Norwegian Cruise Line Holdings Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Norwegian Cruise Line Holdings Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,874	5,396	6,055	6,462	1,280	648	4,844	8,550	9,480	9,828
Cost of revenue				3,663	1,693	1,608	4,267	5,469	5,689	5,639
Gross profit				2,799	-413	-960	577	3,081	3,791	4,188
Selling, general and administrative	666	774	898	975	745	891	1,379	1,342	1,435	1,549
Operating expenses	1,099	1,284	1,459	1,621	3,071	1,592	2,128	2,150	2,325	2,628
Operating income	925	1,049	1,219	1,178	-3,484	-2,552	-1,552	931	1,466	1,561
Interest expense	277	268	270	273	482	2,100	802	728
Other non-operating income	-285	-278	-250	-267	-516	-1,949	-725	-768	-693	-1,132
Pre-tax income	640	771	969	911	-4,000	-4,501	-2,277	163	773	429
Income tax	7.22	10.7	14.5	-18.9	12.5	5.27	-6.79	-3	-137	5.48
Net income	633	760	955	930	-4,013	-4,507	-2,270	166	910	423
EBITDA	1,371	1,570	1,786	1,825	-2,745	-1,794	-742	1,814	2,439	2,723
EPS, basic	2.79	3.33	4.28	4.33	-15.75	-12.33	-5.41	0.39	2.09	0.94
EPS, diluted	2.78	3.31	4.25	4.30	-15.75	-12.33	-5.41	0.39	1.89	0.92
Shares, basic (weighted)	227	228	223	215	255	365	420	424	435	449
Shares, diluted (weighted)	228	229	224	216	255	365	420	427	515	478

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	128	176	164	253	3,300	1,507	947	402	191	210
Short-term investments						240
Receivables	63.2	44	55.2	75.1	20.6	1,167	326	280	221	292
Inventory	66.3	82.1	90.2	95.4	82.4	118	149	158	150	138
Other current assets	153	216	241	307	154	269	451	473	448	499
Total current assets	411	518	550	730	3,558	3,302	1,873	1,313	1,010	1,139
Property, plant and equipment	10,118	11,040	12,119	13,135	13,411	13,529	14,516	16,433	16,811	19,069
Lease right-of-use assets					209	794	707	754	899	1,090
Goodwill	1,389	1,389	1,389	1,389	98.1	98.1	98.1	98.1	136	136
Intangible assets	818	818	818	818	501	501	501	501	501	501
Other non-current assets	239	330	330	613	832	1,301	1,570	1,148	1,513	1,698
Total assets	12,974	14,095	15,206	16,685	18,399	18,730	18,558	19,493	19,970	22,541
Accounts payable	38	53.4	160	101	83.1	233	229	174	171	170
Deferred revenue		1,303	1,593	1,955	1,110	1,561	2,517	3,061	3,106	3,201
Short-term debt	560	619	681	746	125	877	991	1,745	1,324	876
Total current liabilities	2,313	2,490	3,151	3,584	1,914	3,730	5,055	6,039	5,781	5,453
Long-term debt	5,838	5,688	5,811	6,055	11,681	11,570	12,630	12,314	11,777	13,730
Lease liabilities					185	671	588	645	789	898
Other non-current liabilities	285	167	282	529	450	997	804	839	987	1,149
Total liabilities	8,436	8,345	9,243	10,169	14,045	16,297	18,489	19,192	18,544	20,332
Total debt	6,399	6,308	6,492	6,802	1,552	12,447	13,622	14,059	13,100	14,606
Paid-in capital	3,890	3,999	4,130	4,236	4,889	7,514	7,612	7,709	7,922	8,227
Retained earnings	1,201	1,963	2,899	3,829	-295	-4,796	-7,066	-6,900	-5,990	-5,567
Treasury stock	-239	-239	-904	-1,254
Other comprehensive income	-314	27	-162	-295	-240	-285	-477	-508	-507	-451
Shareholders' equity	4,538	5,750	5,963	6,516	4,354	2,433	68.6	301	1,425	2,210
Total equity	4,538	5,750	5,963	6,516	4,354	2,433	68.6	301	1,425	2,210
Total liabilities and equity	12,974	14,095	15,206	16,685	18,399	18,730	18,558	19,493	19,970	22,541
Shares outstanding	227	229	218	213	316	417	421	426	440	455

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	633	760	955	930	-4,013	-4,507	-2,270	166	910	423
Depreciation and amortization	446	521	567	647	740	759	810	883	974	1,162
Stock-based compensation	66.4	87	116	95.1	111	124	114	119	91.8	88.4
Deferred income tax	-3.68	7.95	1.69	-26.1	12.8	1.92	-1.27	-0.13	-156	4.34
Change in receivables	-21	15.1	-15.9	-14.1	30.8	-1,160	829	39.6	49.3	-73.8
Change in inventory	-9.18	-17.1	-9.05	-6.16	10.6	-37.5	-33.6	-11	6.95	11
Change in payables	-5.76	14	106	-58.6	-21.4	152	-16.2	-51	-20.2	-1.52
Cash from operations	1,264	1,601	2,075	1,823	-2,556	-2,468	210	2,006	2,050	2,090
Capital expenditures	-1,092	-1,372	-1,567	-1,637	-947	-753	-1,784	-2,750	-1,211	-3,260
Acquisitions									-27.3
Purchases of investments						-1,010
Cash from investing	-1,129	-1,405	-1,503	-1,680	-975	-1,004	-1,756	-2,897	-1,229	-3,265
Debt issued	3,754	1,816	1,905	4,122	6,075	2,601	3,003	4,323	1,299	9,738
Debt repaid	-3,744	-1,917	-1,716	-3,807	-892	-2,113	-1,770	-3,758	-2,169	-8,173
Stock issued	6.74				1,542	2,666				145
Share buybacks	-50		-665	-350
Cash from financing	-123	-149	-585	-53.4	6,579	1,678	986	347	-1,032	1,194
Net change in cash	12.4	47.8	-12.3	89	3,048	-1,794	-560	-545	-212	19.1
Free cash flow	172	229	508	185	-3,503	-3,221	-1,574	-745	839	-1,170
Interest paid	270	285	350	291	448	2,100	751	823	773	952
Income taxes paid	0.9	11.7	10	13.4	3.5	2.7	9.5	3.1	4.6	18.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $14.61 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	42.5%	Gross profit / revenue.
Operating margin	15.1%	Operating income / revenue.
EBITDA margin	26.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.6%	Pre-tax income / revenue.
Net margin	7.5%	Net income / revenue.
FCF margin	-11.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	20.8%	Cash from operations / revenue.
Effective tax rate	1.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	29.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.2%	Net income / average total assets.
Return on invested capital (ROIC)	8.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	16.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	32.5%	Capital expenditures / revenue.
D&A / revenue	11.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	26.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	50.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	93.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	6.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	11.6%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-53.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-51.3%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	1.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	115.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-239.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	55.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	218.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-12.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-7.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	13.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.20x	Current assets / current liabilities.
Quick ratio	0.08x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / equity	5.84x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	62.6%	Total debt / total assets.
Liabilities / assets	89.3%	Total liabilities / total assets.
Net debt	$14.82B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	5.47x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$5.05B	Current assets - current liabilities.
Goodwill and intangibles / assets	2.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.94B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	0.50x	Revenue / average property, plant and equipment.
Inventory turnover	36.2x	Cost of revenue / average inventory.
Days inventory	10 days	365 x average inventory / cost of revenue.
Receivables turnover	36.7x	Revenue / average receivables.
Days sales outstanding	10 days	365 x average receivables / revenue.
Days payables	15 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	5 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-155.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	156.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.64	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$21.89	Revenue / diluted weighted shares.
FCF per share	-$2.56	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.55	Cash from operations / diluted weighted shares.
Book value per share	$5.60	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.22	Tangible book value / shares outstanding.
Cash per share	$0.47	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$6.71B	Share price x shares outstanding.
Enterprise value	$21.53B	Market cap + total debt - cash - short-term investments.
P/E	8.82x	Market cap / net income. Only when net income is positive.
P/S	0.66x	Market cap / revenue.
P/B	2.61x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.46x	Market cap / tangible book value, when positive.
P/OCF	3.18x	Market cap / cash from operations, when positive.
EV/Sales	2.12x	Enterprise value / revenue.
EV/EBIT	14.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.94x	Enterprise value / EBITDA, when both are positive.
FCF yield	-17.7%	Free cash flow / market cap.
Earnings yield	11.3%	Net income / market cap (the inverse of P/E).

What was Norwegian Cruise Line Holdings Ltd.'s revenue in fiscal 2025?

Norwegian Cruise Line Holdings Ltd. reported revenue of $9.83B for fiscal 2025, 3.7% higher than the year before.

Was Norwegian Cruise Line Holdings Ltd. profitable in fiscal 2025?

Yes. Net income was $423.2M, a net margin of 4.3%.

How much free cash flow did Norwegian Cruise Line Holdings Ltd. generate in fiscal 2025?

Cash from operations of $2.09B minus capital expenditures of $3.26B left free cash flow of -$1.17B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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