Norwegian Cruise Line Holdings (NCLH): financials, SEC filings and peers
Norwegian Cruise Line Holdings (NCLH) is a hotels, resorts & cruise lines company in the Consumer Discretionary sector of the S&P 500, headquartered in Miami-Dade County, Florida[3].
It was founded in 2011 and joined the S&P 500 on October 13, 2017.
Its fiscal year ends in December, and its shares trade on the NYSE.
In its SEC filings it is classified as “Water Transportation”.
Norwegian Cruise Line Holdings at a glance
- Revenue (12 months)
- $10.2B
- Revenue growth
- +4.9%
- Operating margin
- 13.8%
- Net income (12 months)
- $833M
- Free cash flow (12 months)
- −$564M
- Cash
- $257M
- Debt
- $15.5B
- Diluted EPS (12 months)
- $1.83
Twelve months to September 30, 2026, from the 10-Q filed October 29, 2026.
Latest twelve months
Over the twelve months to September 30, 2026, Norwegian Cruise Line Holdings reported revenue of $10.2 billion, about the same as a year earlier (+4.9%).
Its operating margin was 13.8%, down 2.5 percentage points from a year earlier: for every $100 of sales, about $14 was left as operating profit.
Net income was $833 million (8.2% of revenue), 25.5% higher than a year earlier.
Operating cash flow was $2.2 billion and capital spending $2.7 billion, leaving free cash flow of −$564 million (-5.6% of revenue). Capital spending equal to 27% of revenue is high; the company is investing heavily.
At the end of the period it held $257 million in cash and $15.5 billion in debt, a net debt position of $15.2 billion.
The diluted share count fell 7.1% in a year, typically the result of buybacks.
Five-year trend
- Revenue went from $1.3 billion in fiscal 2020 to $9.8 billion in fiscal 2025, about 50.3% a year.
- Revenue has grown for 4 fiscal years in a row.
- Operating margin widened from -272.2% to 15.9% over the same years.
- Free cash flow was negative in 5 of the last 6 fiscal years.
- Norwegian Cruise Line Holdings reported a net loss in 3 of the last 6 fiscal years.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $648M | $4.8B | $8.5B | $9.5B | $9.8B |
| Revenue growth | -49.4% | 647.5% | 76.5% | 10.9% | 3.7% |
| Operating margin | -393.9% | -32.0% | 10.9% | 15.5% | 15.9% |
| Net income | −$4.5B | −$2.3B | $166M | $910M | $423M |
| Free cash flow | −$3.2B | −$1.6B | −$745M | $839M | −$1.2B |
| Diluted EPS | $-12.33 | $-5.41 | $0.39 | $1.89 | $0.92 |
Fiscal years as reported in Norwegian Cruise Line Holdings’s 10-K filings. Free cash flow is operating cash flow minus capital spending.
Recent SEC filings
- 8-K filed October 30, 2026 — Material agreement; New debt obligation
- 10-Q filed October 29, 2026 — quarterly report
- 8-K filed October 29, 2026 — Earnings results
- 8-K filed October 29, 2026 — Executive or director change
- 8-K filed October 15, 2026 — Material agreement; Agreement terminated
- 8-K filed September 30, 2026 — Regulation FD disclosure
- 8-K/A filed August 12, 2026 — Shareholder vote results
- 10-Q filed August 3, 2026 — quarterly report
Companies like Norwegian Cruise Line Holdings
Other S&P 500 companies in Hotels, Resorts & Cruise Lines:
- ABNBAirbnbSan Francisco, California
- BKNGBooking HoldingsNorwalk, Connecticut
- CCLCarnival CorporationMiami, Florida
- EXPEExpedia GroupSeattle, Washington
- HLTHilton WorldwideTysons Corner, Virginia
- MARMarriott InternationalBethesda, Maryland
- RCLRoyal Caribbean GroupMiami, Florida
More from Consumer Discretionary
Questions about Norwegian Cruise Line Holdings
Is Norwegian Cruise Line Holdings's revenue growing?
Yes. Revenue for the twelve months to September 30, 2026 was $10.2 billion, up 4.9% from a year earlier, according to its SEC filings.
Is Norwegian Cruise Line Holdings profitable?
Yes. It earned $833 million in net income over the twelve months to September 30, 2026, a net margin of 8.2%.
Does Norwegian Cruise Line Holdings have more cash or more debt?
At September 30, 2026 it had $257 million in cash and $15.5 billion in debt, so more debt than cash.
When did Norwegian Cruise Line Holdings last file financial results?
Its latest quarterly report (10-Q) was filed with the SEC on October 29, 2026.
Which companies are similar to Norwegian Cruise Line Holdings?
In the S&P 500, Norwegian Cruise Line Holdings is grouped in Hotels, Resorts & Cruise Lines within the Consumer Discretionary sector. Airbnb (ABNB), Booking Holdings (BKNG), Carnival Corporation (CCL), Expedia Group (EXPE), Hilton Worldwide (HLT) are in the same group.
Understand the numbers
Source: Norwegian Cruise Line Holdings’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.