Norwegian Cruise Line Holdings Ltd. (NCLH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.39	$0.48	+23.1%	—	$2.6B	—
Q1 26	$0.14	$0.23	+64.3%	—	$2.3B	—
Q4 25	$0.27	$0.28	+3.7%	—	$2.2B	—
Q2 25	$0.52	$0.51	-1.9%	—	$2.5B	—
Q1 25	$0.09	$0.07	-22.2%	—	$2.1B	—
Q4 24	$0.11	$0.26	+136.4%	—	$2.1B	—
Q3 24	$0.94	$0.99	+5.3%	—	$2.8B	—
Q2 24	$0.34	$0.4	+17.6%	—	$2.4B	—
Q1 24	$0.09	$0.16	+77.8%	—	$2.2B	—
Q4 23	-$0.13	-$0.18	-38.5%	—	$2B	—
Q3 23	$0.68	$0.76	+11.8%	—	$2.5B	—
Q2 23	$0.26	$0.3	+15.4%	—	$2.2B	—
Q1 23	-$0.43	-$0.3	+30.2%	—	$1.8B	—
Q4 22	-$0.84	-$1.04	-23.8%	—	$1.5B	—
Q3 22	-$0.69	-$0.64	+7.2%	—	$1.6B	—
Q2 22	-$0.83	-$1.14	-37.3%	—	$1.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.94	—	—	$9.8B	—
FY24	—	$2.09	—	—	$9.5B	—
FY23	—	$0.39	—	—	$8.5B	—
FY22	—	-$5.41	—	—	$4.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.9B	$5.4B	$6.1B	$6.5B	$1.3B	$648M	$4.8B	$8.5B	$9.5B	$9.8B
YoY change	+12.2%	+10.7%	+12.2%	+6.73%	-80.2%	-49.4%	+647.5%	+76.5%	+10.9%	+3.67%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.9B	5.4B	6.1B	6.5B	1.3B	648M	4.8B	8.5B	9.5B	9.8B
Cost of revenue	2.9B	3.1B	3.4B	3.7B	1.7B	1.6B	4.3B	5.5B	5.7B	5.6B
Gross profit	2B	2.3B	2.7B	2.8B	-413.2M	-960.1M	576.7M	3.1B	3.8B	4.2B
Gross margin	41.5%	43.2%	44.2%	43.3%	-32.3%	-148.2%	11.9%	36%	40%	42.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	666.2M	773.8M	897.9M	974.9M	745.3M	891.5M	1.4B	1.3B	1.4B	1.5B
Operating expenses	666.2M	773.8M	897.9M	974.9M	745.3M	891.5M	1.4B	1.3B	1.4B	1.5B
Operating income	925.5M	1B	1.2B	1.2B	-1.9B	-2.6B	-1.6B	930.9M	1.5B	1.6B
Operating margin	19%	19.4%	20.1%	18.2%	-146.6%	-393.9%	-32%	10.9%	15.5%	15.9%
Non-operating income, net	-8.3M	-10.4M	20.7M	6.2M	-1.6B	124M	76.6M	-40.2M	54.2M	-178.6M
Pretax income	640.3M	770.6M	969.3M	911.4M	-4B	-4.5B	-2.3B	163.2M	772.9M	428.7M
Income tax	7.2M	10.7M	14.5M	-18.9M	12.5M	5.3M	-6.8M	-3M	-137.3M	5.5M
Net income	633.1M	759.9M	954.8M	930.2M	-4B	-4.5B	-2.3B	166.2M	910.3M	423.2M
Net margin	13%	14.1%	15.8%	14.4%	-313.5%	-695.5%	-46.9%	1.94%	9.6%	4.31%
EBITDA	1.4B	1.6B	1.8B	1.8B	-1.2B	-1.7B	-665.1M	1.8B	2.5B	2.5B
EPS	2.79	3.33	4.28	4.33	-15.8	-12.3	-5.41	0.39	2.09	0.94
Diluted EPS	2.78	3.31	4.25	4.3	-15.8	-12.3	-5.41	0.39	1.89	0.92

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.5B	2B	2.2B	2.4B	2.8B	2.1B	2.1B	2.5B	2.9B	2.2B	2.3B	2.6B
Cost of revenue	1.5B	1.3B	1.4B	1.5B	1.5B	1.3B	1.3B	1.5B	1.6B	1.3B	1.4B	1.6B
Gross profit	1.1B	664.6M	803.8M	917.7M	1.3B	801.8M	823.6M	1.1B	1.4B	920.9M	953.3M	1.1B
Gross margin	41.5%	33.5%	36.7%	38.7%	45.2%	38%	38.7%	42.1%	47.1%	41%	40.9%	39.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	325.4M	328.3M	362.5M	353.8M	358M	360.6M	391.4M	393.1M	383M	381.4M	459.7M	419.2M
Operating expenses	325.4M	328.3M	362.5M	353.8M	358M	360.6M	391.4M	393.1M	383M	381.4M	459.7M	419.2M
Operating income	523.3M	124.3M	218.4M	341.6M	691.2M	214.7M	200.9M	423.8M	749.4M	186.6M	232.9M	363.3M
Operating margin	20.6%	6.26%	9.97%	14.4%	24.6%	10.2%	9.44%	16.8%	25.5%	8.32%	9.99%	13.8%
Non-operating income, net	12.1M	-35.3M	18.1M	1.9M	-34.1M	68.3M	-24.5M	-156.4M	13M	-10.7M	40.7M	33.5M
Pretax income	354.2M	-108.3M	18.4M	165M	481.8M	107.7M	-41.4M	30.6M	433.6M	5.9M	107.7M	226M
Income tax	8.3M	-1.8M	1M	1.5M	6.9M	-146.8M	-1.1M	637K	14.3M	-8.4M	3M	3.4M
Net income	345.9M	-106.5M	17.4M	163.4M	474.9M	254.5M	-40.3M	30M	419.3M	14.3M	104.7M	222.6M
Net margin	13.6%	-5.36%	0.79%	6.89%	16.9%	12.1%	-1.89%	1.19%	14.3%	0.64%	4.49%	8.43%
EBITDA	760M	322.3M	481.6M	586.4M	895.9M	529.7M	427M	531.8M	1B	550.3M	555M	690.9M
EPS	0.81	-0.25	0.04	0.38	1.08	0.58	-0.09	0.07	0.93	0.03	0.23	0.48
Diluted EPS	0.71	-0.25	0.04	0.35	0.95	0.52	-0.09	0.07	0.86	0.03	0.23	0.48

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	9.7B	12.1B	9.5B	12.6B	—	—	—	8.5B	11.2B	10B	6.6B
Enterprise value	15.9B	18.3B	15.8B	19.1B	—	—	—	22.2B	24.1B	24.4B	22.5B
Shares outstanding	227.1M	228M	223M	214.9M	254.7M	365.4M	419.8M	424.4M	435.3M	448.5M	448.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	15.3	16	9.9	13.5	—	—	—	51.2	12.3	23.7	8.67
P/S	1.98	2.25	1.56	1.94	—	—	—	0.99	1.18	1.02	0.65
P/B	2.13	2.11	1.59	1.93	—	—	—	28.3	7.86	4.53	2.55
EV/EBITDA	11.7	11.7	8.73	10.4	—	—	—	12.5	9.67	9.59	8.66
EV/Sales	3.27	3.39	2.61	2.96	—	—	—	2.59	2.54	2.48	2.21
Earnings yield	6.55%	6.26%	10.1%	7.41%	—	—	—	1.95%	8.13%	4.23%	11.5%
FCF yield	1.78%	1.89%	5.38%	1.48%	—	—	—	-8.75%	7.49%	-11.7%	-25.6%
PEG	—	—	—	—	—	—	—	—	—	—	0.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.5%	43.2%	44.2%	43.3%	-32.3%	-148.2%	11.9%	36%	40%	42.6%	39.9%
Operating margin	19%	19.4%	20.1%	18.2%	-146.6%	-393.9%	-32%	10.9%	15.5%	15.9%	14%
Net margin	13%	14.1%	15.8%	14.4%	-313.5%	-695.5%	-46.9%	1.94%	9.6%	4.31%	7.49%
ROE	14%	13.2%	16%	14.3%	-92.2%	-185.3%	-3.3K%	55.2%	63.9%	19.2%	36.7%
ROA	4.88%	5.39%	6.28%	5.58%	-21.8%	-24.1%	-12.2%	0.85%	4.56%	1.88%	4.25%
ROIC	8.47%	8.7%	9.77%	9.02%	-14.6%	-19.4%	-12.2%	6.67%	10.2%	9.28%	8.67%
Return on tangible assets	7.55%	7.94%	8.89%	7.59%	-23.3%	-25.7%	-13.1%	0.91%	4.87%	1.99%	3.35%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.18	0.21	0.17	0.2	1.86	0.89	0.37	0.22	0.17	0.21	0.2
Quick ratio	0.15	0.18	0.15	0.18	1.82	0.85	0.34	0.19	0.15	0.18	0.17
Debt / equity	1.41	1.1	1.09	1.04	2.71	5.12	198.6	46.7	9.19	6.61	6.21
Debt / assets	0.49	0.45	0.43	0.41	0.64	0.66	0.73	0.72	0.66	0.65	0.63
Net debt / EBITDA	4.6	3.93	3.5	3.58	-7.27	-6.41	-19.1	7.7	5.18	5.66	5.23
Interest coverage	3.31	3.88	4.58	4.34	-7.29	-1.17	-1.84	1.22	2.03	1.45	1.93
Effective tax rate	1.13%	1.39%	1.49%	0%	0%	0%	0%	0%	0%	1.28%	1.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	21.5	23.7	27.2	30.1	5.02	1.77	11.5	20.1	21.8	21.9	22.3
EPS (basic)	2.79	3.33	4.28	4.33	-15.8	-12.3	-5.41	0.39	2.09	0.94	0.94
EPS (diluted)	2.78	3.31	4.25	4.3	-15.8	-12.3	-5.41	0.39	1.89	0.92	1.65
Book value per share	20	25.2	26.7	30.3	17.1	6.66	0.16	0.71	3.27	4.93	5.6
FCF per share	0.76	1	2.28	0.86	-13.8	-8.81	-3.75	-1.75	1.93	-2.61	-2.56
Cash per share	0.57	0.77	0.73	1.18	13	4.78	2.26	0.95	0.44	0.47	0.47
Capex per share	4.81	6.02	7.03	7.62	3.72	2.06	4.25	6.48	2.78	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	22.4%	25.4%	25.9%	25.3%	74%	116.2%	36.8%	32.2%	12.8%	—	—
Capex / operating cash flow	87.9%	88.9%	79%	85.7%	-24.1%	-18.1%	498.3%	167.4%	64.2%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.5B	$2B	$2.2B	$2.4B	$2.8B	$2.1B	$2.1B	$2.5B	$2.9B	$2.2B	$2.3B	$2.6B
YoY change	+57%	+30.8%	+20.3%	+7.57%	+10.7%	+6.19%	-2.91%	+6.11%	+4.69%	+6.4%	+9.57%	+4.89%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	128.3M	176.2M	163.9M	252.9M	3.3B	1.7B	947M	402.4M	190.8M	209.9M
Receivables	63.2M	44M	55.2M	75.1M	20.6M	1.2B	326.3M	280.3M	221.4M	291.7M
Inventory	66.3M	82.1M	90.2M	95.4M	82.4M	118.2M	148.7M	157.6M	149.7M	138.2M
Total current assets	411.1M	518.3M	550.3M	730.1M	3.6B	3.3B	1.9B	1.3B	1B	1.1B
Property, plant & equipment	10.1B	11B	12.1B	13.4B	13.4B	13.5B	14.5B	16.4B	16.8B	19.1B
Goodwill & intangibles	4.6B	4.5B	4.5B	4.4B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B
Total assets	13B	14.1B	15.2B	16.7B	18.4B	18.7B	18.6B	19.5B	20B	22.5B
Accounts payable	38M	53.4M	159.6M	100.8M	83.1M	233.2M	228.7M	174.3M	171.1M	169.7M
Short-term debt	560.2M	619.4M	681.2M	746.4M	124.9M	876.9M	991.1M	1.7B	1.3B	875.9M
Total current liabilities	2.3B	2.5B	3.2B	3.6B	1.9B	3.7B	5.1B	6B	5.8B	5.5B
Long-term debt	5.8B	5.7B	5.8B	6.1B	11.7B	11.6B	12.6B	12.3B	11.8B	13.7B
Total liabilities	8.4B	8.3B	9.2B	10.2B	14B	16.3B	18.5B	19.2B	18.5B	20.3B
Shareholders' equity	4.5B	5.7B	6B	6.5B	4.4B	2.4B	68.6M	300.8M	1.4B	2.2B
Total debt	6.4B	6.3B	6.5B	6.8B	11.8B	12.4B	13.6B	14.1B	13.1B	14.6B
Net debt	6.3B	6.1B	6.3B	6.5B	8.5B	10.9B	12.7B	13.7B	12.9B	14.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	681.6M	402.4M	559.8M	594.1M	332.5M	190.8M	184.4M	184M	166.8M	209.9M	185M	218.1M
Receivables	239.4M	280.3M	282.3M	209.3M	200.8M	221.4M	270.5M	265.8M	252.6M	291.7M	277.1M	277M
Inventory	166.1M	157.6M	157.9M	149.9M	145.1M	149.7M	155.7M	160.6M	155.5M	138.2M	162.7M	161.3M
Total current assets	1.6B	1.3B	1.6B	1.6B	1.2B	1B	1.1B	1.2B	1B	1.1B	1.3B	1.3B
Property, plant & equipment	—	16.4B	—	—	—	16.8B	—	—	—	19.1B	—	—
Goodwill & intangibles	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B
Total assets	19.3B	19.5B	19.8B	20.1B	19.8B	20B	21.4B	21.6B	22.2B	22.5B	23.8B	24B
Accounts payable	158.4M	174.3M	205M	182.5M	172.9M	171.1M	161.8M	169.4M	193.4M	169.7M	184.7M	233.1M
Short-term debt	1.2B	1.7B	1.7B	1.5B	1.7B	1.3B	1.1B	1.1B	876.2M	875.9M	1.2B	1.1B
Total current liabilities	5.4B	6B	6.6B	6.6B	6B	5.8B	6.1B	6.4B	5.3B	5.5B	6.2B	6.3B
Long-term debt	12.6B	12.3B	12B	11.9B	11.8B	11.8B	12.9B	12.6B	13.6B	13.7B	14B	13.9B
Total liabilities	18.8B	19.2B	19.5B	19.4B	18.7B	18.5B	19.9B	20B	20B	20.3B	21.4B	21.4B
Shareholders' equity	438.7M	300.8M	362.1M	693.1M	1.1B	1.4B	1.4B	1.6B	2.2B	2.2B	2.4B	2.6B
Total debt	13.9B	14.1B	13.7B	13.4B	13.4B	13.1B	14B	13.8B	14.5B	14.6B	15.2B	15B
Net debt	13.2B	13.7B	13.2B	12.8B	13.1B	12.9B	13.8B	13.6B	14.4B	14.4B	15B	14.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	633.1M	759.9M	954.8M	930.2M	-4B	-4.5B	-2.3B	166.2M	910.3M	423.2M
Depreciation & amortization	445.6M	521.5M	567M	647.1M	739.6M	758.6M	810.1M	883.2M	973.5M	1.2B
Stock-based compensation	66.4M	87M	116M	95.1M	111.3M	124.1M	113.6M	118.9M	91.8M	88.4M
Change in working capital	99M	166M	344.1M	268.5M	-791.9M	-523.5M	1.7B	481.3M	71.7M	2M
Operating cash flow	1.2B	1.5B	2B	1.9B	-3.9B	-4.2B	358M	1.6B	1.9B	2.1B
Capital expenditure	-1.1B	-1.4B	-1.6B	-1.6B	-946.5M	-752.8M	-1.8B	-2.8B	-1.2B	—
Investing cash flow	-1.1B	-1.4B	-1.5B	-1.7B	-975.4M	-1B	-1.8B	-2.9B	-1.2B	-5.1M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-50M	0	-664.8M	-349.9M	0	0	—	—	—	—
Financing cash flow	-129.5M	-172.2M	-599.8M	-64.4M	6.6B	1.7B	1B	368.4M	-1B	1.2B
Net change in cash	-16.7M	-33.1M	-119.1M	166M	1.7B	-3.5B	-396M	-885.9M	-348.7M	3.3B
Free cash flow	172M	229M	508.4M	185.4M	-3.5B	-3.2B	-1.6B	-744.6M	838.9M	-1.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	345.9M	-106.5M	17.4M	163.4M	474.9M	254.5M	-40.3M	30M	419.3M	14.3M	104.7M	222.6M
Depreciation & amortization	224.7M	233.3M	245.1M	242.9M	238.8M	246.6M	250.5M	264.4M	272.8M	374.3M	281.4M	294M
Stock-based compensation	23.6M	22.7M	21.9M	23M	20.6M	26.2M	20.3M	25.9M	18.4M	23.8M	23.4M	22.7M
Change in working capital	-434.4M	60.9M	617.7M	196.5M	-647.2M	-95.2M	620.3M	42.2M	-637.4M	-23.1M	557M	-41.5M
Operating cash flow	159.7M	208.1M	899.2M	624.2M	87.1M	432M	850.8M	714.9M	236.6M	459.1M	811.5M	602.6M
Capital expenditure	-1.1B	-647.7M	-258.9M	-340.7M	-368M	-243.4M	-1.5B	—	—	—	—	—
Investing cash flow	-1.2B	-690.5M	-255.2M	-338.3M	-364.8M	-243.7M	-1.5B	-2.2M	711K	4.5M	-3.2M	-1.1M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	784.1M	154M	-372.5M	-271M	-69.3M	-294M	870.4M	-443.4M	709.7M	17.1M	633.6M	-110.7M
Net change in cash	-270.6M	-328.4M	271.5M	14.9M	-347M	-105.8M	189M	269.3M	947M	480.7M	1.4B	490.8M
Free cash flow	-918.4M	-388.7M	548.3M	330.2M	-195.5M	155.8M	-846M	381.2M	-726.5M	21.5M	-625.2M	144.9M

Norwegian Cruise Line Holdings Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement