Norwegian Cruise Line Holdings Ltd. (NCLH) Balance Sheet
NCLH balance sheet, 2025
December 31, 2025 · U.S. dollars$22.54B assets = $20.33B liabilities + $2.21B equity
Both columns are drawn to the same scale: what NCLH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NCLH financial health
Descriptive bands, not a rating. Fiscal 2025.
NCLH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $12.97B2016 | $22.54B2025 | +6.3%/yr | |
| Total liabilities | $8.44B2016 | $20.33B2025 | +10.3%/yr | |
| Shareholders’ equity | $4.54B2016 | $2.21B2025 | −7.7%/yr | |
| Cash & short-term investments | $128.3M2016 | $209.9M2025 | +5.6%/yr | |
| Total debt | $6.40B2016 | $14.61B2025 | +9.6%/yr | |
| Net cash (debt) | −$6.27B2016 | −$14.40B2025 | −$8.1B | |
| Working capital | −$1.90B2016 | −$4.31B2025 | −$2.4B | |
| Book value per share | $19.922016 | $4.812025 | −14.6%/yr | |
| Current ratio | 0.182016 | 0.212025 | +0.03 | |
| Debt / equity | 1.412016 | 6.612025 | +5.20 | |
| Shares outstanding | 227.9M2016 | 459.5M2025 | +8.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NCLH assets
NCLH liabilities and equity
NCLH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NCLH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $209.9M | $190.8M | $402.4M | $947.0M | $1.75B | $3.30B | $252.9M | $163.9M | $176.2M | $128.3M |
| Cash & equivalents | $209.9M | $190.8M | $402.4M | $947.0M | $1.51B | $3.30B | $252.9M | $163.9M | $176.2M | $128.3M |
| Short-term investments | — | — | — | $0 | $240.0M | $0 | — | $519,000 | $0 | $0 |
| Receivables | $291.7M | $221.4M | $280.3M | $326.3M | $1.17B | $20.6M | $75.1M | $55.2M | $44.0M | $63.2M |
| Inventory | $138.2M | $149.7M | $157.6M | $148.7M | $118.2M | $82.4M | $95.4M | $90.2M | $82.1M | $66.3M |
| Other current assets | $498.8M | $448.2M | $472.8M | $450.9M | $269.2M | $154.1M | $306.7M | $241.0M | $216.1M | $153.3M |
| Total current assets | $1.14B | $1.01B | $1.31B | $1.87B | $3.30B | $3.56B | $730.1M | $550.3M | $518.3M | $411.1M |
| Property, plant & equipment (net) | $19.07B | $16.81B | $16.43B | $14.52B | $13.53B | $13.41B | $13.37B | $12.12B | $11.04B | $10.12B |
| Goodwill & intangible assets | $636.3M | $636.3M | $598.7M | $598.7M | $598.7M | $598.7M | $2.22B | $2.24B | $2.26B | $2.30B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $27,000 | $0 | $0 |
| Other non-current assets | $1.70B | $1.51B | $1.15B | $1.57B | $1.30B | $831.9M | $365.8M | $301.2M | $274.7M | $148.1M |
| Total assets | $22.54B | $19.97B | $19.49B | $18.56B | $18.73B | $18.40B | $16.68B | $15.21B | $14.09B | $12.97B |
| Liabilities | ||||||||||
| Accounts payable | $169.7M | $171.1M | $174.3M | $228.7M | $233.2M | $83.1M | $100.8M | $159.6M | $53.4M | $38.0M |
| Short-term debt | $875.9M | $1.35B | $1.74B | $991.1M | $876.9M | $124.9M | $746.4M | $681.2M | $619.4M | $560.2M |
| Deferred revenue | $3.20B | $3.11B | $3.06B | $2.52B | $1.56B | $1.11B | $1.95B | $1.59B | $1.30B | $1.17B |
| Total current liabilities | $5.45B | $5.78B | $6.04B | $5.05B | $3.73B | $1.91B | $3.58B | $3.15B | $2.49B | $2.31B |
| Long-term debt | $13.73B | $11.78B | $12.31B | $12.63B | $11.57B | $11.68B | $6.06B | $5.81B | $5.69B | $5.84B |
| Other long-term liabilities | $1.15B | $986.8M | $839.3M | $803.9M | $997.1M | $450.1M | $529.3M | $281.6M | $166.7M | $284.9M |
| Total liabilities | $20.33B | $18.54B | $19.19B | $18.49B | $16.30B | $14.05B | $10.17B | $9.24B | $8.35B | $8.44B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $455,000 | $440,000 | $425,000 | $421,000 | $417,000 | $316,000 | $237,000 | $235,000 | $4.00B | $3.89B |
| Retained earnings (deficit) | −$5.57B | −$5.99B | −$6.90B | −$7.07B | −$4.80B | −$295.4M | $3.83B | $2.90B | $1.96B | $1.20B |
| Treasury stock | — | — | — | — | — | — | −$1.25B | −$904.1M | −$239.3M | −$239.3M |
| Accumulated other comprehensive income | −$451.4M | −$507.0M | −$508.4M | −$477.1M | −$285.1M | −$240.1M | −$295.5M | −$161.6M | $27.0M | −$314.5M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $2.21B | $1.43B | $300.8M | $68.6M | $2.43B | $4.35B | $6.52B | $5.96B | $5.75B | $4.54B |
| Key figures | ||||||||||
| Total debt | $14.61B | $13.92B | $14.06B | $13.62B | $12.45B | $11.81B | $6.80B | $6.49B | $6.31B | $6.40B |
| Net cash (debt) | −$14.40B | −$13.73B | −$13.66B | −$12.67B | −$10.70B | −$8.51B | −$6.55B | −$6.33B | −$6.13B | −$6.27B |
| Working capital | −$4.31B | −$4.77B | −$4.73B | −$3.18B | −$428.9M | $1.64B | −$2.85B | −$2.60B | −$1.97B | −$1.90B |
| Tangible book value | $1.57B | $789.1M | −$297.9M | −$530.1M | $1.83B | $3.76B | $4.30B | $3.73B | $3.49B | $2.24B |
| Book value per share | $4.81 | $2.77 | $0.70 | $0.16 | $6.66 | $17.09 | $30.10 | $26.57 | $25.05 | $19.92 |
| Shares outstanding | 459.5M | 515.0M | 427.4M | 419.8M | 365.4M | 254.7M | 216.5M | 224.4M | 229.6M | 227.9M |
| Current ratio | 0.21 | 0.17 | 0.22 | 0.37 | 0.89 | 1.86 | 0.20 | 0.17 | 0.21 | 0.18 |
| Quick ratio | 0.09 | 0.07 | 0.11 | 0.25 | 0.78 | 1.74 | 0.09 | 0.07 | 0.09 | 0.08 |
| Debt / equity | 6.61 | 9.76 | 46.74 | 198.59 | 5.12 | 2.71 | 1.04 | 1.09 | 1.10 | 1.41 |
| Equity / assets | 9.8% | 7.1% | 1.5% | 0.4% | 13.0% | 23.7% | 39.1% | 39.2% | 40.8% | 35.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $218.1M | $185.0M | $209.9M | $166.8M | $184.0M | $184.4M | $190.8M | $332.5M | $594.1M | $559.8M | $402.4M | $681.6M |
| Cash & equivalents | $218.1M | $185.0M | $209.9M | $166.8M | $184.0M | $184.4M | $190.8M | $332.5M | $594.1M | $559.8M | $402.4M | $681.6M |
| Receivables | $277.0M | $277.1M | $291.7M | $252.6M | $265.8M | $270.5M | $221.4M | $200.8M | $209.3M | $282.3M | $280.3M | $239.4M |
| Inventory | $161.3M | $162.7M | $138.2M | $155.5M | $160.6M | $155.7M | $149.7M | $145.1M | $149.9M | $157.9M | $157.6M | $166.1M |
| Other current assets | $609.7M | $683.0M | $498.8M | $466.4M | $562.3M | $534.9M | $448.2M | $500.8M | $629.0M | $590.1M | $472.8M | $524.3M |
| Total current assets | $1.27B | $1.31B | $1.14B | $1.04B | $1.17B | $1.15B | $1.01B | $1.18B | $1.58B | $1.59B | $1.31B | $1.61B |
| Property, plant & equipment (net) | $20.44B | $20.19B | $19.07B | $19.93B | $18.25B | $18.11B | $16.81B | $16.74B | $16.63B | $16.46B | $16.43B | $15.97B |
| Goodwill & intangible assets | $636.3M | $636.3M | $636.3M | $636.3M | $636.3M | $636.3M | $636.3M | $636.3M | $636.3M | $598.7M | $598.7M | $598.7M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.67B | $1.66B | $1.70B | $606.3M | $1.54B | $1.46B | $1.51B | $1.23B | $1.26B | $1.17B | $1.15B | $1.07B |
| Total assets | $24.01B | $23.79B | $22.54B | $22.21B | $21.60B | $21.35B | $19.97B | $19.79B | $20.11B | $19.83B | $19.49B | $19.25B |
| Liabilities | ||||||||||||
| Accounts payable | $233.1M | $184.7M | $169.7M | $193.4M | $169.4M | $161.8M | $171.1M | $172.9M | $182.5M | $205.0M | $174.3M | $158.4M |
| Short-term debt | $1.14B | $1.18B | $875.9M | $904.4M | $1.13B | $1.12B | $1.32B | $1.65B | $1.53B | $1.74B | $1.74B | $1.24B |
| Deferred revenue | $3.65B | $3.72B | $3.20B | $3.15B | $3.83B | $3.76B | $3.11B | $3.14B | $3.78B | $3.63B | $3.06B | $2.97B |
| Total current liabilities | $6.32B | $6.22B | $5.45B | $5.35B | $6.39B | $6.09B | $5.78B | $6.04B | $6.63B | $6.60B | $6.04B | $5.40B |
| Long-term debt | $13.89B | $13.98B | $13.73B | $13.65B | $12.63B | $12.87B | $11.78B | $11.75B | $11.91B | $12.01B | $12.31B | $12.63B |
| Other long-term liabilities | $1.22B | $1.17B | $1.15B | $1.03B | $1.01B | $971.5M | $986.8M | $860.4M | $873.7M | $859.3M | $839.3M | $776.2M |
| Total liabilities | $21.44B | $21.36B | $20.33B | $20.02B | $20.03B | $19.94B | $18.54B | $18.65B | $19.42B | $19.46B | $19.19B | $18.81B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $459,000 | $459,000 | $455,000 | $455,000 | $447,000 | $443,000 | $440,000 | $440,000 | $440,000 | $429,000 | $425,000 | $425,000 |
| Retained earnings (deficit) | −$5.24B | −$5.46B | −$5.57B | −$5.58B | −$6.00B | −$6.03B | −$5.99B | −$6.24B | −$6.72B | −$6.88B | −$6.90B | −$6.79B |
| Accumulated other comprehensive income | −$431.6M | −$327.8M | −$451.4M | −$430.1M | −$439.0M | −$472.1M | −$507.0M | −$519.7M | −$466.3M | −$464.4M | −$508.4M | −$455.9M |
| Total shareholders' equity | $2.57B | $2.43B | $2.21B | $2.19B | $1.57B | $1.42B | $1.43B | $1.14B | $693.1M | $362.1M | $300.8M | $438.7M |
| Key figures | ||||||||||||
| Total debt | $15.03B | $15.15B | $14.61B | $15.35B | $14.59B | $13.99B | $13.10B | $13.41B | $13.44B | $13.75B | $14.06B | $13.87B |
| Net cash (debt) | −$14.82B | −$14.97B | −$14.40B | −$15.18B | −$14.41B | −$13.81B | −$12.91B | −$13.07B | −$12.84B | −$13.19B | −$13.66B | −$13.19B |
| Working capital | −$5.05B | −$4.91B | −$4.31B | −$4.31B | −$5.22B | −$4.95B | −$4.77B | −$4.86B | −$5.05B | −$5.01B | −$4.73B | −$3.79B |
| Tangible book value | $1.94B | $1.80B | $1.57B | $1.56B | $933.3M | $780.2M | $789.1M | $499.0M | $56.8M | −$236.6M | −$297.9M | −$160.0M |
| Book value per share | $5.55 | $5.22 | $4.81 | $4.42 | $3.54 | $3.21 | $2.75 | $2.21 | $1.35 | $0.84 | $0.71 | $0.86 |
| Shares outstanding | 463.9M | 466.1M | 459.5M | 495.7M | 443.9M | 441.1M | 518.1M | 514.9M | 513.6M | 431.0M | 425.4M | 511.6M |
| Current ratio | 0.20 | 0.21 | 0.21 | 0.19 | 0.18 | 0.19 | 0.17 | 0.20 | 0.24 | 0.24 | 0.22 | 0.30 |
| Quick ratio | 0.08 | 0.07 | 0.09 | 0.08 | 0.07 | 0.07 | 0.07 | 0.09 | 0.12 | 0.13 | 0.11 | 0.17 |
| Debt / equity | 5.84 | 6.23 | 6.61 | 7.00 | 9.30 | 9.88 | 9.19 | 11.81 | 19.39 | 37.97 | 46.74 | 31.63 |
| Equity / assets | 10.7% | 10.2% | 9.8% | 9.9% | 7.3% | 6.6% | 7.1% | 5.7% | 3.4% | 1.8% | 1.5% | 2.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
NCLH financial position
At the end of fiscal 2025 (December 31, 2025), Norwegian Cruise Line had total assets of $22.5 billion (up 12.9% from a year earlier), total liabilities of $20.3 billion and shareholders' equity of $2.2 billion. It held $209.9 million in cash and short-term investments against $14.6 billion of debt, net debt of $14.4 billion. Its current ratio was 0.21. In the latest quarter (ended June 30, 2026) total assets were $24.0 billion and equity $2.6 billion.
Related: NCLH income statement, NCLH cash flow statement, NCLH key metrics. See the NCLH stock overview for the latest quote and news.
NCLH balance sheet FAQ
What are Norwegian Cruise Line's total assets?
Norwegian Cruise Line reported total assets of $22.5 billion at the end of fiscal 2025 (December 31, 2025), compared with $20.0 billion a year earlier.
How much debt does Norwegian Cruise Line have?
Norwegian Cruise Line had $14.6 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 6.61.
How much cash does Norwegian Cruise Line have?
Norwegian Cruise Line held $209.9 million in cash and short-term investments at the end of fiscal 2025; with $14.6 billion of debt that is net debt of $14.4 billion.
What is Norwegian Cruise Line's book value?
Norwegian Cruise Line's shareholders' equity (book value) was $2.2 billion at the end of fiscal 2025, or $4.81 per share.
What is Norwegian Cruise Line's current ratio?
Norwegian Cruise Line had current assets of $1.1 billion and current liabilities of $5.5 billion, a current ratio of 0.21 (current liabilities exceed current assets).
How much goodwill does Norwegian Cruise Line have?
Norwegian Cruise Line carried $636.3 million of goodwill and intangible assets, 2.8% of total assets, at the end of fiscal 2025.