Revenue growth has stabilized at 9.6% in 2026Q1, though structural cost pressures maintain operating margins at a modest 10.0%.
| 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 |
|---|
| Sales/Revenue | 10.03B | 9.83B | 9.48B | 8.55B | 4.84B | 647.99M | 1.28B | 6.46B | 6.06B | 5.4B | 4.87B | 4.35B | 3.13B | 2.57B | 2.28B | 2.22B | 2.01B | 1.86B | 2.11B | 2.17B | 1.98B | 1.62B | 1.34B |
| Revenue Growth % | 6.53% | 3.67% | 10.87% | 76.51% | 647.51% | -49.37% | -80.19% | 6.73% | 12.21% | 10.71% | 12.18% | 39% | 21.62% | 12.92% | 2.56% | 10.3% | 8.46% | -11.93% | -3.06% | 9.94% | 22.28% | 20.76% | - |
| Cost of Goods Sold | 5.71B | 6.69B | 5.69B | 5.47B | 4.27B | 1.61B | 1.69B | 3.66B | 3.38B | 3.06B | 2.85B | 2.66B | 1.95B | 1.66B | 1.48B | 1.47B | 1.35B | 1.29B | 1.58B | 1.69B | 1.57B | 1.21B | 981.54M |
| COGS % of Revenue | - | 68.03% | 60.01% | 63.96% | 88.09% | 248.16% | 132.28% | 56.69% | 55.77% | 56.77% | 58.47% | 61.11% | 62.27% | 64.49% | 64.95% | 66.14% | 66.96% | 69.5% | 74.94% | 77.91% | 79.31% | 74.9% | 73.34% |
| Gross Profit | 4.32B | 3.14B | 3.79B | 3.08B | 576.67M | -960.05M | -413.15M | 2.8B | 2.68B | 2.33B | 2.02B | 1.69B | 1.18B | 912.63M | 797.81M | 751.45M | 664.83M | 565.75M | 527.92M | 479.88M | 408.93M | 405.65M | 356.75M |
| Gross Margin % | 43.05% | 31.97% | 39.99% | 36.04% | 11.91% | -148.16% | -32.28% | 43.31% | 44.23% | 43.23% | 41.53% | 38.89% | 37.73% | 35.51% | 35.05% | 33.86% | 33.04% | 30.5% | 25.06% | 22.09% | 20.69% | 25.1% | 26.66% |
| Gross Profit Growth % | - | -17.13% | 23.03% | 434.33% | 160.07% | -132.37% | -114.76% | 4.52% | 14.81% | 15.24% | 19.8% | 43.28% | 29.21% | 14.39% | 6.17% | 13.03% | 17.51% | 7.17% | 10.01% | 17.35% | 0.81% | 13.71% | - |
| Operating Expenses | 2.73B | 1.55B | 2.33B | 2.15B | 2.13B | 1.59B | 3.07B | 1.62B | 1.46B | 1.28B | 1.1B | 987.11M | 676.32M | 516.75M | 440.72M | 435.34M | 434.59M | 394.38M | 462.39M | 435.1M | 368.35M | 332.39M | 291.96M |
| OpEx % of Revenue | - | 15.76% | 24.53% | 25.15% | 43.94% | 245.73% | 239.94% | 25.08% | 24.1% | 23.79% | 22.54% | 22.72% | 21.64% | 20.1% | 19.36% | 19.62% | 21.6% | 21.26% | 21.95% | 20.02% | 18.64% | 20.57% | 21.82% |
| Selling, General & Admin | 1.62B | 1.55B | 1.43B | 1.34B | 1.38B | 891.45M | 745.35M | 974.85M | 897.93M | 773.75M | 666.16M | 555M | 403.17M | 301.15M | 251.18M | 251.35M | 264.4M | 241.68M | 299.83M | 287.09M | 249.25M | 228.21M | 204.56M |
| SG&A % of Revenue | - | 15.76% | 15.14% | 15.69% | 28.47% | 137.57% | 58.23% | 15.09% | 14.83% | 14.34% | 13.67% | 12.77% | 12.9% | 11.72% | 11.04% | 11.33% | 13.14% | 13.03% | 14.23% | 13.21% | 12.61% | 14.12% | 15.29% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 0 | 890.24M | 808.57M | 749.33M | 700.85M | 2.33B | 646.19M | 561.06M | 509.96M | 432.5M | 432.11M | 273.15M | 215.59M | 189.54M | 183.99M | 170.19M | 152.7M | 162.56M | 148M | 119.1M | 104.18M | 101.9M |
| Operating Income | 1.59B | 1.59B | 1.47B | 930.91M | -1.55B | -2.55B | -3.48B | 1.18B | 1.22B | 1.05B | 925.46M | 702.49M | 502.94M | 395.89M | 357.09M | 316.11M | 230.24M | 171.37M | -63.25M | 42.21M | 32.58M | 73.26M | 50.29M |
| Operating Margin % | 15.88% | 16.21% | 15.46% | 10.89% | -32.04% | -393.89% | -272.22% | 18.23% | 20.13% | 19.44% | 18.99% | 16.17% | 16.09% | 15.4% | 15.69% | 14.24% | 11.44% | 9.24% | -3% | 1.94% | 1.65% | 4.53% | 3.76% |
| Operating Income Growth % | - | 8.66% | 57.47% | 159.99% | 39.2% | 26.74% | -395.75% | -3.36% | 16.23% | 13.33% | 31.74% | 39.68% | 27.04% | 10.86% | 12.96% | 37.3% | 34.35% | 370.96% | -249.82% | 29.57% | -55.53% | 45.68% | - |
| EBITDA | 2.64B | 2.74B | 2.44B | 1.81B | -741.7M | -1.79B | -2.74B | 1.82B | 1.78B | 1.57B | 1.37B | 1.15B | 807.82M | 641M | 573.23M | 527.16M | 400.43M | 341.07M | 99.32M | 190.22M | 151.68M | 177.44M | 137.69M |
| EBITDA Margin % | 26.35% | 27.87% | 25.73% | 21.22% | -15.31% | -276.82% | -214.43% | 28.2% | 29.44% | 29.18% | 28.2% | 26.53% | 25.84% | 24.94% | 25.18% | 23.75% | 19.9% | 18.38% | 4.72% | 8.75% | 7.67% | 10.98% | 10.29% |
| EBITDA Growth % | 8.9% | 12.26% | 34.47% | 344.59% | 58.65% | 34.64% | -250.62% | 2.22% | 13.22% | 14.53% | 19.24% | 42.71% | 26.02% | 11.82% | 8.74% | 31.65% | 17.4% | 243.42% | -47.79% | 25.41% | -14.52% | 28.87% | - |
| D&A (Non-Cash Add-back) | 1.05B | 1.15B | 973.51M | 883.24M | 810.05M | 758.6M | 739.62M | 644.04M | 563.51M | 525.56M | 449.22M | 450.33M | 304.88M | 245.11M | 216.14M | 211.05M | 170.19M | 169.7M | 162.56M | 148M | 119.1M | 104.18M | 87.4M |
| EBIT | 1.33B | 1.59B | 1.52B | 890.71M | -1.48B | -2.43B | -3.52B | 1.17B | 1.24B | 1.04B | 921.11M | 655.82M | 492.09M | 397.29M | 359.19M | 318.75M | 196.39M | 182.3M | -59.44M | -51.55M | 5.58M | 106.16M | 64.79M |
| Net Interest Income | -833.19M | -2.23B | -747.22M | -727.53M | -801.51M | -2.07B | -482.31M | -257.34M | -270.4M | -267.8M | -276.86M | -221.91M | -151.75M | -282.6M | -189.93M | -190.19M | -173.67M | -114.51M | -149.57M | -174.03M | -133.09M | -82.2M | -47.45M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38K | 100K | 836K | 2.8M | 1.38M | 3.39M | 4.8M | 1.43M |
| Interest Expense | 833.19M | 2.23B | 747.22M | 727.53M | 801.51M | 2.07B | 482.31M | 257.34M | 270.4M | 267.8M | 276.86M | 221.91M | 151.75M | 282.6M | 189.93M | 190.22M | 173.77M | 115.35M | 152.36M | 175.41M | 136.48M | 87.01M | 48.89M |
| Other Income/Expense | -1.02B | -1.16B | -693M | -767.74M | -724.95M | -1.95B | -515.91M | -266.71M | -249.75M | -278.2M | -285.16M | -268.58M | -162.61M | -281.2M | -188.54M | -187.55M | -33.95M | 10.37M | -127.76M | -97.72M | -38.39M | 28.1M | -26.05M |
| Pretax Income | 577.82M | 428.72M | 772.91M | 163.18M | -2.28B | -4.5B | -4B | 911.37M | 969.31M | 770.61M | 640.3M | 433.91M | 340.33M | 114.69M | 168.56M | 126.86M | 196.29M | 181.75M | -191.01M | -55.5M | -5.81M | 101.36M | 24.24M |
| Pretax Margin % | 5.76% | 4.36% | 8.15% | 1.91% | -47% | -694.66% | -312.53% | 14.1% | 16.01% | 14.28% | 13.14% | 9.99% | 10.89% | 4.46% | 7.41% | 5.72% | 9.76% | 9.8% | -9.07% | -2.55% | -0.29% | 6.27% | 1.81% |
| Income Tax | 9.61M | 5.47M | -137.35M | -3M | -6.79M | 5.27M | 12.47M | -18.86M | 14.47M | 10.74M | 7.22M | 6.77M | -2.27M | 11.8M | 0 | 192.44M | 207.62M | 104.14M | 277.33M | 271.74M | 171.48M | 54.11M | 73.5M |
| Effective Tax Rate % | 1.66% | 1.28% | -17.77% | -1.84% | 0.3% | -0.12% | -0.31% | -2.07% | 1.49% | 1.39% | 1.13% | 1.56% | -0.67% | 10.29% | 0% | 151.7% | 105.77% | 57.3% | -145.19% | -489.61% | -2949.92% | 53.38% | 303.17% |
| 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 | 338.35M | 101.71M | 168.56M | 126.86M | 22.99M | 66.95M | -211.8M | -226.96M | -130.9M | 16.23M | -8.71M |
| Net Margin % | 5.66% | 4.31% | 9.6% | 1.94% | -46.86% | -695.48% | -313.5% | 14.39% | 15.77% | 14.08% | 12.99% | 9.83% | 10.82% | 3.96% | 7.41% | 5.72% | 1.14% | 3.61% | -10.06% | -10.45% | -6.62% | 1% | -0.65% |
| Net Income Growth % | -33.36% | -53.5% | 447.76% | 107.32% | 49.63% | -12.31% | -531.35% | -2.58% | 25.66% | 20.03% | 48.22% | 26.24% | 232.65% | -39.66% | 32.87% | 451.9% | -65.67% | 131.61% | 6.68% | -73.39% | -906.28% | 286.44% | - |
| Net Income (Continuing) | 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 | 22.99M | 66.95M | -211.8M | -226.96M | -130.9M | 16.23M | -8.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.36M | 8.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.22 | 0.90 | 1.89 | 0.39 | -5.41 | -12.33 | -15.75 | 4.30 | 4.25 | 3.31 | 2.78 | 1.86 | 1.62 | 0.49 | 0.84 | 0.62 | 0.11 | 0.33 | -1.04 | -1.12 | -0.64 | 0.08 | -0.04 |
| EPS Growth % | -28.87% | -52.38% | 384.62% | 107.21% | 56.12% | 21.71% | -466.28% | 1.18% | 28.4% | 19.06% | 49.46% | 14.81% | 230.61% | -41.67% | 35.48% | 463.64% | -66.67% | 131.73% | 7.14% | -75% | -902% | 286.45% | - |
| EPS (Basic) | - | 0.94 | 2.09 | 0.39 | -5.41 | -12.33 | -15.75 | 4.33 | 4.28 | 3.33 | 2.79 | 1.89 | 1.64 | 0.50 | 0.84 | 0.63 | 0.11 | 0.33 | -1.06 | -1.13 | -0.65 | 0.08 | -0.04 |
| Diluted Shares Outstanding | 466.15M | 459.52M | 515.03M | 427.4M | 419.77M | 365.45M | 254.73M | 216.48M | 224.42M | 229.57M | 227.85M | 230.04M | 212.02M | 209.24M | 200.47M | 203.33M | 203.33M | 203.33M | 203.33M | 203.33M | 203.33M | 203.33M | 203.33M |
| Basic Shares Outstanding | 456.65M | 455.26M | 435.28M | 424.42M | 419.77M | 365.45M | 254.73M | 214.93M | 223M | 229.42M | 227.73M | 229.64M | 208.86M | 207.58M | 179.32M | 200.47M | 200.47M | 200.47M | 200.47M | 200.47M | 200.47M | 200.47M | 200.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High debt leverage profile
According to the latest quarterly data, NCLH reported revenue of $2.3 billion in 2026Q1, reflecting a 9.6% year-over-year growth rate that suggests the company is transitioning from post-pandemic recovery to a more sustainable, albeit moderate, expansion phase within the competitive global cruise travel market.
The revenue trajectory appears to have stabilized following the volatile swings observed in 2024. While the 9.6% growth rate indicates continued demand for cruise experiences, investors should monitor whether this pace can be maintained without excessive reliance on promotional pricing to fill capacity.
As reported in recent financial statements, NCLH achieved a gross margin of 40.9% in 2026Q1, which remains structurally lower than premium-focused peers like Royal Caribbean, suggesting that the company's current fleet composition and operational cost base face ongoing pressure from high fixed-cost maritime requirements.
The fluctuation in gross margins, which peaked at 47.1% in 2025Q3, highlights the seasonal nature of the business and the sensitivity of profitability to occupancy levels. The inability to consistently maintain margins above the 40% threshold may indicate limited pricing power compared to more efficient industry incumbents.
Based on the provided income statement data, NCLH's operating margin of 10.0% in 2026Q1 demonstrates that while the company is generating positive operating income, the high level of SG&A expenses relative to gross profit continues to limit the scalability of its core cruise operations.
The company's operating income remains highly sensitive to fluctuations in revenue, as evidenced by the sharp contraction in operating margins during off-peak quarters. This suggests that management has yet to achieve the level of operational efficiency required to significantly decouple overhead growth from top-line performance.
With a debt-to-equity ratio of 6.61, NCLH faces a precarious financial position where, as indicated by recent filings, a significant portion of operating cash flow is likely diverted to interest servicing, potentially limiting the capital available for necessary fleet modernization and environmental compliance investments.
The combination of high leverage and a relatively thin cash position of $210 million leaves the company with minimal margin for error in the event of a macro-economic downturn. Investors should be wary that the current earnings recovery may be insufficient to meaningfully deleverage the balance sheet in the near term.
Quick answers to the most common questions about buying NCLH stock.
For fiscal year 2025, Norwegian Cruise Line Holdings Ltd. (NCLH) reported total revenue of $9.83B. This represents a 634.3% increase compared to $1.34B in 2004.
Norwegian Cruise Line Holdings Ltd. (NCLH) is profitable, generating $423.2M in net income for the fiscal year ending 2025 with a net profit margin of 4.3%.
Norwegian Cruise Line Holdings Ltd. (NCLH) reported an operating income of $1.59B, resulting in an operating profit margin of 16.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Norwegian Cruise Line Holdings Ltd. (NCLH) generated $3.14B in gross profit for the year, representing a gross profit margin of 32.0%. This demonstrates the company's core pricing power and production efficiency.