Norwegian Cruise Line Holdings Ltd. (NCLH) financial statements: income statement, balance sheet and cash flow
Norwegian Cruise Line Holdings Ltd.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Norwegian Cruise Line Holdings Ltd. reported revenue of $9.8B (+3.7% year on year) and net income of $428.7M (-44.5% year on year).
Income statement
Norwegian Cruise Line Holdings Ltd. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenue
$9.8B
$9.5B
$8.5B
$4.8B
Total cruise operating expense
$5.6B
$5.7B
$5.5B
$4.3B
Marketing, general and administrative
$1.5B
$1.4B
$1.3B
$1.4B
Depreciation and amortization
$1.1B
$890.2M
$808.6M
$749.3M
Total other operating expense
$2.6B
$2.3B
$2.2B
$2.1B
Operating income
$1.6B
$1.5B
$930.9M
($1.6B)
Interest expense, net
($953.5M)
($747.2M)
($727.5M)
($801.5M)
Other income (expense), net
($178.6M)
$54.2M
($40.2M)
$76.6M
Total non-operating income (expense)
($1.1B)
($693.0M)
($767.7M)
($724.9M)
Net income before income taxes
$428.7M
$772.9M
$163.2M
($2.3B)
Income tax benefit (expense)
($5.5M)
($137.3M)
$3.0M
$6.8M
Net income
$423.2M
$910.3M
$166.2M
($2.3B)
Basic (in shares)
448.5M
435.3M
424.4M
419.8M
Diluted (in shares)
477.7M
515.0M
427.4M
419.8M
Basic (in dollars per share)
$0.94
$2.09
$0.39
-$5.41
Diluted (in dollars per share)
$0.92
$1.89
$0.39
-$5.41
Norwegian Cruise Line Holdings Ltd. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenue
$2.6B
$2.3B
$2.9B
$2.5B
Total cruise operating expense
$1.6B
$1.4B
$1.6B
$1.5B
Marketing, general and administrative
$419.2M
$459.7M
$383.0M
$393.1M
Depreciation and amortization
$271.2M
$260.7M
$250.8M
$243.8M
Total other operating expense
$690.4M
$720.4M
$633.8M
$636.8M
Operating income
$363.3M
$232.9M
$749.4M
$423.8M
Interest expense, net
($170.9M)
($166.0M)
($328.8M)
($236.8M)
Other income (expense), net
$33.5M
$40.7M
$13.0M
($156.4M)
Total non-operating income (expense)
($137.4M)
($125.3M)
($315.8M)
($393.2M)
Net income (loss) before income taxes
$226.0M
$107.7M
$433.6M
$30.6M
Income tax benefit (expense)
($3.4M)
($3.0M)
($14.3M)
($637.0K)
Net income (loss)
$222.6M
$104.7M
$419.3M
$30.0M
Basic (in shares)
459.1M
456.7M
451.0M
446.6M
Diluted (in shares)
463.9M
466.1M
495.7M
448.0M
Basic (in dollars per share)
$0.48
$0.23
$0.93
$0.07
Diluted (in dollars per share)
$0.48
$0.23
$0.86
$0.07
Balance sheet
Norwegian Cruise Line Holdings Ltd. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$209.9M
$190.8M
$402.4M
$947.0M
Accounts receivable, net
$291.7M
$221.4M
$280.3M
$326.3M
Inventories
$138.2M
$149.7M
$157.6M
$148.7M
Prepaid expenses and other assets
$498.8M
$448.2M
$472.8M
$450.9M
Total current assets
$1.1B
$1.0B
$1.3B
$1.9B
Property and equipment, net
$19.1B
$16.8B
$16.4B
$14.5B
Goodwill
$135.8M
$135.8M
$98.1M
$98.1M
Trade names
$500.5M
$500.5M
$500.5M
$500.5M
Other long-term assets
$1.7B
$1.5B
$1.1B
$1.6B
Total assets
$22.5B
$20.0B
$19.5B
$18.6B
Current portion of long-term debt
$875.9M
$1.3B
$1.7B
$991.1M
Accounts payable
$169.7M
$171.1M
$174.3M
$228.7M
Accrued expenses and other liabilities
$1.2B
$1.2B
$1.1B
$1.3B
Advance ticket sales
$3.2B
$3.1B
$3.1B
$2.5B
Total current liabilities
$5.5B
$5.8B
$6.0B
$5.1B
Long-term debt
$13.7B
$11.8B
$12.3B
$12.6B
Other long-term liabilities
$1.1B
$986.8M
$839.3M
$803.9M
Total liabilities
$20.3B
$18.5B
$19.2B
$18.5B
Ordinary shares, $0.001 par value; 980,000,000 shares authorized; 455,257,489 shares issued and outstanding at December 31, 2025 and 439,861,281 shares issued and outstanding at December 31, 2024
455.0K
440.0K
425.0K
421.0K
Additional paid-in capital
$8.2B
$7.9B
$7.7B
$7.6B
Accumulated other comprehensive income (loss)
($451.4M)
($507.0M)
($508.4M)
($477.1M)
Accumulated deficit
($5.6B)
($6.0B)
($6.9B)
($7.1B)
Total shareholders' equity
$2.2B
$1.4B
$300.8M
$68.6M
Total liabilities and shareholders' equity
$22.5B
$20.0B
$19.5B
$18.6B
Norwegian Cruise Line Holdings Ltd. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$218.1M
$185.0M
$166.8M
$184.0M
Accounts receivable, net
$277.0M
$277.1M
$252.6M
$265.8M
Inventories
$161.3M
$162.7M
$155.5M
$160.6M
Prepaid expenses and other assets
$609.7M
$683.0M
$466.4M
$562.3M
Total current assets
$1.3B
$1.3B
$1.0B
$1.2B
Property and equipment, net
$20.4B
$20.2B
$18.9B
$18.2B
Goodwill
$135.8M
$135.8M
$135.8M
$135.8M
Trade names
$500.5M
$500.5M
$500.5M
$500.5M
Other long-term assets
$1.7B
$1.7B
$1.6B
$1.5B
Total assets
$24.0B
$23.8B
$22.2B
$21.6B
Current portion of long-term debt
$1.1B
$1.2B
$876.2M
$1.1B
Accounts payable
$233.1M
$184.7M
$193.4M
$169.4M
Accrued expenses and other liabilities
$1.3B
$1.1B
$1.1B
$1.3B
Advance ticket sales
$3.7B
$3.7B
$3.1B
$3.8B
Total current liabilities
$6.3B
$6.2B
$5.3B
$6.4B
Long-term debt
$13.9B
$14.0B
$13.6B
$12.6B
Other long-term liabilities
$1.2B
$1.2B
$1.0B
$1.0B
Total liabilities
$21.4B
$21.4B
$20.0B
$20.0B
Ordinary shares, $0.001 par value; 980,000,000 shares authorized; 459,158,514 shares issued and outstanding at June 30, 2026 and 455,257,489 shares issued and outstanding at December 31, 2025
459.0K
459.0K
455.0K
447.0K
Additional paid-in capital
$8.2B
$8.2B
$8.2B
$8.0B
Accumulated other comprehensive income (loss)
($431.6M)
($327.8M)
($430.1M)
($439.0M)
Accumulated deficit
($5.2B)
($5.5B)
($5.6B)
($6.0B)
Total shareholders' equity
$2.6B
$2.4B
$2.2B
$1.6B
Total liabilities and shareholders' equity
$24.0B
$23.8B
$22.2B
$21.6B
Cash flow statement
Norwegian Cruise Line Holdings Ltd. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$423.2M
$910.3M
$166.2M
($2.3B)
Depreciation and amortization expense
$1.2B
$973.5M
$883.2M
$810.1M
Deferred income taxes, net
$2.3M
($155.1M)
—
($1.2M)
Gain on derivatives
$389.0K
($979.0K)
$13.8M
$8.6M
Loss on extinguishment of debt
$272.1M
$29.2M
$6.7M
$188.8M
Provision for bad debts and inventory obsolescence
$3.3M
$6.4M
$6.2M
$13.6M
Gain on involuntary conversion of assets
($2.0M)
($4.8M)
($6.9M)
($2.3M)
Share-based compensation expense
$88.4M
$91.8M
$118.9M
$113.6M
Net foreign currency adjustments on euro-denominated debt
$135.4M
($25.8M)
$8.2M
($10.8M)
Accounts receivable, net
($73.8M)
$49.3M
$39.6M
$828.7M
Inventories
$11.0M
$7.0M
($11.0M)
($33.6M)
Prepaid expenses and other assets
$17.8M
$88.4M
$410.3M
($601.1M)
Accounts payable
($1.5M)
($20.2M)
($51.0M)
($16.2M)
Accrued expenses and other liabilities
($15.3M)
$65.3M
($82.2M)
$252.9M
Advance ticket sales
$66.3M
$35.7M
$503.7M
$928.9M
Net cash provided by operating activities
$2.1B
$2.0B
$2.0B
$210.0M
Additions to property and equipment, net
($3.3B)
($1.2B)
($2.8B)
($1.8B)
Cash paid on settlement of derivatives
($1.9M)
($1.8M)
($162.9M)
($224.1M)
Other
($3.2M)
$10.7M
$16.2M
$12.1M
Net cash used in investing activities
($3.3B)
($1.2B)
($2.9B)
($1.8B)
Repayments of long-term debt
($8.2B)
($2.2B)
($3.8B)
($1.8B)
Proceeds from long-term debt
$9.7B
$1.3B
$4.3B
$3.0B
Common share issuance proceeds, net
$145.0M
—
—
—
Net share settlement of restricted share units
($23.8M)
($25.3M)
($26.9M)
($21.0M)
Early redemption premium
($238.1M)
($19.2M)
—
($172.0M)
Deferred financing fees
($253.9M)
($117.1M)
($196.3M)
($58.9M)
Net cash provided by (used in) financing activities
$1.2B
($1.0B)
$346.9M
$986.2M
Net increase (decrease) in cash and cash equivalents
$19.1M
($211.7M)
($544.6M)
($559.7M)
Cash and cash equivalents at beginning of period
$190.8M
$402.4M
$947.0M
$1.5B
Cash and cash equivalents at end of period
$209.9M
$190.8M
$402.4M
$947.0M
Norwegian Cruise Line Holdings Ltd. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$327.2M
$104.7M
$409.0M
($10.3M)
Depreciation and amortization expense
$575.4M
$281.4M
$787.8M
$515.0M
Share-based compensation expense
$46.1M
$23.4M
$64.6M
$46.2M
Net foreign currency adjustments on euro-denominated debt
($70.3M)
($37.6M)
$133.3M
$137.9M
Other, net
$13.6M
$1.8M
—
—
Accounts receivable, net
$9.6M
$13.7M
($32.0M)
($46.8M)
Inventories
($26.7M)
($27.7M)
($6.3M)
($11.3M)
Prepaid expenses and other assets
($83.5M)
($88.0M)
$13.4M
($89.4M)
Accounts payable
$50.7M
$33.6M
$49.6M
$12.4M
Accrued expenses and other liabilities
$89.9M
($31.2M)
($72.6M)
$14.1M
Advance ticket sales
$482.0M
$537.4M
$13.9M
$708.1M
Net cash provided by operating activities
$1.4B
$811.5M
$1.6B
$1.4B
Additions to property and equipment, net
($1.9B)
($1.4B)
($2.8B)
($1.9B)
Other, net
($4.2M)
($3.2M)
($8.5M)
($9.2M)
Net cash used in investing activities
($1.9B)
($1.4B)
($2.8B)
($1.9B)
Repayments of long-term debt
($1.2B)
($608.4M)
($7.7B)
($3.9B)
Proceeds from long-term debt
$1.8B
$1.3B
$9.2B
$4.5B
Net share settlement of restricted share units
($30.1M)
($30.1M)
($23.8M)
($23.8M)
Deferred financing fees and other
($20.4M)
($18.9M)
($208.5M)
($53.5M)
Net cash provided by financing activities
$492.8M
$603.5M
$1.2B
$467.2M
Net increase (decrease) in cash and cash equivalents