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.
Revenue
$2.8B
Gross Profit
$1.3B
Operating Profit
$691.2M
Net Profit
$474.9M
Gross Margin
45.2%
Operating Margin
24.6%
Net Margin
16.9%
YoY Growth
10.7%
EPS
$0.95
Norwegian Cruise Line Holdings Q3 FY2024 Financial Summary
Norwegian Cruise Line Holdings reported revenue of $2.8B (up 10.7% YoY) for Q3 FY2024, with a net profit of $474.9M (up 37.3% YoY) (16.9% margin). Cost of goods sold was $1.5B, operating expenses totaled $576.4M.
Key Financial Metrics
| Total Revenue | $2.8B |
|---|---|
| Net Profit | $474.9M |
| Gross Margin | 45.2% |
| Operating Margin | 24.6% |
| Report Period | Q3 FY2024 |
Revenue Breakdown
Norwegian Cruise Line Holdings Q3 FY2024 revenue of $2.8B breaks down across 2 segments, led by Passenger at $1.9B (69.3% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Passenger | $1.9B | 69.3% |
| Onboard And Other | $861.7M | 30.7% |
Norwegian Cruise Line Holdings Revenue by Segment — Quarterly Trend
Norwegian Cruise Line Holdings revenue by segment across the last 4 reported quarters, showing how each business line (such as Passenger and Onboard And Other) has evolved quarter over quarter.
| Segment | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 |
|---|---|---|---|---|
| Passenger | — | $1.5B | $2.0B | $1.7B |
| Onboard And Other | — | $734.4M | $888.2M | $808.5M |
Norwegian Cruise Line Holdings Annual Revenue by Year
Norwegian Cruise Line Holdings annual revenue history includes year-by-year totals (for example, 2025 revenue was $9.8B).
| Year | Annual Revenue |
|---|---|
| 2025 | $9.8B |
| 2024 | $9.5B |
| 2023 | $8.5B |
| 2022 | $4.8B |
Norwegian Cruise Line Holdings Quarterly Revenue & Net Profit History
Norwegian Cruise Line Holdings results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q1 FY2026 | $2.3B | +9.6% | $104.7M | 4.5% |
| Q4 FY2025 | $2.2B | +6.4% | $14.3M | 0.6% |
| Q3 FY2025 | $2.9B | +4.7% | $419.3M | 14.3% |
| Q2 FY2025 | $2.5B | +6.1% | $30.0M | 1.2% |
| Q1 FY2025 | $2.1B | -2.9% | $-40.3M | -1.9% |
| Q4 FY2024 | $2.1B | +6.2% | $254.5M | 12.1% |
| Q3 FY2024 | $2.8B | +10.7% | $474.9M | 16.9% |
| Q2 FY2024 | $2.4B | +7.6% | $163.4M | 6.9% |
Income Statement
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.37B | $2.81B | $2.11B | $2.13B | $2.52B | $2.94B | $2.24B | $2.33B |
| YoY Growth | 7.6% | 10.7% | 6.2% | -2.9% | 6.1% | 4.7% | 6.4% | 9.6% |
Balance Sheet
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $20.11B | $19.79B | $19.97B | $21.35B | $21.60B | $22.21B | $22.54B | $23.79B |
| Liabilities | $19.42B | $18.65B | $18.54B | $19.94B | $20.03B | $20.02B | $20.33B | $21.36B |
| Equity | $693.1M | $1.14B | $1.43B | $1.42B | $1.57B | $2.19B | $2.21B | $2.43B |
Cash Flow
| Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $670.9M | $172.5M | $399.3M | $679.2M | $714.9M | $236.6M | $459.1M | $811.5M |