financial statements

The full income statement, balance sheet, and cash-flow statement for Norwegian Cruise Line Holdings (NCLH), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

See the live NCLH chart & snapshot →

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	9.83B YoY+3.7%	9.48B YoY+10.9%	8.55B YoY+76.5%	4.84B YoY+647.5%	648M YoY-49.4%
Cost of revenue	5.64B YoY-0.9%	5.69B YoY+4.0%	5.47B YoY+28.2%	4.27B YoY+165.4%	1.61B YoY-5.0%
	2.63B YoY+13.0%	2.33B YoY+8.1%	2.15B YoY+1.0%	2.13B YoY+33.7%	1.59B YoY-48.2%
Selling, general & administrative	1.55B YoY+7.9%	1.43B YoY+6.9%	1.34B YoY-2.7%	1.38B YoY+54.7%	891M YoY+19.6%
Operating income	1.56B YoY+6.5%	1.47B YoY+57.5%	931M YoY+160.0%	-1.55B YoY+39.2%	-2.55B YoY+26.7%
Interest expense	—	—	728M YoY-9.2%	802M YoY-61.8%	2.10B YoY+335.4%
Other non-operating income	-179M YoY-429.5%	54.2M YoY+234.9%	-40.2M YoY-152.5%	76.6M YoY-38.2%	124M YoY+468.9%
Pre-tax income	429M YoY-44.5%	773M YoY+373.7%	163M YoY+107.2%	-2.28B YoY+49.4%	-4.50B YoY-12.5%
Income tax	5.47M YoY+104.0%	-137M YoY-4475.3%	-3.00M YoY+55.8%	-6.79M YoY-229.0%	5.27M YoY-57.8%
Net income	423M YoY-53.5%	910M YoY+447.7%	166M YoY+107.3%	-2.27B YoY+49.6%	-4.51B YoY-12.3%
	$0.92 YoY-51.3%	$1.89 YoY+384.6%	$0.39 YoY+107.2%	-$5.41 YoY+56.1%	-$12.33 YoY+21.7%
EPS (basic)	$0.94 YoY-55.0%	$2.09 YoY+435.9%	$0.39 YoY+107.2%	-$5.41 YoY+56.1%	-$12.33 YoY+21.7%
Weighted-avg shares (basic)	449M YoY+3.0%	435M YoY+2.6%	424M YoY+1.1%	420M YoY+14.9%	365M YoY+43.5%
Weighted-avg shares (diluted)	478M YoY-7.2%	515M YoY+20.5%	427M YoY+1.8%	420M YoY+14.9%	365M YoY+43.5%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.14B YoY+12.7%	1.01B YoY-23.1%	1.31B YoY-29.9%	1.87B YoY-43.3%	3.30B YoY-7.2%
Cash & equivalents	210M YoY+10.0%	191M YoY-52.6%	402M YoY-57.5%	947M YoY-37.1%	1.51B YoY-54.4%
Short-term investments	240M YoY+0.0%	240M YoY+0.0%	240M YoY+0.0%	240M YoY+0.0%	240M
Accounts receivable	292M YoY+31.7%	221M YoY-21.0%	280M YoY-14.1%	326M YoY-72.1%	1.17B YoY+5573.4%
Inventory	138M YoY-7.7%	150M YoY-5.0%	158M YoY+6.0%	149M YoY+25.8%	118M YoY+43.5%
Prepaid expenses	499M YoY+11.3%	448M YoY-5.2%	473M YoY+4.9%	451M YoY+67.5%	269M YoY+74.7%
	22.5B YoY+12.9%	20.0B YoY+2.4%	19.5B YoY+5.0%	18.6B YoY-0.9%	18.7B YoY+1.8%
Property, plant & equipment	19.1B YoY+13.4%	16.8B YoY+2.3%	16.4B YoY+13.2%	14.5B YoY+7.3%	13.5B YoY+0.9%
Operating lease right-of-use	1.09B YoY+21.2%	899M YoY+19.3%	754M YoY+6.6%	707M YoY-11.0%	794M YoY+279.9%
Goodwill	136M YoY+0.0%	136M YoY+38.3%	98.1M YoY+0.0%	98.1M YoY+0.0%	98.1M YoY+0.0%
Intangible assets	501M YoY+0.0%	501M YoY+0.0%	501M YoY+0.0%	501M YoY+0.0%	501M YoY+0.0%
Other non-current assets	1.70B YoY+12.2%	1.51B YoY+31.8%	1.15B YoY-26.9%	1.57B YoY+20.7%	1.30B YoY+56.4%
	5.45B YoY-5.7%	5.78B YoY-4.3%	6.04B YoY+19.5%	5.05B YoY+35.5%	3.73B YoY+94.9%
Accounts payable	170M YoY-0.8%	171M YoY-1.9%	174M YoY-23.8%	229M YoY-1.9%	233M YoY+180.5%
Accrued liabilities	245M YoY+0.0%	245M YoY+0.0%	245M YoY+0.0%	245M YoY+0.0%	245M YoY+0.0%
Deferred revenue	3.20B YoY+3.0%	3.11B YoY+1.5%	3.06B YoY+21.6%	2.52B YoY+61.2%	1.56B YoY+40.7%
Current lease liability	32.1M YoY+17.4%	27.3M YoY+17.6%	23.2M YoY-41.5%	39.7M YoY+15.4%	34.4M YoY+94.4%
	20.3B YoY+9.6%	18.5B YoY-3.4%	19.2B YoY+3.8%	18.5B YoY+13.4%	16.3B YoY+16.0%
Long-term debt	1.55B YoY+0.0%	1.55B YoY+0.0%	1.55B YoY+0.0%	1.55B YoY+0.0%	1.55B YoY+0.0%
Non-current lease liability	898M YoY+13.8%	789M YoY+22.3%	645M YoY+9.6%	588M YoY-12.3%	671M YoY+261.7%
Other non-current liabilities	1.15B YoY+16.4%	987M YoY+17.6%	839M YoY+4.4%	804M YoY-19.4%	997M YoY+121.5%
	2.21B YoY+55.0%	1.43B YoY+373.9%	301M YoY+338.6%	68.6M YoY-97.2%	2.43B YoY-44.1%
Common stock	455K YoY+3.4%	440K YoY+3.5%	425K YoY+1.0%	421K YoY+1.0%	417K YoY+32.0%
Additional paid-in capital	8.23B YoY+3.9%	7.92B YoY+2.8%	7.71B YoY+1.3%	7.61B YoY+1.3%	7.51B YoY+53.7%
Retained earnings	-5.57B YoY+7.1%	-5.99B YoY+13.2%	-6.90B YoY+2.4%	-7.07B YoY-47.3%	-4.80B YoY-1523.4%
Treasury stock	1.25B YoY+0.0%	1.25B YoY+0.0%	1.25B YoY+0.0%	1.25B YoY+0.0%	1.25B YoY+0.0%
Accumulated other comprehensive income	-451M YoY+11.0%	-507M YoY+0.3%	-508M YoY-6.6%	-477M YoY-67.3%	-285M YoY-18.7%
Non-controlling interest	31.4M YoY+0.0%	31.4M YoY+0.0%	31.4M YoY+0.0%	31.4M YoY+0.0%	31.4M YoY+0.0%
Total equity incl. non-controlling	5.75B YoY+0.0%	5.75B YoY+0.0%	5.75B YoY+0.0%	5.75B YoY+0.0%	5.75B YoY+0.0%
Total liabilities & equity	22.5B YoY+12.9%	20.0B YoY+2.4%	19.5B YoY+5.0%	18.6B YoY-0.9%	18.7B YoY+1.8%
Common shares issued	455M YoY+3.5%	440M YoY+3.4%	426M YoY+1.0%	421M YoY+1.1%	417M YoY+32.1%
Common shares outstanding	455M YoY+3.5%	440M YoY+3.4%	426M YoY+1.0%	421M YoY+1.1%	417M YoY+32.1%
Shares outstanding (cover)	455M YoY+3.5%	440M YoY+3.4%	425M YoY+1.0%	421M YoY+13.9%	370M YoY+34.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.09B YoY+1.9%	2.05B YoY+2.2%	2.01B YoY+855.0%	210M YoY+108.5%	-2.47B YoY+3.5%
Depreciation & amortization	1.16B YoY+19.4%	974M YoY+10.2%	883M YoY+9.0%	810M YoY+6.8%	759M YoY+2.6%
Share-based compensation	88.4M YoY-3.7%	91.8M YoY-22.8%	119M YoY+4.7%	114M YoY-8.5%	124M YoY+11.5%
Deferred income taxes	4.34M YoY+102.8%	-156M YoY-118193.9%	-132K YoY+89.6%	-1.27M YoY-166.3%	1.92M YoY-85.0%
Change in receivables	73.8M YoY+249.6%	-49.3M YoY-24.4%	-39.6M YoY+95.2%	-829M YoY-171.4%	1.16B YoY+3866.6%
Change in inventory	-11.0M YoY-58.6%	-6.95M YoY-162.9%	11.0M YoY-67.1%	33.6M YoY-10.3%	37.5M YoY+455.1%
Change in payables	-1.52M YoY+92.5%	-20.2M YoY+60.4%	-51.0M YoY-214.7%	-16.2M YoY-110.7%	152M YoY+809.8%
	-3.26B YoY-165.6%	-1.23B YoY+57.6%	-2.90B YoY-65.0%	-1.76B YoY-74.9%	-1.00B YoY-2.9%
Capital expenditure	3.26B YoY+169.2%	1.21B YoY-56.0%	2.75B YoY+54.2%	1.78B YoY+136.9%	753M YoY-20.5%
Acquisitions	—	27.3M	—	—	—
Other investing activities	3.20M YoY+130.0%	-10.7M YoY+33.9%	-16.2M YoY-33.7%	-12.1M YoY+1.7%	-12.3M YoY-354.9%
	1.19B YoY+215.7%	-1.03B YoY-397.6%	347M YoY-64.8%	986M YoY-41.2%	1.68B YoY-74.5%
Long-term debt issued	9.74B YoY+649.9%	1.30B YoY-70.0%	4.32B YoY+44.0%	3.00B YoY+15.4%	2.60B YoY-57.2%
Long-term debt repaid	8.17B YoY+276.8%	2.17B YoY-42.3%	3.76B YoY+112.3%	1.77B YoY-16.2%	2.11B YoY+136.8%
Common stock issued	145M	—	—	—	2.67B YoY+72.9%
Net change in cash	19.1M YoY+109.0%	-212M YoY+61.1%	-545M YoY+2.7%	-560M YoY+68.8%	-1.79B YoY-158.9%
Interest paid	952M YoY+23.2%	773M YoY-6.1%	823M YoY+9.6%	751M YoY-64.3%	2.10B YoY+368.9%
Income taxes paid	18.6M YoY+304.3%	4.60M YoY+48.4%	3.10M YoY-67.4%	9.50M YoY+251.9%	2.70M YoY-22.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	10.2B YoY-10.2%	11.3B YoY+32.7%	8.53B YoY+65.3%	5.16B YoY-32.8%	7.67B YoY+9.5%
P/E	24.0× YoY+93.2%	12.4×	—	—	—
P/S	1.0× YoY-13.4%	1.2× YoY+13.1%	1.1× YoY-22.0%	1.4× YoY-88.6%	11.8× YoY+116.3%
P/B	4.6× YoY-42.1%	7.9× YoY-59.2%	19.4× YoY+50.6%	12.9× YoY+309.0%	3.2× YoY+96.0%
P/FCF	—	13.5×	—	—	—
Earnings yield	4.2% YoY-48.2%	8.0%	—	—	—
FCF yield	—	7.4%	—	—	—
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: NCLH's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NCLH filings on SEC EDGAR → Not investment advice.

NCLH▼ financial statements

About this data

financial statements