N 
Norwegian Cruise Line Holdings NCLH · USD
Consumer Discretionary · Hotels, Restaurants & Leisure · US listing · 🇺🇸 United States
S&P 500
18.43
+2.85%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$9.83bn
FY2016FY2025
Net income
$423.2m
FY2016FY2025
Free cash flow
−$1.17bn
FY2016FY2025
Shareholders' equity
$2.21bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.83bn | $9.48bn | $8.55bn | $4.84bn | $648.0m | $1.28bn | $6.46bn | $6.06bn | $5.40bn | $4.87bn |
| Gross profit | $3.14bn | $3.79bn | $3.08bn | $576.7m | −$960.1m | −$413.2m | $2.80bn | $2.68bn | $2.33bn | $2.02bn |
| Operating income | $1.38bn | $1.52bn | $930.9m | −$1.48bn | −$2.43bn | −$3.52bn | $1.17bn | $1.24bn | $1.04bn | $925.5m |
| Net income | $423.2m | $910.3m | $166.2m | −$2.27bn | −$4.51bn | −$4.01bn | $930.2m | $954.8m | $759.9m | $633.1m |
| Diluted earnings per share | 0.92 | 1.76 | 0.39 | -5.39 | -11.50 | -13.65 | 4.33 | 4.28 | 3.30 | 2.78 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $22.54bn | $19.97bn | $19.49bn | $18.56bn | $18.73bn | $18.40bn | $16.68bn | $15.21bn | $14.09bn | $12.97bn |
| Cash and short-term investments | $209.9m | $190.8m | $402.4m | $947.0m | $1.75bn | $3.30bn | $252.9m | $163.9m | $176.2m | $128.3m |
| Total liabilities | $20.33bn | $18.54bn | $19.19bn | $18.49bn | $16.30bn | $14.05bn | $10.17bn | $9.24bn | $8.35bn | $8.44bn |
| Debt | $14.61bn | $13.10bn | $14.06bn | $13.62bn | $12.45bn | $11.81bn | $6.80bn | $6.49bn | $6.31bn | $6.40bn |
| Shareholders' equity | $2.21bn | $1.43bn | $300.8m | $68.6m | $2.43bn | $4.35bn | $6.52bn | $5.96bn | $5.75bn | $4.54bn |
| Shares outstanding | 460m | 518m | 425m | 421m | 392m | 294m | 215m | 223m | 230m | 228m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $2.09bn | $2.05bn | $2.01bn | $210.0m | −$2.47bn | −$2.56bn | $1.82bn | $2.08bn | $1.59bn | $1.24bn |
| Capital spending | −$3.26bn | −$1.21bn | −$2.75bn | −$1.78bn | −$752.8m | −$946.5m | −$1.64bn | −$1.57bn | −$1.37bn | −$1.09bn |
| Free cash flow | −$1.17bn | $838.9m | −$744.6m | −$1.57bn | −$3.22bn | −$3.50bn | $185.4m | $508.4m | $213.5m | $147.6m |
| Dividends paid | — | — | −$346.9m | −$15.7m | −$2.60bn | −$6.08bn | −$31.9m | — | — | −$3.76bn |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.64bn | $2.33bn | $2.24bn | $2.94bn | $2.52bn | $2.13bn | $2.11bn | $2.81bn |
| Gross profit | $1.05bn | $953.3m | $920.9m | $1.38bn | $1.06bn | $823.6m | $801.8m | $1.27bn |
| Operating income | $363.3m | $232.9m | $175.9m | $749.4m | $423.8m | $200.9m | $214.7m | $691.2m |
| Net income | $222.6m | $104.7m | $14.3m | $419.3m | $30.0m | −$40.3m | $254.5m | $474.9m |
| Diluted earnings per share | 0.48 | 0.23 | 0.03 | 0.91 | 0.07 | -0.09 | 0.49 | 0.92 |
| Cash from operations | $636.0m | $811.0m | $459.0m | $236.0m | $714.0m | $679.0m | $399.0m | $172.0m |
| Capital spending | −$457.0m | −$1.44bn | −$437.0m | −$963.0m | −$333.0m | −$1.52bn | −$243.0m | −$368.0m |
| Free cash flow | $179.0m | −$625.0m | $22.0m | −$727.0m | $381.0m | −$846.0m | $156.0m | −$196.0m |
| Total assets | $24.01bn | $23.79bn | $22.54bn | $22.21bn | $21.60bn | $21.35bn | $19.97bn | $19.79bn |
| Cash and short-term investments | $218.1m | $185.0m | $209.9m | $166.8m | $184.0m | $184.4m | $190.8m | $332.5m |
| Debt | $15.03bn | $15.15bn | $14.61bn | $14.55bn | $13.76bn | $13.99bn | $13.10bn | $13.41bn |
| Shareholders' equity | $2.57bn | $2.43bn | $2.21bn | $2.19bn | $1.57bn | $1.42bn | $1.43bn | $1.14bn |
Financial ratios
Data as of 6 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 32.0% | 40.0% | 36.0% | 11.9% | -148.2% | -32.3% |
| Operating margin | 27.1% | 16.0% | 10.4% | -30.5% | -374.8% | -274.8% |
| Net margin | 4.3% | 9.6% | 1.9% | -46.9% | -695.5% | -313.5% |
| Return on equity | 19.2% | 63.9% | 55.2% | -3309.3% | -185.3% | -92.2% |
| Return on assets | 1.9% | 4.6% | 0.9% | -12.2% | -24.1% | -21.8% |
| Free cash flow yield | 78.3% | 42.3% | 75.2% | 31.8% | -29.4% | -36.8% |
| Revenue growth | 3.7% | 10.9% | 76.5% | 647.5% | -49.4% | -80.2% |
| Earnings growth | -53.5% | 447.8% | -107.3% | -49.6% | 12.3% | -531.3% |
| Current ratio | 0.21x | 0.17x | 0.22x | 0.37x | 0.89x | 1.86x |
| Debt to equity | 6.61x | 9.21x | 46.74x | 198.59x | 5.12x | 2.71x |
| Equity ratio | 9.8% | 7.1% | 1.5% | 0.4% | 13.0% | 23.7% |
| Interest coverage | 1.19x | 2.03x | 1.22x | -1.84x | -1.17x | -7.29x |
| Buybacks as a share of market value | 11.3% | -21.8% | -1.0% | -7.6% | -33.3% | -36.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 26.6% | 50.3% | 8.5% |
| Operating income | — | — | 7.0% |
| Net income | — | — | -0.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 35.9% | 32.4% | 26.6% | 33.6% |
| Operating margin | 15.0% | 7.2% | -10.4% | 2.4% |
| Net margin | 6.9% | -2.4% | -26.8% | -9.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 24.2 | 14.7 | 51.3 | -2.3 | -1.8 | -1.9 | 8.7 | 6.4 | 10.4 | 9.8 |
| Price to sales | 1.0 | 1.4 | 1.0 | 1.1 | 12.5 | 5.8 | 1.3 | 1.0 | 1.5 | 1.3 |
Market value over time
30 Nov 2016 to 5 Oct 2026, in USD
$9.09bn$6.90bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -14% | 21% | 51% | -34% | -16% | -33% | 36% | -23% | 22% | -23% |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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