Company file · NCLH

Norwegian Cruise Line Holdings

Norwegian Cruise Line Holdings' revenue rose 3.7% in FY2025, to $9.8B, and net income fell 53.5% to $423M

Revenue rose 3.7% to $9.8B in FY2025, from $9.5B in FY2024. Net income fell 53.5% to $423M. Passenger was the largest product or service, at 68% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Mar 2, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026) · Data pulled Nov 11, 2026

Key facts

Norwegian Cruise Line Holdings (NYSE: NCLH) closed fiscal 2025 on Dec 31, 2025 with revenue of $9.8B, up 3.7% from a year before; net income came to $423M, down 53.5%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $2.9B, up 0.3% on the same stretch of the prior year, and net income of $491M. Broken down by product or service, Passenger led with 68% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Mar 2, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).

Revenue$9.8BFY2025 · +3.7% vs FY2024

Net income$423MFY2025 · −53.5% vs FY2024

Operating cash flow$2.1BFY2025 · +1.9% vs FY2024

Cash & equivalents$257Mat Sep 30, 2026 · +22.2% vs FY2025 end

Total debt$14.6BFY2025 end · +11.5% vs FY2024

Diluted shares478MFY2025 avg · −7.2% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Mar 2, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 4, 2026 · 10-Q filed Aug 3, 2026 · 10-Q filed Oct 29, 2026

How it makes money

By product or service, FY2025

LineAmountSharevs FY2024
Passenger$6.7B68%+4.2%
Onboard and Other$3.1B32%+2.5%

Source: 10-K FY2025, XBRL breakdown

By product or service in FY2025: Passenger (68%) and Onboard and Other (32%), as shares of total revenue. Total revenue was $9.8B.

By product or service: three-year mixShare of the total each fiscal year

FY2023

67%33%

FY2024

68%32%

FY2025

68%32%

PassengerOnboard and Other

Source: 10-K FY2025

By region, FY2025

North America$5.6B57%+6.2%

Europe$2.9B29%−4.5%

Asia Pacific$997M10%+27.9%

Other Country$283M3%−18.3%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$2.9B Q3 2026

$2.9B Q3 2025

0.3% increase

Net income

$491M Q3 2026

$419M Q3 2025

17.2% increase

Source: Norwegian Cruise Line Holdings 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

By product or service

Passenger

$1.9B Q3 2026

$2.0B Q3 2025

5.1% decrease

Onboard and Other

$1.0B Q3 2026

$888M Q3 2025

12.7% increase

Source: Norwegian Cruise Line Holdings 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

Cash & equivalents $257M at Sep 30, 2026, vs $210M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.7B vs $1.6B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 3.7% in FY2025 to $9.8B, from $9.5B a year earlier. 10-K, FY2025
Operating cash flow rose 1.9% in FY2025 to $2.1B. 10-K, FY2025
Diluted shares fell 7.2% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $2.9B, up 0.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Net income fell 53.5% in FY2025 to $423M, from $910M. 10-K, FY2025
Total debt rose 11.5% in FY2025 to $14.6B. 10-K, FY2025
Other Country revenue fell 18.3% in FY2025 to $283M. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Norwegian Cruise Line Holdings is in the hotels, resorts & cruise lines industry, part of the consumer discretionary sector. The SEC files it under Water Transportation.

The full description of Norwegian Cruise Line Holdings' business is in Item 1 of its 10-K, linked below. This page shows its revenue by product or service and region.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the hotels, resorts & cruise lines industry. They are not a summary of Norwegian Cruise Line Holdings’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Consumer spendingShoppers cut back on non-essentials when budgets are tight.
CompetitionRivals, online sellers and changing tastes pressure prices and traffic.
CostsWages, freight and product costs can squeeze margins.
Supply chain and tariffsImported goods make it sensitive to trade policy and shipping disruptions.
Brand and reputationProduct problems or public criticism can hurt demand.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$8.5B	$9.5B	$9.8B
Net income	$166M	$910M	$423M
Operating cash flow	$2.0B	$2.0B	$2.1B
Cash & equivalents (year end)	$402M	$191M	$210M
Total debt (year end)	$14.1B	$13.1B	$14.6B
Diluted shares	427M	515M	478M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 29, 2026	Sep 30, 2026
10-Q	Aug 3, 2026	Jun 30, 2026
10-Q	May 4, 2026	Mar 31, 2026
DEF 14A	Apr 30, 2026	Jun 11, 2026
10-K	Mar 2, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Norwegian Cruise Line Holdings

How does Norwegian Cruise Line Holdings make money?

Fiscal 2025 revenue: $9.8B. By product or service in FY2025: Passenger (68%) and Onboard and Other (32%), as shares of total revenue. Total revenue was $9.8B. Source: 10-K for fiscal 2025, filed Mar 2, 2026.

What was Norwegian Cruise Line Holdings's revenue in fiscal 2025?

$9.8B, up 3.7% from fiscal 2024 ($9.5B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $8.5B. Source: 10-K for fiscal 2025, filed Mar 2, 2026.

Is Norwegian Cruise Line Holdings profitable?

Net income was $423M in fiscal 2025 (down 53.5%; fiscal 2024 was $910M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $491M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Mar 2, 2026.

What did Norwegian Cruise Line Holdings report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $2.9B (up 0.3% from $2.9B) and net income $491M (up 17.2% from $419M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.

What are the main risks Norwegian Cruise Line Holdings faces?

Norwegian Cruise Line Holdings's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Mar 2, 2026. Risks that are common among companies in the hotels, resorts & cruise lines industry include Consumer spending; competition; costs; supply chain and tariffs; brand and reputation. The first: Shoppers cut back on non-essentials when budgets are tight. Source: 10-K, Item 1A Risk Factors.

Where do these Norwegian Cruise Line Holdings numbers come from?

The 10-K filed Mar 2, 2026 (fiscal 2025) and the 10-Q filed Oct 29, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Norwegian Cruise Line Holdings

Elliott Investment Management: 14,686,000 shares, reported value $310.0M at Jun 30, 2026 (+11.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 6,642,302 shares, reported value $140.2M at Jun 30, 2026 (+8.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Two Sigma Investments: 2,778,459 shares, reported value $58.7M at Jun 30, 2026 (−1.2% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 382,228 shares, reported value $8.1M at Jun 30, 2026 (−59.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in NCLH: The editor holds no position in Norwegian Cruise Line Holdings (NCLH). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell NCLH from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold NCLH, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Norwegian Cruise Line HoldingsNCLH	FY2025	$9.8B	+3.7%	$423M
Booking HoldingsBKNG	FY2025	$26.9B	+13.4%	$5.4B
Marriott InternationalMAR	FY2025	$26.2B	+4.3%	$2.6B
AirbnbABNB	FY2025	$12.2B	+10.3%	$2.5B
Royal Caribbean GroupRCL	FY2025	$17.9B	+8.8%	$4.3B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.