How Norwegian Cruise Line Holdings makes money

Period

FY2025

How does Norwegian Cruise Line Holdings make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Norwegian Cruise Line Holdings · FY2025 · year ended 2025-12-31

Revenue$9.8BGross profit$4.2B · 43%Cost of revenue$5.6B · 57%Operating income$1.6B · 16%Operating expenses$2.6B · 27%SG&A$1.5B · 16%Other opex$1.1B · 11%Pre-tax income$429M · 4%Other expense$1.1B · 12%Net income$423M · 4%Income tax$0 · 0%Passenger$6.7B · 68%Onboard & Other$3.1B · 32%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.