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

Running CAGR since the earliest displayed year.

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	-38.9%	-49.8%	-48.3%	-37.1%	—
Accounts Receivable	-29.3%	-42.5%	-51.0%	-72.1%	—
Inventory	+4.0%	+8.2%	+15.5%	+25.8%	—
Prepaid Expenses	+16.7%	+18.5%	+32.5%	+67.5%	—
Other Current Assets	+16.7%	+18.5%	+32.5%	+67.5%	—
Total Current Assets	-23.4%	-32.6%	-36.9%	-43.3%	—
Property,Plant and Equipment	+9.0%	+7.5%	+10.2%	+7.3%	—
Operating Lease Assets	—	—	—	—	—
Goodwill	+8.5%	+11.4%	+0.0%	+0.0%	—
Intangible Assets	+0.0%	+0.0%	+0.0%	+0.0%	—
Other Noncurrent Assets	+6.9%	+5.2%	-6.1%	+20.7%	—
Total Assets	+4.7%	+2.2%	+2.0%	-0.9%	—
Liabilities
Accounts Payable	-7.6%	-9.8%	-13.5%	-1.9%	—
Deferred Revenue	+19.7%	+25.8%	+40.0%	+61.2%	—
Operating Lease Liabilities	—	—	—	—	—
Other Current Liabilities	+3.6%	-0.3%	-8.2%	-19.4%	—
Total Current Liabilities	+10.0%	+15.7%	+27.2%	+35.5%	—
Operating Lease Liabilities Noncurrent	—	—	—	—	—
Deferred Tax Liabilities	—	+8.7%	+12.8%	+2.0%	—
Other Noncurrent Liabilities	+3.6%	-0.3%	-8.2%	-19.4%	—
Total Liabilities	+5.7%	+4.4%	+8.5%	+13.4%	—
Equity
Common Stock	+2.2%	+1.8%	+1.0%	+1.0%	—
Additional Paid In Capital	+2.3%	+1.8%	+1.3%	+1.3%	—
Retained Earnings	—	—	—	—	—
Treasury Stock	—	—	—	—	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Total Stockholders Equity	-2.4%	-16.3%	-64.8%	-97.2%	—
Total Liabilitiesand Equity	+4.7%	+2.2%	+2.0%	-0.9%	—

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	+97.3%	+144.6%	+263.2%	+647.5%	—
Expenses Cost of Revenue	+36.8%	+52.4%	+84.4%	+165.4%	—
Expenses Selling,General and Administrative	+14.8%	+17.2%	+22.7%	+54.7%	—
Expenses Depreciation and Amortization	+11.3%	+8.7%	+7.9%	+6.8%	—
Expenses Share Based Compensation	-8.1%	-9.6%	-2.1%	-8.5%	—
Expenses Operating Expenses	+13.3%	+13.4%	+16.2%	+33.7%	—
Other Income Expense Operating Income	—	—	—	—	—
Other Income Expense Other Income/expense	—	-24.1%	—	-38.2%	—
Other Income Expense Income Before Tax	—	—	—	—	—
Income Tax Income Tax Expense	+1.0%	—	—	—	—
net Income net Income	—	—	—	—	—
net Income Comprehensive Income	—	—	—	—	—
Earnings Per Share Basic Eps	—	—	—	—	—
Earnings Per Share Diluted Eps	—	—	—	—	—
Earnings Per Share Weighted Average Shares Basic	+5.3%	+6.0%	+7.8%	+14.9%	—
Earnings Per Share Weighted Average Shares Diluted	+6.9%	+12.1%	+8.1%	+14.9%	—

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	—	—	—	—	—
Operating Activities Depreciation and Amortization	+11.4%	+8.3%	+7.4%	+6.9%	—
Operating Activities Stock Based Compensation	-8.1%	-9.6%	-2.1%	-8.5%	—
Operating Activities Deferred Income Taxes	+22.7%	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	-50.6%	—	-91.3%	-61.0%	—
Operating Activities net Cash From Operating Activities	—	—	—	—	—
Investing Activities Capital Expenditures	+44.2%	+17.2%	+91.1%	+136.9%	—
Investing Activities Other Investing Activities	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	+39.1%	-20.7%	+28.9%	+15.4%	—
Financing Activities Repayment of Debt	+40.2%	+0.9%	+33.4%	-16.2%	—
Financing Activities Proceeds From Stock Issuance	-51.7%	—	—	—	—
Financing Activities Tax Withholding On Stock Based Compensation	+9.3%	+14.9%	+26.9%	+25.8%	—
Financing Activities Other Financing Activities	-23.8%	-54.7%	-63.4%	-84.2%	—
Financing Activities net Cash From Financing Activities	-8.2%	—	-54.5%	-41.2%	—
Cash Reconciliation Effect of Exchange Rate On Cash	-38.9%	-49.8%	-48.3%	-37.1%	—
Cash Reconciliation net Change In Cash	—	—	—	—	—
Cash Reconciliation Cash At Beginning of Period	-38.9%	-49.8%	-48.3%	-37.1%	—
Cash Reconciliation Cash At End of Period	-38.9%	-49.8%	-48.3%	-37.1%	—

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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