Capital intensity remains elevated, with a 61.6% Capex-to-Revenue ratio in 2026Q1 contributing to a negative free cash flow of $625.2 million.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 |
|---|
| Cash from Operations | 2.22B | 2.09B | 2.05B | 2.01B | 210.02M | -2.47B | -2.56B | 1.82B | 2.08B | 1.59B | 1.24B | 1.04B | 635.6M | 475.28M | 398.59M | 356.99M | 418.95M | 50.73M | -23.3M | 36.33M | 147.5M | 134.69M | 146.33M |
| Operating CF Margin % | - | 21.26% | 21.62% | 23.46% | 4.34% | -380.87% | -199.72% | 28.2% | 34.27% | 29.39% | 25.43% | 24.02% | 20.33% | 18.49% | 17.51% | 16.09% | 20.82% | 2.73% | -1.11% | 1.67% | 7.46% | 8.33% | 10.93% |
| Operating CF Growth % | 78.15% | 1.95% | 2.2% | 855.01% | 108.51% | 3.45% | -240.25% | -12.17% | 30.86% | 27.92% | 18.77% | 64.21% | 33.73% | 19.24% | 11.65% | -14.79% | 725.9% | 317.74% | -164.12% | -75.37% | 9.51% | -7.95% | - |
| Net Income | 568.21M | 423.25M | 910.26M | 166.18M | -2.27B | -4.51B | -4.01B | 930.23M | 954.84M | 759.87M | 633.09M | 427.14M | 342.6M | 102.89M | 168.56M | 126.86M | 22.62M | 67.23M | -211.8M | -226.96M | -130.9M | 19.16M | -8.71M |
| Depreciation & Amortization | 1.19B | 1.16B | 973.51M | 883.24M | 810.05M | 758.6M | 739.62M | 647.1M | 566.97M | 521.48M | 445.63M | 450.33M | 304.88M | 245.11M | 216.14M | 211.05M | 191.91M | 169.7M | 162.56M | 148M | 119.1M | 104.18M | 87.4M |
| Stock-Based Compensation | 91.48M | 88.39M | 91.78M | 118.94M | 113.56M | 124.08M | 111.3M | 95.06M | 115.98M | 87.04M | 66.41M | 42.21M | 14.62M | 23.07M | 5.16M | 1.21M | 2.52M | 4.08M | 865K | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | -1.24M | 78K | 12.77M | -26.13M | 1.51M | 9.15M | -2.45M | 1.27M | 6.19M | 2.84M | 4.3M | -1.28M | 603K | 22.68M | 17.31M | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 846.15M | 411.5M | -151.17M | 27.99M | 197.93M | 1.36B | 1.67B | 11.2M | 6.38M | 9.03M | 22.88M | -9.42M | 22.9M | 35.5M | 6M | -1.06M | 6.41M | -28.74M | 108.3M | 95.43M | 44.47M | -26.06M | 24.48M |
| Working Capital Changes | -476.82M | 4.5M | 225.44M | 809.37M | 1.36B | -204.09M | -1.08B | 165.16M | 429.49M | 199.16M | 74.11M | 132.19M | -55.58M | 65.87M | -1.56M | 20.21M | 194.88M | -184.22M | -100.53M | 19.86M | 114.84M | 37.41M | 43.16M |
| Change in Receivables | -9.86M | -73.77M | 49.3M | 39.65M | 828.66M | -1.16B | 30.8M | -14.1M | -15.89M | 15.05M | -20.98M | -14.8M | -7.26M | -3.2M | -4.59M | -280K | -11K | -532K | 2.13M | 2.07M | 1.45M | -885K | -7.56M |
| Change in Inventory | -10.49M | 11.02M | 6.95M | -11.04M | -33.61M | -37.48M | 10.55M | -6.16M | -9.05M | -17.13M | -9.18M | -4.41M | -261K | -4.03M | -3.45M | -3.47M | -3.9M | 629K | 12.5M | -8.61M | -3.93M | -10.78M | 23K |
| Change in Payables | 21.37M | -1.52M | -20.21M | -50.98M | -16.2M | 152.03M | -21.42M | -58.63M | 106.39M | 14.05M | -5.75M | -50.73M | 315K | 7.66M | -1.23M | 15.93M | 36.02M | -42.04M | -18.3M | -28.23M | 43.94M | 3.13M | -1.64M |
| Cash from Investing | -3.17B | -3.26B | -1.23B | -2.9B | -1.76B | -1B | -975.36M | -1.68B | -1.5B | -1.4B | -1.13B | -1.21B | -1.88B | -894.85M | -303.84M | -184.8M | -968.94M | -166.57M | -166.24M | -581.58M | -756.25M | -676.17M | -743.28M |
| Capital Expenditures | -3.17B | -3.26B | -1.21B | -2.75B | -1.78B | -752.84M | -946.54M | -1.64B | -1.57B | -1.37B | -1.09B | -1.13B | -1.05B | -894.85M | -303.84M | -184.8M | -977.47M | -161.84M | -163.61M | -582.84M | -809.4M | -656.66M | -740.84M |
| CapEx % of Revenue | 31.61% | 33.17% | 12.77% | 32.17% | 36.83% | 116.18% | 73.95% | 25.33% | 25.88% | 25.43% | 22.4% | 25.9% | 33.65% | 34.82% | 13.35% | 8.33% | 48.58% | 8.72% | 7.77% | 26.82% | 40.96% | 40.63% | 55.36% |
| Acquisitions | 0 | 0 | -27.32M | 0 | 0 | 0 | 0 | 0 | 0 | 499K | 0 | 0 | -826.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.65M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.22M | -5.08M | 8.89M | -146.78M | 12.09M | 12.29M | 2.7M | 3.77M | 1.01M | 165K | -36.82M | -83.52M | -5.33M | 0 | 0 | 0 | 8.53M | -4.74M | -2.63M | 1.26M | 53.16M | -19.51M | 2.2M |
| Cash from Financing | 950.98M | 1.19B | -1.03B | 346.86M | 986.22M | 1.68B | 6.58B | -53.39M | -584.8M | -133M | -98.34M | 195.19M | 1.19B | 430.54M | -108.18M | -168.31M | 554.89M | -19.72M | 334.96M | 522.01M | 611.86M | 429.47M | 570.24M |
| Debt Issued (Net) | 402.27M | 1.31B | -870.45M | 564.71M | 1.23B | 488.25M | 5.18B | 315.56M | 188.62M | -100.5M | 9.9M | 249.45M | 1.42B | 12M | -58.8M | -166.58M | 645.88M | -128.04M | -401.72M | 516.46M | 409.82M | 435.26M | 585.12M |
| Equity Issued (Net) | 144.94M | 121.13M | -25.33M | -21.55M | -15.72M | 2.65B | 1.53B | -338.86M | -649.85M | 30.03M | -40.83M | -37.27M | -76.14M | 475.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -21K | -23.83M | -25.33M | -26.86M | -20.99M | -16.69M | -15.41M | -370.8M | -678.67M | 0 | -50M | -107.26M | -82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 403.78M | -238.13M | -136.31M | -196.3M | -230.89M | -1.46B | -135.26M | -30.09M | -123.58M | -62.54M | -67.41M | -17M | -147.59M | -55.38M | -49.38M | -1.73M | -90.99M | 108.33M | 736.68M | 5.55M | 202.04M | -5.78M | -14.89M |
| Net Change in Cash | 688K | 19.13M | -211.65M | -544.57M | -559.66M | -1.79B | 3.05B | 89.03M | -12.34M | 47.84M | 12.41M | 31.11M | 28.36M | 10.97M | -13.43M | 3.88M | 4.89M | -135.56M | 145.43M | -23.24M | 3.11M | -112.01M | -26.72M |
| Free Cash Flow | -949.08M | -1.17B | 838.87M | -744.65M | -1.57B | -3.22B | -3.5B | 185.44M | 508.38M | 213.53M | 147.57M | -81.56M | -416.37M | -419.57M | 94.75M | 172.19M | -558.52M | -111.11M | -186.9M | -546.51M | -661.9M | -521.97M | -594.51M |
| FCF Margin % | -9.46% | -11.9% | 8.85% | -8.71% | -32.49% | -497.06% | -273.67% | 2.87% | 8.4% | 3.96% | 3.03% | -1.88% | -13.32% | -16.32% | 4.16% | 7.76% | -27.76% | -5.99% | -8.87% | -25.15% | -33.49% | -32.3% | -44.42% |
| FCF Growth % | -70.87% | -239.46% | 212.65% | 52.69% | 51.14% | 8.05% | -1988.96% | -63.52% | 138.08% | 44.69% | 280.95% | 80.41% | 0.76% | -542.8% | -44.97% | 130.83% | -402.66% | 40.55% | 65.8% | 17.43% | -26.81% | 12.2% | - |
| FCF per Share | -2.04 | -2.55 | 1.63 | -1.74 | -3.75 | -8.81 | -13.75 | 0.86 | 2.27 | 0.93 | 0.65 | -0.35 | -1.96 | -2.01 | 0.47 | 0.85 | -2.75 | -0.55 | -0.92 | -2.69 | -3.26 | -2.57 | -2.92 |
| FCF Conversion (FCF/Net Income) | -1.67x | 4.94x | 2.25x | 12.07x | -0.09x | 0.55x | 0.64x | 1.96x | 2.17x | 2.09x | 1.96x | 2.44x | 1.88x | 4.67x | 2.36x | 2.81x | 18.23x | 0.76x | 0.11x | -0.16x | -1.13x | 8.30x | -16.80x |
| Interest Paid | 0 | 0 | 772.6M | 0 | 0 | 2.1B | 447.9M | 0 | 0 | 313.8K | 0 | 218.3K | 233.5K | 316.9K | 240.6K | 186.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 4.6B | 0 | 0 | 2.7B | 3.5M | 0 | 0 | 11.7K | 0 | 10.3K | 9.8K | 1.1K | 400 | 900 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High debt leverage profile
As reported in recent financial statements, NCLH exhibits significant volatility in its OCF/NI ratio, which reached 7.75 in 2026Q1, indicating that GAAP net income remains a poor proxy for the company's actual cash-generating capacity due to substantial non-cash charges and working capital fluctuations.
The wide divergence between net income and operating cash flow suggests that accounting earnings are heavily influenced by non-cash items like depreciation and amortization. Investors should monitor this gap closely, as it implies that the company's reported profitability may not be translating into the liquidity required to address its significant debt obligations.
Based on the provided cash flow data, NCLH's free cash flow trajectory remains highly erratic, with a negative FCF of $625.2 million in 2026Q1, highlighting the difficulty of maintaining consistent cash generation while managing a capital-intensive fleet and substantial interest-bearing debt burdens.
The inconsistency in FCF margins suggests that the business is susceptible to periodic cash outflows that outpace operational inflows. This trend may indicate that the company is struggling to reach a self-sustaining cash flow state, which is critical for reducing its elevated debt-to-equity ratio.
According to recent SEC filings, NCLH's capital expenditure reached $1.4 billion in 2026Q1, representing a 61.6% Capex-to-Revenue ratio, which underscores the heavy financial burden of maintaining and modernizing a global cruise fleet in a competitive, high-cost maritime environment.
The high level of capital intensity suggests that a significant portion of the company's revenue is immediately reinvested into the fleet, leaving little room for error. This persistent need for capital investment may continue to constrain the company's ability to improve its balance sheet health in the near term.
As indicated by the quarterly cash flow data, NCLH experienced a $99.5 million outflow from working capital in 2026Q1, reflecting the inherent seasonality and transactional nature of the cruise industry's advanced ticket sales and operational payables management.
The fluctuation in working capital suggests that the company's liquidity is highly sensitive to the timing of passenger bookings and vendor payments. Analysts should monitor these shifts as they often serve as a leading indicator of future demand and the company's ability to manage short-term cash requirements.
Quick answers to the most common questions about buying NCLH stock.
Norwegian Cruise Line Holdings Ltd. (NCLH) generated $2.09B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Norwegian Cruise Line Holdings Ltd. (NCLH) reported negative free cash flow of $1.17B in 2025, indicating capital requirements exceeded cash from operations.
Norwegian Cruise Line Holdings Ltd. (NCLH) spent $3.26B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Norwegian Cruise Line Holdings Ltd. (NCLH) spent $23.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.