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NCLH

Norwegian Cruise Line Holdings Ltd.

NCLH

Norwegian Cruise Line Holdings Ltd. • NYSE
$18.46 ▲ 0.71% (+0.13)
Market Cap $8.40 B
52w High $29.29
52w Low $14.21
Dividend Yield 0%
P/E 13.28
Volume 5.85M
Outstanding Shares 455.26M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.938B ▲ $633.834M ▼ $419.295M ▲ 14.271% ▲ $0.93 ▲ $1.013B ▲
Q2-2025 $2.517B ▲ $636.814M ▲ $29.992M ▲ 1.191% ▲ $0.067 ▲ $442.736M ▲
Q1-2025 $2.128B ▲ $622.673M ▲ $-40.295M ▼ -1.894% ▼ $-0.091 ▼ $426.972M ▼
Q4-2024 $2.109B ▼ $587.046M ▲ $254.536M ▼ 12.067% ▼ $0.58 ▼ $529.713M ▼
Q3-2024 $2.807B $576.429M $474.932M 16.922% $1.08 $895.914M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $166.801M ▼ $22.213B ▲ $20.02B ▼ $2.193B ▲
Q2-2025 $184.015M ▼ $21.596B ▲ $20.026B ▲ $1.57B ▲
Q1-2025 $184.359M ▼ $21.354B ▲ $19.938B ▲ $1.417B ▼
Q4-2024 $190.765M ▼ $19.97B ▲ $18.544B ▼ $1.425B ▲
Q3-2024 $332.521M $19.786B $18.651B $1.135B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $419.295M ▲ $236.564M ▼ $-963.484M ▼ $709.706M ▲ $-17.214M ▼ $-726.534M ▼
Q2-2025 $29.992M ▲ $714.851M ▲ $-335.82M ▲ $-379.375M ▼ $-344K ▲ $381.21M ▲
Q1-2025 $-40.295M ▼ $679.221M ▲ $-1.532B ▼ $846.615M ▲ $-6.406M ▲ $-845.999M ▼
Q4-2024 $254.536M ▼ $399.256M ▲ $-243.714M ▲ $-297.298M ▼ $-141.756M ▲ $155.82M ▲
Q3-2024 $474.932M $172.503M $-364.802M $-69.278M $-261.577M $-195.508M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Onboard and other
Onboard and other
 $700.00M ▲$710.00M ▲$810.00M ▲$890.00M ▲
Passenger ticket
Passenger ticket
 $1.41Bn ▲$1.42Bn ▲$1.71Bn ▲$2.05Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Norwegian’s income statement tells a clear “recovery and normalization” story. Revenue has climbed steadily for several years as cruising reopened and capacity returned, now well above the pandemic trough. Profitability has swung from very heavy losses during shutdowns to solid operating profits and healthy EBITDA. Net income has moved from deep red into the black over the last two years, and earnings per share have improved sharply. The risk side is that the business remains very sensitive to travel demand, pricing, and input costs like fuel and labor, so profitability could still be volatile in a downturn, but the basic trend is clearly from survival mode back to normal operations with positive earnings.

Balance Sheet

Balance Sheet The balance sheet shows a business that survived the pandemic by borrowing heavily and is now slowly rebuilding its financial strength. Total assets have stayed relatively stable, but cash balances have come down from emergency highs to more typical levels. Debt remains very large and only slightly reduced from its peak, while equity was nearly wiped out and is now being rebuilt, but still looks thin compared with the debt load. This means leverage is high and the company is quite sensitive to interest costs and refinancing conditions. The key question going forward is how quickly profits and cash flow can strengthen the equity base and gradually bring leverage down.

Cash Flow

Cash Flow Cash flow has improved meaningfully. Operating cash flow has shifted from substantial outflows during the shutdown period to strong, positive inflows in the last two years, indicating the core business is again generating real cash. Free cash flow was negative for several years as the company spent heavily on new ships and sustaining the fleet, but has recently turned positive as earnings recovered and investment needs moderated. That said, ships are long‑lived, expensive assets, and the company still faces sizable ongoing and future capital spending commitments, so maintaining positive free cash flow will require careful balancing of growth projects with debt repayment and liquidity needs.

Competitive Edge

Competitive Edge Norwegian sits in a strong but demanding competitive position. It operates three differentiated brands that cover a wide range of price points and experiences, from contemporary mass‑market cruising to ultra‑luxury, which helps diversify its customer base and reduce reliance on any single segment. Its “Freestyle Cruising” concept, private island destinations, and focus on distinctive onboard experiences give it a clear identity versus peers. However, it competes with larger global rivals that benefit from greater scale, and the industry itself is highly competitive, price‑sensitive, and exposed to swings in consumer confidence, health events, and regulations. Norwegian’s edge comes from product differentiation and guest experience rather than sheer size.

Innovation and R&D

Innovation and R&D Innovation is a real bright spot. Norwegian has a long track record of rethinking the cruise experience, from flexible “Freestyle” dining to solo cabins and premium “ship‑within‑a‑ship” areas like The Haven. The new Prima Class ships push this further with more space per guest, novel entertainment, upgraded dining concepts, and greater focus on energy efficiency and sustainability. Across its brands, the company leans on culinary innovation, immersive excursions, and all‑inclusive luxury features to stand out. Looking ahead, its large pipeline of new ships, emphasis on environmental technology, and likely increasing use of digital tools for personalization and onboard experience give it room to keep refining its offering—though this comes with high upfront investment and execution risk.

Summary

Overall, Norwegian Cruise Line Holdings looks like a company that has moved from crisis to recovery but still carries the scars of the pandemic. The income statement and cash flows show a strong rebound to profitability and solid cash generation, while the balance sheet highlights the cost of survival in the form of heavy debt and modest equity. Competitively, the group benefits from a clearly differentiated, multi‑brand portfolio and a culture of innovation that helps it stand out in a crowded sector. The big swing factors over the next several years will be the strength and stability of cruise demand, the company’s ability to manage its debt and financing costs, and its execution on fleet renewal and sustainability initiatives without overextending its financial resources.

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November 4, 2025 · 6:30 AM UTC

Norwegian Cruise Line Holdings Reports Third Quarter 2025 Financial Results

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