Growth & profitability
- Revenue has grown 50.3% per year over the past 5 years.
- Operating margin has expanded, at 15.9% in the latest year.
Financial health
- Total debt has grown slower than revenue (-24.7% vs 50.3% per year).
NCLH Financials Norwegian Cruise Line Holdings
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $9.8B | $423M | 42.6% | 15.9% | -$1.2B | — | $210M |
| 2024 | $9.5B | $910M | 40.0% | 15.5% | $839M | — | $191M |
| 2023 | $8.5B | $166M | 36.0% | 10.9% | -$745M | — | $402M |
| 2022 | $4.8B | -$2.3B | 11.9% | -32.0% | -$1.6B | — | $947M |
| 2021 | $648M | -$4.5B | -148.2% | -393.9% | -$3.2B | — | $1.5B |
| 2020 | $1.3B | -$4.0B | -32.3% | -272.2% | -$3.5B | $1.6B | $3.3B |
| 2019 | $6.5B | $930M | 43.3% | 18.2% | $185M | $6.0B | $253M |
| 2018 | $6.1B | $955M | 0.0% | 20.1% | $508M | — | $164M |
| 2017 | $5.4B | $760M | 0.0% | 19.4% | $229M | — | $176M |
| 2016 | $4.9B | $633M | 0.0% | 19.0% | $172M | — | $128M |
| 2015 | — | $427M | — | — | — | $6.4B | $116M |
| 2014 | — | $338M | — | — | -$329M | $6.1B | $85M |
| 2013 | — | $102M | — | — | -$402M | — | $56M |
| 2012 | — | $169M | — | — | $95M | — | $46M |
| 2011 | — | $127M | — | — | $172M | — | $59M |
RevenueNet income
GrossOperatingNet
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Mar '26 | $2.3B | $105M | 40.9% | 10.0% | -$625M | — | $185M |
| Dec '25 | $2.2B | $14M | 41.0% | 8.3% | $21M | — | $210M |
| Sep '25 | $2.9B | $419M | 47.1% | 25.5% | -$727M | — | $167M |
| Jun '25 | $2.5B | $30M | 42.1% | 16.8% | $381M | — | $184M |
| Mar '25 | $2.1B | -$40M | 38.7% | 9.4% | -$846M | — | $184M |
| Dec '24 | $2.1B | $255M | 38.0% | 10.2% | $156M | — | $191M |
| Sep '24 | $2.8B | $475M | 45.2% | 24.6% | -$196M | — | $333M |
| Jun '24 | $2.4B | $163M | 38.7% | 14.4% | $330M | — | $594M |
| Mar '24 | $2.2B | $17M | 36.7% | 10.0% | $548M | — | $560M |
| Dec '23 | $2.0B | -$106M | 33.5% | 6.3% | -$389M | — | $402M |
| Sep '23 | $2.5B | $346M | 41.5% | 20.6% | -$918M | — | $682M |
| Jun '23 | $2.2B | $86M | 37.3% | 12.4% | $297M | — | $899M |
| Mar '23 | $1.8B | -$159M | 29.7% | 0.6% | $266M | — | $701M |
| Dec '22 | $1.5B | -$482M | 19.7% | -18.5% | $81M | — | $947M |
| Sep '22 | $1.6B | -$295M | 23.3% | -11.5% | -$1.2B | — | $1.2B |
| Jun '22 | $1.2B | -$509M | 9.6% | -33.4% | $101M | — | $1.9B |
| Mar '22 | $522M | -$983M | -40.9% | -132.0% | -$536M | — | $2.1B |
| Dec '21 | $487M | -$1.6B | -47.2% | -140.9% | -$529M | — | $1.5B |
| Sep '21 | $153M | -$846M | -187.3% | -450.2% | -$900M | — | $1.4B |
| Jun '21 | $4M | -$718M | -5617.2% | -13853.1% | -$803M | — | $2.4B |
Valuation over time
How the market has priced NCLH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has fallen from 49.2× (Jan '24) to 22.8× (Jun '26).
- The price-to-sales ratio has fallen from 1.3× (Mar '23) to 1.0× (Jun '26).
P/E
P/S
Frequently asked questions
Is NCLH growing its revenue and profit?
Over the past 5 years, Norwegian Cruise Line Holdings's revenue has grown 50.3% per year. These are computed facts, not advice.
How much debt does NCLH have?
As of FY2025, Norwegian Cruise Line Holdings reported — of total debt against $210M of cash.
What is NCLH's profit margin?
In FY2025, gross margin was 42.6%, operating margin 15.9%, and net margin 4.3%.
What is NCLH's P/E ratio?
As of Jun '26, Norwegian Cruise Line Holdings traded at a price-to-earnings ratio of about 22.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.