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Norwegian Cruise Line Holdings Ltd (NCLH) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

CONSUMER CYCLICAL · Hotels, Resorts & Cruise Lines · DATA UPDATED 2026-09-19

Norwegian Cruise Line Holdings Ltd (NCLH) operates in the Hotels, Resorts & Cruise Lines industry and is headquartered in Miami, United States with about 44,500 employees. Its market capitalization is roughly $6 billion. In the fiscal year ended 2025-12-31, NCLH reported $9.8B in revenue and $423M in net income.

Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally.

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NCLH Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$10.2B	$9.8B	$9.5B	$8.6B	$4.8B	$648M	$1.3B	$6.5B	$6.1B	$5.4B	$4.9B	$4.3B	$3.1B	$2.6B	$2.3B	$2.2B	$2.0B	$1.9B	$2.1B	$2.2B	$2.0B
Gross Profit	$4.3B	$3.1B	$3.8B	$3.1B	$577M	($960M)	($413M)	$2.8B	$2.7B	$2.3B	$2.0B	$1.7B	$1.2B	$913M	$798M	$751M	$665M	$566M	$528M	$480M	$409M
Gross Margin %	42.5%	32.0%	40.0%	36.0%	11.9%	-148.2%	-32.3%	43.3%	44.2%	43.2%	41.5%	38.9%	37.7%	35.5%	35.0%	33.9%	33.0%	30.5%	25.1%	22.1%	20.7%
Operating Income (EBIT)	$1.5B	$1.6B	$1.5B	$931M	($1.6B)	($2.6B)	($3.5B)	$1.2B	$1.2B	$1.0B	$925M	$702M	$503M	$396M	$357M	$316M	$230M	$171M	($63M)	$42M	$33M
Operating Margin %	15.1%	16.2%	15.5%	10.9%	-32.0%	-393.9%	-272.2%	18.2%	20.1%	19.4%	19.0%	16.2%	16.1%	15.4%	15.7%	14.2%	11.4%	9.2%	-3.0%	1.9%	1.7%
Net Income	$761M	$423M	$910M	$166M	($2.3B)	($4.5B)	($4.0B)	$930M	$955M	$760M	$633M	$427M	$338M	$102M	$169M	$127M	$23M	$67M	($212M)	($227M)	($131M)
Net Margin %	7.5%	4.3%	9.6%	1.9%	-46.9%	-695.5%	-313.5%	14.4%	15.8%	14.1%	13.0%	9.8%	10.8%	4.0%	7.4%	5.7%	1.1%	3.6%	-10.1%	-10.4%	-6.6%
EBITDA	—	$3.8B	$2.5B	$1.8B	($665M)	($1.7B)	($2.8B)	$1.8B	$1.8B	$1.6B	$1.4B	$1.1B	$797M	$642M	$575M	$528M	$367M	$352M	$103M	$96M	$125M
Earnings Per Share (EPS)	$1.58	$0.92	$1.77	$0.39	$-5.41	$-12.33	$-15.75	$4.30	$4.25	$3.31	$2.78	$1.86	$1.60	$0.49	$0.84	$0.62	$0.11	$0.33	$-1.04	$-1.12	$-0.64
Shares Outstanding (M)	—	460M	515M	427M	420M	365M	255M	216M	224M	230M	228M	230M	212M	209M	200M	203M	203M	203M	203M	203M	203M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NCLH Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$2.6B	$2.3B	$2.2B	$2.9B	$2.5B	$2.1B	$2.1B	$2.8B	$2.4B
Gross Profit	$1.1B	$953M	$921M	$1.4B	$1.1B	$824M	$802M	$1.3B	$918M
Gross Margin %	39.9%	40.9%	41.0%	47.1%	42.1%	38.7%	38.0%	45.2%	38.7%
Operating Income (EBIT)	$363M	$233M	$187M	$749M	$424M	$201M	$215M	$691M	$342M
Operating Margin %	13.8%	10.0%	8.3%	25.5%	16.8%	9.4%	10.2%	24.6%	14.4%
Net Income	$223M	$105M	$14M	$419M	$30M	($40M)	$255M	$475M	$163M
Net Margin %	8.5%	4.5%	0.6%	14.3%	1.2%	-1.9%	12.1%	16.9%	6.9%
EBITDA	—	$453M	$471M	$1.0B	$443M	$427M	$530M	$896M	$586M
Earnings Per Share (EPS)	$0.48	$0.22	$0.03	$0.85	$0.07	$-0.09	$0.49	$0.92	$0.32
Shares Outstanding (M)	—	466M	460M	496M	444M	441M	518M	515M	514M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NCLH Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$2.1B	$2.1B	$2.0B	$2.0B	$210M	($2.5B)	($2.6B)	$1.8B	$2.1B	$1.6B	$1.2B	$1.0B	$636M	$475M	$399M	$357M	$419M	$51M	($23M)	$36M	$148M
Capital Expenditures (CapEx)	$3.3B	$3.3B	$1.2B	$2.8B	$1.8B	$753M	$947M	$1.6B	$1.6B	$1.4B	$1.1B	$1.1B	$1.1B	$895M	$304M	$185M	$977M	$162M	$164M	$583M	$809M
Free Cash Flow (FCF)	($1.2B)	($1.2B)	$839M	($745M)	($1.6B)	($3.2B)	($3.5B)	$185M	$508M	$214M	$148M	($82M)	($416M)	($420M)	$95M	$172M	($559M)	($111M)	($187M)	($547M)	($662M)
FCF Margin %	-11.7%	-11.9%	8.8%	-8.7%	-32.5%	-497.1%	-273.7%	2.9%	8.4%	4.0%	3.0%	-1.9%	-13.3%	-16.3%	4.2%	7.8%	-27.8%	-6.0%	-8.9%	-25.1%	-33.5%
Dividends Paid	—	—	—	$347M	$16M	$2.6B	$6.1B	$32M	—	$0M	$3.8B	$1.9B	$37M	$117M	—	—	—	—	—	—	—

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NCLH Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$603M	$811M	$459M	$237M	$715M	$679M	$399M	$173M	$671M
Capital Expenditures (CapEx)	$458M	$1.4B	$438M	$963M	$334M	$1.5B	$243M	$368M	$341M
Free Cash Flow (FCF)	$145M	($625M)	$21M	($727M)	$381M	($846M)	$156M	($196M)	$330M
FCF Margin %	5.5%	-26.8%	1.0%	-24.7%	15.1%	-39.8%	7.4%	-7.0%	13.9%

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

NCLH Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$24.0B	$22.5B	$20.0B	$19.5B	$18.6B	$18.7B	$18.4B	$16.7B	$15.2B	$14.1B	$13.0B	$12.3B	$11.6B	$6.7B	$5.9B	$5.6B	$5.6B	$4.8B	$5.0B	$5.0B	$4.6B
Cash & Cash Equivalents	$218M	$210M	$191M	$402M	$947M	$1.5B	$3.3B	$253M	$164M	$176M	$128M	$116M	$85M	$56M	$46M	$59M	$55M	$50M	$186M	$40M	$64M
Total Liabilities	$21.4B	$20.3B	$18.5B	$19.2B	$18.5B	$16.3B	$14.0B	$10.2B	$9.2B	$8.3B	$8.4B	$8.5B	$8.1B	$4.0B	$3.9B	$3.7B	$3.8B	$3.1B	$3.5B	$3.8B	$3.2B
Total Debt (Short + Long-Term)	$15.0B	$14.6B	$13.1B	$14.1B	$13.6B	$12.4B	$11.8B	$6.8B	$6.5B	$6.3B	$6.4B	$6.4B	$6.2B	$3.1B	$3.0B	$3.0B	$3.2B	$4M	$182M	$191M	$155M
Total Shareholders' Equity	$2.6B	$2.2B	$1.4B	$301M	$69M	$2.4B	$4.4B	$6.5B	$6.0B	$5.8B	$4.5B	$3.8B	$3.5B	$2.6B	$2.0B	$1.8B	$1.7B	$1.7B	$1.6B	$1.2B	$1.5B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive NCLH viewer.

NCLH Metric Deep Dives

Other Companies in Hotels, Resorts & Cruise Lines

HLT · Hilton Worldwide — $69 billion
RCL · Royal Caribbean Group — $66 billion
EXPE · Expedia Group — $34 billion
CCL · Carnival Corporation — $30 billion
BKNG · Booking Holdings — $126 billion
ABNB · Airbnb — $100 billion
MAR · Marriott International — $88 billion

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