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Overview

Norwegian Cruise Line Holdings Ltd.

NCLHNYSEConsumer DiscretionaryWater TransportationCIK 0001513761S&P 500

Latest 10-K: FY2025, filed Mar 2, 2026 · Open the 10-K (Inline XBRL) ↗

Revenue
$9.83B
3.7%YoYup from FY2024
TotalRevenue
Gross profit
$4.19B
10.5%YoYup from FY2024
GrossProfit
Operating income
$1.56B
6.5%YoYup from FY2024
OperatingIncome
Net income
$0.42B
53.5%YoYdown from FY2024
NetIncome
Diluted EPS
$0.92
51.3%YoYdown from FY2024
EPSDiluted
Diluted shares
477.7M
7.2%YoYdown from FY2024
WeightedAvgSharesDiluted

At a glance

Growth

  • Norwegian Cruise Line Holdings Ltd. reported revenue of $9.83B for fiscal 2025, up 3.7% from fiscal 2024.
  • Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.

Profitability

  • Operating margin was 15.9% and net margin was 4.3%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.

Per share

  • Diluted EPS was $0.92, down 51.3% from the prior year.
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Written from the filed figures on this page by fixed rules — no AI.

Data as of Oct 23, 2026 · Sources: SEC EDGAR 10-K

Financial statements

Annual figures from the 10-K, most recent fiscal year first.

Income Statement

5 annual periods

Chip: YoY change.

Income Statement, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: S&P 500 median change. Line under a label: how many S&P 500 companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Revenue
$9.83B3.7%up
S&P 500 6.4%
$9.48B10.9%up
S&P 500 4.5%
$8.55B76.5%up
S&P 500 4.8%
$4.84B647.5%up
S&P 500 10.3%
$0.65B49.4%down
S&P 500 13.8%
97.3%
S&P 500 6.6%
Gross Profit
Median of 315 / 498
$4.19B10.5%up
S&P 500 6.8%
$3.79B23.0%up
S&P 500 5.5%
$3.08B434.3%up
S&P 500 5.2%
$0.58Bn/m
S&P 500 8.3%
negative: -$0.96Bn/m
S&P 500 15.7%
n/m
S&P 500 6.2%
Operating Income
Median of 373 / 498
$1.56B6.5%up
S&P 500 7.3%
$1.47B57.5%up
S&P 500 7.4%
$0.93Bn/m
S&P 500 4.9%
negative: -$1.55Bn/m
S&P 500 7.5%
negative: -$2.55Bn/m
S&P 500 23.5%
n/m
S&P 500 7.2%
Net Income
$0.42B53.5%down
S&P 500 4.8%
$0.91B447.8%up
S&P 500 5.7%
$0.17Bn/m
S&P 500 1.9%
negative: -$2.27Bn/m
S&P 500 1.3%
negative: -$4.51Bn/m
S&P 500 33.9%
n/m
S&P 500 4.1%
EPS (Diluted)
$0.9251.3%down
S&P 500 6.2%
$1.89384.6%up
S&P 500 7.9%
$0.39n/m
S&P 500 1.9%
negative: -$5.41n/m
S&P 500 1.5%
negative: -$12.33n/m
S&P 500 34.8%
n/m
S&P 500 5.6%

Balance Sheet

5 annual periods

Chip: YoY change.

Balance Sheet, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: S&P 500 median change. Line under a label: how many S&P 500 companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Total Assets
$22.54B12.9%up
S&P 500 5.6%
$19.97B2.4%up
S&P 500 3.4%
$19.49B5.0%up
S&P 500 4.1%
$18.56B0.9%down
S&P 500 2.2%
$18.73B1.8%up
S&P 500 6.7%
4.7%
S&P 500 4.7%
Total Liabilities
Median of 357 / 498
$20.33B9.6%up
S&P 500 6.4%
$18.54B3.4%down
S&P 500 1.9%
$19.19B3.8%up
S&P 500 2.9%
$18.49B13.4%up
S&P 500 2.0%
$16.30B16.0%up
S&P 500 5.2%
5.7%
S&P 500 4.4%
Stockholders' Equity
$2.21B55.0%up
S&P 500 6.8%
$1.43B373.9%up
S&P 500 5.4%
$0.30B338.6%up
S&P 500 7.3%
$0.07B97.2%down
S&P 500 2.5%
$2.43B44.1%down
S&P 500 9.0%
-2.4%
S&P 500 6.1%
Cash & Equivalents
$0.21B10.0%up
S&P 500 5.2%
$0.19B52.6%down
S&P 500 1.9%
$0.40B57.5%down
S&P 500 6.7%
$0.95B37.1%down
S&P 500 -8.6%
$1.51B54.4%down
S&P 500 -2.9%
-38.9%
S&P 500 2.0%
Total Debt
Median of 393 / 498
$14.99B14.5%up
S&P 500 2.3%
$13.10B6.8%down
S&P 500 0.1%
$14.06B3.2%up
S&P 500 0.1%
$13.62B9.4%up
S&P 500 0.1%
$12.45B5.4%up
S&P 500 0.0%
4.8%
S&P 500 3.7%

Cash Flow Statement

5 annual periods

Chip: YoY change.

Cash Flow Statement, annual, newest fiscal year first. 4Y CAGR: compound annual growth from the oldest to the newest year shown. Muted line: S&P 500 median change. Line under a label: how many S&P 500 companies its median rests on.
Line itemFY2025FY2024FY2023FY2022FY20214Y CAGR
Operating Cash Flow
$2.09B1.9%up
S&P 500 6.3%
$2.05B2.2%up
S&P 500 4.8%
$2.01B855.0%up
S&P 500 9.9%
$0.21Bn/m
S&P 500 -0.7%
negative: -$2.47Bn/m
S&P 500 10.7%
n/m
S&P 500 7.0%
Capital Expenditures
$3.26B169.2%up
S&P 500 5.4%
$1.21B56.0%down
S&P 500 2.8%
$2.75B54.2%up
S&P 500 11.3%
$1.78B136.9%up
S&P 500 14.0%
$0.75B20.5%down
S&P 500 8.1%
44.2%
S&P 500 9.0%
Free Cash Flow
Median of 378 / 498
negative: -$1.17B239.5%down
S&P 500 7.3%
$0.84Bn/m
S&P 500 6.1%
negative: -$0.74Bn/m
S&P 500 8.8%
negative: -$1.57Bn/m
S&P 500 -11.3%
negative: -$3.22Bn/m
S&P 500 10.2%
n/m
S&P 500 4.9%

n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.

S&P 500 median = median of the companies in the index on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-20. This compares reported figures, not share-price returns. Methodology

Ratios & valuation

FY2025

Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.

Valuation · Earnings yield

What a dollar of market value earned

4.1%

Wall Street

on net earnings

FY2024 7.3%

negative: −11.0%

Value investor

on free cash flow

FY2024 6.3%

Gap −15.1 pts: Value-investor figure 15.1 points lower

How it’s calculated

Wall Street · on net earnings

Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)

pe_ratio (ratio table)

P/E 24.3×

Value investor · on free cash flow

(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)

free cash flow ÷ market cap

Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.

Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.

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Smart money

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Peers, filings & research

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Research Reports

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Cite this page

Data as of Oct 23, 2026. Canonical address: https://valuein.biz/data/NCLH

APA-style text
Valuein. (2026, October 23). Norwegian Cruise Line Holdings Ltd. (NCLH) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/NCLH
BibTeX
@misc{valuein_nclh_2026,
  author = {{Valuein}},
  title = {Norwegian Cruise Line Holdings Ltd. (NCLH) financial statements, earnings power and smart-money summary},
  year = {2026},
  howpublished = {\url{https://valuein.biz/data/NCLH}},
  note = {Data as of 2026-10-23; source: SEC EDGAR filings}
}
Open 10-K in SEC Inline XBRL viewer

10-K filed Mar 2, 2026 · accession 0001104659-26-022067

Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.

point-in-time · survivorship-free · every number traceable to its SEC filing