Sunday 1 November 2026 Export NCLH’s income statement to Excel — free account

Norwegian Cruise Line Holdings Ltd.

Norwegian Cruise Line Holdings Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $9.8 billion, up 3.67% from fiscal 2024.

Revenue: +4.89%
EPS: +585.7%
Free cash flow: −62.0%
Total debt: +9.24%

Quarter to June 2026, against a year earlier

17.57 0.65 −3.57%

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Market cap: $8.4B
P/E: 10.5×
Fwd P/E: 11.1×
Dividend yield: —
F-score: 5/9
Altman Z: 0.38
Beneish M: −2.59
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Filings

Norwegian Cruise Line Holdings Ltd. (NCLH) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Single reportable segment	9,828	100.00%
Gross margin		42.62%
Operating margin		15.88%
Pre-tax margin		4.36%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Passenger ticket	6,688 68.05%	6,416 67.68%	5,754 67.30%	3,254 67.18%	393 60.61%	867 67.75%	4,517 69.90%	4,260 70.35%	3,750 69.49%	3,389 69.53%
Onboard and other	3,140 31.95%	3,064 32.32%	2,796 32.70%	1,590 32.82%	255 39.39%	413 32.25%	1,945 30.10%	1,795 29.65%	1,646 30.51%	1,485 30.47%
Revenue	9,828	9,480	8,550	4,844	648	1,280	6,462	6,055	5,396	4,874

Gross profit by product or service $m, and margin

	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Commissions, transportation and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Payroll and related	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Onboard and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fuel	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Food	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Gross profit	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022
Single reportable segment	9,828 100.00%	9,480 100.00%	8,550 100.00%	4,844 100.00%
Revenue	9,828	9,480	8,550	4,844

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015
North America	5,649 57.48%	5,319 56.11%	5,003 58.51%	3,077 63.52%	424 65.49%	960 75.03%	3,808 58.92%	3,543 58.52%	3,286 60.89%	3,132 64.26%	2,743 63.13%
Europe	2,899 29.50%	3,035 32.02%	2,754 32.21%	1,557 32.15%	212 32.68%	28 2.16%	1,667 25.79%	1,463 24.16%	1,347 24.97%	1,148 23.56%	1,121 25.79%
Asia-Pacific	997 10.14%	779 8.22%	533 6.24%	115 2.38%	6 0.95%	153 11.95%	501 7.75%	721 11.91%	395 7.31%	197 4.04%	198 4.56%
Other Country	283 2.88%	346 3.65%	259 3.03%	94 1.95%	6 0.87%	139 10.87%	487 7.54%	328 5.41%	368 6.82%	397 8.14%	283 6.52%
Revenue	9,828	9,480	8,550	4,844	648	1,280	6,462	6,055	5,396	4,874	4,345

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Capacity Days	Q3 FY2026	6.8M	6.4M	+5.43%
Fuel consumption	Q3 FY2026	239.0K	236.0K	+1.27%
Fuel price per metric ton, net of hedges	Q3 FY2026	$819.00	$744.00	+10.08%
Passenger Cruise Days	Q3 FY2026	7.2M	6.8M	+5.52%
Passengers carried	Q3 FY2026	983.2K	803.3K	+22.40%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023
Capacity Days	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fuel consumption	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Fuel price per metric ton, net of hedges	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Passenger Cruise Days	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Passengers carried	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.