Norwegian Cruise Line Holdings Ltd.
NCLH- Exchange
- NYSE
- Industry
- Water Transportation
- SEC CIK
- 0001513761
No open-market purchases or sales by Norwegian Cruise Line Holdings Ltd. insiders were filed in the last 90 days; 644 institutions reported holding it in 13F filings for Q2 2026, worth $9.93B in total; superinvestors Elliott Investment Management and Baupost Group hold it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 30, 2026, 1:18 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 12, 2026 | Feb 27, 2025 | Feb 27, 2024 | Jan 19, 2023 | Feb 8, 2022 |
| Revenue | $9.83B | $9.48B | $8.55B | $4.84B | $648.0M |
| Cost of revenue | $5.64B | $5.69B | $5.47B | $4.27B | $1.61B |
| Operating expenses | $2.63B | $2.33B | $2.15B | $2.13B | $1.59B |
| Selling, general and administrative | $1.55B | $1.43B | $1.34B | $1.38B | $891.5M |
| Operating income | $1.56B | $1.47B | $930.9M | -$1.55B | -$2.55B |
| Interest expense | – | – | $727.5M | $800.0M | $2.10B |
| Income tax | $5.47M | -$137.3M | -$3.00M | -$6.79M | $5.27M |
| Net income | $423.2M | $910.3M | $166.2M | -$2.27B | -$4.51B |
| EPS, basic | $0.94 | $2.09 | $0.39 | $-5.41 | $-12.33 |
| EPS, diluted | $0.92 | $1.89 | $0.39 | $-5.41 | $-12.33 |
| Weighted shares, basic | 448.5M | 435.3M | 424.4M | 419.8M | 365.4M |
| Weighted shares, diluted | 477.7M | 515.0M | 427.4M | 419.8M | 365.4M |
| Margins and growth | |||||
| Operating margin | 15.9% | 15.5% | 10.9% | -32.0% | -393.9% |
| Net margin | 4.3% | 9.6% | 1.9% | -46.9% | -695.5% |
| Revenue growth, year over year | +3.7% | +10.9% | +76.5% | +647.5% | −49.4% |
| Net income growth, year over year | −53.5% | +447.8% | – | – | – |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 12, 2026 | Feb 27, 2025 | Feb 27, 2024 | Jan 19, 2023 | Feb 8, 2022 |
| Cash and equivalents | $209.9M | $190.8M | $402.4M | $947.0M | $1.51B |
| Short-term investments | – | – | – | – | $240.0M |
| Accounts receivable | $291.7M | $221.4M | $280.3M | $326.3M | $1.17B |
| Inventory | $138.2M | $149.7M | $157.6M | $148.7M | $118.2M |
| Total current assets | $1.14B | $1.01B | $1.31B | $1.87B | $3.30B |
| Property, plant and equipment | $19.1B | $16.8B | $16.4B | $14.5B | $13.5B |
| Goodwill | $135.8M | $135.8M | $98.1M | $98.1M | $98.1M |
| Intangible assets | $500.5M | $500.5M | $500.5M | $500.5M | $500.5M |
| Total assets | $22.5B | $20.0B | $19.5B | $18.6B | $18.7B |
| Accounts payable | $169.7M | $171.1M | $174.3M | $228.7M | $233.2M |
| Total current liabilities | $5.45B | $5.78B | $6.04B | $5.05B | $3.73B |
| Total liabilities | $20.3B | $18.5B | $19.2B | $18.5B | $16.3B |
| Shareholders' equity | $2.21B | $1.43B | $300.8M | $68.6M | $2.43B |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 12, 2026 | Feb 27, 2025 | Feb 27, 2024 | Jan 19, 2023 | Feb 8, 2022 |
| Operating cash flow | $2.09B | $2.05B | $2.01B | $210.0M | -$2.47B |
| Capital expenditures | $3.26B | $1.21B | $2.75B | $1.78B | $752.8M |
| Free cash flow | -$1.17B | $838.9M | -$744.6M | -$1.57B | -$3.22B |
| Depreciation and amortization | $1.16B | $973.5M | $883.2M | $810.1M | $758.6M |
| Stock-based compensation | $88.4M | $91.8M | $118.9M | $113.6M | $124.1M |
| Investing cash flow | -$3.26B | -$1.23B | -$2.90B | -$1.76B | -$1.00B |
| Financing cash flow | $1.19B | -$1.03B | $346.9M | $986.2M | $1.68B |
| Net change in cash | $19.1M | -$211.7M | -$544.6M | -$559.7M | -$1.79B |
| Ratio | |||||
| Stock-based compensation, % of revenue | 0.9% | 1.0% | 1.4% | 2.3% | 19.1% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 22, 2026 | 459.3M | +0.9% | SEC |
| Jul 23, 2026 | 459.2M | +1.6% | SEC |
| Apr 22, 2026 | 459.1M | +2.8% | SEC |
| Feb 17, 2026 | 455.5M | +3.5% | SEC |
| Oct 28, 2025 | 455.3M | +3.5% | SEC |
| Jul 31, 2025 | 451.9M | +2.8% | SEC |
| Apr 30, 2025 | 446.8M | +4.1% | SEC |
| Feb 17, 2025 | 439.9M | +3.4% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.