No sex is shown. Relatively chaste kissing occurs between actors on stage (sometimes man & woman, usually man & man due to prohibitions of females acting during the Elizabethan era). There's no nudity other than fleeting glimpses of statues or paintings on walls.
References to romantic and sexual desire are fairly frequent, and not generally vulgar, often couched in complex puzzles that emphasize language is being avoided. One recurring theme centers on insinuations that Will is bisexual or gay, which he denies.
Male clothing occasionally includes the "cod-dangle", stiff fabric which protrudes from the groin of pants like a banana, implicitly covering the penis.
Mentions of breasts and genitals occur now and then, mostly without vulgarity. Male actors playing the role of women wear coconut shell halves outside their shirts to portray breasts. Occasionally a woman will play the role of a man.
Several characters question Will as to why he made the character Juliet only 13 years old; implicitly, they felt she should have been older to be romantically and sexually involved with Romeo.