Norwegian Cruise Line Holdings Ltd.
NCLH Consumer Cyclical Travel Services
Norwegian Cruise Line Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $9.8 billion, up 3.67% from fiscal 2024. In the quarter to June 2026, revenue grew 4.89%, EPS grew 585.7%, free cash flow fell 62.0% and total debt rose 9.24%, each against the same quarter a year earlier. Member of the S&P 500; revenue growth for three consecutive years, operating cash flow growth for five; insiders bought in the last twelve months.
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Norwegian Cruise Line Holdings Ltd. (NCLH) Gross margin
Norwegian Cruise Line Holdings Ltd.'s gross margin over the twelve months to 30 June 2026 was 42.5%, down 0.2 percentage points from fiscal 2025 (42.6%). Over the past ten years it has ranged from −148.2% (fiscal 2021) to 44.2% (fiscal 2018); the current reading is higher than 73% of that period. That is below the Travel Services industry median of 76.8% and above the Consumer Cyclical sector median of 35.0%.
Gross margin, annual
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Annual newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| FY2025 | 42.6% | 2.63 |
| FY2024 | 40.0% | 3.95 |
| FY2023 | 36.0% | 24.13 |
| FY2022 | 11.9% | 160.07 |
| FY2021 | −148.2% | (115.88) |
| FY2020 | −32.3% | (75.59) |
| FY2019 | 43.3% | (0.92) |
| FY2018 | 44.2% | 1.00 |
| FY2017 | 43.2% | 1.70 |
| FY2016 | 41.5% | 2.64 |
Quarterly newest first
| Period | Gross margin | Change (points) |
|---|---|---|
| Jun 2026 | 39.9% | (0.98) |
| Mar 2026 | 40.9% | (0.14) |
| Dec 2025 | 41.0% | (6.05) |
| Sep 2025 | 47.1% | 4.95 |
| 42 more quarters | Free account |
Against its own ten years
Gross margin against peers
| Company | Gross margin |
|---|---|
| PRSU Pursuit Attractions and Hospitality, Inc. compare | 92.5% |
| EXPE Expedia Group, Inc. compare | 90.4% |
| TCOM Trip.com Group Limited Sponsored ADR compare | 80.1% |
| MMYT MakeMyTrip Limited compare | 76.8% |
| LIND Lindblad Expeditions compare | 46.7% |
| TNL Travel + Leisure Co. compare | 45.1% |
| VIK Viking Holdings Ltd. compare | 43.2% |
| NCLH Norwegian Cruise Line Holdings Ltd. | 42.5% |
| CCL Carnival Corporation compare | 39.5% |
| Travel Services industry median | 76.8% |
| Consumer Cyclical sector median | 35.0% |
| Market median | 46.2% |
What Gross margin is
Gross Margin tells an investor how much of each sale a company keeps after paying the direct costs of making or buying what it sells.
Gross Profit ÷ Revenue
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- Price to free cash flow
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