Norwegian Cruise Line Holdings Ltd. NCLH

Industrials SIC 4400 - Water Transportation NAICS Transportation and Warehousing › Water Transportation derived NYSE

Norwegian commenced operations from Miami, Florida in 1966, launching the modern cruise industry by offering weekly departures from Miami, Florida to destinations in the Caribbean. In February 2011, NCLH, a Bermuda limited company, was formed. In January 2013, NCLH completed its initial public offering and the ordinary shares of NCLC were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of the ordinary shares and parent company of NCLC. In November 2014, we completed the acquisition of PCI.

In late 2023, in response to the Organisation for Economic Co-operation and Development ("OECD")'s BEPS 2.0 Pillar 2 global tax reform, the Company restructured its organizational structure by realigning many of its operations across its three different brands into a single jurisdiction, Bermuda. In connection with the reorganization, among other steps, certain NCLH subsidiaries previously domiciled in the Isle of Man, the Cayman Islands, the Republic of the Marshall Islands, the Republic of Panama and the state of Delaware, were redomiciled to Bermuda.

Last close 15.10 2026-10-23
Market cap $6.93B 2026-06-30 share count
52-week range 13.63 - 25.12

Valuation FY2025 figures against the last close

P/S0.7x
P/E16.4x
P/FCF—
EV/EBITDA2.5x
Dividend yield—
Diluted EPS0.92

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $9.83B$9.48B$8.55B$4.84B$648.0M$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$576.7M-$960.1M-$413.2M$2.80B———
SG&A $1.55B$1.43B$1.34B$1.38B$891.5M$745.3M$974.9M$897.9M$773.8M$666.2M
Total operating expenses $2.63B$2.33B$2.15B$2.13B$1.59B$3.07B$1.62B$1.46B$1.28B$1.10B
Operating income $1.56B$1.47B$930.9M-$1.55B-$2.55B-$3.48B$1.18B$1.22B$1.05B$925.5M
Interest expense ——$727.5M$801.5M$2.10B$482.3M$272.9M$270.4M$267.8M$276.9M
Pre-tax income $428.7M$772.9M$163.2M-$2.28B-$4.50B-$4.00B$911.4M$969.3M$770.6M$640.3M
Income tax $5.5M$137.3M$3.0M$6.8M$5.3M$12.5M$18.9M$14.5M$10.7M$7.2M
Net income $423.2M$910.3M$166.2M-$2.27B-$4.51B-$4.01B$930.2M$954.8M$759.9M$633.1M
EPS, basic 0.942.090.39-5.41-12.33-15.754.334.283.332.79
EPS, diluted 0.921.890.39-5.41-12.33-15.754.304.253.312.78
Shares, diluted (wtd. avg.) 477.7M515.0M427.4M419.8M365.4M254.7M216.5M224.4M229.4M227.9M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $209.9M$190.8M$402.4M$947.0M$1.51B$3.30B$252.9M$163.9M$176.2M$128.3M
Short-term investments ————$240.0M$205.0M————
Receivables $291.7M$221.4M$280.3M$326.3M$1.17B$20.6M$75.1M$55.2M$44.0M$63.2M
Inventory $138.2M$149.7M$157.6M$148.7M$118.2M$82.4M$95.4M$90.2M$82.1M$66.3M
Total current assets $1.14B$1.01B$1.31B$1.87B$3.30B$3.56B$730.1M$550.3M$518.3M$411.1M
Property, plant and equipment $19.07B$16.81B$16.43B$14.52B$13.53B$13.41B$13.14B$12.12B$11.04B$10.12B
Goodwill $135.8M$135.8M$98.1M$98.1M$98.1M$98.1M$1.39B$1.39B$1.39B$1.39B
Other intangibles $500.5M$500.5M$500.5M$500.5M$500.5M$500.5M$817.5M$817.5M$817.5M$817.5M
Total assets $22.54B$19.97B$19.49B$18.56B$18.73B$18.40B$16.68B$15.21B$14.09B$12.97B
Accounts payable $169.7M$171.1M$174.3M$228.7M$233.2M$83.1M$100.8M$159.6M$53.4M$38.0M
Total 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 —————$1.55B————
Total liabilities $20.33B$18.54B$19.19B$18.49B$16.30B$14.05B$10.17B$9.24B$8.35B$8.44B
Retained earnings -$5.57B-$5.99B-$6.90B-$7.07B-$4.80B-$295.4M$3.83B$2.90B$1.96B$1.20B
Total equity $2.21B$1.43B$300.8M$68.6M$2.43B$4.35B$6.52B$5.96B$5.75B$4.54B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $2.09B$2.05B$2.01B$210.0M-$2.47B-$2.56B$1.82B$2.08B$1.60B$1.26B
Depreciation and amortisation $1.16B$973.5M$883.2M$810.1M$758.6M$739.6M$647.1M$567.0M$521.5M$445.6M
Stock-based compensation $88.4M$91.8M$118.9M$113.6M$124.1M$111.3M$95.1M$116.0M$87.0M$66.4M
Capital expenditure $3.26B$1.21B$2.75B$1.78B$752.8M$946.5M$1.64B$1.57B$1.37B$1.09B
Investing cash flow -$3.26B-$1.23B-$2.90B-$1.76B-$1.00B-$975.4M-$1.68B-$1.50B-$1.40B-$1.13B
Financing cash flow $1.19B-$1.03B$346.9M$986.2M$1.68B$6.58B-$53.4M-$584.8M-$148.5M-$122.8M
Buybacks ——————$349.9M$664.8M—$50.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-052146.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -5B 0 5B 10B Revenue, FY2016: 4.9B Net income, FY2016: 633.1M Revenue, FY2017: 5.4B Net income, FY2017: 759.9M Revenue, FY2018: 6.1B Net income, FY2018: 954.8M Revenue, FY2019: 6.5B Gross profit, FY2019: 2.8B Net income, FY2019: 930.2M Revenue, FY2020: 1.3B Gross profit, FY2020: -413.2M Net income, FY2020: -4B Revenue, FY2021: 648M Gross profit, FY2021: -960.1M Net income, FY2021: -4.5B Revenue, FY2022: 4.8B Gross profit, FY2022: 576.7M Net income, FY2022: -2.3B Revenue, FY2023: 8.5B Gross profit, FY2023: 3.1B Net income, FY2023: 166.2M Revenue, FY2024: 9.5B Gross profit, FY2024: 3.8B Net income, FY2024: 910.3M Revenue, FY2025: 9.8B Gross profit, FY2025: 4.2B Net income, FY2025: 423.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $4.87B $5.40B $6.06B $6.46B $1.28B $648.0M $4.84B $8.55B $9.48B $9.83B
Gross profit — — — $2.80B -$413.2M -$960.1M $576.7M $3.08B $3.79B $4.19B
Net income $633.1M $759.9M $954.8M $930.2M -$4.01B -$4.51B -$2.27B $166.2M $910.3M $423.2M

Recent filings and events

  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote Item 5.07
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Officer or director change Item 5.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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