NCLH

MKT CAP:$8B

Norwegian Cruise Line Holdings Ltd.

Market Cap

$8B

Consumer Cyclical·Travel Services·🇺🇸 United States·NYSE

Consumer Cyc.·Travel Services·🇺🇸·NYSE

Stock Price

$18.51-$4.27 (-18.74%)

Apr 24, 2026

Company Details

Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. The company operates the Norwegian Cruise Line, Oceania Cruises, and Regent S...

CEO

John W. Chidsey

IPO Date

Jan 18, 2013

Website

www.nclhltd.com

Key Metrics TTM

Revenue

$9.8B

+3.7% YoY

Net Income

$423M

EPS (Diluted)

$0.87

Free Cash Flow

-$1.2B

Revenue / Share

$21.39

Gross Margin

42.6%

Operating Margin

15.9%

Net Margin

4.3%

FCF Margin

-11.9%

P/S

0.9x

P/E

19.8x

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Mar 2, 2026

$9.8B+3.7%EPS $0.90

Q4 2025

Mar 2, 2026

$2.2B+6.4%EPS $0.03

Q3 2025

Nov 4, 2025

$2.9B+4.7%EPS $0.86

Q2 2025

Aug 4, 2025

$2.5B+6.1%EPS $0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$522M	-$213M	-$689M
Q2 22	$1.2B	$114M	-$397M
Q3 22	$1.6B	$377M	-$185M
Q4 22	$1.5B	$300M	-$281M
Q1 23	$1.8B	$542M	$11M
Q2 23	$2.2B	$822M	$273M
Q3 23	$2.5B	$1.1B	$523M
Q4 23	$2.0B	$665M	$124M
Q1 24	$2.2B	$804M	$218M
Q2 24	$2.4B	$918M	$342M
Q3 24	$2.8B	$1.3B	$691M
Q4 24	$2.1B	$802M	$215M
Q1 25	$2.1B	$824M	$201M
Q2 25	$2.5B	$1.1B	$424M
Q3 25	$2.9B	$1.4B	$749M
Q4 25	$2.2B	$921M	$187M

Valuation

Quarter	P/S	P/E
Q1 22	7.2x	—
Q2 22	3.6x	—
Q3 22	2.2x	—
Q4 22	1.7x	—
Q1 23	1.4x	—
Q2 23	1.2x	—
Q3 23	1.0x	—
Q4 23	1.0x	50.5x
Q1 24	0.9x	24.5x
Q2 24	0.9x	20.0x
Q3 24	0.9x	15.3x
Q4 24	0.9x	9.2x
Q1 25	0.9x	9.8x
Q2 25	0.9x	11.7x
Q3 25	0.9x	12.7x
Q4 25	0.9x	19.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$371M	-$536M
Q2 22	$262M	$101M
Q3 22	$82M	-$1.2B
Q4 22	$237M	$81M
Q1 23	$503M	$266M
Q2 23	$1.0B	$297M
Q3 23	$210M	-$918M
Q4 23	$259M	-$389M
Q1 24	$807M	$548M
Q2 24	$671M	$330M
Q3 24	$173M	-$196M
Q4 24	$399M	$156M
Q1 25	$679M	-$846M
Q2 25	$715M	$381M
Q3 25	$237M	-$727M
Q4 25	$459M	$21M

Capital Expenditures

Quarter	CapEx
Q1 22	$165M
Q2 22	$161M
Q3 22	$1.3B
Q4 22	$155M
Q1 23	$238M
Q2 23	$737M
Q3 23	$1.1B
Q4 23	$648M
Q1 24	$259M
Q2 24	$341M
Q3 24	$368M
Q4 24	$243M
Q1 25	$1.5B
Q2 25	$334M
Q3 25	$963M
Q4 25	$438M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+16736.8%	+110.8%
Q2 22	+27079.1%	+159.9%
Q3 22	+955.3%	+113.8%
Q4 22	+211.7%	+53.3%
Q1 23	+249.1%	+49.6%
Q2 23	+85.8%	+22.0%
Q3 23	+57.0%	+11.8%
Q4 23	+30.8%	+3.4%
Q1 24	+20.3%	+8.9%
Q2 24	+7.6%	+5.1%
Q3 24	+10.7%	+5.1%
Q4 24	+6.2%	+1.7%
Q1 25	-2.9%	-2.3%
Q2 25	+6.1%	+3.1%
Q3 25	+4.7%	+3.5%
Q4 25	+6.4%	+8.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$33M	6.3%
Q2 22	$30M	2.5%
Q3 22	$26M	1.6%
Q4 22	$25M	1.6%
Q1 23	$28M	1.5%
Q2 23	$45M	2.0%
Q3 23	$24M	0.9%
Q4 23	$23M	1.1%
Q1 24	$22M	1.0%
Q2 24	$23M	1.0%
Q3 24	$21M	0.7%
Q4 24	$26M	1.2%
Q1 25	$20M	1.0%
Q2 25	$26M	1.0%
Q3 25	$18M	0.6%
Q4 25	$24M	1.1%

OpEx Breakdown

Quarter	SG&A
Q1 22	$296M
Q2 22	$329M
Q3 22	$375M
Q4 22	$379M
Q1 23	$336M
Q2 23	$352M
Q3 23	$325M
Q4 23	$328M
Q1 24	$362M
Q2 24	$354M
Q3 24	$358M
Q4 24	$361M
Q1 25	$391M
Q2 25	$393M
Q3 25	$383M
Q4 25	$381M

Revenue Segments

Quarter	Onboard and other	Passenger ticket
Q1 22	$179M	$342M
Q2 22	$393M	$794M
Q3 22	$510M	$1.1B
Q4 22	$508M	$1.0B
Q1 23	$613M	$1.2B
Q2 23	$727M	$1.5B
Q3 23	$802M	$1.7B
Q4 23	$653M	$1.3B
Q1 24	$731M	$1.5B
Q2 24	$770M	$1.6B
Q3 24	$862M	$1.9B
Q4 24	$701M	$1.4B
Q1 25	$709M	$1.4B
Q2 25	$809M	$1.7B
Q3 25	$888M	$2.0B
Q4 25	$734M	$1.5B

Revenue by Geography

Quarter	Asia Pacific	Europe	North America	South America	Other Country
Q1 22	$8M	$25M	$487M	$1M	—
Q2 22	$13M	$500M	$674M	$399.0K	—
Q3 22	$3M	$718M	$893M	—	$1M
Q4 22	$91M	$314M	$1.0B	—	$93M
Q1 23	$206M	$81M	$1.4B	—	$174M
Q2 23	$90M	$880M	$1.2B	—	$14M
Q3 23	$16M	$1.3B	$1.2B	—	$792.0K
Q4 23	$222M	$508M	$1.2B	—	$70M
Q1 24	$397M	$25M	$1.6B	—	$208M
Q2 24	$119M	$1.1B	$1.2B	—	$23M
Q3 24	$50M	$1.4B	$1.3B	—	$2M
Q4 24	$214M	$516M	$1.3B	—	$113M
Q1 25	$406M	$73M	$1.4B	—	$202M
Q2 25	$233M	$964M	$1.3B	—	$30M
Q3 25	$125M	$1.3B	$1.5B	—	$891.0K
Q4 25	$233M	$512M	$1.4B	—	$50M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.1B	$0	$2.1B
Q2 22	$1.9B	$0	$1.9B
Q3 22	$1.2B	$0	$1.2B
Q4 22	$947M	$0	$947M
Q1 23	$701M	$0	$701M
Q2 23	$899M	$0	$899M
Q3 23	$682M	$0	$682M
Q4 23	$402M	$0	$402M
Q1 24	$560M	$0	$560M
Q2 24	$594M	$0	$594M
Q3 24	$333M	$0	$333M
Q4 24	$191M	$0	$191M
Q1 25	$184M	$0	$184M
Q2 25	$184M	$0	$184M
Q3 25	$167M	$0	$167M
Q4 25	$210M	$0	$210M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	418M	+6.6%	+26.8%
Q2 22	419M	+0.3%	+13.3%
Q3 22	421M	+0.4%	+13.7%
Q4 22	421M	+0.1%	+7.6%
Q1 23	423M	+0.3%	+1.2%
Q2 23	461M	+9.1%	+10.0%
Q3 23	512M	+11.0%	+21.6%
Q4 23	425M	-16.8%	+1.0%
Q1 24	431M	+1.3%	+2.0%
Q2 24	514M	+19.2%	+11.4%
Q3 24	515M	+0.3%	+0.6%
Q4 24	518M	+0.6%	+21.8%
Q1 25	441M	-14.9%	+2.3%
Q2 25	444M	+0.6%	-13.6%
Q3 25	496M	+11.7%	-3.7%
Q4 25	460M	-7.3%	-11.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$149.1K	4K
Q2 22	$339.2K	4K
Q3 22	$461.6K	4K
Q4 22	$297.9K	5K
Q1 23	$357.2K	5K
Q2 23	$432.4K	5K
Q3 23	$497.3K	5K
Q4 23	$389.5K	5K
Q1 24	$429.6K	5K
Q2 24	$465.2K	5K
Q3 24	$550.3K	5K
Q4 24	$405.6K	5K
Q1 25	$409.1K	5K
Q2 25	$484.1K	5K
Q3 25	$565.0K	5K
Q4 25	$423.5K	5K

Revenue / Employee