Norwegian Cruise Line Holdings (NCLH) financials
Norwegian Cruise Line Holdings revenue and earnings by year
Norwegian Cruise Line Holdings's revenue was $9.83 billion in the fiscal year to December 31, 2025, up 3.7% from the year before. Net income was $423 million, 4.3% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 8.1% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 9.83 | 9.48 | 8.55 | 4.84 | 0.65 | 1.28 | 6.46 | 6.06 | 5.40 | 4.87 |
| Revenue growth | 3.7% | 10.9% | 76.5% | 647.5% | -49.4% | -80.2% | 6.7% | 12.2% | 10.7% | — |
| Gross profit | 4.19 | 3.79 | 3.08 | 0.58 | -0.96 | -0.41 | 2.80 | 2.68 | 2.33 | 2.02 |
| Gross margin | 42.6% | 40.0% | 36.0% | 11.9% | -148.2% | -32.3% | 43.3% | 44.2% | 43.2% | 41.5% |
| Operating income | 1.56 | 1.47 | 0.93 | -1.55 | -2.55 | -3.48 | 1.18 | 1.22 | 1.05 | 0.93 |
| Operating margin | 15.9% | 15.5% | 10.9% | -32.0% | -393.9% | -272.2% | 18.2% | 20.1% | 19.4% | 19.0% |
| Net income | 0.42 | 0.91 | 0.17 | -2.27 | -4.51 | -4.01 | 0.93 | 0.95 | 0.76 | 0.63 |
| Net margin | 4.3% | 9.6% | 1.9% | -46.9% | -695.5% | -313.5% | 14.4% | 15.8% | 14.1% | 13.0% |
| Diluted EPS | $0.92 | $1.89 | $0.39 | -$5.41 | -$12.40 | -$16.80 | $4.30 | $4.27 | $3.31 | $2.78 |
| Free cash flow | -1.17 | 0.84 | -0.74 | -1.57 | -3.22 | -3.50 | 0.19 | 0.51 | 0.23 | 0.17 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open NCLH in Markets.
How Norwegian Cruise Line Holdings makes money
Revenue by segment in the quarter to September 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Passenger | $1.95B | 66.0% |
| Onboard & Other | $1.00B | 34.0% |
See also: NCLH valuation and P/E history · NCLH returns
No forecast, no recommendation. This page describes Norwegian Cruise Line Holdings from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.