Norwegian Cruise Line Holdings Ltd. (NCLH) Financial Statements
Industry: Water Transportation
In fiscal 2025, Norwegian Cruise Line reported revenue of $9.83B, up 3.7% from $9.48B the year before. Net income was $423.2M (a 4.3% net margin), or $0.92 per diluted share. Gross margin was 42.6% and operating margin was 15.9%. Operating activities generated $2.09B of cash, leaving -$1.17B of free cash flow. At fiscal year end, Norwegian Cruise Line held $22.54B in total assets against $20.33B in total liabilities, including $209.9M of cash and equivalents.
Open the full interactive Norwegian Cruise Line financials → Quarterly statements, key ratios, valuation history and price charts.
Norwegian Cruise Line Key Stats
| Share Price | $15.32 |
|---|---|
| Market Cap | $7.11B |
| P/E Ratio | 16.7 |
| Revenue YoY Growth | +3.7% |
| 52-Week Range | $14.12 – $25.02 |
| Shares Outstanding | 459.1 million (basic, 2026 Q2) |
Norwegian Cruise Line Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.28B | $648.0M | $4.84B | $8.55B | $9.48B | $9.83B |
| Cost of Goods Sold | — | $1.61B | $4.27B | $5.47B | $5.69B | $5.64B |
| Gross Profit | — | -$960.1M | $576.7M | $3.08B | $3.79B | $4.19B |
| Operating Income | -$3.48B | -$2.55B | -$1.55B | $930.9M | $1.47B | $1.56B |
| Pre-Tax Income | -$4.00B | -$4.50B | -$2.28B | $163.2M | $772.9M | $428.7M |
| Income Tax | $12.5M | $5.3M | -$6.8M | -$3.0M | -$137.3M | $5.5M |
| Net Income | -$4.01B | -$4.51B | -$2.27B | $166.2M | $910.3M | $423.2M |
| Diluted EPS | -$15.75 | -$12.33 | -$5.41 | $0.39 | $1.89 | $0.92 |
Norwegian Cruise Line Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $2.94B | $2.24B | $2.33B | $2.64B |
| Net Income | $419.3M | $14.3M | $104.7M | $222.6M |
| Diluted EPS | $0.86 | $0.03 | $0.23 | $0.48 |
Norwegian Cruise Line Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.30B | $1.51B | $947.0M | $402.4M | $190.8M | $209.9M |
| Current Assets | $3.56B | $3.30B | $1.87B | $1.31B | $1.01B | $1.14B |
| Total Assets | $18.40B | $18.73B | $18.56B | $19.49B | $19.97B | $22.54B |
| Current Liabilities | $1.91B | $3.73B | $5.05B | $6.04B | $5.78B | $5.45B |
| Total Long-Term Debt | $11.81B | $12.45B | $13.62B | $14.06B | $13.10B | $14.61B |
| Total Liabilities | $14.05B | $16.30B | $18.49B | $19.19B | $18.54B | $20.33B |
| Shareholders' Equity | $4.35B | $2.43B | $68.6M | $300.8M | $1.43B | $2.21B |
Norwegian Cruise Line Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$2.56B | -$2.47B | $210.0M | $2.01B | $2.05B | $2.09B |
| Cash From Investing | -$975.4M | -$1.00B | -$1.76B | -$2.90B | -$1.23B | -$3.26B |
| Cash From Financing | $6.58B | $1.68B | $986.2M | $346.9M | -$1.03B | $1.19B |
| Free Cash Flow | -$3.50B | -$3.22B | -$1.57B | -$744.6M | $838.9M | -$1.17B |
Figures from Norwegian Cruise Line's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Norwegian Cruise Line financials page for every line item.
Norwegian Cruise Line Company Profile
| Ticker | NCLH |
|---|---|
| Exchange | NYSE |
| Industry | Water Transportation |
| Headquarters | Miami, Florida |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001513761 |
Frequently Asked Questions
What was Norwegian Cruise Line's revenue in fiscal 2025?
Norwegian Cruise Line (NCLH) reported revenue of $9.83B for fiscal 2025.
What is Norwegian Cruise Line's annual revenue history?
Norwegian Cruise Line's annual revenue by fiscal year: 2020: $1.28B; 2021: $648.0M; 2022: $4.84B; 2023: $8.55B; 2024: $9.48B; 2025: $9.83B.
What was Norwegian Cruise Line's net income in fiscal 2025?
Norwegian Cruise Line reported net income of $423.2M for fiscal 2025.
What was Norwegian Cruise Line's earnings per share (EPS) in fiscal 2025?
Norwegian Cruise Line's diluted EPS was $0.92 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Norwegian Cruise Line generate in fiscal 2025?
Norwegian Cruise Line generated -$1.17B of free cash flow in fiscal 2025.
What was Norwegian Cruise Line's revenue last quarter?
In its most recent reported quarter (2026 Q2), Norwegian Cruise Line reported revenue of $2.64B.
How much debt does Norwegian Cruise Line have?
Norwegian Cruise Line reported $14.61B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Norwegian Cruise Line are outstanding?
Norwegian Cruise Line reported a weighted average of 459.1 million basic shares outstanding in 2026 Q2.
What is Norwegian Cruise Line's market cap?
Based on its latest closing price, Norwegian Cruise Line (NCLH) has a market capitalization of about $7.11B.
When does Norwegian Cruise Line's fiscal year end?
Norwegian Cruise Line's fiscal year end, as registered with the SEC, is December 31.
Where is Norwegian Cruise Line headquartered?
Norwegian Cruise Line lists its business address in Miami, Florida in its SEC filings.