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%
                    
                    P27
                    
                    -53.5%
                    
                    Total assets
                    FY2025
                
$22.5B
                    ROA +1.9%
                    
                    P18
                    
                    +12.9%
                    
                    Operating cash flow
                    FY2025
                
$2.1B
                    FCF margin -11.9%
                    
                    P2
                    
                    +1.9%

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

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

24 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	0.9%	1.0%	2.1%	5.1%	8.0%
Accounts Receivable	1.3%	1.1%	1.4%	1.8%	6.2%
Inventory	0.6%	0.7%	0.8%	0.8%	0.6%
Prepaid Expenses	2.2%	2.2%	2.4%	2.4%	1.4%
Total Current Assets	5.1%	5.1%	6.7%	10.1%	17.6%
Property,Plant and Equipment	84.6%	84.2%	84.3%	78.2%	72.2%
Goodwill	0.6%	0.7%	0.5%	0.5%	0.5%
Intangible Assets	2.2%	2.5%	2.6%	2.7%	2.7%
Other Noncurrent Assets	7.5%	7.6%	5.9%	8.5%	6.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	0.8%	0.9%	0.9%	1.2%	1.2%
Accrued Liabilities	5.4%	5.9%	5.4%	7.1%	5.7%
Deferred Revenue	14.2%	15.6%	15.7%	13.6%	8.3%
Current Portion of Long Term Debt	3.9%	6.6%	9.0%	5.3%	4.7%
Total Current Liabilities	24.2%	28.9%	31.0%	27.2%	19.9%
Long Term Debt	60.9%	59.0%	63.2%	68.1%	61.8%
Other Noncurrent Liabilities	5.1%	4.9%	4.3%	4.3%	5.3%
Total Liabilities	90.2%	92.9%	98.5%	99.6%	87.0%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	36.5%	39.7%	39.5%	41.0%	40.1%
Retained Earnings	-24.7%	-30.0%	-35.4%	-38.1%	-25.6%
Accumulated Other Comprehensive Income	-2.0%	-2.5%	-2.6%	-2.6%	-1.5%
Total Stockholders Equity	9.8%	7.1%	1.5%	0.4%	13.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $9.8B

Operating income $1.6B

Net income $423.2M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	43.6%	47.5%	43.9%	26.1%	3.5%
Expenses Cost of Revenue	25.0%	28.5%	28.1%	23.0%	8.6%
Expenses Selling,General and Administrative	6.9%	7.2%	6.9%	7.4%	4.8%
Expenses Depreciation and Amortization	4.8%	4.5%	4.1%	4.0%	3.7%
Expenses Operating Expenses	11.7%	11.6%	11.0%	11.5%	8.5%
Other Income Expense Operating Income	6.9%	7.3%	4.8%	-8.4%	-13.6%
Other Income Expense Interest Expense	4.2%	3.7%	3.7%	4.3%	11.1%
Other Income Expense Other Income/expense	-5.8%	-3.2%	-4.1%	0.4%	0.7%
Other Income Expense Income Before Tax	1.9%	3.9%	0.8%	-12.3%	-24.0%
Income Tax Income Tax Expense	0.0%	-0.7%	-0.0%	-0.0%	0.0%
net Income net Income	1.9%	4.6%	0.9%	-12.2%	-24.1%
net Income Comprehensive Income	2.1%	4.6%	0.7%	-13.3%	-24.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	-0.0%	-0.0%
Earnings Per Share Weighted Average Shares Diluted	2.1%	2.6%	2.2%	2.3%	2.0%

Cash Flow Statement

Operating, investing, and financing flows

17 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	1.9%	4.6%	0.9%	-12.2%	-24.1%
Operating Activities Depreciation and Amortization	5.2%	4.9%	4.5%	4.4%	4.1%
Operating Activities Stock Based Compensation	0.4%	0.5%	0.6%	0.6%	0.7%
Operating Activities Deferred Income Taxes	0.0%	-0.8%	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	0.0%	1.1%	4.2%	7.3%	-1.1%
Operating Activities Other Non Cash Items	1.8%	0.0%	0.1%	1.1%	7.3%
Operating Activities net Cash From Operating Activities	9.3%	10.3%	10.3%	1.1%	-13.2%
Investing Activities Capital Expenditures	-14.5%	-6.1%	-14.1%	-9.6%	-4.0%
Investing Activities Other Investing Activities	-0.0%	0.0%	-0.8%	-1.1%	-0.1%
Investing Activities net Cash From Investing Activities	-14.5%	-6.2%	-14.9%	-9.5%	-5.4%
Financing Activities Proceeds From Debt	43.2%	6.5%	22.2%	16.2%	13.9%
Financing Activities Repayment of Debt	-37.3%	-11.0%	-19.3%	-10.5%	-18.5%
Financing Activities Proceeds From Stock Issuance	0.6%	—	0.0%	0.0%	14.2%
Financing Activities Tax Withholding On Stock Based Compensation	-0.1%	-0.1%	-0.1%	-0.1%	-0.1%
Financing Activities Other Financing Activities	-1.1%	-0.6%	-1.0%	-0.3%	-0.6%
Financing Activities net Cash From Financing Activities	5.3%	-5.2%	1.8%	5.3%	9.0%
Cash Reconciliation net Change In Cash	0.1%	-1.1%	-2.8%	-3.0%	-9.6%

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	+9.3%	+10.2%	+6.7%	-12.2%	-19.1%
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	1.64x	1.96x	1.28x	-1.94x	-1.23x
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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