The full income statement, balance sheet, and cash-flow statement for Norwegian Cruise Line Holdings (NCLH), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 9.83B+3.7% | 9.48B+10.9% | 8.55B+76.5% | 4.84B+647.5% | 648M-49.4% | |
| 4.19B+10.5% | 3.79B+23.0% | 3.08B+434.3% | 577M+160.1% | -960M-132.4% | ||
| Cost of revenue | 5.64B-0.9% | 5.69B+4.0% | 5.47B+28.2% | 4.27B+165.4% | 1.61B-5.0% | |
| 2.63B+13.0% | 2.33B+8.1% | 2.15B+1.0% | 2.13B+33.7% | 1.59B-48.2% | ||
| Selling, general & administrative | 1.55B+7.9% | 1.43B+6.9% | 1.34B-2.7% | 1.38B+54.7% | 891M+19.6% | |
| Operating income | 1.56B+6.5% | 1.47B+57.5% | 931M+160.0% | -1.55B+39.2% | -2.55B+26.7% | |
| Interest expense | — | — | 728M-9.2% | 802M-61.8% | 2.10B+335.4% | |
| Other non-operating income | -179M-429.5% | 54.2M+234.9% | -40.2M-152.5% | 76.6M-38.2% | 124M+468.9% | |
| Pre-tax income | 429M-44.5% | 773M+373.7% | 163M+107.2% | -2.28B+49.4% | -4.50B-12.5% | |
| Income tax | 5.47M+104.0% | -137M-4475.3% | -3.00M+55.8% | -6.79M-229.0% | 5.27M-57.8% | |
| 423M-53.5% | 910M+447.8% | 166M+107.3% | -2.27B+49.6% | -4.51B-12.3% | ||
| Net income to common | 423M-53.5% | 910M+447.8% | 166M+107.3% | -2.27B+49.6% | -4.51B-12.3% | |
| $0.92-51.3% | $1.89+384.6% | $0.39+107.2% | -$5.41+56.1% | -$12.33+21.7% | ||
| EPS (basic) | $0.94-55.0% | $2.09+435.9% | $0.39+107.2% | -$5.41+56.1% | -$12.33+21.7% | |
| Weighted-avg shares (basic) | 449M+3.0% | 435M+2.6% | 424M+1.1% | 420M+14.9% | 365M+43.5% | |
| Weighted-avg shares (diluted) | 478M-7.2% | 515M+20.5% | 427M+1.8% | 420M+14.9% | 365M+43.5% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 1.14B+12.7% | 1.01B-23.1% | 1.31B-29.9% | 1.87B-43.3% | 3.30B-7.2% | ||
| Cash & equivalents | 210M+10.0% | 191M-52.6% | 402M-57.5% | 947M-37.1% | 1.51B-54.4% | |
| Short-term investments | — | — | — | — | 240M | |
| Accounts receivable | 292M+31.7% | 221M-21.0% | 280M-14.1% | 326M-72.1% | 1.17B+5573.4% | |
| Inventory | 138M-7.7% | 150M-5.0% | 158M+6.0% | 149M+25.8% | 118M+43.5% | |
| Prepaid expenses | 499M+11.3% | 448M-5.2% | 473M+4.9% | 451M+67.5% | 269M+74.7% | |
| 22.5B+12.9% | 20.0B+2.4% | 19.5B+5.0% | 18.6B-0.9% | 18.7B+1.8% | ||
| Property, plant & equipment | 19.1B+13.4% | 16.8B+2.3% | 16.4B+13.2% | 14.5B+7.3% | 13.5B+0.9% | |
| Operating lease right-of-use | 1.09B+21.2% | 899M+19.3% | 754M+6.6% | 707M-11.0% | 794M+279.9% | |
| Goodwill | 136M+0.0% | 136M+38.3% | 98.1M+0.0% | 98.1M+0.0% | 98.1M+0.0% | |
| Intangible assets | 501M+0.0% | 501M+0.0% | 501M+0.0% | 501M+0.0% | 501M+0.0% | |
| Other non-current assets | 1.70B+12.2% | 1.51B+31.8% | 1.15B-26.9% | 1.57B+20.7% | 1.30B+56.4% | |
| 5.45B-5.7% | 5.78B-4.3% | 6.04B+19.5% | 5.05B+35.5% | 3.73B+94.9% | ||
| Accounts payable | 170M-0.8% | 171M-1.9% | 174M-23.8% | 229M-1.9% | 233M+180.5% | |
| Deferred revenue | 3.20B+3.0% | 3.11B+1.5% | 3.06B+21.6% | 2.52B+61.2% | 1.56B+40.7% | |
| Short-term & current debt | 876M-33.8% | 1.32B-24.1% | 1.74B+76.0% | 991M+13.0% | 877M+602.2% | |
| Current lease liability | 32.1M+17.4% | 27.3M+17.6% | 23.2M-41.5% | 39.7M+15.4% | 34.4M+94.4% | |
| 20.3B+9.6% | 18.5B-3.4% | 19.2B+3.8% | 18.5B+13.4% | 16.3B+16.0% | ||
| Long-term debt | 13.7B+16.6% | 11.8B-4.4% | 12.3B-2.5% | 12.6B+9.2% | 11.6B-1.0% | |
| Non-current lease liability | 898M+13.8% | 789M+22.3% | 645M+9.6% | 588M-12.3% | 671M+261.7% | |
| Operating lease liability (total) | 930M+14.0% | 816M+22.2% | 668M+6.4% | 628M-11.0% | 705M+247.1% | |
| Finance lease liability (total) | — | — | — | — | 5.71M-41.7% | |
| Other non-current liabilities | 1.15B+16.4% | 987M+17.6% | 839M+4.4% | 804M-19.4% | 997M+121.5% | |
| 2.21B+55.0% | 1.43B+373.9% | 301M+338.6% | 68.6M-97.2% | 2.43B-44.1% | ||
| Common stock | 455K+3.4% | 440K+3.5% | 425K+1.0% | 421K+1.0% | 417K+32.0% | |
| Additional paid-in capital | 8.23B+3.9% | 7.92B+2.8% | 7.71B+1.3% | 7.61B+1.3% | 7.51B+53.7% | |
| Retained earnings | -5.57B+7.1% | -5.99B+13.2% | -6.90B+2.4% | -7.07B-47.3% | -4.80B-1523.4% | |
| Accumulated other comprehensive income | -451M+11.0% | -507M+0.3% | -508M-6.6% | -477M-67.3% | -285M-18.7% | |
| Total equity incl. non-controlling | 2.21B+55.0% | 1.43B+373.9% | 301M+338.6% | 68.6M-97.2% | 2.43B-44.1% | |
| Total liabilities & equity | 22.5B+12.9% | 20.0B+2.4% | 19.5B+5.0% | 18.6B-0.9% | 18.7B+1.8% | |
| Common shares issued | 455M+3.5% | 440M+3.4% | 426M+1.0% | 421M+1.1% | 417M+32.1% | |
| Common shares outstanding | 455M+3.5% | 440M+3.4% | 426M+1.0% | 421M+1.1% | 417M+32.1% | |
| Shares outstanding (cover) | 456M+3.5% | 440M+3.4% | 426M+0.9% | 422M+1.2% | 417M+32.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 2.09B+1.9% | 2.05B+2.2% | 2.01B+855.0% | 210M+108.5% | -2.47B+3.5% | ||
| Depreciation & amortization | 1.16B+19.4% | 974M+10.2% | 883M+9.0% | 810M+6.8% | 759M+2.6% | |
| Share-based compensation | 88.4M-3.7% | 91.8M-22.8% | 119M+4.7% | 114M-8.5% | 124M+11.5% | |
| Deferred income taxes | 4.34M+102.8% | -156M-118193.9% | -132K+89.6% | -1.27M-166.3% | 1.92M-85.0% | |
| Change in receivables | 73.8M+249.6% | -49.3M-24.4% | -39.6M+95.2% | -829M-171.4% | 1.16B+3866.6% | |
| Change in inventory | -11.0M-58.6% | -6.95M-162.9% | 11.0M-67.1% | 33.6M-10.3% | 37.5M+455.1% | |
| Change in payables | -1.52M+92.5% | -20.2M+60.4% | -51.0M-214.7% | -16.2M-110.7% | 152M+809.8% | |
| -3.26B-165.6% | -1.23B+57.6% | -2.90B-65.0% | -1.76B-74.9% | -1.00B-2.9% | ||
| Capital expenditure | 3.26B+169.2% | 1.21B-56.0% | 2.75B+54.2% | 1.78B+136.9% | 753M-20.5% | |
| Free cash flow | -1.17B-239.5% | 839M+212.7% | -745M+52.7% | -1.57B+51.1% | -3.22B+8.0% | |
| Acquisitions | 0.00-100.0% | 27.3M | 0.00 | 0.00 | 0.00 | |
| Other investing activities | 3.20M+130.0% | -10.7M+33.9% | -16.2M-33.7% | -12.1M+1.7% | -12.3M-354.9% | |
| 1.19B+215.7% | -1.03B-397.6% | 347M-64.8% | 986M-41.2% | 1.68B-74.5% | ||
| Long-term debt issued | 9.74B+649.9% | 1.30B-70.0% | 4.32B+44.0% | 3.00B+15.4% | 2.60B-57.2% | |
| Long-term debt repaid | 8.17B+276.8% | 2.17B-42.3% | 3.76B+112.3% | 1.77B-16.2% | 2.11B+136.8% | |
| Common stock issued | 145M | 0.00 | 0.00 | 0.00-100.0% | 2.67B+72.9% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Net change in cash | 19.1M+109.0% | -212M+61.1% | -545M+2.7% | -560M+68.8% | -1.79B-158.9% | |
| Interest paid | 952M+23.2% | 773M-6.1% | 823M+9.6% | 751M-64.3% | 2.10B+368.9% | |
| Income taxes paid | 18.6M+304.3% | 4.60M+48.4% | 3.10M-67.4% | 9.50M+251.9% | 2.70M-22.9% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 10.2B-10.2% | 11.3B+32.8% | 8.53B+65.3% | 5.16B-40.3% | 8.65B+7.7% | |
| P/E | 24.0×+93.1% | 12.4× | — | — | — | |
| P/S | 1.0×-13.4% | 1.2×+13.2% | 1.1×-22.0% | 1.4×-89.9% | 13.3×+112.8% | |
| P/B | 4.6×-42.1% | 7.9×-59.1% | 19.4×+50.6% | 12.9×+263.0% | 3.6×+92.8% | |
| P/FCF | — | 13.5× | — | — | — | |
| Earnings yield | 4.2%-48.2% | 8.0% | — | — | — | |
| FCF yield | — | 7.4% | — | — | — | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
Source: NCLH’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all NCLH filings on SEC EDGAR → Not investment advice.
