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Norwegian Cruise Line Holdings Ltd., together with its subsidiaries, operates as a cruise company in North America, Europe, the Asia-Pacific, and internationally. It offers itineraries to destinations, such as Europe, Asia, Australia, New Zealand, South America, Africa, Canada, Bermuda, the Caribbean, and Alaska; and inter-island itinerary in Hawaii. The company also provides features, amenities, and activities, including various accommodations, dining venues, bars and lounges, spas, casino and retail shopping areas, and entertainment choices; shore excursions at each port of call, and air transportation and hotel packages for stays before or after a voyage. It offers its products and services under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands. The company was founded in 1966 and is based in Miami, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $9.8B | $2.5B | $423M | $-1.2B | 19.2% | 3.7% | -53.5% |
| 2024 | $9.5B | $2.5B | $910M | $839M | 63.9% | 10.9% | 447.8% |
| 2023 | $8.5B | $1.8B | $166M | $-745M | 55.2% | 76.5% | -107.3% |
| 2022 | $4.8B | $-665M | $-2.3B | $-1.6B | -3309.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 4,843.76 | 8,549.92 | 9,479.65 | 9,827.59 |
| Cost Of Revenue | - | 4,267.09 | 5,468.59 | 5,688.70 | 5,639.16 |
| Gross Profit | - | 576.67 | 3,081.34 | 3,790.96 | 4,188.43 |
| Operating Expense | - | 2,128.43 | 2,150.43 | 2,325.05 | 2,627.56 |
| Operating Income | - | -1,551.76 | 930.91 | 1,465.91 | 1,560.87 |
| EBITDA | - | -665.14 | 1,773.94 | 2,493.64 | 2,544.34 |
| EBIT | - | -1,475.19 | 890.71 | 1,520.13 | 1,382.23 |
| Pretax Income | - | -2,276.70 | 163.18 | 772.91 | 428.72 |
| Tax Provision | - | -6.79 | -3 | -137.35 | 5.48 |
| Net Income | - | -2,269.91 | 166.18 | 910.26 | 423.25 |
| Net Income Common Stockholders | - | -2,269.91 | 166.18 | 910.26 | 423.25 |
| Total Expenses | - | 6,395.52 | 7,619.01 | 8,013.74 | 8,266.72 |
| Interest Expense | - | 801.51 | 727.53 | 747.22 | 953.51 |
| Selling General And Administration | - | 1,379.10 | 1,341.86 | 1,434.81 | 1,548.81 |
| Normalized EBITDA | - | -665.14 | 1,773.94 | 2,493.64 | 2,544.34 |
| Normalized Income | - | -2,269.91 | 166.18 | 910.26 | 423.25 |
| Market Cap | 8,432.15 | 8,432.15 | 8,432.15 | 8,432.15 | 8,432.15 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Norwegian Cruise Line Holdings Ltd.this co. | NCLH | - | 19.92↓ discount | 3.82 | 19.2% | 8.97 |
| The Buckle, Inc. | BKE | $2.8B | 13.79 | 6.81 | 49.4% | 10.55 |
| Steven Madden, Ltd. | SHOO | $2.7B | 63.10 | 3.25 | 5.2% | 25.85 |
| OneSpaWorld Holdings Limited | OSW | $2.5B | 34.20 | 4.51 | 13.2% | 23.59 |
| Versigent PLC | VGNT |
| 2021 | - | - | - | - | - | - | - |
| $2.5B |
| 5.04 |
| 1.50 |
| 29.8% |
| 2.76 |
| Sonic Automotive, Inc. | SAH | $2.4B | 20.32 | 2.26 | 11.1% | 12.63 |
| Mister Car Wash, Inc. | MCW | $2.3B | 22.53 | 2.05 | 9.1% | 14.11 |
| HNI Corporation | HNI | $1.8B | 50.08 | 1.48 | 3.0% | 17.55 |
| CarGurus, Inc. | CARG | $1.6B | 21.76 | 9.07 | 41.7% | 12.42 |
| Peer Median | - | 22.15 | 2.76 | 12.2% | 13.37 | |