Norwegian Cruise Line Holdings Ltd.

Listed Company

NCLHCIK 0001513761NYSELarge AcceleratedWater TransportationD0FY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$423.25M

Total Assets

$22.54B

Equity

$2.21B

Shares Out

455.55M

Op. Cash Flow

$2.09B

Business

Norwegian Cruise Line Holdings Ltd. operates a global cruise company offering leisure cruise vacations. It provides passenger itineraries, onboard amenities such as dining, entertainment, spa, casino and retail, shore excursions, and air and hotel packages. The company operates three brands—Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises—and manages ship operations, newbuild programs and guest services. It serves destinations worldwide including Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, Alaska and Hawaii, and distributes sales through travel advisors, direct bookings and third-party partners.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	9,828	9,480	8,550	4,844	648
Total cruise operating expense	5,639	5,689	5,469	4,267	1,608
Marketing, general and administrative	1,549	1,435	1,342	1,379	891
Depreciation and amortization	1,079	890	809	749	701
Total other operating expense	2,628	2,325	2,150	2,128	1,592
Operating income	1,561	1,466	931	−1,552	−2,552
Interest expense, net	−954	−747	−728	−802	−2,073
Other income (expense), net	−179	54	−40	77	124
Total non-operating income (expense)	−1,132	−693	−768	−725	−1,949
Net income before income taxes	429	773	163	−2,277	−4,501
Income tax benefit (expense)	−5	137	3	−7	−5
Net income	423	910	166	−2,270	−4,507
Basic (in shares)	449	435	424	420	365
Diluted (in shares)	478	515	427	420	365
Basic (in dollars per share)	0.94	2.09	0.39	−5.41	−12.33
Diluted (in dollars per share)	0.92	1.89	0.39	−5.41	−12.33

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	210	191	402	947	1,507
Accounts receivable, net	292	221	280	326	1,167
Inventories	138	150	158	149	118
Prepaid expenses and other assets	499	448	473	451	269
Total current assets	1,139	1,010	1,313	1,873	3,302
Property and equipment, net	19,069	16,811	16,433	14,516	13,529
Goodwill	136	136	98	98	98
Trade names	501	501	501	501	501
Other long-term assets	1,698	1,513	1,148	1,570	1,301
Total assets	22,541	19,970	19,493	18,558	18,730
Current portion of long-term debt	876	1,324	1,745	991	877
Accounts payable	170	171	174	229	233
Accrued expenses and other liabilities	1,206	1,180	1,059	1,318	1,059
Advance ticket sales	3,201	3,106	3,061	2,517	1,561
Total current liabilities	5,453	5,781	6,039	5,055	3,730
Long-term debt	13,730	11,777	12,314	12,630	11,570
Other long-term liabilities	1,149	987	839	804	997
Total liabilities	20,332	18,544	19,192	18,489	16,297
Commitments and contingencies (Note 13)	—	—	—	—	—
Ordinary shares, $0.001 par value; 980,000,000 shares authorized; 455,257,489 shares issued and outstanding at December 31, 2025 and 439,861,281 shares issued and outstanding at December 31, 2024	455,000	440,000	425,000	421,000	417,000
Additional paid-in capital	8,227	7,922	7,709	7,612	7,514
Accumulated other comprehensive income (loss)	−451	−507	−508	−477	−285
Accumulated deficit	−5,567	−5,990	−6,900	−7,066	−4,796
Total shareholders' equity	2,210	1,425	301	69	2,433
Total liabilities and shareholders' equity	22,541	19,970	19,493	18,558	18,730

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization expense	1,162	974	883	810	759
Deferred income taxes, net	2	−155	—	−1	78,000
Gain on derivatives	389,000	−979,000	14	9	−40
Loss on extinguishment of debt	272	29	7	189	1,400
Provision for bad debts and inventory obsolescence	3	6	6	14	19
Gain on involuntary conversion of assets	−2	−5	−7	−2	−9
Share-based compensation expense	88	92	119	114	124
Net foreign currency adjustments on euro-denominated debt	135	−26	8	−11	−10
Accounts receivable, net	−74	49	40	829	−1,160
Inventories	11	7	−11	−34	−37
Prepaid expenses and other assets	18	88	410	−602	27
Accounts payable	−2	−20	−51	−16	152
Accrued expenses and other liabilities	−15	65	−82	253	293
Advance ticket sales	66	36	504	929	522
Net cash provided by operating activities	2,090	2,050	2,006	210	−2,468
Additions to property and equipment, net	−3,260	−1,211	−2,750	−1,784	−753
Cash paid on settlement of derivatives	−2	−2	−163	−224	−23
Acquisition, net of cash acquired	—	−27	—	—	—
Other	−3	11	16	12	12
Net cash used in investing activities	−3,265	−1,229	−2,897	−1,756	−1,004
Repayments of long-term debt	−8,173	−2,169	−3,758	−1,770	−2,113
Proceeds from long-term debt	9,738	1,299	4,323	3,003	2,601
Common share issuance proceeds, net	145	—	—	—	2,666
Proceeds from employee related plans	—	—	5	5	3
Net share settlement of restricted share units	−24	−25	−27	−21	−17
Early redemption premium	−238	−19	—	−172	−1,355
Deferred financing fees	−254	−117	−196	−59	−107
Net cash provided by (used in) financing activities	1,194	−1,032	347	986	1,678
Net increase (decrease) in cash and cash equivalents	19	−212	−545	−560	−1,794

Filings

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