Royal Caribbean (RCL) Insider Sale Analysis: $1.45 Million by Chief Accounting Officer

Now I have comprehensive information to analyze this insider selling activity. Let me provide a detailed analysis:

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Henry L. Pujol, Chief Accounting Officer of Royal Caribbean, executed two sale transactions in February 2026 [1][2]:

Transaction Date	Shares Sold	Sale Price	Total Value
February 10, 2026	4,111 shares	$345.41	~$1.42 million
February 12, 2026	91 shares	$337.84	~$30,739
Total	4,202 shares		~$1.45 million

The transactions were coded as “F” (disposal) and represent open-market sales of common stock [2].

This sale comes amid notable insider activity at Royal Caribbean. CEO Jason T. Liberty sold approximately $29.7 million in stock on February 13, 2026—just one day after Pujol’s transactions [3]. This larger sale by the CEO is significant and provides important context for evaluating the CAO’s smaller transaction.

Royal Caribbean demonstrates strong fundamental performance [4][5]:

• Strong Q4 2025 Earnings
  : EPS of $2.80 met estimates exactly, with revenue of $4.26 billion
• Robust 2026 Guidance
  : Management projects reported net yields to increase 3.5-4.1% for 2026, with capacity growth of 6.7%
• Credit Upgrade
  : Fitch recently upgraded RCL to BBB rating, reflecting improved financial health [6]
• Stock Performance
  : RCL is up 22.88% over the past year and 12.83% YTD, recently rallying 16.4% in January following the earnings report [7]
• Analyst Consensus
  : BUY rating with price target of $365.50 (14.4% upside from current $319.61) [4]

1. Profit-Taking After Rally
   : The CAO sold shares at ~$345 and ~$338, respectively, after the stock had significant momentum (up 16.4% in January alone). This could represent legitimate profit-taking following substantial gains.

2. Multiple Insider Sales
   : The CEO’s larger $29.7 million sale immediately following the CAO’s transactions may amplify concerns, as senior leadership collectively reducing positions warrants attention.

3. Elevated Valuation
   : With a P/E ratio of 21.32x and P/B of 8.63x, the stock trades at premium valuations. Insiders may believe the current price reflects near-term optimism.

1. Routine Portfolio Management
   : Insider sales by CFOs and CAOs are often planned diversification or personal liquidity events, not necessarily views on stock undervaluation. The “F” transaction code indicates open-market sales rather than unusual dispositions.

2. No Change in Control
   : Form 4 filings show no change in beneficial ownership percentage that would indicate a loss of confidence. Insiders often sell shares for tax planning, estate diversification, or personal financial goals.

3. Strong Business Trajectory
   : The company’s 2026 guidance shows solid growth (yields up 3.5-4.1%, capacity +6.7%), and the recent Fitch upgrade indicates improving credit fundamentals.

4. Recent Vote of Confidence
   : Multiple analysts have maintained Buy ratings following Q4 earnings, with Tigress Financial, Citigroup, Goldman Sachs, and Wells Fargo all maintaining positive stances [4].

The $1.45 million insider sale by Royal Caribbean’s Chief Accounting Officer, particularly when viewed alongside the CEO’s $29.7 million sale, suggests

rather than a definitive bearish signal. The timing—following a strong earnings report and significant stock rally—points to profit-taking rather than loss of confidence in the company’s outlook.

For RCL investors, this insider activity should be interpreted as:

• Moderately bearish
  in the short term (insiders capitalizing on recent gains)
• Neutral
  for long-term outlook (no change in company fundamentals or guidance)
• A reminder
  that even well-performing companies can see insider selling during periods of strong momentum

The broader context of improving credit ratings, solid 2026 guidance, and maintained analyst Buy ratings suggests the company’s fundamental trajectory remains positive. However, investors should monitor for any additional insider selling activity in the coming weeks.

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[1] SEC Form 4 Filing - Henry Pujol (February 12, 2026): https://www.sec.gov/Archives/edgar/data/884887/000143120226000006/0001431202-26-000006-index.htm

[2] SEC Form 4 XML Filing Details: https://www.sec.gov/Archives/edgar/data/884887/000143120226000006/wk-form4_1770937621.xml

[3] Investing.com - Royal Caribbean CEO Insider Sale: https://www.investing.com/news/insider-trading-news/royal-caribbean-cruises-ceo-sells-297-million-in-stock-93CH-4507085

[4] Company Overview Data - Royal Caribbean (RCL): [0]

[5] Yahoo Finance - Royal Caribbean Named Best-in-Class Cruise Operator: https://finance.yahoo.com/news/royal-caribbean-rcl-named-best-145456710.html

[6] Fitch Ratings - Royal Caribbean Senior Unsecured Notes Rating: https://www.fitchratings.com/research/corporate-finance/fitch-rates-royal-caribbean-senior-unsecured-notes-bbb-12-02-2026

[7] The Motley Fool - Why Royal Caribbean Rallied Double-Digits in January: https://www.fool.com/investing/2026/02/10/why-royal-caribbean-cruises-rallied-double-bits/