What is Norwegian Cruise Line Holdings Ltd.'s earnings per share (EPS)?

Norwegian Cruise Line Holdings Ltd. (NCLH) reported diluted earnings per share of $0.92 for fiscal year 2025. This represents a -51.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Norwegian Cruise Line Holdings Ltd. (NCLH) Financials

NCLH

Trailing 12 months to June 30, 2026

Revenue $10.2B +6.2% YoY

Net Income $760.7M +5.8% YoY

EPS (Diluted) $1.62 +11.7% YoY

Free Cash Flow -$1.2B -135.0% YoY

Market Cap $6.8B as of Oct 14, 2026

Price / Sales 0.7x on $10.2B revenue, trailing 12 months to June 30, 2026

Price / Earnings 9.0x on $760.7M net income, trailing 12 months to June 30, 2026

Price / Book 2.7x on $2.6B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 3, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 3, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NCLH SEC filings page.

Norwegian Cruise Line Holdings Ltd. (NCLH) reported $10.2B in revenue over the twelve months to Jun 30, 2026, up 6.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NCLH FY2025 2026-10-04

The business converts cruise operations into cash, but fleet reinvestment and debt costs absorb much of that economic progress.

Operating cash flow stayed near $2.1B in 2025 while free cash flow turned negative at -$1.2B. That gap arose as capital spending reached $3.3B versus $1.2B in FY2024, showing an operating model whose cash generation is heavily shaped by fleet-renewal timing.

Gross margin expanded to 42.6% from 40.0%, but operating margin barely moved; higher gross profitability is not flowing through proportionally because overhead and depreciation absorb much of the improvement.

The balance sheet remains debt-led and thinly liquid: debt-to-equity was 6.2x while the current ratio was 0.2x. Interest expense rose by $206M in 2025, leaving net margin at 4.3% despite broadly steady operating performance.

Financial Health Signals

Financial Health Score 32/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Norwegian Cruise Line Holdings Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Norwegian Cruise Line Holdings Ltd. has an operating margin of 15.9%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 60/100, indicating healthy but not exceptional operating efficiency. This is up from 15.5% the prior year.

Growth

Norwegian Cruise Line Holdings Ltd.'s revenue grew a modest 3.7% year-over-year to $9.8B. This slow but positive growth earns a score of 57/100.

Leverage

Norwegian Cruise Line Holdings Ltd. has elevated debt relative to equity (D/E of 6.21), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 12/100, reflecting increased financial risk.

Liquidity

Norwegian Cruise Line Holdings Ltd.'s current ratio of 0.21 is below the typical benchmark, resulting in a score of 1/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

While Norwegian Cruise Line Holdings Ltd. generated $2.1B in operating cash flow, capex of $3.3B consumed most of it, leaving -$1.2B in free cash flow. This results in a low score of 16/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Norwegian Cruise Line Holdings Ltd.'s ROE of 19.1% shows moderate profitability relative to equity, earning a score of 44/100. This is down from 63.9% the prior year.

Altman Z-Score Distress

0.29

Norwegian Cruise Line Holdings Ltd. scores 0.29, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.8B) relative to total liabilities ($20.3B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

5/9

Norwegian Cruise Line Holdings Ltd. passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

4.94x

For every $1 of reported earnings, Norwegian Cruise Line Holdings Ltd. generates $4.94 in operating cash flow ($2.1B OCF vs $423.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.64x

Norwegian Cruise Line Holdings Ltd. earns $1.64 in operating income for every $1 of interest expense ($1.6B vs $953.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$2.6B

YoY+4.9%

QoQ+13.3%

5Y CAGR+260.0%

10Y CAGR+8.3%

Norwegian Cruise Line Holdings Ltd. generated $2.6B in revenue in Q2 2026. This represents an increase of 4.9% from the same quarter a year earlier. Against the prior quarter it is up 13.3%.

EBITDA

$634.5M

YoY-5.0%

QoQ+23.4%

10Y CAGR+6.7%

Norwegian Cruise Line Holdings Ltd.'s EBITDA was $634.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 5.0% from the same quarter a year earlier. Against the prior quarter it is up 23.4%.

Net Income

$222.6M

YoY+642.0%

QoQ+112.6%

10Y CAGR+4.4%

Norwegian Cruise Line Holdings Ltd. reported $222.6M in net income in Q2 2026. This represents an increase of 642.0% from the same quarter a year earlier. Against the prior quarter it is up 112.6%.

EPS (Diluted)

$0.48

YoY+585.7%

QoQ+108.7%

10Y CAGR-2.8%

Norwegian Cruise Line Holdings Ltd. earned $0.48 per diluted share (EPS) in Q2 2026. This represents an increase of 585.7% from the same quarter a year earlier. Against the prior quarter it is up 108.7%.

Cash & Balance Sheet

Free Cash Flow

$144.9M

YoY-62.0%

QoQ+123.2%

Norwegian Cruise Line Holdings Ltd. generated $144.9M in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 62.0% from the same quarter a year earlier. Against the prior quarter it is up 123.2%.

Cash & Debt

$218.1M

YoY+18.5%

QoQ+17.9%

5Y CAGR-37.9%

10Y CAGR+4.1%

Norwegian Cruise Line Holdings Ltd. held $218.1M in cash against $13.9B in long-term debt as of Q2 2026.

Shares Outstanding

459M

YoY+1.6%

QoQ0.0%

5Y CAGR+4.4%

10Y CAGR+7.3%

Norwegian Cruise Line Holdings Ltd. had 459M shares outstanding in Q2 2026. This represents an increase of 1.6% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

39.9%

YoY-2.2pp

QoQ-1.0pp

Norwegian Cruise Line Holdings Ltd.'s gross margin was 39.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.0 percentage points.

Operating Margin

13.8%

YoY-3.1pp

QoQ+3.8pp

10Y change-5.4pp

Norwegian Cruise Line Holdings Ltd.'s operating margin was 13.8% in Q2 2026, reflecting core business profitability. This is down 3.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.8 percentage points.

Net Margin

8.4%

YoY+7.2pp

QoQ+3.9pp

10Y change-3.8pp

Norwegian Cruise Line Holdings Ltd.'s net profit margin was 8.4% in Q2 2026, showing the share of revenue converted to profit. This is up 7.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.9 percentage points.

Return on Equity

8.6%

YoY+6.7pp

QoQ+4.3pp

Norwegian Cruise Line Holdings Ltd.'s ROE was 8.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 6.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.3 percentage points.

Capital Allocation

Capital Expenditures

$457.7M

YoY+37.2%

QoQ-68.1%

5Y CAGR+21.5%

10Y CAGR-3.2%

Norwegian Cruise Line Holdings Ltd. invested $457.7M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 37.2% from the same quarter a year earlier. Against the prior quarter it is down 68.1%.

R&D Spending

Not reported for Q2 2026.

Share Buybacks

Not reported for Q2 2026.

NCLH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NCLH quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$10.2B	$9.8B+3.7%	$9.5B+10.9%	$8.5B+76.5%	$4.8B+647.5%	$648.0M-49.4%	$1.3B-80.2%	$6.5B+6.7%	$6.1B+12.2%	$5.4B+10.7%	$4.9B+12.2%	$4.3B+39.0%	$3.1B+21.6%	$2.6B+12.9%	$2.3B+2.6%	$2.2B
Cost of Revenue	$5.8B	$5.6B-0.9%	$5.7B+4.0%	$5.5B+28.2%	$4.3B+165.4%	$1.6B-5.0%	$1.7B-53.8%	$3.7B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$4.3B	$4.2B+10.5%	$3.8B+23.0%	$3.1B+434.3%	$576.7M+160.1%	-$960.1M-132.4%	-$413.2M-114.8%	$2.8B	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$1.6B	$1.5B+7.9%	$1.4B+6.9%	$1.3B-2.7%	$1.4B+54.7%	$891.5M+19.6%	$745.3M-23.5%	$974.9M+8.6%	$897.9M+16.0%	$773.8M+16.2%	$666.2M+20.0%	$555.0M+37.7%	$403.2M+33.9%	$301.2M+19.9%	$251.2M-0.1%	$251.4M
Operating Income	$1.5B	$1.6B+6.5%	$1.5B+57.5%	$930.9M+160.0%	-$1.6B+39.2%	-$2.6B+26.7%	-$3.5B-395.7%	$1.2B-3.4%	$1.2B+16.2%	$1.0B+13.3%	$925.5M+31.7%	$702.5M+39.7%	$502.9M+27.0%	$395.9M+10.9%	$357.1M+13.0%	$316.1M
EBITDA	N/A	$2.7B+11.6%	$2.4B+34.5%	$1.8B+344.6%	-$741.7M+58.7%	-$1.8B+34.6%	-$2.7B-250.4%	$1.8B+2.2%	$1.8B+13.7%	$1.6B+14.5%	$1.4B+18.9%	$1.2B+42.7%	$807.8M+26.0%	$641.0M+11.8%	$573.2M+8.7%	$527.2M
Interest Expense	$940.8M	$953.5M+27.6%	$747.2M+2.7%	$727.5M-9.2%	$801.5M-61.8%	$2.1B+335.4%	$482.3M+76.7%	$272.9M+0.9%	$270.4M+1.0%	$267.8M-3.3%	$276.9M+24.8%	$221.9M+46.2%	$151.8M-46.3%	$282.6M+248.8%	-$189.9M+0.1%	-$190.2M
Income Tax	$12.4M	$5.5M+104.0%	-$137.3M-4475.3%	-$3.0M+55.8%	-$6.8M-229.0%	$5.3M-57.8%	$12.5M+166.1%	-$18.9M-230.4%	$14.5M+34.7%	$10.7M+48.8%	$7.2M+6.6%	$6.8M+398.7%	-$2.3M-119.2%	$11.8M+1571.7%	$706K-58.5%	$1.7M
Net Income	$760.7M	$423.2M-53.5%	$910.3M+447.7%	$166.2M+107.3%	-$2.3B+49.6%	-$4.5B-12.3%	-$4.0B-531.3%	$930.2M-2.6%	$954.8M+25.7%	$759.9M+20.0%	$633.1M+48.2%	$427.1M+26.2%	$338.4M+232.7%	$101.7M-39.7%	$168.6M+32.9%	$126.9M
EPS (Basic)	N/A	$0.94-55.0%	$2.09+435.9%	$0.39+107.2%	-$5.41+56.1%	-$12.33+21.7%	-$15.75-463.7%	$4.33+1.2%	$4.28+28.5%	$3.33+19.4%	$2.79+47.6%	$1.89+15.2%	$1.64+228.0%	$0.50-47.4%	$0.95+33.8%	$0.71
EPS (Diluted)	$1.62	$0.92-51.3%	$1.89+384.6%	$0.39+107.2%	-$5.41+56.1%	-$12.33+21.7%	-$15.75-466.3%	$4.30+1.2%	$4.25+28.4%	$3.31+19.1%	$2.78+49.5%	$1.86+14.8%	$1.62+230.6%	$0.49	$0.94+32.4%	$0.71
Diluted Shares (Avg)	N/A	478M-7.2%	515M+20.5%	427M+1.8%	420M+14.9%	365M+43.5%	255M+17.7%	216M-3.5%	224M-2.2%	229M+0.7%	228M-1.0%	230M+8.5%	212M+1.3%	209M	179M+0.1%	179M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$2.6B+4.9%	$2.3B+9.6%	$2.2B+6.4%	$2.9B+4.7%	$2.5B+6.1%	$2.1B-2.9%	$2.1B+6.2%	$2.8B+10.7%
Cost of Revenue	$1.6B+8.9%	$1.4B+5.7%	$1.3B+1.2%	$1.6B+1.0%	$1.5B+0.1%	$1.3B-6.0%	$1.3B-1.1%	$1.5B+3.8%
Gross Profit	$1.1B-0.7%	$953.3M+15.8%	$920.9M+14.9%	$1.4B+9.1%	$1.1B+15.6%	$823.6M+2.5%	$801.8M+20.6%	$1.3B+20.4%
SG&A Expenses	$419.2M+6.7%	$459.7M+17.5%	$381.4M+5.8%	$383.0M+7.0%	$393.1M+11.1%	$391.4M+8.0%	$360.6M+9.8%	$358.0M+10.0%
Operating Income	$363.3M-14.3%	$232.9M+15.9%	$186.6M-13.1%	$749.4M+8.4%	$423.8M+24.1%	$200.9M-8.0%	$214.7M+72.7%	$691.2M+32.1%
EBITDA	$634.5M-5.0%	$514.3M+13.9%	$603.6M+20.2%	$1.0B+10.0%	$667.6M+18.4%	$451.5M-2.6%	$502.3M+27.1%	$909.6M+25.0%
Interest Expense	$4.1M-52.1%	$4.0M-66.9%	$925.9M+32.0%	$6.8M-44.4%	$8.6M-46.5%	$12.2M-29.4%	$701.6M+3.9%	$12.2M-30.1%
Income Tax	$3.4M+434.4%	$3.0M+362.5%	-$8.4M+94.3%	$14.3M+107.4%	$637K-58.9%	-$1.1M-213.9%	-$146.8M-7914.0%	$6.9M-16.8%
Net Income	$222.6M+642.0%	$104.7M+359.7%	$14.2M-94.4%	$419.3M-11.7%	$30.0M-81.6%	-$40.3M-332.2%	$254.6M+339.1%	$474.9M+37.3%
EPS (Basic)	$0.48+585.7%	$0.23+355.6%	$0.02-96.6%	$0.93-13.9%	$0.07-81.6%	-$0.09-325.0%	$0.58+332.0%	$1.08+33.3%
EPS (Diluted)	$0.48+585.7%	$0.23+355.6%	$0.05	$0.86-9.5%	$0.07-80.0%	-$0.09-325.0%	$0.52+326.1%	$0.95+33.8%
Diluted Shares (Avg)	464M+3.5%	466M+5.7%	N/A	496M-3.7%	448M-12.8%	441M+2.3%	N/A	515M+0.6%

Not reported in any period shown, so not listed: R&D Expenses.

NCLH Balance Sheet

NCLH quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$22.5B+12.9%	$20.0B+2.4%	$19.5B+5.0%	$18.6B-0.9%	$18.7B+1.8%	$18.4B+10.3%	$16.7B+9.7%	$15.2B+7.9%	$14.1B+8.6%	$13.0B+5.8%	$12.3B+6.9%	$11.5B+72.4%	$6.7B+12.0%	$5.9B	N/A
Current Assets	$1.1B+12.7%	$1.0B-23.1%	$1.3B-29.9%	$1.9B-43.3%	$3.3B-7.2%	$3.6B+387.2%	$730.1M+32.7%	$550.3M+6.2%	$518.3M+26.1%	$411.1M+20.8%	$340.4M+20.0%	$283.7M+55.1%	$182.9M+10.9%	$164.9M	N/A
Cash & Equivalents	$209.9M+10.0%	$190.8M-52.6%	$402.4M-57.5%	$947.0M-37.1%	$1.5B-54.4%	$3.3B+1205.2%	$252.9M+54.3%	$163.9M-7.0%	$176.2M+37.3%	$128.3M+10.7%	$115.9M+36.7%	$84.8M+50.2%	$56.5M+24.1%	$45.5M-22.8%	$58.9M
Short-Term Investments	$0	$0	$0	$0-100.0%	$240.0M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$138.2M-7.7%	$149.7M-5.0%	$157.6M+6.0%	$148.7M+25.8%	$118.2M+43.5%	$82.4M-13.7%	$95.4M+5.8%	$90.2M+9.8%	$82.1M+23.9%	$66.3M+13.9%	$58.2M+2.9%	$56.6M+29.4%	$43.7M+10.2%	$39.7M	N/A
Accounts Receivable	$291.7M+31.7%	$221.4M-21.0%	$280.3M-14.1%	$326.3M-72.1%	$1.2B+5573.4%	$20.6M-72.6%	$75.1M+35.9%	$55.2M+25.7%	$44.0M-30.5%	$63.2M+40.5%	$45.0M+38.7%	$32.4M+77.6%	$18.3M+21.2%	$15.1M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$135.8M0.0%	$135.8M+38.3%	$98.1M0.0%	$98.1M0.0%	$98.1M0.0%	$98.1M-92.9%	$1.4B0.0%	$1.4B0.0%	$1.4B0.0%	$1.4B0.0%	$1.4B0.0%	$1.4B+244.0%	$403.8M	N/A	N/A
Total Liabilities	$20.3B+9.6%	$18.5B-3.4%	$19.2B+3.8%	$18.5B+13.4%	$16.3B+16.0%	$14.0B+38.1%	$10.2B+10.0%	$9.2B+10.8%	$8.3B-1.1%	$8.4B-0.6%	$8.5B+6.7%	$8.0B+97.8%	$4.0B+2.6%	$3.9B	N/A
Current Liabilities	$5.5B-5.7%	$5.8B-4.3%	$6.0B+19.5%	$5.1B+35.5%	$3.7B+94.9%	$1.9B-46.6%	$3.6B+13.8%	$3.2B+26.5%	$2.5B+7.7%	$2.3B-2.3%	$2.4B+13.4%	$2.1B+94.0%	$1.1B+13.8%	$945.1M	N/A
Non-Current Liabilities	$14.9B+16.6%	$12.8B-3.0%	$13.2B-2.1%	$13.4B+6.9%	$12.6B+3.6%	$12.1B+84.2%	$6.6B+8.1%	$6.1B+4.1%	$5.9B-4.4%	$6.1B+0.1%	$6.1B+4.3%	$5.9B+99.2%	$2.9B-1.0%	$3.0B	N/A
Long-Term Debt	$13.7B+16.6%	$11.8B-4.4%	$12.3B-2.5%	$12.6B+9.2%	$11.6B-1.0%	$11.7B+92.9%	$6.1B+4.2%	$5.8B+2.2%	$5.7B-2.6%	$5.8B+1.2%	$5.8B+4.8%	$5.5B+93.7%	$2.8B+2.8%	$2.8B	N/A
Total Equity	$2.2B+55.0%	$1.4B+373.9%	$300.8M+338.6%	$68.6M-97.2%	$2.4B-44.1%	$4.4B-33.2%	$6.5B+9.3%	$6.0B+3.7%	$5.7B+26.7%	$4.5B+20.0%	$3.8B+7.4%	$3.5B+33.7%	$2.6B+30.9%	$2.0B+9.0%	$1.8B
Retained Earnings	-$5.6B+7.1%	-$6.0B+13.2%	-$6.9B+2.4%	-$7.1B-47.3%	-$4.8B-1523.4%	-$295.4M-107.7%	$3.8B+32.1%	$2.9B+47.7%	$2.0B+63.4%	$1.2B+111.5%	$568.0M+303.2%	$140.9M+171.3%	-$197.5M+34.0%	-$299.2M	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$24.0B+11.2%	$23.8B+11.4%	$22.5B+12.9%	$22.2B+12.3%	$21.6B+7.4%	$21.4B+7.7%	$20.0B+2.4%	$19.8B+2.8%
Current Assets	$1.3B+8.0%	$1.3B+14.2%	$1.1B+12.7%	$1.0B-11.7%	$1.2B-25.9%	$1.1B-28.0%	$1.0B-23.1%	$1.2B-26.8%
Cash & Equivalents	$218.1M+18.5%	$185.0M+0.4%	$209.9M+10.0%	$166.8M-49.8%	$184.0M-69.0%	$184.4M-67.1%	$190.8M-52.6%	$332.5M-51.2%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$161.3M+0.5%	$162.7M+4.5%	$138.2M-7.7%	$155.5M+7.2%	$160.6M+7.1%	$155.7M-1.4%	$149.7M-5.0%	$145.1M-12.7%
Accounts Receivable	$277.0M+4.2%	$277.1M+2.4%	$291.7M+31.7%	$252.6M+25.8%	$265.8M+27.0%	$270.5M-4.2%	$221.4M-21.0%	$200.8M-16.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$135.8M0.0%	$135.8M0.0%	$135.8M0.0%	$135.8M0.0%	$135.8M0.0%	$135.8M+38.3%	$135.8M+38.3%	$135.8M+38.3%
Total Liabilities	$21.4B+7.1%	$21.4B+7.2%	$20.3B+9.6%	$20.0B+7.3%	$20.0B+3.1%	$19.9B+2.4%	$18.5B-3.4%	$18.7B-0.9%
Current Liabilities	$6.3B-1.0%	$6.2B+2.0%	$5.5B-5.7%	$5.3B-11.4%	$6.4B-3.7%	$6.1B-7.6%	$5.8B-4.3%	$6.0B+11.8%
Non-Current Liabilities	$15.1B+10.8%	$15.1B+9.4%	$14.9B+16.6%	$14.7B+16.3%	$13.6B+6.7%	$13.8B+7.6%	$12.8B-3.0%	$12.6B-6.0%
Long-Term Debt	$13.9B+10.0%	$14.0B+8.6%	$13.7B+16.6%	$13.6B+16.1%	$12.6B+6.0%	$12.9B+7.2%	$11.8B-4.4%	$11.8B-7.0%
Total Equity	$2.6B+63.9%	$2.4B+71.6%	$2.2B+55.0%	$2.2B+93.2%	$1.6B+126.4%	$1.4B+291.2%	$1.4B+373.9%	$1.1B+158.8%
Retained Earnings	-$5.2B+12.7%	-$5.5B+9.4%	-$5.6B+7.1%	-$5.6B+10.6%	-$6.0B+10.7%	-$6.0B+12.4%	-$6.0B+13.2%	-$6.2B+8.1%

NCLH Cash Flow Statement

NCLH quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$2.1B	$2.1B+1.9%	$2.0B+2.2%	$2.0B+855.0%	$210.0M+108.5%	-$2.5B+3.5%	-$2.6B-240.3%	$1.8B-12.2%	$2.1B+29.6%	$1.6B+26.7%	$1.3B+21.3%	$1.0B+64.0%	$635.6M+33.7%	$475.3M+19.2%	$398.6M+11.7%	$357.0M
Depreciation & Amortization	N/A	$1.2B+19.4%	$973.5M+10.2%	$883.2M+9.0%	$810.1M+6.8%	$758.6M+2.6%	$739.6M+14.3%	$647.1M+14.1%	$567.0M+8.7%	$521.5M+17.0%	$445.6M-1.0%	$450.3M+47.7%	$304.9M+24.4%	$245.1M+13.4%	$216.1M+2.4%	$211.0M
Stock-Based Compensation	N/A	$88.4M-3.7%	$91.8M-22.8%	$118.9M+4.7%	$113.6M-8.5%	$124.1M+11.5%	$111.3M+17.1%	$95.1M-18.0%	$116.0M+33.3%	$87.0M+31.1%	$66.4M+57.3%	$42.2M+188.8%	$14.6M-36.7%	$23.1M+347.2%	$5.2M+326.1%	$1.2M
Capital Expenditures	$3.3B	$3.3B+169.2%	$1.2B-56.0%	$2.8B+54.2%	$1.8B+136.9%	$752.8M-20.5%	$946.5M-42.2%	$1.6B+4.5%	$1.6B+14.2%	$1.4B+25.7%	$1.1B-2.7%	$1.1B+16.3%	$964.6M+10.0%	$877.3M+188.7%	$303.8M+64.4%	$184.8M
Free Cash Flow	-$1.2B	-$1.2B-239.5%	$838.9M+212.7%	-$744.6M+52.7%	-$1.6B+51.1%	-$3.2B+8.0%	-$3.5B-1989.0%	$185.4M-63.5%	$508.4M+122.0%	$229.0M+33.2%	$172.0M+315.5%	-$79.8M+75.7%	-$329.0M+18.1%	-$402.0M-524.3%	$94.8M-45.0%	$172.2M
Investing Cash Flow	-$3.3B	-$3.3B-165.6%	-$1.2B+57.6%	-$2.9B-65.0%	-$1.8B-74.9%	-$1.0B-2.9%	-$975.4M+41.9%	-$1.7B-11.8%	-$1.5B-7.0%	-$1.4B-24.4%	-$1.1B+6.4%	-$1.2B+32.9%	-$1.8B-100.8%	-$894.9M-194.5%	-$303.8M-64.4%	-$184.8M
Financing Cash Flow	$1.2B	$1.2B+215.7%	-$1.0B-397.6%	$346.9M-64.8%	$986.2M-41.2%	$1.7B-74.5%	$6.6B+12423.4%	-$53.4M+90.9%	-$584.8M-293.8%	-$148.5M-21.0%	-$122.8M-162.6%	$196.2M-83.5%	$1.2B+176.3%	$430.5M+498.0%	-$108.2M+35.7%	-$168.3M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$349.9M-47.4%	$664.8M	N/A	$50.0M-53.4%	$107.3M+30.8%	$82.0M	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$602.6M-15.7%	$811.5M+19.5%	$459.1M+15.0%	$236.6M+37.1%	$714.9M+6.6%	$679.2M-15.9%	$399.3M+54.2%	$172.5M-17.9%
Depreciation & Amortization	$271.2M+11.3%	$281.4M+12.3%	$374.3M+51.8%	$250.8M+14.8%	$243.8M+9.6%	$250.5M+2.2%	$246.6M+5.7%	$218.4M+6.8%
Stock-Based Compensation	$22.7M-12.2%	$23.4M+15.2%	N/A	$18.4M-10.8%	$25.9M+12.7%	$20.3M-7.6%	N/A	$20.6M-12.4%
Capital Expenditures	$457.7M+37.2%	$1.4B-5.8%	$437.6M+79.8%	$963.1M+161.7%	$333.6M-2.1%	$1.5B+489.2%	$243.4M-62.4%	$368.0M-67.4%
Free Cash Flow	$144.9M-62.0%	-$625.2M+26.1%	$21.5M-86.2%	-$726.5M-271.6%	$381.2M+15.4%	-$846.0M-254.3%	$155.8M+140.1%	-$195.5M+78.7%
Investing Cash Flow	-$458.8M-36.6%	-$1.4B+6.0%	-$433.1M-77.7%	-$963.5M-164.1%	-$335.8M+8.2%	-$1.5B-500.3%	-$243.7M+64.7%	-$364.8M+70.0%
Financing Cash Flow	-$110.8M+70.8%	$603.5M-28.7%	$17.1M+105.8%	$709.7M+1124.4%	-$379.4M-40.0%	$846.6M+314.6%	-$297.3M-295.1%	-$69.3M-108.8%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

NCLH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NCLH quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	42.6%+2.6pp	40.0%+3.9pp	36.0%+24.1pp	11.9%	-148.2%	-32.3%-75.6pp	43.3%	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	15.9%+0.4pp	15.5%+4.6pp	10.9%+42.9pp	-32.0%	-393.9%	-272.2%	18.2%-1.9pp	20.1%+0.7pp	19.4%+0.4pp	19.0%+2.8pp	16.2%+0.1pp	16.1%+0.7pp	15.4%-0.3pp	15.7%+1.5pp	14.2%
Net Margin	4.3%-5.3pp	9.6%+7.7pp	1.9%+48.8pp	-46.9%	-695.5%	-313.5%	14.4%-1.4pp	15.8%+1.7pp	14.1%+1.1pp	13.0%+3.2pp	9.8%-1.0pp	10.8%+6.9pp	4.0%-3.4pp	7.4%+1.7pp	5.7%
Return on Equity	19.1%-44.7pp	63.9%+8.6pp	55.3%+3364.6pp	-3309.3%-3124.1pp	-185.3%-93.1pp	-92.2%-106.4pp	14.3%-1.7pp	16.0%+2.8pp	13.2%-0.7pp	14.0%+2.7pp	11.3%+1.7pp	9.6%+5.8pp	3.9%-4.5pp	8.4%+1.5pp	6.9%
Return on Assets	1.9%-2.7pp	4.6%+3.7pp	0.9%+13.1pp	-12.2%+11.8pp	-24.1%-2.3pp	-21.8%-27.4pp	5.6%-0.7pp	6.3%+0.9pp	5.4%+0.5pp	4.9%+1.4pp	3.5%+0.5pp	2.9%+1.4pp	1.5%-1.3pp	2.8%	N/A
Current Ratio	0.210.0x	0.170.0x	0.22-0.2x	0.37-0.5x	0.89-1.0x	1.86+1.7x	0.200.0x	0.170.0x	0.210.0x	0.180.0x	0.140.0x	0.140.0x	0.170.0x	0.17	N/A
Debt-to-Equity	6.21-2.0x	8.26-32.7x	40.94-143.2x	184.14+179.4x	4.76+2.1x	2.68+1.8x	0.930.0x	0.970.0x	0.99-0.3x	1.29-0.2x	1.530.0x	1.56+0.5x	1.08-0.3x	1.38	N/A
Asset Turnover	0.440.0x	0.470.0x	0.44+0.2x	0.26+0.2x	0.030.0x	0.07-0.3x	0.390.0x	0.400.0x	0.380.0x	0.380.0x	0.35+0.1x	0.27-0.1x	0.390.0x	0.38	N/A
FCF Margin	-11.9%-20.8pp	8.8%+17.6pp	-8.7%+23.8pp	-32.5%	-497.1%	-273.7%	2.9%-5.5pp	8.4%+4.2pp	4.2%+0.7pp	3.5%+5.4pp	-1.8%+8.7pp	-10.5%+5.1pp	-15.6%-19.8pp	4.2%-3.6pp	7.8%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	39.9%-2.2pp	40.9%+2.2pp	41.0%+3.0pp	47.1%+1.9pp	42.1%+3.5pp	38.7%+2.0pp	38.0%+4.5pp	45.2%+3.6pp
Operating Margin	13.8%-3.1pp	10.0%+0.6pp	8.3%-1.9pp	25.5%+0.9pp	16.8%+2.4pp	9.4%-0.5pp	10.2%+3.9pp	24.6%+4.0pp
Net Margin	8.4%+7.2pp	4.5%+6.4pp	0.6%-11.4pp	14.3%-2.6pp	1.2%-5.7pp	-1.9%-2.7pp	12.1%+17.4pp	16.9%+3.3pp
Return on Equity	8.6%+6.7pp	4.3%+7.1pp	0.6%-17.2pp	19.1%-22.7pp	1.9%-21.7pp	-2.8%-7.6pp	17.9%+53.3pp	41.8%-37.0pp
Return on Assets	0.9%+0.8pp	0.4%+0.6pp	0.1%-1.2pp	1.9%-0.5pp	0.1%-0.7pp	-0.2%-0.3pp	1.3%+1.8pp	2.4%+0.6pp
Current Ratio	0.200.0x	0.210.0x	0.210.0x	0.190.0x	0.18-0.1x	0.19-0.1x	0.170.0x	0.20-0.1x
Debt-to-Equity	5.40-2.6x	5.75-3.3x	6.21-2.0x	6.22-4.1x	8.05-9.1x	9.09-24.1x	8.26-32.7x	10.35-18.4x
Asset Turnover	0.110.0x	0.100.0x	0.100.0x	0.130.0x	0.120.0x	0.100.0x	0.110.0x	0.140.0x
FCF Margin	5.5%-9.7pp	-26.8%+12.9pp	1.0%-6.4pp	-24.7%-17.8pp	15.1%+1.2pp	-39.8%-64.8pp	7.4%+27.0pp	-7.0%+29.2pp

Note: The current ratio is below 1.0 (0.21), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Norwegian Cruise Line Holdings Ltd. NCLH	FY2025	$9.8B	$423.2M	4.3%	$6.8B	32/100
Viking Holdings VIK	FY2025	$6.5B	$1.1B	17.7%	$36.7B	28/100
Carnival Corporation Ltd. CCL	FY2025	$26.6B	$2.8B	10.4%	$35.9B	42/100
Expedia Group, Inc. EXPE	FY2025	$14.7B	$1.3B	8.8%	$32.8B	63/100
Royal Caribbean Group RCL	FY2025	$17.9B	$4.3B	23.8%	$75.3B	48/100

Where Norwegian Cruise Line Holdings Ltd. Ranks

Frequently Asked Questions

What is Norwegian Cruise Line Holdings Ltd.'s annual revenue?

Norwegian Cruise Line Holdings Ltd. (NCLH) reported $9.8B in total revenue for fiscal year 2025. This represents a 3.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Norwegian Cruise Line Holdings Ltd.'s revenue growing?

Norwegian Cruise Line Holdings Ltd. (NCLH) revenue grew by 3.7% year-over-year, from $9.5B to $9.8B in fiscal year 2025.

Is Norwegian Cruise Line Holdings Ltd. profitable?

Yes, Norwegian Cruise Line Holdings Ltd. (NCLH) reported a net income of $423.2M in fiscal year 2025, with a net profit margin of 4.3%.

What is Norwegian Cruise Line Holdings Ltd.'s EBITDA?

Norwegian Cruise Line Holdings Ltd. (NCLH) had EBITDA of $2.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Norwegian Cruise Line Holdings Ltd. have?

As of fiscal year 2025, Norwegian Cruise Line Holdings Ltd. (NCLH) had $209.9M in cash and equivalents against $13.7B in long-term debt.

What is Norwegian Cruise Line Holdings Ltd.'s gross margin?

Norwegian Cruise Line Holdings Ltd. (NCLH) had a gross margin of 42.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Norwegian Cruise Line Holdings Ltd.'s operating margin?

Norwegian Cruise Line Holdings Ltd. (NCLH) had an operating margin of 15.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Norwegian Cruise Line Holdings Ltd.'s net profit margin?

Norwegian Cruise Line Holdings Ltd. (NCLH) had a net profit margin of 4.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Norwegian Cruise Line Holdings Ltd.'s return on equity (ROE)?

Norwegian Cruise Line Holdings Ltd. (NCLH) has a return on equity of 19.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Norwegian Cruise Line Holdings Ltd.'s free cash flow?

Norwegian Cruise Line Holdings Ltd. (NCLH) recorded an outflow of $1.2B in free cash flow during fiscal year 2025. This represents a -239.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Norwegian Cruise Line Holdings Ltd.'s operating cash flow?

Norwegian Cruise Line Holdings Ltd. (NCLH) generated $2.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Norwegian Cruise Line Holdings Ltd.'s total assets?

Norwegian Cruise Line Holdings Ltd. (NCLH) had $22.5B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Norwegian Cruise Line Holdings Ltd.'s capital expenditures?

Norwegian Cruise Line Holdings Ltd. (NCLH) invested $3.3B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Norwegian Cruise Line Holdings Ltd. have outstanding?

Norwegian Cruise Line Holdings Ltd. (NCLH) had 456M shares outstanding as of fiscal year 2025.

What is Norwegian Cruise Line Holdings Ltd.'s current ratio?

Norwegian Cruise Line Holdings Ltd. (NCLH) had a current ratio of 0.21 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Norwegian Cruise Line Holdings Ltd.'s debt-to-equity ratio?

Norwegian Cruise Line Holdings Ltd. (NCLH) had a debt-to-equity ratio of 6.21 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Norwegian Cruise Line Holdings Ltd.'s return on assets (ROA)?

Norwegian Cruise Line Holdings Ltd. (NCLH) had a return on assets of 1.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Norwegian Cruise Line Holdings Ltd.'s P/E ratio?

Norwegian Cruise Line Holdings Ltd. (NCLH) trades at 9.0x earnings, its market capitalization divided by net income of $760.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $6.8B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Norwegian Cruise Line Holdings Ltd.'s price-to-sales ratio?

Norwegian Cruise Line Holdings Ltd. (NCLH) trades at 0.7x sales, its market capitalization divided by revenue of $10.2B revenue, trailing 12 months to June 30, 2026. The market capitalization is $6.8B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Norwegian Cruise Line Holdings Ltd.'s Altman Z-Score?

Norwegian Cruise Line Holdings Ltd. (NCLH) has an Altman Z-Score of 0.29, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Norwegian Cruise Line Holdings Ltd.'s Piotroski F-Score?

Norwegian Cruise Line Holdings Ltd. (NCLH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Norwegian Cruise Line Holdings Ltd.'s earnings high quality?

Norwegian Cruise Line Holdings Ltd. (NCLH) has an earnings quality ratio of 4.94x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Norwegian Cruise Line Holdings Ltd. cover its interest payments?

Norwegian Cruise Line Holdings Ltd. (NCLH) has an interest coverage ratio of 1.64x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Norwegian Cruise Line Holdings Ltd.?

Norwegian Cruise Line Holdings Ltd. (NCLH) scores 32 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.