Norwegian Cruise Line Holdings Ltd. (NCLH) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 811.45M | 459.11M | 236.56M | 714.85M | 679.22M | 399.26M | 172.5M | 670.89M | 807.17M | 259M | 210.1M | 1.03B | 503.33M | 236.6M | 82.25M | 262.19M | -371.01M | -315.66M | -670.3M | -630.04M |
| Operating CF Margin % | 34.81% | 20.46% | 8.05% | 28.4% | 31.92% | 18.93% | 6.15% | 28.28% | 36.84% | 13.04% | 8.28% | 46.85% | 27.63% | 15.57% | 5.09% | 22.08% | -71.08% | -64.76% | -437.87% | -14424.08% |
| Operating CF Growth % | 19.47% | 14.99% | 37.14% | 6.55% | -15.85% | 54.15% | -17.89% | -35.07% | 60.37% | 9.47% | 155.46% | 294.1% | 235.67% | 174.95% | 112.27% | 141.61% | 56.45% | 50.49% | -13.56% | 50.61% |
| Net Income | 104.67M | 14.25M | 419.3M | 29.99M | -40.3M | 254.54M | 474.93M | 163.44M | 17.35M | -106.48M | 345.87M | 86.12M | -159.32M | -482.48M | -295.39M | -509.32M | -982.71M | -1.57B | -845.88M | -717.79M |
| Depreciation & Amortization | 281.39M | 374.35M | 272.79M | 264.44M | 250.53M | 246.63M | 238.85M | 242.94M | 245.09M | 229.35M | 224.67M | 214.61M | 210.68M | 216.63M | 202.1M | 195.86M | 195.46M | 197.63M | 188.53M | 188.64M |
| Stock-Based Compensation | 23.36M | 23.8M | 18.42M | 25.9M | 20.28M | 26.21M | 20.64M | 22.98M | 21.95M | 22.69M | 23.56M | 44.54M | 28.16M | 24.64M | 26.08M | 30.05M | 32.79M | 35.1M | 39.92M | 22.45M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.83M | 8.31M | 694K | 0 | -1.24M | -10.71M | -867K | 0 | -1K | 67K | 6K |
| Other Non-Cash Items | 501.54M | 8.08M | 147.31M | 189.23M | 66.89M | -185.5M | 16.32M | -1.94M | 19.96M | 24.58M | -10.1M | 1.21M | 9.06M | 23.76M | 7.84M | 12.08M | 165.82M | 782.75M | -3.48M | -21.34M |
| Working Capital Changes | -99.51M | 38.64M | -621.25M | 205.29M | 381.81M | 57.38M | -578.23M | 243.48M | 502.82M | 90.7M | -382.21M | 686.12M | 414.76M | 455.28M | 152.32M | 534.39M | 217.63M | 241.57M | -49.45M | -102M |
| Change in Receivables | 13.69M | -41.72M | 14.71M | 3.47M | -50.22M | -23.04M | 5.67M | 70.72M | -4.05M | -40.41M | -26.64M | 41.32M | 65.39M | 62.97M | 199.43M | -52.59M | 618.85M | -180.11M | -571.77M | -405.47M |
| Change in Inventory | -27.65M | 17.35M | 5M | -5.18M | -6.13M | -5.21M | 4.83M | 7.85M | -517K | 7.08M | -12.3M | -8.63M | 2.81M | 4.78M | -1.64M | -12.61M | -24.14M | -10.8M | -16.72M | -7.61M |
| Change in Payables | 33.59M | -51.11M | 37.17M | 1.72M | 10.7M | -11.82M | -6.17M | -32.2M | 29.99M | 9.99M | 11.37M | -46.42M | -25.93M | 81.61M | 29.39M | 9.58M | -136.77M | 137.01M | -11.19M | 19.58M |
| Cash from Investing | -1.44B | -433.14M | -963.48M | -335.82M | -1.53B | -243.71M | -364.8M | -365.63M | -255.24M | -690.51M | -1.21B | -755.85M | -236.36M | -164.42M | -1.51B | -160.72M | 79.66M | -461.07M | -227.76M | -176.95M |
| Capital Expenditures | -1.44B | -437.65M | -963.1M | -333.64M | -1.53B | -243.44M | -368.01M | -340.65M | -258.85M | -647.66M | -1.13B | -736.51M | -237.68M | -155.41M | -1.3B | -161.02M | -165.28M | -213.31M | -230.05M | -173.13M |
| CapEx % of Revenue | 61.63% | 19.5% | 32.78% | 13.25% | 71.69% | 11.54% | 13.11% | 14.36% | 11.81% | 32.6% | 44.5% | 33.39% | 13.05% | 10.23% | 80.6% | 13.56% | 31.67% | 43.76% | 150.28% | 3963.62% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -27.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -3.16M | 4.5M | -386K | -2.18M | -7.02M | 1.51M | 3.21M | 2.35M | 3.61M | 1.48M | 9.31M | -19.33M | 1.32M | 1.1M | 5.75M | 297K | 4.94M | 1.27M | 2.29M | 99K |
| Cash from Financing | 603.53M | 17.13M | 709.71M | -379.38M | 846.62M | -297.3M | -69.28M | -270.98M | -394.53M | 152.37M | 786.75M | -78.9M | -513.36M | -311.91M | 711.65M | -335.07M | 921.55M | 348.56M | 82.73M | 49.1M |
| Debt Issued (Net) | 0 | 17.45M | 760.47M | -375.64M | 955.88M | -290.74M | -69.26M | -183.44M | -332.93M | 205.21M | 822.09M | 28.2M | -490.79M | -304.73M | 733.28M | -333.44M | 1.14B | 32.42M | 112.4M | 52.16M |
| Equity Issued (Net) | 0 | -318K | 81.26M | 64M | -23.8M | -3.27M | -19K | -7K | -22.03M | -1.59M | 2.64M | -13.92M | -8.69M | -775K | -5.51M | -30K | -9.4M | 1.11B | 2.04M | -631K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.26B | 0 | 0 |
| Share Repurchases | 0 | -2K | -19K | 0 | -23.8M | -3.27M | -19K | -7K | -22.03M | -1.59M | -48K | -13.92M | -11.31M | -775K | -8.22M | -30K | -11.96M | -15K | -14K | -615K |
| Other Financing | 603.53M | 0 | -132.02M | -67.73M | -85.46M | -3.28M | -3K | -87.53M | -39.56M | -51.25M | -35.29M | -93.18M | -13.89M | -7.18M | -13.4M | -1.62M | -204.22M | 464.99M | -31.71M | -2.42M |
| Net Change in Cash | -24.85M | 43.09M | -17.21M | -344K | -6.41M | -141.76M | -261.58M | 34.28M | 157.4M | -279.14M | -217.58M | 198.53M | -246.39M | -239.73M | -716.52M | -233.6M | 630.19M | -428.17M | -815.32M | -757.89M |
| Free Cash Flow | -625.22M | 21.46M | -726.53M | 381.21M | -846M | 155.82M | -195.51M | 330.24M | 548.32M | -388.66M | -918.41M | 296.77M | 265.66M | 81.19M | -1.22B | 101.17M | -536.29M | -528.97M | -900.35M | -803.17M |
| FCF Margin % | -26.82% | 0.96% | -24.73% | 15.14% | -39.76% | 7.39% | -6.97% | 13.92% | 25.02% | -19.57% | -36.21% | 13.46% | 14.58% | 5.34% | -75.51% | 8.52% | -102.75% | -108.52% | -588.15% | -18387.71% |
| FCF Growth % | 26.1% | -86.23% | -271.61% | 15.43% | -254.29% | 140.09% | 78.71% | 11.28% | 106.4% | -578.74% | 24.71% | 193.34% | 149.54% | 115.35% | -35.49% | 112.6% | 45.74% | 25.6% | -22.01% | 42.26% |
| FCF per Share | -1.34 | 0.05 | -1.47 | 0.86 | -1.92 | 0.30 | -0.38 | 0.64 | 1.27 | -0.91 | -1.80 | 0.64 | 0.63 | 0.19 | -2.90 | 0.24 | -1.28 | -1.35 | -2.43 | -2.17 |
| FCF Conversion (FCF/Net Income) | 7.75x | 32.21x | 0.56x | 23.83x | -16.86x | 1.57x | 0.36x | 4.10x | 46.51x | -2.43x | 0.61x | 12.00x | -3.16x | -0.49x | -0.28x | -0.51x | 0.38x | 0.20x | 0.79x | 0.88x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |