Norwegian Cruise Line Holdings (NCLH) financial statements
Norwegian Cruise Line Holdings reported revenue of $9.8B in fiscal 2025, up 8.1% a year over 9 years.
Net income was $423M and the operating margin 15.9%, against 19.0% in 2016.
Free cash flow was -$1.2B.
The diluted share count rose 110% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Norwegian Cruise Line Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.9B | $5.4B | $6.1B | $6.5B | $1.3B | $648M | $4.8B | $8.5B | $9.5B | $9.8B |
| Cost of revenue | — | — | — | $3.7B | $1.7B | $1.6B | $4.3B | $5.5B | $5.7B | $5.6B |
| Gross profit | — | — | — | $2.8B | -$413M | -$960M | $577M | $3.1B | $3.8B | $4.2B |
| Selling, general and admin | $666M | $774M | $898M | $975M | $745M | $891M | $1.4B | $1.3B | $1.4B | $1.5B |
| Operating income | $925M | $1.0B | $1.2B | $1.2B | -$3.5B | -$2.6B | -$1.6B | $931M | $1.5B | $1.6B |
| Interest expense | $277M | $268M | $270M | $273M | $482M | $2.1B | $802M | $728M | — | — |
| Pre-tax income | $640M | $771M | $969M | $911M | -$4.0B | -$4.5B | -$2.3B | $163M | $773M | $429M |
| Income tax | $7M | $11M | $14M | -$19M | $12M | $5M | -$7M | -$3M | -$137M | $5M |
| Net income | $633M | $760M | $955M | $930M | -$4.0B | -$4.5B | -$2.3B | $166M | $910M | $423M |
| EPS (diluted) | $2.78 | $3.31 | $4.25 | $4.30 | -$15.75 | -$12.33 | -$5.41 | $0.39 | $1.89 | $0.92 |
| Diluted shares | 228M | 229M | 224M | 216M | 255M | 365M | 420M | 427M | 515M | 478M |
| Gross margin | — | — | — | 43.3% | -32.3% | -148.2% | 11.9% | 36.0% | 40.0% | 42.6% |
| Operating margin | 19.0% | 19.4% | 20.1% | 18.2% | -272.2% | -393.9% | -32.0% | 10.9% | 15.5% | 15.9% |
| Net margin | 13.0% | 14.1% | 15.8% | 14.4% | -313.5% | -695.5% | -46.9% | 1.9% | 9.6% | 4.3% |
Balance sheet
Fiscal years, from Norwegian Cruise Line Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $128M | $176M | $164M | $253M | $3.3B | $1.7B | $947M | $402M | $191M | $210M |
| Receivables | $63M | $44M | $55M | $75M | $21M | $1.2B | $326M | $280M | $221M | $292M |
| Inventory | $66M | $82M | $90M | $95M | $82M | $118M | $149M | $158M | $150M | $138M |
| Total current assets | $411M | $518M | $550M | $730M | $3.6B | $3.3B | $1.9B | $1.3B | $1.0B | $1.1B |
| Property, plant and equipment | $10.1B | $11.0B | $12.1B | $13.1B | $13.4B | $13.5B | $14.5B | $16.4B | $16.8B | $19.1B |
| Goodwill | $1.4B | $1.4B | $1.4B | $1.4B | $98M | $98M | $98M | $98M | $136M | $136M |
| Total assets | $13.0B | $14.1B | $15.2B | $16.7B | $18.4B | $18.7B | $18.6B | $19.5B | $20.0B | $22.5B |
| Total current liabilities | $2.3B | $2.5B | $3.2B | $3.6B | $1.9B | $3.7B | $5.1B | $6.0B | $5.8B | $5.5B |
| Long-term debt | $5.8B | $5.7B | $5.8B | $6.1B | $11.7B | $11.6B | $12.6B | $12.3B | $11.8B | $13.7B |
| Total liabilities | $8.4B | $8.3B | $9.2B | $10.2B | $14.0B | $16.3B | $18.5B | $19.2B | $18.5B | $20.3B |
| Shareholders' equity | $4.5B | $5.7B | $6.0B | $6.5B | $4.4B | $2.4B | $69M | $301M | $1.4B | $2.2B |
| Net debt | $5.7B | $5.5B | $5.6B | $5.8B | $8.4B | $10.1B | $11.7B | $11.9B | $11.6B | $13.5B |
Cash flow
Fiscal years, from Norwegian Cruise Line Holdings's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.3B | $1.6B | $2.1B | $1.8B | -$2.6B | -$2.5B | $210M | $2.0B | $2.0B | $2.1B |
| Capital spending | $1.1B | $1.4B | $1.6B | $1.6B | $947M | $753M | $1.8B | $2.8B | $1.2B | $3.3B |
| Free cash flow | $172M | $229M | $508M | $185M | -$3.5B | -$3.2B | -$1.6B | -$745M | $839M | -$1.2B |
| Stock-based compensation | $66M | $87M | $116M | $95M | $111M | $124M | $114M | $119M | $92M | $88M |
| Share buybacks (net) | -$50M | — | -$665M | -$350M | — | — | — | — | — | — |
| Net borrowing | $10M | -$100M | $189M | $316M | $5.2B | $488M | $1.2B | $565M | -$870M | $1.6B |
| Free cash flow margin | 3.5% | 4.2% | 8.4% | 2.9% | -273.7% | -497.1% | -32.5% | -8.7% | 8.8% | -11.9% |
Questions
What was Norwegian Cruise Line Holdings's revenue in 2025?
$9.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Norwegian Cruise Line Holdings generate?
-$1.2B in fiscal 2025 (operating cash flow minus capital spending).
From Norwegian Cruise Line Holdings's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.