Norwegian Cruise Line Holdings Ltd. (NCLH) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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NCLH Revenue Growth
Revenue Breakdown (FY 2025)
NCLH's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
NCLH Revenue Analysis (2014–2025)
As of May 8, 2026, Norwegian Cruise Line Holdings Ltd. (NCLH) generated trailing twelve-month (TTM) revenue of $10.03 billion, reflecting solid growth of +9.6% year-over-year. The most recent quarter (Q1 2026) recorded $2.33 billion in revenue, up 3.9% sequentially.
Looking at the longer-term picture, NCLH's 5-year compound annual growth rate (CAGR) stands at +50.3%, indicating outstanding long-term growth trajectory. The company achieved its highest annual revenue of $9.83 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows NCLH's business is primarily driven by Passenger ticket (68%), and Onboard and other (32%). With over half of revenue concentrated in Passenger ticket, the company maintains significant focus in this area while developing other growth vectors.
When compared to Consumer Cyclical sector peers including CCL (+6.4% YoY), RCL (+9.7% YoY), and VIK (+21.9% YoY), NCLH has underperformed the peer group in terms of revenue growth. Compare NCLH vs CCL →
NCLH Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NCLHCurrent | $10.0B | +9.6% | +50.3% | 16.2% | |
 CCL | $26.6B | +6.4% | +36.6% | 16.8% | |
 RCL | $17.9B | +9.7% | +52.0% | 27.4% | |
 VIK | $6.5B | +21.9% | - | 23.1% | |
 ONEW | $1.9B | +5.2% | +12.9% | 3.3% | |
 HGV | $5.0B | +4.2% | +41.4% | 11.1% |
NCLH Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $9.83B | +3.7% | $3.14B | 32.0% | $1.59B | 16.2% |
| 2024 | $9.48B | +10.9% | $3.79B | 40.0% | $1.47B | 15.5% |
| 2023 | $8.55B | +76.5% | $3.08B | 36.0% | $930.9M | 10.9% |
| 2022 | $4.84B | +647.5% | $576.7M | 11.9% | $-1,551,757,000 | -32.0% |
| 2021 | $648.0M | -49.4% | $-960,051,000 | -148.2% | $-2,552,348,000 | -393.9% |
| 2020 | $1.28B | -80.2% | $-413,153,000 | -32.3% | $-3,484,135,000 | -272.2% |
| 2019 | $6.46B | +6.7% | $2.80B | 43.3% | $1.18B | 18.2% |
| 2018 | $6.06B | +12.2% | $2.68B | 44.2% | $1.22B | 20.1% |
| 2017 | $5.40B | +10.7% | $2.33B | 43.2% | $1.05B | 19.4% |
| 2016 | $4.87B | +12.2% | $2.02B | 41.5% | $925.5M | 19.0% |
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Start ComparisonNCLH — Frequently Asked Questions
Quick answers to the most common questions about buying NCLH stock.
Is NCLH's revenue growth accelerating or slowing?
NCLH maintains +9.6% revenue growth, in line with its 5-year CAGR of +50.3%. TTM revenue stands at $10.0B. Growth rate remains consistent with historical average.
What is NCLH's long-term revenue growth rate?
Norwegian Cruise Line Holdings Ltd.'s 5-year revenue CAGR of +50.3% reflects the sustained expansion pattern. Current YoY growth of +9.6% is near this long-term average.
How is NCLH's revenue distributed by segment?
NCLH reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.