MARKETS / NYSE / NCLH

NYSE · WATER TRANSPORTATION · LARGE CAP

Norwegian Cruise Line Holdings Ltd. NCLH

15 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$9.8B

▲ 3.7% YoY

Net income

$423.2M

▼ 53.5% YoY

Free cash flow

$-1.2B

▼ 239.5% YoY

In brief

What this company does

The company operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. As of December 31, 2025, it operated 34 ships with approximately 71,400 berths. As of December 31, 2025, it employed approximately 5,300 full-time employees worldwide in its shoreside operations and approximately 39,200 shipboard employees. Its brands offer itineraries to worldwide destinations including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, Alaska and Hawaii. 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. NCLH, a Bermuda limited company, was formed in February 2011.

Written from the business description in Norwegian Cruise Line Holdings Ltd.'s annual report to the U.S. Securities and Exchange Commission, filed 2 March 2026. Every sentence was checked against that document before publication.

Growth

USD 9.8B

Revenue, FY2025 · full 15-year series below

Revenue $B Net income $B

FY2025 · Revenue 9.8 · Net income 0.4

Compound annual growth

Revenue

+26.6%

+50.3%

+8.5%

Returned to shareholders

+100.7%

+35.7%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +50.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

4 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 15.9% · Net 4.3%

ROE

FY2025 · ROE 23.3%

Gross margin42.6%

Operating margin15.9%

Net margin4.3%

Return on assets2.0%

EBITDAUSD 2.7B

Each USD of equity produced 23 cents of profit this year.

Cash & shareholders

—

returned in FY2025 · dividends + net buybacks

Free cash flow $B

FY2025 · FCF -1.2

Net buybacks $M Dividends $M

FY2019 · Dividends — · Net buybacks 349.9

Total assetsUSD 22.5B

EquityUSD 2.2B

CashUSD 209.9M

Gross debtUSD 13.7B

Net debtUSD 13.5B

Current ratio0.21×

Net debt stands at 612% of equity.

The 15-year record

15 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue $B	9.8	9.5	8.5	4.8	0.6	1.3	6.5	6.1	5.4	4.9	4.3	3.1	2.6	2.3	2.2
Operating income $B	1.6	1.5	0.9	−1.6	−2.6	−3.5	1.2	1.2	1.0	0.9	0.7	0.5	0.4	0.4	0.3
EBITDA $B	2.7	2.4	1.8	−0.7	−1.8	−2.7	1.8	1.8	1.6	1.4	1.2	0.8	0.6	0.6	0.5
Income tax $B	0.0	−0.1	−0.0	−0.0	0.0	0.0	−0.0	0.0	0.0	0.0	0.0	−0.0	0.0	0.0	0.0
Net income $B	0.4	0.9	0.2	−2.3	−4.5	−4.0	0.9	1.0	0.8	0.6	0.4	0.3	0.1	0.2	0.1
Free cash flow $B	−1.2	0.8	−0.7	−1.6	−3.2	−3.5	0.2	0.5	0.2	0.2	−0.1	−0.3	−0.4	0.1	0.2
EPS, diluted $	0.92	1.89	0.39	−5.41	−12.33	−15.75	4.30	4.25	3.31	2.78	1.86	1.62	0.49	0.94	0.71
Dividend / sh $	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
Payout %	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·
ROE %	23.3	105.5	90.0	−181.5	−132.8	−73.8	14.9	16.3	14.8	15.2	11.7	11.0	4.4	8.4	·
Shares out B	0.46	0.44	0.43	0.42	0.42	0.32	0.21	0.22	0.23	0.23	0.23	0.23	0.21	0.02	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Compare

This company against its peers

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Provenance

Company facts, as filed

How we verify · 0 failures in 58 reconciliationsAUDITED

Reconciled in 15 of 19 fiscal years. 22 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityWater Transportation

Listed onNYSE

Incorporated inoutside the United States — SEC code D0

Fiscal year endsDecember 31

Data on record since2011