Norwegian Cruise Line Holdings

Consumer Discretionary Hotels, Resorts & Cruise Lines Miami, Florida Last filing Mar 2, 2026 · FY2025

                    Revenue
                    FY2025
                
$9.8B
                    3y CAGR +26.6%
                    
                    P93
                    
                    +3.7%
                    
                    Net income
                    FY2025
                
$423.2M
                    Net margin +4.3%
                    
                    P24
                    
                    -53.5%
                    
                    Total assets
                    FY2025
                
$22.5B
                    ROA +1.9%
                    
                    P16
                    
                    +12.9%
                    
                    Operating cash flow
                    FY2025
                
$2.1B
                    FCF margin -11.9%
                    
                    P4
                    
                    +1.9%

15 yrs · FY2011–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

28 accounts · 5 years

Total assets $22.5B

Total liabilities $20.3B

Shareholders equity $2.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$209.9M 10.0%	$190.8M -52.6%	$402.4M -57.5%	$947.0M -37.1%	$1.5B
Accounts Receivable	$291.7M 31.7%	$221.4M -21.0%	$280.3M -14.1%	$326.3M -72.1%	$1.2B
Inventory	$138.2M -7.7%	$149.7M -5.0%	$157.6M 6.0%	$148.7M 25.8%	$118.2M
Prepaid Expenses	$498.8M 11.3%	$448.2M -5.2%	$472.8M 4.9%	$450.9M 67.5%	$269.2M
Other Current Assets	$498.8M 11.3%	$448.2M -5.2%	$472.8M 4.9%	$450.9M 67.5%	$269.2M
Total Current Assets	$1.1B 12.7%	$1.0B -23.1%	$1.3B -29.9%	$1.9B -43.3%	$3.3B
Property,Plant and Equipment	$19.1B 13.4%	$16.8B 2.3%	$16.4B 13.2%	$14.5B 7.3%	$13.5B
Operating Lease Assets	$1.1B 21.2%	$899.1M 19.3%	$753.7M 6.6%	$707.1M	—
Goodwill	$135.8M 0.0%	$135.8M 38.3%	$98.1M 0.0%	$98.1M 0.0%	$98.1M
Intangible Assets	$500.5M 0.0%	$500.5M 0.0%	$500.5M 0.0%	$500.5M 0.0%	$500.5M
Other Noncurrent Assets	$1.7B 12.2%	$1.5B 31.8%	$1.1B -26.9%	$1.6B 20.7%	$1.3B
Total Assets	$22.5B 12.9%	$20.0B 2.4%	$19.5B 5.0%	$18.6B -0.9%	$18.7B
Liabilities
Accounts Payable	$169.7M -0.8%	$171.1M -1.9%	$174.3M -23.8%	$228.7M -1.9%	$233.2M
Deferred Revenue	$3.2B 3.0%	$3.1B 1.5%	$3.1B 21.6%	$2.5B 61.2%	$1.6B
Operating Lease Liabilities	$32.1M 17.4%	$27.3M 17.6%	$23.2M -41.5%	$39.7M	—
Other Current Liabilities	$1.1B 16.4%	$986.8M 17.6%	$839.3M 4.4%	$803.9M -19.4%	$997.1M
Total Current Liabilities	$5.5B -5.7%	$5.8B -4.3%	$6.0B 19.5%	$5.1B 35.5%	$3.7B
Operating Lease Liabilities Noncurrent	$897.9M 13.8%	$788.7M 22.3%	$644.6M 9.6%	$588.1M	—
Deferred Tax Liabilities	$0 -100.0%	$53.6M 0.8%	$53.2M 24.9%	$42.6M 2.0%	$41.8M
Other Noncurrent Liabilities	$1.1B 16.4%	$986.8M 17.6%	$839.3M 4.4%	$803.9M -19.4%	$997.1M
Total Liabilities	$20.3B 9.6%	$18.5B -3.4%	$19.2B 3.8%	$18.5B 13.4%	$16.3B
Equity
Common Stock	$455.0K 3.4%	$440.0K 3.5%	$425.0K 1.0%	$421.0K 1.0%	$417.0K
Additional Paid In Capital	$8.2B 3.9%	$7.9B 2.8%	$7.7B 1.3%	$7.6B 1.3%	$7.5B
Retained Earnings	$-5.6B 7.1%	$-6.0B 13.2%	$-6.9B 2.4%	$-7.1B -47.3%	$-4.8B
Treasury Stock	$0	$0	$0	$0	$0
Accumulated Other Comprehensive Income	$-451.4M 11.0%	$-507.0M 0.3%	$-508.4M -6.6%	$-477.1M -67.3%	$-285.1M
Total Stockholders Equity	$2.2B 55.0%	$1.4B 373.9%	$300.8M 338.6%	$68.6M -97.2%	$2.4B
Total Liabilitiesand Equity	$22.5B 12.9%	$20.0B 2.4%	$19.5B 5.0%	$18.6B -0.9%	$18.7B

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $9.8B

Operating income $1.6B

Net income $423.2M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$9.8B 3.7%	$9.5B 10.9%	$8.5B 76.5%	$4.8B 647.5%	$648.0M
Expenses Cost of Revenue	$5.6B -0.9%	$5.7B 4.0%	$5.5B 28.2%	$4.3B 165.4%	$1.6B
Expenses Selling,General and Administrative	$1.5B 7.9%	$1.4B 6.9%	$1.3B -2.7%	$1.4B 54.7%	$891.5M
Expenses Depreciation and Amortization	$1.2B 19.4%	$973.5M 10.2%	$883.2M 9.0%	$810.1M 6.8%	$758.6M
Expenses Share Based Compensation	$88.4M -3.7%	$91.8M -22.8%	$118.9M 4.7%	$113.6M -8.5%	$124.1M
Expenses Operating Expenses	$2.6B 13.0%	$2.3B 8.1%	$2.2B 1.0%	$2.1B 33.7%	$1.6B
Other Income Expense Operating Income	$1.6B 6.5%	$1.5B 57.5%	$930.9M 160.0%	$-1.6B 39.2%	$-2.6B
Other Income Expense Other Income/expense	$-178.6M -429.5%	$54.2M 234.9%	$-40.2M -152.5%	$76.6M -38.2%	$124.0M
Other Income Expense Income Before Tax	$428.7M -44.5%	$772.9M 373.7%	$163.2M 107.2%	$-2.3B 49.4%	$-4.5B
Income Tax Income Tax Expense	$5.5M 104.0%	$-137.3M -4475.3%	$-3.0M 55.8%	$-6.8M -229.0%	$5.3M
net Income net Income	$423.2M -53.5%	$910.3M 447.8%	$166.2M 107.3%	$-2.3B 49.6%	$-4.5B
net Income Comprehensive Income	$478.9M -47.5%	$911.7M 576.2%	$134.8M 105.5%	$-2.5B 45.9%	$-4.6B
Earnings Per Share Basic Eps	$1 -55.0%	$2 435.9%	$0 107.2%	$-5 56.1%	$-12
Earnings Per Share Diluted Eps	$1 -51.3%	$2 384.6%	$0 107.2%	$-5 56.1%	$-12
Earnings Per Share Weighted Average Shares Basic	$448.5M 3.0%	$435.3M 2.6%	$424.4M 1.1%	$419.8M 14.9%	$365.4M
Earnings Per Share Weighted Average Shares Diluted	$477.7M -7.2%	$515.0M 20.5%	$427.4M 1.8%	$419.8M 14.9%	$365.4M

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $2.1B

Investing cash flow $-3.3B

Financing cash flow $1.2B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$423.2M -53.5%	$910.3M 447.8%	$166.2M 107.3%	$-2.3B 49.6%	$-4.5B
Operating Activities Depreciation and Amortization	$1.1B 21.2%	$890.2M 10.1%	$808.6M 7.9%	$749.3M 6.9%	$700.8M
Operating Activities Stock Based Compensation	$88.4M -3.7%	$91.8M -22.8%	$118.9M 4.7%	$113.6M -8.5%	$124.1M
Operating Activities Deferred Income Taxes	$4.3M 102.8%	$-156.1M -118193.9%	$-132.0K 89.6%	$-1.3M -166.3%	$1.9M
Operating Activities Changes In Operating Assets and Liabilities	$109.7M 185.0%	$-129.1M -1033.9%	$13.8M -98.1%	$720.0M -61.0%	$1.8B
Operating Activities net Cash From Operating Activities	$2.1B 1.9%	$2.0B 2.2%	$2.0B 855.0%	$210.0M 108.5%	$-2.5B
Investing Activities Capital Expenditures	$3.3B 169.2%	$1.2B -56.0%	$2.8B 54.2%	$1.8B 136.9%	$752.8M
Investing Activities Other Investing Activities	$3.2M 130.0%	$-10.7M 33.9%	$-16.2M -33.7%	$-12.1M 1.7%	$-12.3M
Investing Activities net Cash From Investing Activities	$-3.3B -165.6%	$-1.2B 57.6%	$-2.9B -65.0%	$-1.8B -74.9%	$-1.0B
Financing Activities Proceeds From Debt	$9.7B 649.9%	$1.3B -70.0%	$4.3B 44.0%	$3.0B 15.4%	$2.6B
Financing Activities Repayment of Debt	$8.2B 276.8%	$2.2B -42.3%	$3.8B 112.3%	$1.8B -16.2%	$2.1B
Financing Activities Proceeds From Stock Issuance	$145.0M	—	—	—	$2.7B
Financing Activities Tax Withholding On Stock Based Compensation	$23.8M -5.9%	$25.3M -5.7%	$26.9M 28.0%	$21.0M 25.8%	$16.7M
Financing Activities Other Financing Activities	$492.0M 260.9%	$136.3M -30.6%	$196.3M -15.0%	$230.9M -84.2%	$1.5B
Financing Activities net Cash From Financing Activities	$1.2B 215.7%	$-1.0B -397.6%	$346.9M -64.8%	$986.2M -41.2%	$1.7B
Cash Reconciliation Effect of Exchange Rate On Cash	$209.9M 10.0%	$190.8M -52.6%	$402.4M -57.5%	$947.0M -37.1%	$1.5B
Cash Reconciliation net Change In Cash	$19.1M 109.0%	$-211.7M 61.1%	$-544.6M 2.7%	$-559.7M 68.8%	$-1.8B
Cash Reconciliation Cash At Beginning of Period	$209.9M 10.0%	$190.8M -52.6%	$402.4M -57.5%	$947.0M -37.1%	$1.5B
Cash Reconciliation Cash At End of Period	$209.9M 10.0%	$190.8M -52.6%	$402.4M -57.5%	$947.0M -37.1%	$1.5B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+42.6%	+40.0%	+36.0%	+11.9%	-148.2%
Operating margin	+15.9%	+15.5%	+10.9%	-32.0%	-393.9%
Net margin	+4.3%	+9.6%	+1.9%	-46.9%	-695.5%
FCF margin	-11.9%	+8.8%	-8.7%	-32.5%	-497.1%
Growth
Revenue CAGR (3y)	+26.6%	+144.6%	+88.3%	-9.2%	-52.5%
Returns
ROE	+19.2%	+63.9%	+55.2%	-3309.3%	-185.3%
ROA	+1.9%	+4.6%	+0.9%	-12.2%	-24.1%
ROIC	—	—	—	—	—
Liquidity
Current ratio	0.21x	0.17x	0.22x	0.37x	0.89x
Quick ratio	0.09x	0.07x	0.11x	0.25x	0.72x
Leverage
D/E	9.20x	13.01x	63.80x	269.56x	6.70x
Interest coverage	—	—	1.28x	-1.94x	-1.22x
Efficiency
Asset turnover	0.44x	0.47x	0.44x	0.26x	0.03x
Cash conversion cycle	+9d	+7d	+11d	+18d	+632d

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Norwegian Cruise Line Holdings

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