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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 2026-07-19

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 $9 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 → 2026-03-31	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	$10.0B	$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 %	43.0%	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)	$1.6B	$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 %	15.9%	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	$568M	$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 %	5.7%	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	$2.4B	$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)	$1.17	$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)	466M	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	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$2.3B	$2.2B	$2.9B	$2.5B	$2.1B	$2.1B	$2.8B	$2.4B
Gross Profit	$953M	$921M	$1.4B	$1.1B	$824M	$802M	$1.3B	$918M
Gross Margin %	40.9%	41.0%	47.1%	42.1%	38.7%	38.0%	45.2%	38.7%
Operating Income (EBIT)	$233M	$187M	$749M	$424M	$201M	$215M	$691M	$342M
Operating Margin %	10.0%	8.3%	25.5%	16.8%	9.4%	10.2%	24.6%	14.4%
Net Income	$105M	$14M	$419M	$30M	($40M)	$255M	$475M	$163M
Net Margin %	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)	$0.22	$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 → 2026-03-31	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)	$2.2B	$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)	$3.2B	$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)	($949M)	($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 %	-9.5%	-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	2026-03-31	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)	$811M	$459M	$237M	$715M	$679M	$399M	$173M	$671M
Capital Expenditures (CapEx)	$1.4B	$438M	$963M	$334M	$1.5B	$243M	$368M	$341M
Free Cash Flow (FCF)	($625M)	$21M	($727M)	$381M	($846M)	$156M	($196M)	$330M
FCF Margin %	-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	2026-03-31	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	$23.8B	$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	$185M	$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)	$15.2B	$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	$2.4B	$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.

Other Companies in Hotels, Resorts & Cruise Lines

RCL · Royal Caribbean Group — $79 billion
HLT · Hilton Worldwide — $74 billion
CCL · Carnival Corporation — $36 billion
EXPE · Expedia Group — $31 billion
BKNG · Booking Holdings — $138 billion
MAR · Marriott International — $99 billion
ABNB · Airbnb — $84 billion

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