Norwegian Cruise Line Holdings Ltd.
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NCLH Q4 2025 request
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Revenue From Contract With Customer Including Assessed Tax | 2,244,400 | 2,109,366 | +6.4% |
Show Product Lines breakouts |
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| Onboard and other | 734,361 | 700,632 | +4.8% |
| Passenger | 1,510,039 | 1,408,734 | +7.2% |
Show Business Segments breakouts |
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| Single reportable segment | 2,244,400 | 2,109,366 | +6.4% |
Show Geography breakouts |
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| Asia Pacific | 233,185 | 213,661 | +9.1% |
| Europe | 512,415 | 515,636 | -0.6% |
| North America | 1,448,362 | 1,266,582 | +14.4% |
| Other Country | 50,438 | 113,487 | -55.6% |
| Cost of Revenue | 1,323,519 | 1,307,579 | +1.2% |
Show Product Lines breakouts |
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| Commissions, transportation and other | 376,845 | 415,580 | -9.3% |
| Commissions, transportation and other · Single reportable segment | 376,845 | 415,580 | -9.3% |
| Food And Beverage | 76,683 | 73,142 | +4.8% |
| Food And Beverage · Single reportable segment | 76,683 | 73,142 | +4.8% |
| Fuel | 167,583 | 160,418 | +4.5% |
| Fuel · Single reportable segment | 167,583 | 160,418 | +4.5% |
| Onboard and other | 140,180 | 146,057 | -4.0% |
| Onboard and other · Single reportable segment | 140,180 | 146,057 | -4.0% |
| Payroll and related expense | 367,023 | 332,429 | +10.4% |
| Service Other | 195,205 | 179,953 | +8.5% |
| Service Other · Single reportable segment | 195,205 | 179,953 | +8.5% |
| Selling, General & Administrative | 381,374 | 360,566 | +5.8% |
| Depreciation And Amortization | 352,866 | 226,480 | +55.8% |
| Operating Expenses | 734,240 | 587,046 | +25.1% |
| Operating Income | 186,641 | 214,741 | -13.1% |
| Interest Income Expense Nonoperating Net | -170,036 | -175,358 | +3.0% |
Show Business Segments breakouts |
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| Single reportable segment | -170,036 | -175,358 | +3.0% |
| Other Non-Operating Income (Expense) | -10,714 | 68,337 | -115.7% |
Show Business Segments breakouts |
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| Single reportable segment | -10,714 | 68,337 | -115.7% |
| Non-Operating Income (Expense) | -180,750 | -107,021 | -68.9% |
| Income Before Taxes | 5,891 | 107,720 | -94.5% |
Show Business Segments breakouts |
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| Single reportable segment | 5,891 | 107,720 | -94.5% |
| Income Tax Expense (Benefit) | 8,363 | 146,816 | -94.3% |
| Net Income | 14,254 | 254,536 | -94.4% |
Show Equity Components breakouts |
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| Retained Earnings | 14,254 | 254,536 | -94.4% |
| Wtd Avg Shares (Basic) | 2,262,721 | 1,487,608 | +52.1% |
| Wtd Avg Shares (Diluted) | -27,575,131 | 1,028,517 | -2781.1% |
| EPS (Basic) | 0.02 | 0.58 | -96.6% |
| EPS (Diluted) | 0.05 | 0.52 | -90.4% |
| Comprehensive Income | -6,988 | 267,173 | -102.6% |
| Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax | -29,712 | -2,974 | -899.1% |
| Foreign Currency Transaction Gain Loss Before Tax | -6.1 | 69.8 | -108.7% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 209,893 | 190,765 | +10.0% |
| Accounts Receivable | 291,659 | 221,412 | +31.7% |
Show Accounts Notes Loans And Financing Receivable By Receivable Type breakouts |
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| Credit Card Receivables | 102.3 | 114.2 | -10.4% |
| Inventory | 138,181 | 149,718 | -7.7% |
| Prepaid Expenses & Other Current Assets | 498,808 | 448,209 | +11.3% |
| Total Current Assets | 1,138,541 | 1,010,104 | +12.7% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 19,068,807 | 16,810,650 | +13.4% |
Show Geography breakouts |
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| BS · Ships | 12.5 | 11.2 | +11.6% |
| MH · Ships | 4.2 | 3.5 | +20.0% |
| US · Ships | 0.3 | 0.3 | 0.0% |
| Goodwill | 135,764 | 135,764 | 0.0% |
| Other Non-Current Assets | 1,697,764 | 1,512,768 | +12.2% |
| Total Assets | 22,541,401 | 19,969,811 | +12.9% |
| Operating Lease Right-of-Use Assets | 1,089,709 | 899,091 | +21.2% |
| Other Assets | |||
| Intangible Assets Net Excluding Goodwill | 500,525 | 500,525 | 0.0% |
Show Indefinite Lived Intangible Assets By Major Class breakouts |
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| Trade Names | 500.5 | — | — |
| Trade Names · Norwegian Cruise Line | 207.5 | — | — |
| Trade Names · Oceania Cruises | 140 | — | — |
| Trade Names · Regent Seven Seas Cruises | 153 | — | — |
| Current Liabilities | |||
| Long Term Debt And Capital Lease Obligations Current | 875,899 | 1,323,769 | -33.8% |
| Accounts Payable | 169,655 | 171,106 | -0.8% |
| Accrued Liabilities And Other Liabilities Current | 1,206,430 | 1,180,026 | +2.2% |
| Deferred Revenue (Current) | 3,200,593 | 3,105,964 | +3.0% |
| Total Current Liabilities | 5,452,577 | 5,780,865 | -5.7% |
| Non-Current Liabilities | |||
| Other Non-Current Liabilities | 1,148,659 | 986,786 | +16.4% |
| Total Liabilities | 20,331,513 | 18,544,372 | +9.6% |
| Long-Term Debt (Q) | — | — | — |
Show Debt Instrument breakouts |
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| 0.750% Exchangeable Senior Notes Due 2030 | 1,381,861 | — | — |
| 0.875% Exchangeable Senior Notes Due 2030 | 351,047 | — | — |
| 1.125% Exchangeable Senior Notes Due 2027 | 190,940 | 1,137,711 | -83.2% |
| 2.5% Exchangeable Senior Notes Due 2027 | 23,989 | 467,764 | -94.9% |
| 590.5 million Breakaway three loan | 136,998 | 212,637 | -35.6% |
| 710.8 million Seahawk 1 term loan | 318,924 | 401,919 | -20.6% |
| 729.9 million Breakaway four loan | 253,664 | 337,406 | -24.8% |
| 748.7 million Seahawk 2 term loan | 453,183 | 542,721 | -16.5% |
| Allura newbuild loan | 623,168 | — | — |
| Arietta newbuild loan | 16,752 | 16,752 | 0.0% |
| Explorer Newbuild Loan | 83,959 | 121,395 | -30.8% |
| Grandeur newbuild loan | 423,012 | 462,691 | -8.6% |
| Leonardo newbuild four loan | 278,144 | 186,090 | +49.5% |
| Leonardo newbuild one loan | 794,901 | 878,378 | -9.5% |
| Leonardo newbuild three loan | 1,071,919 | 246,738 | +334.4% |
| Leonardo newbuild two loan | 861,689 | 942,721 | -8.6% |
| Prestige Class 2 newbuild loan | 15,105 | 15,105 | 0.0% |
| Prestige newbuild loan | 156,239 | 104,269 | +49.8% |
| Revolving Loan Facility | 1,100,000 | 245,000 | +349.0% |
| Senior Unsecured Notes Due 2028 | 522,587 | 521,495 | +0.2% |
| Senior Unsecured Notes Due 2029 | 596,043 | 594,782 | +0.2% |
| Senior Unsecured Notes Due 2030 | 311,508 | 310,623 | +0.3% |
| Senior Unsecured Notes Due 2031 | 1,187,147 | — | — |
| Senior Unsecured Notes Due 2032 | 1,779,568 | — | — |
| Senior Unsecured Notes Due 2033 | 840,713 | — | — |
| Sonata newbuild loan | 119,123 | 65,535 | +81.8% |
| Splendor Newbuild Loan | 236,484 | 282,809 | -16.4% |
| Vista newbuild loan | 468,804 | 515,151 | -9.0% |
| Operating Lease Liabilities | 897,899 | 788,669 | +13.8% |
| Other Liabilities | |||
| Long Term Debt And Capital Lease Obligations | 13,730,277 | 11,776,721 | +16.6% |
| Stockholders' Equity | |||
| Common Stock | 455 | 440 | +3.4% |
| Additional Paid In Capital Common Stock | 8,227,432 | 7,921,918 | +3.9% |
| Accumulated Other Comprehensive Income | -451,365 | -507,039 | +11.0% |
| Retained Earnings | -5,566,634 | -5,989,880 | +7.1% |
| Total Stockholders' Equity | 2,209,888 | 1,425,439 | +55.0% |
Show Equity Components breakouts |
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| Accumulated Defined Benefit Plans Adjustment | 6,238 | 7,204 | -13.4% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent | -457,603 | -514,243 | +11.0% |
| Accumulated Other Comprehensive Income | -451,365 | -507,039 | +11.0% |
| Additional Paid In Capital | 8,227,432 | 7,921,918 | +3.9% |
| Common Stock | 455 | 440 | +3.4% |
| Retained Earnings | -5,566,634 | -5,989,880 | +7.1% |
| Total Liabilities & Equity | 22,541,401 | 19,969,811 | +12.9% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Depreciation & Amortization | 374,348 | 246,635 | +51.8% |
| Unrealized Gain Loss On Derivatives | 2,378 | -267 | +990.6% |
| Gains Losses On Extinguishment Of Debt | 0 | 0 | — |
| Provision For Bad Debts And Inventory | 1,245 | 2,691 | -53.7% |
| Gain Loss On Involuntary Conversion | 0 | -166 | +100.0% |
| Stock-Based Compensation | 23,795 | 26,211 | -9.2% |
| Foreign Currency Transaction Gain Loss Unrealized | 2,140 | -32,648 | +106.6% |
| Change in Accounts Receivable | -41,719 | -23,037 | -81.1% |
| Change in Inventory | 17,346 | -5,210 | +432.9% |
| Change in Prepaid & Other Assets | 4,436 | 62,122 | -92.9% |
| Change in Accounts Payable | -51,108 | -11,820 | -332.4% |
| Increase Decrease In Accrued Liabilities And Other Operating Liabilities | 57,256 | 90,502 | -36.7% |
| Change in Deferred Revenue | 52,425 | -55,179 | +195.0% |
| Net Cash from Operations | 459,110 | 399,256 | +15.0% |
| Investing Activities | |||
| Capital Expenditures | -437,647 | -243,436 | -79.8% |
| Other Investing Activities | 5,289 | 1,511 | +250.0% |
| Net Cash from Investing | -433,145 | -243,714 | -77.7% |
| Financing Activities | |||
| Repayments Of Long Term Debt | -449,161 | -900,440 | +50.1% |
| Proceeds From Issuance Of Long Term Debt | 511,970 | 609,698 | -16.0% |
| Tax Withholding for Share Compensation | -2 | -3,275 | +99.9% |
| Payments Of Debt Extinguishment Costs | 0 | 0 | — |
| Debt Issuance Costs | -45,364 | -3,281 | -1282.6% |
| Net Cash from Financing | 17,127 | -297,298 | +105.8% |
| Amortization of Financing Costs | -6,976.4 | -8,257.4 | +15.5% |
| Supplemental | |||
| Unpaid Capital Expenditures | 40.3 | 32.3 | +24.8% |
| Other Cash Flow | |||
| Net Change in Cash | 43,092 | -141,756 | +130.4% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 209,893 | 190,765 | +10.0% |
Values in thousands USD. Source: SEC EDGAR 10-K filing.