NCLH · Norwegian Cruise Line Holdings Ltd. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | $1.38B | - | $1.55B | $1.46B | $1.30B | - | $1.54B | $1.45B | $1.39B | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $459.68M | - | $383.00M | $393.05M | $391.38M | - | $358.00M | $353.77M | $362.47M | - |
| Total Operating Expenses | $720.40M | - | $633.83M | $636.81M | $622.67M | - | $576.43M | $576.18M | $585.40M | - |
| D&A | $281.39M | - | $250.83M | $243.76M | $250.53M | - | $218.43M | $222.41M | $245.09M | - |
| Operating Income | $232.94M | - | $749.45M | $423.84M | $200.94M | - | $691.21M | $341.56M | $218.39M | - |
| Interest Expense | $4.04M | - | $6.81M | $8.57M | $12.24M | - | $12.24M | $16.02M | $17.34M | - |
| Income Tax | $2.99M | - | $14.34M | $637.0K | ($1.14M) | - | $6.92M | $1.55M | $1.00M | - |
| Net Income | $104.67M | - | $419.30M | $29.99M | ($40.30M) | - | $474.93M | $163.44M | $17.35M | - |
| EPS - Basic | $0.23 | - | $0.93 | $0.07 | ($0.09) | - | $1.08 | $0.38 | $0.04 | - |
| EPS - Diluted | $0.23 | - | $0.86 | $0.07 | ($0.09) | - | $0.95 | $0.35 | $0.04 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $185.05M | $209.89M | $166.80M | $184.01M | $184.36M | $190.76M | $332.52M | $594.10M | $559.81M | $402.42M |
| Accounts Receivable | $277.10M | $291.66M | $252.63M | $265.78M | $270.52M | $221.41M | $200.84M | $209.34M | $282.31M | $280.27M |
| Inventory | $162.72M | $138.18M | $155.51M | $160.56M | $155.71M | $149.72M | $145.06M | $149.93M | $157.88M | $157.65M |
| Accounts Payable | $184.67M | $169.66M | $193.40M | $169.37M | $161.78M | $171.11M | $172.94M | $182.45M | $204.97M | $174.34M |
| Current Assets | $1.31B | $1.14B | $1.04B | $1.17B | $1.15B | $1.01B | $1.18B | $1.58B | $1.59B | $1.31B |
| Total Assets | $23.79B | $22.54B | $22.21B | $21.60B | $21.35B | $19.97B | $19.79B | $20.11B | $19.83B | $19.49B |
| Current Liabilities | $6.22B | $5.45B | $5.35B | $6.39B | $6.09B | $5.78B | $6.04B | $6.63B | $6.60B | $6.04B |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $21.36B | $20.33B | $20.02B | $20.03B | $19.94B | $18.54B | $18.65B | $19.42B | $19.46B | $19.19B |
| Stockholders' Equity | $2.43B | $2.21B | $2.19B | $1.57B | $1.42B | $1.43B | $1.14B | $693.13M | $362.09M | $300.81M |
| Retained Earnings | ($5.46B) | ($5.57B) | ($5.58B) | ($6.00B) | ($6.03B) | ($5.99B) | ($6.24B) | ($6.72B) | ($6.88B) | ($6.90B) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $811.45M | - | - | - | $679.22M | - | - | - | $807.17M | - |
| Investing Cash Flow | ($1.44B) | - | - | - | ($1.53B) | - | - | - | ($255.24M) | - |
| Financing Cash Flow | $603.53M | - | - | - | $846.62M | - | - | - | ($394.53M) | - |
| CapEx | $1.44B | - | - | - | $1.53B | - | - | - | $258.85M | - |
| Free Cash Flow | ($625.22M) | - | - | - | ($846.00M) | - | - | - | $548.32M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | -5.97 | - | - | - | 21.00 | - | - | - | 31.60 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 2.8% | - | 3.3% | 2.1% | - | - | 1.4% | 0.9% | 5.5% | - |
| Return on assets | 0.4% | - | 1.9% | 0.1% | -0.2% | - | 2.4% | 0.8% | 0.1% | - |
| Return on equity | 4.3% | - | 19.1% | 1.9% | -2.8% | - | 41.8% | 23.6% | 4.8% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.21 | 0.21 | 0.19 | 0.18 | 0.19 | 0.17 | 0.20 | 0.24 | 0.24 | 0.22 |
| Quick ratio | 0.18 | 0.18 | 0.17 | 0.16 | 0.16 | 0.15 | 0.17 | 0.22 | 0.22 | 0.19 |
| Cash ratio | 0.03 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.06 | 0.09 | 0.08 | 0.07 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 57.6x | - | 110.1x | 49.5x | 16.4x | - | 56.5x | 21.3x | 12.6x | - |
| Equity multiplier | 9.79 | 10.20 | 10.13 | 13.76 | 15.08 | 14.01 | 17.43 | 29.02 | 54.75 | 64.80 |
| Liabilities / Assets | 0.90 | 0.90 | 0.90 | 0.93 | 0.93 | 0.93 | 0.94 | 0.97 | 0.98 | 0.98 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | - | - | - | - |
| Inventory turnover | 8.47 | - | 10.00 | 9.07 | 8.37 | - | 10.61 | 9.70 | 8.79 | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 43d | - | 37d | 40d | 44d | - | 34d | 38d | 42d | - |
| Days payable outstanding | 49d | - | 45d | 42d | 45d | - | 41d | 46d | 54d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 81.3x | - | 28.6x | 289.7x | - | - | 21.6x | 53.7x | 523.3x | - |
| P / B | 3.6x | - | 5.6x | 5.8x | 5.9x | - | 9.3x | 13.9x | 24.9x | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | 16.6x | - | 12.0x | 13.3x | 18.1x | - | 11.2x | 16.1x | 18.3x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 15.9% | - | 8.4% | 24.1% | -8.0% | - | 32.1% | 25.3% | 1937.6% | - |
| Net income growth (YoY) | - | - | -11.7% | -81.6% | - | - | 37.3% | 89.8% | - | - |
| EPS growth (YoY) | - | - | -9.5% | -80.0% | - | - | 33.8% | 75.0% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | -14.6% | -20.6% | -40.6% | - |
| FCF growth (YoY) | 26.1% | - | - | - | - | - | - | - | 106.4% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | 6.7% | - |
| Book value growth (YoY) | 71.6% | 55.0% | 93.2% | 126.4% | 291.2% | 373.9% | 158.8% | 4453.8% | - | 338.6% |
Peer comparison
Same SIC group: Water Transportation
Comparing Norwegian Cruise Line Holdings Ltd. against the 5 most active filers in the same SIC group.