Norwegian Cruise Line Holdings Ltd. (NCLH) Income Statement
NCLH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNCLH revenue and net income
Where NCLH's revenue goes
2025Each bar shows an amount and its share of revenue. NCLH kept 4.3% of revenue as net income.
NCLH profit margins
NCLH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +3.7% | +26.6% | +50.3% | +8.5% |
| Gross profit | −17.1% | +76.0% | — | +6.4% |
| Operating income | +8.7% | — | — | +8.5% |
| Net income | −53.5% | — | — | −0.1% |
| EPS (diluted) | +13.8% | — | — | −3.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NCLH quarterly EPS vs estimates
Norwegian Cruise Line beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.84).
NCLH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.83B | $9.48B | $8.55B | $4.84B | $648.0M | $1.28B | $6.46B | $6.06B | $5.40B | $4.87B |
| Cost of revenue | $6.69B | $5.69B | $5.47B | $4.27B | $1.61B | $1.69B | $3.66B | $3.38B | $3.06B | $2.85B |
| Gross profit | $3.14B | $3.79B | $3.08B | $576.7M | −$960.1M | −$413.2M | $2.80B | $2.68B | $2.33B | $2.02B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $1.55B | $1.43B | $1.39B | $1.38B | $891.5M | $745.3M | $974.9M | $897.9M | $773.8M | $666.2M |
| Total operating expenses | $1.55B | $2.33B | $2.15B | $2.13B | $1.59B | $3.07B | $1.62B | $1.46B | $1.28B | $1.10B |
| Operating income | $1.59B | $1.47B | $930.9M | −$1.55B | −$2.55B | −$3.48B | $1.18B | $1.22B | $1.05B | $925.5M |
| Interest income | — | — | — | — | — | $454.5M | $256.2M | $270.4M | $268.2M | $296.1M |
| Interest expense | $2.23B | $747.2M | $727.5M | $801.5M | $2.07B | $482.3M | $257.3M | $270.4M | $267.8M | $276.9M |
| Income before taxes | $428.7M | $772.9M | $163.2M | −$2.28B | −$4.50B | −$4.00B | $911.4M | $969.3M | $770.6M | $640.3M |
| Income taxes | $5.5M | −$137.3M | −$3.0M | −$6.8M | $5.3M | $12.5M | −$18.9M | $14.5M | $10.7M | $7.2M |
| Net income | $423.2M | $910.3M | $166.2M | −$2.27B | −$4.51B | −$4.01B | $930.2M | $954.8M | $759.9M | $633.1M |
| EBITDA | $3.82B | $2.49B | $1.77B | −$665.1M | −$1.67B | −$2.78B | $1.82B | $1.81B | $1.56B | $1.37B |
| EPS (diluted) | $2.06 | $1.81 | $0.58 | −$4.64 | −$8.08 | −$8.45 | $5.09 | $4.93 | $3.96 | $3.41 |
| Gross margin | 32.0% | 40.0% | 36.0% | 11.9% | −148.2% | −32.3% | 43.3% | 44.2% | 43.2% | 41.5% |
| Operating margin | 16.2% | 15.5% | 10.9% | −32.0% | −393.9% | −272.2% | 18.2% | 20.1% | 19.4% | 19.0% |
| Net margin | 4.3% | 9.6% | 1.9% | −46.9% | −695.5% | −313.5% | 14.4% | 15.8% | 14.1% | 13.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.64B | $2.33B | $2.24B | $2.94B | $2.52B | $2.13B | $2.11B | $2.81B | $2.37B | $2.19B | $1.99B | $2.54B |
| Cost of revenue | $1.59B | $1.38B | $1.32B | $1.55B | $1.46B | $1.30B | $1.31B | $1.54B | $1.45B | $1.39B | $1.32B | $1.48B |
| Gross profit | $1.05B | $953.3M | $920.9M | $1.38B | $1.06B | $823.6M | $801.8M | $1.27B | $917.7M | $803.8M | $664.6M | $1.05B |
| Sales, general & admin | $419.2M | $459.7M | $381.4M | $383.0M | $393.1M | $391.4M | $360.6M | $358.0M | $353.8M | $362.5M | $328.3M | $325.4M |
| Total operating expenses | $690.4M | $720.4M | $734.2M | $633.8M | $636.8M | $622.7M | $587.0M | $576.4M | $576.2M | $585.4M | $540.3M | $530.0M |
| Operating income | $363.3M | $232.9M | $186.6M | $749.4M | $423.8M | $200.9M | $214.7M | $691.2M | $341.6M | $218.4M | $124.3M | $523.3M |
| Interest expense | $170.9M | $166.0M | $170.0M | $328.8M | $168.3M | $217.9M | $175.4M | $175.2M | $178.5M | $218.2M | $197.4M | $181.2M |
| Income before taxes | $226.0M | $107.7M | $5.9M | $433.6M | $30.6M | −$41.4M | $107.7M | $481.8M | $165.0M | $18.4M | −$108.3M | $354.2M |
| Income taxes | $3.4M | $3.0M | −$8.4M | $14.3M | $637,000 | −$1.1M | −$146.8M | $6.9M | $1.5M | $1.0M | −$1.8M | $8.3M |
| 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 |
| EBITDA | $690.9M | $473.6M | $550.3M | $1.04B | $463.4M | $427.0M | $529.7M | $895.9M | $586.4M | $481.6M | $322.3M | $760.0M |
| EPS (diluted) | $0.43 | $0.23 | $0.28 | $1.20 | $0.51 | $0.07 | $0.26 | $0.99 | $0.40 | $0.16 | −$0.18 | $0.76 |
| Gross margin | 39.9% | 40.9% | 41.0% | 47.1% | 42.1% | 38.7% | 38.0% | 45.2% | 38.7% | 36.7% | 33.5% | 41.5% |
| Operating margin | 13.8% | 10.0% | 8.3% | 25.5% | 16.8% | 9.4% | 10.2% | 24.6% | 14.4% | 10.0% | 6.3% | 20.6% |
| Net margin | 8.4% | 4.5% | 0.6% | 14.3% | 1.2% | −1.9% | 12.1% | 16.9% | 6.9% | 0.8% | −5.4% | 13.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NCLH's financial statements (latest annual report filed March 2, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NCLH financial results
In fiscal year 2025 (ended December 31, 2025), Norwegian Cruise Line reported revenue of $9.8 billion, up 3.7% from the year before. It had net income of $423.2 million (down 53.5%), a net profit margin of 4.3%. Diluted earnings per share came to $2.06. Over five years revenue grew at an average rate of 50.3% a year.
See the NCLH stock overview for the latest quote and news, or the NCLH chart for price history and technical indicators.
NCLH income statement FAQ
What is Norwegian Cruise Line's annual revenue?
Norwegian Cruise Line reported total revenue of $9.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 3.7% from $9.5 billion the previous year.
Is Norwegian Cruise Line profitable?
Yes. Norwegian Cruise Line reported net income of $423.2 million in fiscal 2025, a net profit margin of 4.3%; its operating margin was 16.2%.
What is Norwegian Cruise Line's gross margin?
Norwegian Cruise Line's gross margin was 32.0% in fiscal 2025: for every $100 of revenue, Norwegian Cruise Line kept $32 after the direct cost of its products and services.
How fast is Norwegian Cruise Line growing?
Revenue grew 50.3% a year on average over the last five fiscal years, from $1.3 billion to $9.8 billion.
What are Norwegian Cruise Line's earnings per share?
Norwegian Cruise Line earned $2.06 per diluted share in fiscal 2025, compared with $1.81 a year earlier.
When will Norwegian Cruise Line report its next earnings?
Norwegian Cruise Line is expected to report results for the quarter ending September 30, 2026 on November 3, 2026.
When does Norwegian Cruise Line's fiscal year end?
Norwegian Cruise Line's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 2, 2026.