NORWEGIAN CRUISE LINE HOLDINGS LTD.
Fiscal years labelled by the calendar year in which they end. Bars in $ billions; per-share figures as reported.
CAPITALIZATION 12/31/25
| ($ millions) | Amount | % |
|---|---|---|
| Total debt | 14,995 | 87.2 |
| Stockholders' equity | 2,210 | 12.8 |
| Total capitalization | 17,204 | 100.0 |
459,187,846 shares outstanding at 23 July 2026 (cover page of the 10-Q filed 3 August 2026).
LONG-TERM DEBT 12/31/25
| ($ millions) | Amount |
|---|---|
| Long-term debt, incl. current maturities | 14,995 |
| Long-term debt, noncurrent | 13,730 |
| Current maturities | 876 |
CAPITAL STOCK 12/31/25
| Common shares authorized | 980,000,000 |
| Common shares issued | 455,257,489 |
| Par or stated value per share ($) | 0.001 |
| Outstanding at 7/23/26 | 459,187,846 |
DIVIDENDS DECLARED/PAID
| Fiscal year | Per share $ | Payout % |
|---|---|---|
| 2025 | – | – |
| 2024 | – | – |
| 2023 | – | – |
| 2022 | – | – |
| 2021 | – | – |
HISTORY AND BUSINESS
HISTORY: Incorporated in Bermuda.
BUSINESS: Classified by the SEC under Standard Industrial Classification 4400, Water Transportation. Large accelerated filer. Principal executive office: 7665 Corporate Drive, Miami, FL 33126. Fiscal year ends December 31. For a description of the business, see Item 1 of the latest 10-K.
CONSOLIDATED INCOME ACCOUNT, YEARS ENDED
| ($ millions) | 12/31/25 | 12/31/24 | 12/31/23 |
|---|---|---|---|
| Revenues | 9,828 | 9,480 | 8,550 |
| Cost of revenues | 5,639 | 5,689 | 5,469 |
| Selling, general and administrative | 1,549 | 1,435 | 1,342 |
| Depreciation and amortization | 1,162 | 974 | 883 |
| Operating income | 1,561 | 1,466 | 931 |
| Interest expense | – | – | 728 |
| Income before income taxes | 429 | 773 | 163 |
| Income taxes | 5 | (137) | (3) |
| Net income | 423 | 910 | 166 |
| Earned per share, diluted ($) | 0.92 | 1.89 | 0.39 |
| Dividends per share ($) | – | – | – |
CONSOLIDATED BALANCE SHEET
| ($ millions) | 12/31/25 | 12/31/24 |
|---|---|---|
| Cash and equivalents | 210 | 191 |
| Receivables, net | 292 | 221 |
| Inventories | 138 | 150 |
| Total current assets | 1,139 | 1,010 |
| Property, plant and equipment, net | 19,069 | 16,811 |
| Goodwill | 136 | 136 |
| Total assets | 22,541 | 19,970 |
| Total current liabilities | 5,453 | 5,781 |
| Long-term debt | 13,730 | 11,777 |
| Total liabilities | 20,332 | 18,544 |
| Stockholders' equity | 2,210 | 1,425 |
| Total liabilities and equity | 22,541 | 19,970 |
TEN-YEAR STATISTICS: FISCAL YEARS ($ millions except per share)
| Fiscal year ended | Revenues | Oper. income | Net income | Net margin % | EPS diluted $ | Div. per share $ | Oper. cash flow | Capital expend. | Free cash flow | Total assets | Total liabilities | Total debt | Stockholders' equity | ROE % | Debt / equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12/31/25 | 9,828 | 1,561 | 423 | 4.3 | 0.92 | – | 2,090 | 3,260 | (1,170) | 22,541 | 20,332 | 14,995 | 2,210 | 19.2 | 6.79 |
| 12/31/24 | 9,480 | 1,466 | 910 | 9.6 | 1.89 | – | 2,050 | 1,211 | 839 | 19,970 | 18,544 | 13,389 | 1,425 | 63.9 | 9.39 |
| 12/31/23 | 8,550 | 931 | 166 | 1.9 | 0.39 | – | 2,006 | 2,750 | (745) | 19,493 | 19,192 | 14,429 | 301 | 55.2 | 47.97 |
| 12/31/22 | 4,844 | (1,552) | (2,270) | -46.9 | (5.41) | – | 210 | 1,784 | (1,574) | 18,558 | 18,489 | 13,855 | 69 | -3309.3 | 202.00 |
| 12/31/21 | 648 | (2,552) | (4,507) | -695.5 | (12.33) | – | (2,468) | 753 | (3,221) | 18,730 | 16,297 | 12,632 | 2,433 | -185.3 | 5.19 |
| 12/31/20 | 1,280 | (3,484) | (4,013) | -313.5 | (15.75) | – | (2,556) | 947 | (3,503) | 18,399 | 14,045 | 1,552 | 4,354 | -92.2 | 0.36 |
| 12/31/19 | 6,462 | 1,178 | 930 | 14.4 | 4.30 | – | 1,823 | 1,637 | 185 | 16,685 | 10,169 | 6,802 | 6,516 | 14.3 | 1.04 |
| 12/31/18 | 6,055 | 1,219 | 955 | 15.8 | 4.25 | – | 2,075 | 1,567 | 508 | 15,206 | 9,243 | 6,610 | 5,963 | 16.0 | 1.11 |
| 12/31/17 | 5,396 | 1,049 | 760 | 14.1 | 3.31 | – | 1,601 | 1,372 | 229 | 14,095 | 8,345 | 6,425 | 5,750 | 13.2 | 1.12 |
| 12/31/16 | 4,874 | 925 | 633 | 13.0 | 2.78 | – | 1,264 | 1,092 | 172 | 12,974 | 8,436 | 6,399 | 4,538 | 14.0 | 1.41 |
Net margin = net income ÷ revenues; ROE = net income ÷ year-end stockholders’ equity; total debt = long-term debt including current maturities plus short-term borrowings/commercial paper, as tagged in XBRL; free cash flow = operating cash flow − purchases of property, plant and equipment; d = derived as total assets − total equity where the filing does not tag total liabilities; – = not reported in XBRL for that year.
REGISTRANT:
Norwegian Cruise Line Holdings Ltd.
CIK 1513761 · EIN 98-0691007
PRINCIPAL OFFICE:
7665 Corporate Drive, Miami, FL 33126
Tel.: 305-436-4000
INCORPORATED:
Bermuda
INDUSTRY (SEC SIC CODE):
4400 · Water Transportation
FILER STATUS:
Large accelerated filer
LATEST ANNUAL REPORT:
10-K for period ended 12/31/25, filed 2 March 2026
Sources: SEC XBRL company facts (all financial figures) · SEC submissions (registrant, address, SIC, filings) · annual reports: 10-K FY2025 (filed 3/2/26) · 10-K FY2024 (filed 2/27/25) · 10-K FY2023 (filed 2/28/24) · 10-K FY2022 (filed 2/28/23) · 10-K FY2021 (filed 3/1/22) · 10-K FY2020 (filed 2/26/21) · 10-K FY2019 (filed 2/27/20) · 10-K FY2016 (filed 2/27/17). Values are the latest figures filed for each fiscal year (restated where a later 10-K restated them). Ratios and free cash flow are Pathos calculations from those figures. Retrieved 31 October 2026.
Data from SEC filings. © 2026 Pathos Investments · pathosinvestments.com · For educational purposes only. Not investment advice.