Norwegian Cruise Line Holdings Ltd. (NCLH) Cash Flow Statement
Where NCLH’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.09B +1.9% vs 2024
- Capital expenditures
- $3.26B 33.2% of revenue
- Free cash flow
- −$1.17B −11.9% margin
- Returned to shareholders
- $23.8M
- Change in cash
- $19.1M cash at year-end $209.9M
Drawn to scale: where the cash came from and how it was used. Hover for values.
NCLH operating cash flow, capex and free cash flow
NCLH cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.24B2016 | $2.09B2025 | +6.0%/yr | |
| Capital expenditures | $1.09B2016 | $3.26B2025 | +12.9%/yr | |
| Free cash flow | $147.6M2016 | −$1.17B2025 | — | |
| Free cash flow margin | 3.0%2016 | −11.9%2025 | −14.9 pts | |
| Operating cash flow / net income | 1.962016 | 4.942025 | +2.98 | |
| Stock-based compensation | $66.4M2016 | $88.4M2025 | +3.2%/yr | |
| Dividends paid | $3.76B2016 | $346.9M2023 | −28.9%/yr | |
| Share buybacks (net) | $50.0M2016 | $23.8M2025 | −7.9%/yr | |
| Capex / revenue | 22.4%2016 | 33.2%2025 | +10.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NCLH cash flow by activity
NCLH net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
NCLH cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $423.2M | $910.3M | $166.2M | −$2.27B | −$4.51B | −$4.01B | $930.2M | $954.8M | $759.9M | $633.1M |
| Depreciation & amortization | $1.16B | $973.5M | $883.2M | $810.1M | $758.6M | $739.6M | $647.1M | $567.0M | $521.5M | $445.6M |
| Stock-based compensation | $88.4M | $91.8M | $118.9M | $113.6M | $124.1M | $111.3M | $95.1M | $116.0M | $87.0M | $66.4M |
| Change in working capital | $4.5M | $225.4M | $809.4M | $1.36B | −$204.1M | −$1.08B | $165.2M | $429.5M | $199.2M | $74.1M |
| Other non-cash items | $411.5M | −$151.2M | $28.0M | $196.7M | $1.36B | $1.68B | −$14.9M | $7.9M | $18.2M | $20.4M |
| Cash from operating activities | $2.09B | $2.05B | $2.01B | $210.0M | −$2.47B | −$2.56B | $1.82B | $2.08B | $1.59B | $1.24B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.26B | −$1.21B | −$2.75B | −$1.78B | −$752.8M | −$946.5M | −$1.64B | −$1.57B | −$1.37B | −$1.09B |
| Investments (net) | −$1.9M | −$1.23B | −$2.37B | −$1.76B | −$240.0M | −$31.5M | −$46.8M | $64.1M | −$33.3M | −$36.8M |
| Acquisitions & other investing | −$3.2M | $1.21B | $2.22B | $1.78B | −$11.2M | $2.7M | $3.8M | $0 | $664,000 | $0 |
| Cash from investing activities | −$3.26B | −$1.23B | −$2.90B | −$1.76B | −$1.00B | −$975.4M | −$1.68B | −$1.50B | −$1.40B | −$1.13B |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$346.9M | −$15.7M | −$2.60B | −$6.08B | −$31.9M | — | $0 | −$3.76B |
| Share repurchases & issuance (net) | −$23.8M | −$25.3M | −$26.9M | −$21.0M | −$16.7M | −$15.4M | −$370.8M | −$678.7M | −$6.3M | −$50.0M |
| Net borrowing (repayment) | $1.56B | −$870.4M | $564.7M | $1.23B | $488.3M | $5.05B | $285.5M | $183.5M | −$156.7M | −$39.0M |
| Shares issued | $145.0M | $0 | $0 | $1.11B | $2.67B | $1.54B | $0 | $0 | $0 | $0 |
| Other financing | −$492.0M | −$136.3M | $155.9M | −$1.32B | $1.15B | $6.09B | $63.9M | −$89.6M | $30.0M | $3.75B |
| Cash from financing activities | $1.19B | −$1.03B | $346.9M | $986.2M | $1.68B | $6.58B | −$53.4M | −$584.8M | −$133.0M | −$98.3M |
| Summary | ||||||||||
| Net change in cash | $19.1M | −$211.7M | −$544.6M | −$559.7M | −$1.79B | $3.05B | $89.0M | −$12.3M | $47.8M | $12.4M |
| Cash at end of period | $209.9M | $190.8M | $402.4M | $947.0M | $1.51B | $3.30B | $252.9M | $163.9M | $176.2M | $128.3M |
| Free cash flow | −$1.17B | $838.9M | −$744.6M | −$1.57B | −$3.22B | −$3.50B | $185.4M | $508.4M | $213.5M | $147.6M |
| Free cash flow margin | −11.9% | 8.8% | −8.7% | −32.5% | −497.1% | −273.7% | 2.9% | 8.4% | 4.0% | 3.0% |
| Capex / revenue | 33.2% | 12.8% | 32.2% | 36.8% | 116.2% | 74.0% | 25.3% | 25.9% | 25.4% | 22.4% |
| Operating cash flow / net income | 4.94 | 2.25 | 12.07 | — | — | — | 1.96 | 2.17 | 2.09 | 1.96 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $222.6M | $104.7M | $14.3M | $419.3M | $30.0M | −$40.3M | $254.5M | $474.9M | $163.4M | $17.4M | −$106.5M | $345.9M |
| Depreciation & amortization | $294.0M | $281.4M | $374.3M | $272.8M | $264.4M | $250.5M | $246.6M | $238.8M | $242.9M | $245.1M | $233.3M | $224.7M |
| Stock-based compensation | $22.7M | $23.4M | $23.8M | $18.4M | $25.9M | $20.3M | $26.2M | $20.6M | $23.0M | $21.9M | $22.7M | $23.6M |
| Change in working capital | $133.0M | −$99.5M | $38.6M | −$621.2M | $205.3M | $381.8M | $57.4M | −$578.2M | $243.5M | $502.8M | $90.7M | −$382.2M |
| Other non-cash items | −$36.3M | $501.5M | $8.1M | $147.3M | $189.2M | $66.9M | −$185.5M | $16.3M | −$1.9M | $20.0M | $18.8M | −$1.8M |
| Cash from operating activities | $636.1M | $811.5M | $459.1M | $236.6M | $714.9M | $679.2M | $399.3M | $172.5M | $670.9M | $807.2M | $259.0M | $210.1M |
| Investing activities | ||||||||||||
| Capital expenditures | −$457.7M | −$1.44B | −$437.6M | −$963.1M | −$333.6M | −$1.53B | −$243.4M | −$368.0M | −$340.7M | −$258.9M | −$647.7M | −$1.13B |
| Investments (net) | — | — | −$787,000 | −$963.5M | −$335.8M | −$1.53B | −$243.7M | −$364.8M | −$365.6M | −$255.2M | −$690.5M | −$1.21B |
| Acquisitions & other investing | −$1.1M | −$3.2M | $5.3M | $963.1M | $333.6M | $1.53B | $243.4M | $368.0M | $340.7M | $258.9M | $647.7M | $1.13B |
| Cash from investing activities | −$458.8M | −$1.44B | −$433.1M | −$963.5M | −$335.8M | −$1.53B | −$243.7M | −$364.8M | −$365.6M | −$255.2M | −$690.5M | −$1.21B |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | — | −$2.6M |
| Share repurchases & issuance (net) | — | — | −$2,000 | −$19,000 | $23.8M | −$23.8M | −$3.3M | −$19,000 | −$7,000 | −$22.0M | −$1.6M | −$48,000 |
| Net borrowing (repayment) | −$109.2M | $652.4M | $62.8M | $915.4M | −$369.2M | $955.9M | −$290.7M | −$63.3M | — | — | — | $822.1M |
| Shares issued | $0 | $0 | $0 | $81.3M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $28.5M | −$48.9M | −$45.7M | −$287.0M | −$34.0M | −$85.5M | −$3.3M | −$5.9M | −$271.0M | −$372.5M | $154.0M | −$32.7M |
| Cash from financing activities | −$80.7M | $603.5M | $17.1M | $709.7M | −$379.4M | $846.6M | −$297.3M | −$69.3M | −$271.0M | −$394.5M | $152.4M | $786.8M |
| Summary | ||||||||||||
| Net change in cash | $96.7M | −$24.8M | $43.1M | −$17.2M | −$344,000 | −$6.4M | −$141.8M | −$261.6M | $34.3M | $157.4M | −$279.1M | −$217.6M |
| Cash at end of period | $281.7M | $185.0M | $209.9M | $166.8M | $184.0M | $184.4M | $190.8M | $332.5M | $594.1M | $559.8M | $402.4M | $681.6M |
| Free cash flow | $178.4M | −$625.2M | $21.5M | −$726.5M | $381.2M | −$846.0M | $155.8M | −$195.5M | $330.2M | $548.3M | −$388.7M | −$918.4M |
| Free cash flow margin | 6.8% | −26.8% | 1.0% | −24.7% | 15.1% | −39.8% | 7.4% | −7.0% | 13.9% | 25.0% | −19.6% | −36.2% |
| Capex / revenue | 17.3% | 61.6% | 19.5% | 32.8% | 13.3% | 71.7% | 11.5% | 13.1% | 14.4% | 11.8% | 32.6% | 44.5% |
| Operating cash flow / net income | 2.86 | 7.75 | 32.21 | 0.56 | 23.83 | — | 1.57 | 0.36 | 4.10 | 46.51 | — | 0.61 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
NCLH cash generation
In fiscal 2025 (ended December 31, 2025), Norwegian Cruise Line generated $2.1 billion of cash from operations (up 1.9%) and spent $3.3 billion on capital expenditures, leaving free cash flow of -$1.2 billion, −11.9% of revenue. It returned $23.8 million to shareholders through dividends ($0) and net share buybacks ($23.8 million). Cash and equivalents rose by $19.1 million over the year.
Related: NCLH income statement, NCLH balance sheet. See the NCLH stock overview for the latest quote and news.
NCLH cash flow FAQ
What is Norwegian Cruise Line's free cash flow?
Norwegian Cruise Line's free cash flow was -$1.2 billion in fiscal 2025: $2.1 billion of operating cash flow minus $3.3 billion of capital expenditures It was $838.9 million a year earlier..
How much cash does Norwegian Cruise Line generate from operations?
Norwegian Cruise Line generated $2.1 billion of cash from operating activities in fiscal 2025, 4.94 times its net income of $423.2 million.
How much does Norwegian Cruise Line spend on capital expenditures?
Norwegian Cruise Line spent $3.3 billion on capital expenditures in fiscal 2025, 33.2% of revenue, compared with $1.2 billion the year before.
How much stock does Norwegian Cruise Line buy back?
Norwegian Cruise Line spent $23.8 million on net share repurchases in fiscal 2025.