Norwegian Cruise Line HoldingsNCLHEarnings & Financial Report
Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami-Dade County, Florida, and incorporated in the Bahamas. It is the fourth-largest cruise line in the world by passengers, controlling about 8.6% of the total worldwide share of the cruise market by passengers as of 2021. It is wholly owned by parent company Norwegian Cruise Line Holdings.
NCLH Q3 2025 Key Financial Metrics
Revenue
$2.9B
Gross Profit
$1.4B
Operating Profit
$749.4M
Net Profit
$419.3M
Gross Margin
47.1%
Operating Margin
25.5%
Net Margin
14.3%
YoY Growth
4.7%
EPS
$0.86
Financial Flow
Norwegian Cruise Line Holdings Q3 2025 Financial Summary
Norwegian Cruise Line Holdings reported revenue of $2.9B for Q3 2025, with a net profit of $419.3M (14.3% margin). Cost of goods sold was $1.6B, operating expenses totaled $633.8M.
Key Financial Metrics
| Total Revenue | $2.9B |
|---|---|
| Net Profit | $419.3M |
| Gross Margin | 47.1% |
| Operating Margin | 25.5% |
| Report Period | Q3 2025 |
Norwegian Cruise Line Holdings Annual Revenue by Year
Norwegian Cruise Line Holdings annual revenue history includes year-by-year totals (for example, 2024 revenue was $9.5B).
| Year | Annual Revenue |
|---|---|
| 2024 | $9.5B |
| 2023 | $8.5B |
| 2022 | $4.8B |
Income Statement
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.99B | $2.19B | $2.37B | $2.81B | $2.11B | $2.13B | $2.52B | $2.94B |
| YoY Growth | 30.8% | 20.3% | 7.6% | 10.7% | 6.2% | -2.9% | 6.1% | 4.7% |
Balance Sheet
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $19.49B | $19.83B | $20.11B | $19.79B | $19.97B | $21.35B | $21.60B | $22.21B |
| Liabilities | $19.19B | $19.46B | $19.42B | $18.65B | $18.54B | $19.94B | $20.03B | $20.02B |
| Equity | $300.8M | $362.1M | $693.1M | $1.14B | $1.43B | $1.42B | $1.57B | $2.19B |
Cash Flow
| Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $259.0M | $807.2M | $670.9M | $172.5M | $399.3M | $679.2M | $714.9M | $236.6M |
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