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Financials · NCLH

Norwegian Cruise Line Holdings Ltd. (NCLH) financials

For the twelve months ended Sep 30, 2026, Norwegian Cruise Line Holdings Ltd. reported $10.16B of revenue and $832.94M of net income.

Revenue, TTM
$10.16B
Revenue growth, YoY
+4.9%
Net income, TTM
$832.94M
Net income growth, YoY
+25.5%
Net margin
8.2%
Free cash flow, TTM
-$564.22M
EPS, diluted, TTM
$1.86
Cash
$256.51M
Total debt
$13.95B
P/E
9.88
P/S
0.81
Market cap
$8.23B
Annual revenue$9.83B
FY2016FY2025
Annual net income$423.25M
FY2016FY2025
Annual free cash flow-$1.17B
FY2016FY2025

NCLH revenue and earnings growth

NCLH revenueQ3 2026$2.95B

Quarter YoY
+0.3%
QoQ
+11.6%
FY YoY
+3.7%
5Y CAGR
+50.3%
10Y CAGR
+8.5%

NCLH revenue was $2.95B in fiscal Q3 2026 (ended Sep 30, 2026), up 0.3% from a year earlier and up 11.6% from the prior quarter. For the full fiscal 2025 it was $9.83B, up 3.7% from fiscal 2024. Compound annual growth was +50.3% over 5 years and +8.5% over 10 years. It rose in 8 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

NCLH net incomeQ3 2026$491.46M

Quarter YoY
+17.2%
QoQ
+120.8%
FY YoY
-53.5%
10Y CAGR
-0.1%

NCLH net income was $491.46M in fiscal Q3 2026 (ended Sep 30, 2026), up 17.2% from a year earlier and up 120.8% from the prior quarter. For the full fiscal 2025 it was $423.25M, down 53.5% from fiscal 2024. Compound annual growth was -0.1% over 10 years.

NCLH EPSQ3 2026$1.07

Quarter YoY
+24.4%
QoQ
+122.9%
FY YoY
-51.3%

NCLH diluted EPS was $1.07 in fiscal Q3 2026 (ended Sep 30, 2026), up 24.4% from a year earlier and up 122.9% from the prior quarter. For the full fiscal 2025 it was $0.92, down 51.3% from fiscal 2024.

NCLH free cash flowQ3 2026-$105.36M

NCLH free cash flow was -$105.36M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$726.53M a year earlier. For the full fiscal 2025 it was -$1.17B, compared with $838.87M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$9.83B$9.48B$8.55B$4.84B$647.99M$1.28B$6.46B$6.06B$5.40B$4.87B
Cost of revenue$5.64B$5.69B$5.47B$4.27B$1.61B$1.69B$3.66B---
Gross profit$4.19B$3.79B$3.08B$576.67M-$960.05M-$413.15M$2.80B---
Selling, general and admin$1.55B$1.43B$1.34B$1.38B$891.45M$745.35M$974.85M$897.93M$773.75M$666.16M
Operating income$1.56B$1.47B$930.91M-$1.55B-$2.55B-$3.48B$1.18B$1.22B$1.05B$925.46M
Interest expense--$727.50M$801.50M$2.10B$482.30M$272.90M$270.40M$267.80M$276.90M
Pre-tax income$428.72M$772.91M$163.18M-$2.28B-$4.50B-$4.00B$911.37M$969.31M$770.61M$640.30M
Income tax$5.47M-$137.35M-$3.00M-$6.79M$5.27M$12.47M-$18.86M$14.47M$10.74M$7.22M
Net income$423.25M$910.26M$166.18M-$2.27B-$4.51B-$4.01B$930.23M$954.84M$759.87M$633.09M
EPS, basic$0.94$2.09$0.39-$5.41-$12.33-$15.75$4.33$4.28$3.33$2.79
EPS, diluted$0.92$1.89$0.39-$5.41-$12.33-$15.75$4.30$4.25$3.31$2.78
Diluted shares477.7M515.0M427.4M419.8M365.4M254.7M216.5M224.4M229.4M227.9M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$209.89M$190.76M$402.42M$946.99M$1.51B$3.30B$252.88M$163.85M$176.19M$128.35M
Short-term investments----$240.00M-----
Receivables$291.66M$221.41M$280.27M$326.27M$1.17B$20.58M$75.11M$55.25M$43.96M$63.22M
Inventory$138.18M$149.72M$157.65M$148.72M$118.20M$82.38M$95.43M$90.20M$82.12M$66.25M
Current assets$1.14B$1.01B$1.31B$1.87B$3.30B$3.56B$730.14M$550.31M$518.34M$411.09M
Goodwill$135.76M$135.76M$98.13M$98.13M$98.13M$98.13M$1.39B$1.39B$1.39B$1.39B
Total assets$22.54B$19.97B$19.49B$18.56B$18.73B$18.40B$16.68B$15.21B$14.09B$12.97B
Current liabilities$5.45B$5.78B$6.04B$5.05B$3.73B$1.91B$3.58B$3.15B$2.49B$2.31B
Long-term debt$13.73B$11.78B$12.31B$12.63B$11.57B$11.68B$6.06B$5.81B$5.69B$5.84B
Total debt$13.73B$11.78B$12.31B$12.63B$11.57B$11.68B$6.06B$5.81B$5.69B$5.84B
Total liabilities$20.33B$18.54B$19.19B$18.49B$16.30B$14.05B$10.17B$9.24B$8.35B$8.44B
Shareholders' equity$2.21B$1.43B$300.81M$68.59M$2.43B$4.35B$6.52B$5.96B$5.75B$4.54B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$2.09B$2.05B$2.01B$210.02M-$2.47B-$2.56B$1.82B$2.08B$1.60B$1.26B
Capital expenditures$3.26B$1.21B$2.75B$1.78B$752.84M$946.54M$1.64B$1.57B$1.37B$1.09B
Free cash flow-$1.17B$838.87M-$744.65M-$1.57B-$3.22B-$3.50B$185.44M$508.38M$229.03M$172.00M
Investing cash flow-$3.26B-$1.23B-$2.90B-$1.76B-$1.00B-$975.36M-$1.68B-$1.50B-$1.40B-$1.13B
Financing cash flow$1.19B-$1.03B$346.86M$986.22M$1.68B$6.58B-$53.39M-$584.80M-$148.51M-$122.76M
Share repurchases------$349.86M$664.81M-$50.00M
Stock-based compensation$88.39M$91.78M$118.94M$113.56M$124.08M$111.30M$95.06M$115.98M$87.04M$66.41M
Depreciation and amortization$1.16B$973.51M$883.24M$810.05M$758.60M$739.62M$647.10M$566.97M$521.48M$445.63M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY3.7%10.9%76.5%647.5%-49.4%-80.2%6.7%12.2%10.7%12.2%
Net income growth, YoY-53.5%447.8%-----2.6%25.7%20.0%48.2%
EPS growth, YoY-51.3%384.6%----1.2%28.4%19.1%49.5%
Gross margin42.6%40.0%36.0%11.9%-148.2%-32.3%43.3%---
Operating margin15.9%15.5%10.9%-32.0%-393.9%-272.2%18.2%20.1%19.4%19.0%
Net margin4.3%9.6%1.9%-46.9%-695.5%-313.5%14.4%15.8%14.1%13.0%
Free cash flow margin-11.9%8.8%-8.7%-32.5%-497.1%-273.7%2.9%8.4%4.2%3.5%
Return on equity19.2%63.9%55.2%-3309.3%-185.3%-92.2%14.3%16.0%13.2%14.0%
Return on assets1.9%4.6%0.9%-12.2%-24.1%-21.8%5.6%6.3%5.4%4.9%
Current ratio0.210.170.220.370.891.860.200.170.210.18
Debt to equity6.218.2640.94184.144.762.680.930.970.991.29

Source: XBRL data Norwegian Cruise Line Holdings Ltd. files with the SEC, latest filing dated Oct 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

NCLH peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
NCLH$10.16B+4.9%$832.94M8.2%$8.23B
GD$56.52B+9.7%$4.66B8.2%$95.67B
RCL$19.13B+9.7%$4.55B23.8%$87.50B
CCL$27.59B+5.2%$3.14B11.4%$39.77B
VIK$6.50B+21.9%$1.15B17.7%$39.00B
BIP$23.10B+9.8%$2.53B11.0%$18.06B
HII$13.53B+12.6%$733.00M5.4%$11.38B
FRO$1.97B-8.8%$379.08M19.2%$10.11B
KEX$3.49B+6.6%$355.23M10.2%$6.39B

NCLH FAQ

9 questions
  • What is NCLH revenue?
    Norwegian Cruise Line Holdings Ltd. (NCLH) reported $10.16B of revenue for the twelve months ended Sep 30, 2026. That is up 4.9% from the year before. Revenue for fiscal 2025 was $9.83B.
  • Is NCLH profitable?
    Yes. Norwegian Cruise Line Holdings Ltd. earned $832.94M in net income for the twelve months ended Sep 30, 2026, a net margin of 8.2%.
  • How much cash and debt does NCLH have?
    Norwegian Cruise Line Holdings Ltd. reported $256.51M in cash and cash equivalents and $13.95B of debt on its most recent balance sheet in SEC filings.
  • How fast is NCLH revenue growing?
    Norwegian Cruise Line Holdings Ltd.'s revenue changed +3.7% in fiscal 2025, to $9.83B. Its compound annual growth rate was +50.3% over 5 years and +8.5% over 10 years.
  • What is NCLH gross margin?
    Norwegian Cruise Line Holdings Ltd.'s gross profit was $4.21B on $10.16B of revenue for the twelve months ended Sep 30, 2026, a gross margin of 41.4%.
  • What is NCLH free cash flow?
    Norwegian Cruise Line Holdings Ltd. generated -$564.22M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $2.17B less capital expenditures.
  • What is NCLH earnings per share?
    Diluted earnings per share were $1.86 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did NCLH last report financial results?
    The latest statements here come from Norwegian Cruise Line Holdings Ltd.'s 10-Q filed on Oct 29, 2026, covering the period ended Sep 30, 2026.
  • Where does this NCLH financial data come from?
    Quantisnow builds these statements from the structured XBRL data Norwegian Cruise Line Holdings Ltd. files with the SEC. It is provided for information only and is not investment advice.