇
Michael Bayley
President and CEO, Royal Caribbean International
◇—◇—◇—◇◇
Lisa Lutoff-Perlo
Former President and CEO, Celebrity Cruises
Departed during or after this year
◇—◇—◇—◇◇
Naftali Holtz
Chief Financial Officer
◇—◇—◇—◇◇
Harri Kulovaara
EVP, Maritime
◇—◇—◇—◇◇
Laura Bethge
President, Celebrity Cruises
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jason Liberty
President and Chief Executive Officer
◇—◇—◇—◇◇
Michael Bayley
President and CEO, Royal Caribbean
◇—◇—◇—◇◇
Naftali Holtz
Chief Financial Officer
◇—◇—◇—◇◇
Harri Kulovaara
EVP, Maritime
◇—◇—◇—◇◇
Laura Bethge
President, Celebrity Cruises
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Jason Liberty
President and Chief Executive Officer
◇—◇—◇—◇◇
Michael Bayley
President and CEO, Royal Caribbean
◇—◇—◇—◇◇
Naftali Holtz
Chief Financial Officer
◇—◇—◇—◇◇
Laura Hodges Bethge
President, Celebrity Cruises
◇—◇—◇—◇◇
Harri Kulovaara
EVP, Maritime
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Harri U. KulovaaraRSU◇——◇——◇
Harri U. KulovaaraPSU◇—◇—◇—◇
Jason T. LibertyRSU◇——◇——◇
Jason T. LibertyPSU◇—◇—◇—◇
Laura Hodges BethgeRSU◇——◇——◇
Laura Hodges BethgePSU◇—◇—◇—◇
Michael W. BayleyPSU◇—◇—◇—◇
Michael W. BayleyRSU◇——◇——◇
Naftali HoltzPSU◇—◇—◇—◇
Naftali HoltzRSU◇——◇——◇
Fiscal 2022, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Jason LibertyRSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Harri KulovaaraRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Naftali HoltzRSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Michael BayleyRSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
Laura BethgeRSU◇◇——
RSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
PSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Naftali Holtz
Chief Financial Officer · Employment agreement · dated December 31, 2025
Severance multiple◇
Benefits continuation◇
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Richard D. Fain
◇◇————◇
John F. Brock
Lead independent director
◇◇————◇
Stephen R. Howe, Jr
◇◇———◇◇
Vagn O. Sørensen
◇◇————◇
Maritza G. Montiel
◇◇————◇
Rebecca Yeung
◇◇————◇
Donald Thompson
◇◇————◇
Michael O. Leavitt
◇◇————◇
Arne Alexander Wilhelmsen
◇◇————◇
Amy McPherson
◇◇————◇
Ann S. Moore
◇◇————◇
Eyal M. Ofer
◇◇————◇
William L. Kimsey
◇—————◇
Christopher Wiernicki and Jason T. Liberty served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • American Airlines Group Inc. AAL
  • Booking Holdings Inc. BKNG
  • Caesars Entertainment, Inc. CZR
  • Carnival Corp. CCL
  • Chipotle Mexican Grill, Inc. CMG
  • Darden Restaurants, Inc. DRI
  • Delta Air Lines, Inc. DAL
  • Domino's Pizza, Inc. DPZ
  • Expedia Group, Inc. EXPE
  • Hilton Worldwide Holdings Inc. HLT
  • Hyatt Hotels Corporation H
  • Las Vegas Sands Corp. LVS
  • Marriott International, Inc. MAR
  • McDonald's Corporation MCD
  • MGM Resorts International MGM
  • Norwegian Cruise Line Holdings Ltd. NCLH
  • Starbucks Corp. SBUX
  • United Airlines Holdings, Inc. UAL
  • Wynn Resorts, Ltd. WYNN
  • Yum! Brands, Inc. YUM

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 28, 2026=◇◇◇
2024May 28, 2025=◇◇◇
2023May 29, 2024=◇◇◇
2022June 1, 2023=◇◇◇
2021June 2, 2022=◇◇◇
2020June 2, 2021=◇◇◇
2019May 28, 2020=◇◇◇
2018May 30, 2019=◇◇◇
2017May 21, 2018=◇◇◇
2016May 22, 2017=◇◇◇
2015May 20, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

Velarion Pro: every company page, peer tools and exports, one seat

One seat, one person. It opens the whole platform: the peer tools, the written analysis and the exports, on every company we cover. Join the list and you will hear from us when it opens.
Your address is used for this and nothing else, and you can unsubscribe in one click. See the privacy policy.

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Jason Liberty (President and Chief Executive Officer), FY2025 total compensation $23,978,813 (base salary $1,396,154) [exec_comp, SEC accession 0000884887-26-000017, filed 2026-04-17]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

Tell me when Royal Caribbean Group files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

What this page does not include

Everything above is a fact Royal Caribbean Group disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Royal Caribbean Group sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for Peer Group Review
Whether Royal Caribbean Group's disclosed peer group is defensible, who names Royal Caribbean Group back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
309 figures on this page: 298 cited to the filing that reported them, 11 calculated from figures it prints.
298 cited to the filing
11 calculated from the filing

Documents cited

  1. 0000884887-26-000030
  2. 0000884887-26-000017
    CEO Pay Ratio · DIRECTOR COMPENSATION FOR 2025 · Grants of Plan-Based Awards · Outstanding Equity Awards at · and 1 more section
  3. 0000884887-26-000007
    EX-10.52
  4. 0000884887-25-000104
  5. 0000884887-25-000087
    Executive Compensation Tables
  6. 0001308179-23-000689
    Executive Compensation Tables · Summary Compensation Table
  7. 0001140361-24-020353
    Summary Compensation Table
  8. 0001104659-24-067297
  9. 0001104659-23-067592
  10. 0001104659-22-068159
  11. 0001104659-21-076400
  12. 0001104659-20-067832
  13. 0000884887-19-000029
  14. 0000884887-18-000049
  15. 0000884887-17-000039
  16. 0000884887-16-000155
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Royal Caribbean Group executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/RCL (accessed 2026).
Short form: data: Velarion

The paid brief for Royal Caribbean Group

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
16 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Royal Caribbean Group and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

Gaming & Lodging rankings

Chief executive pay — Gaming & LodgingCEO pay ratio — Gaming & LodgingSay-on-pay support — Gaming & Lodging

Peers Royal Caribbean Group discloses

The companies named in RCL's own disclosed peer group.

American Airlines Group Inc.Booking Holdings Inc.Caesars Entertainment, Inc.Carnival Corp.Chipotle Mexican Grill, Inc.Darden Restaurants, Inc.Delta Air Lines, Inc.Domino's Pizza, Inc.Expedia Group, Inc.Hilton Worldwide Holdings Inc.Hyatt Hotels CorporationLas Vegas Sands Corp.Marriott International, Inc.McDonald's CorporationMGM Resorts InternationalNorwegian Cruise Line Holdings Ltd.Starbucks Corp.United Airlines Holdings, Inc.Wynn Resorts, Ltd.Yum! Brands, Inc.

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  All companies · The Pay Desk · Methodology · Terms · Privacy