Norwegian Cruise Line Holdings Ltd. (NCLH) financials
NYSE · Consumer Cyclical · Travel Services · 44,500 employees · CEO John W. Chidsey
- Price
- $17.57 -3.57%
- Market cap
- $8.07B
- Enterprise value
- $22.9B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-03-01 EPS est. -$0.06
Revenue (TTM)$10.2B+4.9% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)13.8%-2.5 pp vs a year agoOperating income $1.41B
Net income (TTM)$833M+25.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$531M+48.8% vs a year agoCapex $2.73B
Diluted EPS (TTM)$1.81+36.5% vs a year agoSum of the last 4 quarters
Net cash-$14.8B+2.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $8.07B EV $22.9B
- Revenue
- $10.2B Trailing 12 months
- Revenue growth
- +3% FY2026 consensus
- Profit margin
- 8.2% Net income / revenue, TTM
- P/E
- 9.7× Forward 10.6× (FY2026)
- P/S
- 0.8× Price / sales, TTM
- EV / EBITDA
- 8.5× TTM
- Free cash flow
- -$531M Trailing 12 months
- Net income
- $833M Trailing 12 months
- Revenue estimate
- $10.1B FY2026 consensus
- Earnings
- 2027-03-01 Revenue est. $2.19B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 2.3%, EPS beat by 19.9%Revenue $2.95B vs $2.88B expected (+2.3%); EPS $1.12 vs $0.93 (+19.9%).
- Revenue growth slowing: 0.3% year on yearQ3 '26 revenue $2.95B, against an average of 6.4% over the four quarters before.
- Operating margin 13.8% (TTM), -2.5 pp on a year agoOperating income grew -11.4% while revenue grew 4.9%.
- 70.7% of pre-tax profit is eaten by non-operating lossesPre-tax income $824M vs operating income $1.41B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 26.9% of revenue (a year ago 31.6%)$2.73B invested in the last 4 quarters (-11.0% on a year earlier). Free cash flow -$531M = -63.7% of net income.
- Diluted share count down 7.1% in a year460M diluted shares in Q3 '26, 496M a year earlier.
- Net debt $14.8BCash + short-term investments $257M, debt incl. leases $15.1B; a year ago net debt $15.2B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $2.95B | $2.94B | +0.3% |
| Gross margin | 43.4% | 47.1% | -3.7 pp |
| Operating income | $624M | $749M | -16.7% |
| Operating margin | 21.2% | 25.5% | -4.3 pp |
| Net income | $491M | $419M | +17.2% |
| Diluted EPS | $1.07 | $0.86 | +24.4% |
| Operating cash flow | $292M | $237M | +23.6% |
| Capex | $398M | $963M | -58.7% |
| Free cash flow | -$105M | -$727M | +85.5% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $21.3M | $18.4M | +15.8% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $2.95B | $2.88B | +2.3% |
| EPS (as estimated) | $1.12 | $0.93 | +19.9% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Passenger ticket | $1.95B | -5.1% | 66.0% | $6.73B | +2.1% | |
| Onboard and other | $1B | +12.7% | 34.0% | $3.44B | +10.6% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| North America | $1.67B | +14.3% | 56.8% | $6.44B | +17.8% | |
| Europe | $1.26B | -6.8% | 42.7% | $2.62B | -9.8% | |
| Asia Pacific | $12.4M | -90.0% | 0.4% | $821M | -15.9% | |
| Other Country | $3.82M | +329.2% | 0.1% | $284M | -17.9% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $2.2B
- Capex
- -$2.73B
- Buybacks
- -$2K
- Dividends
- $0
- Acquisitions
- $0
- Net debt issued
- $609M
- Stock-based compensation
- $91.2M
- Free cash flow
- -$531M
- Returned to shareholders / FCF
- -0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 9.7× | 29.1× 3 of 5 years | 12.3× – 51.4× |
| EV / EBITDA | 8.5× | 9.6× 3 of 5 years | 6.4× – 12.5× |
| EV / Sales | 2.3× | 8.0× | 2.5× – 28.6× |
| Price / FCF | -15.2× | 13.4× 1 of 5 years | 13.4× – 13.4× |
| Price / Book | 2.6× | 23.8× | 3.1× – 74.9× |
| FCF yield | -6.6% | -17.2% | -42.5% – 7.5% |
| Return on invested capital | 7.3% | -0.5% | -16.1% – 9.4% |
| Return on equity | 32.1% | -671.3% | -3,309.3% – 63.9% |
Analysts
Consensus target $20.79 (+18.3%)
range $16.00 – $45.00 · rating Buy
Strong buy1
Buy19
Hold17
Sell2
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $10.1B | +2.7% | $1.66 | +84.9% | 10.6× | 12 |
| FY2027 | $10.6B | +4.9% | $1.46 | -12.4% | 12.1× | 14 |
| FY2028 | $11.3B | +6.5% | $1.78 | +22.4% | 9.8× | 4 |
| FY2029 | $12.2B | +8.3% | $2.90 | +62.6% | 6.1× | 1 |
| FY2030 | $13B | +6.4% | $2.02 | -30.4% | 8.7× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 211 figures Norwegian Cruise Line Holdings Ltd. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $178M | $193M | -8.0% | $170M | $171M | -0.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $241M | $253M | -4.5% | $292M | $221M | +31.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $12.5M2025-12-31 | $15.1M | -17.2% | $12.5M | $15.1M | -17.2% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $8.28B2025-12-31 | $7.36B | +12.5% | $8.28B | $7.36B | +12.5% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $5.17M2025-12-31 | $6.14M | -15.7% | $5.17M | $6.14M | -15.7% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), after Tax | -$1.51M2025-12-31 | -$1.89M | +20.0% | -$1.51M | -$1.89M | +20.0% |
| Accumulated Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), after Tax | -$6.69M2025-12-31 | -$8.03M | +16.7% | -$6.69M | -$8.03M | +16.7% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$367M | -$430M | +14.6% | -$451M | -$507M | +11.0% |
| Additional Paid in Capital, Common Stock | $8.26B | $8.2B | +0.7% | $8.23B | $7.92B | +3.9% |
| Adjustments to Additional Paid in Capital, Other | $0 | – | – | -$20.4M2021-12-31 | – | – |
| Advertising Expense | – | – | – | $622M | $514M | +21.1% |
| Amortization of Debt Issuance Costs | $1.79M | $2.24M | -19.9% | $81.6M | $81.6M | 0.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.2M | 300K | +300.0% | 19.7M | 5.1M | +286.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $21.3M | $18.4M | +15.8% | $88.4M | $91.8M | -3.7% |
| Assets | $24B | $22.2B | +8.1% | $22.5B | $20B | +12.9% |
| Assets, Current | $1.29B | $1.04B | +24.2% | $1.14B | $1.01B | +12.7% |
| Capital Expenditures Incurred but Not yet Paid | $97.5M | -$24.5M | +498.0% | $60.5M | $38.9M | +55.5% |
| Cash and Cash Equivalents, at Carrying Value | $257M | $167M | +53.8% | $210M | $191M | +10.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $257M | $167M | +53.8% | $210M | $191M | +10.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $38.4M | -$17.2M | +323.1% | $19.1M | -$212M | +109.0% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 980M | 980M | 0.0% | 980M | 980M | 0.0% |
| Common Stock, Shares, Issued | 459M | 455M | +0.9% | 455M | 440M | +3.5% |
| Common Stock, Shares, Outstanding | 459M | 455M | +0.9% | 455M | 440M | +3.5% |
| Common Stock, Value, Issued | $459K | $455K | +0.9% | $455K | $440K | +3.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $556M | $428M | +29.8% | $479M | $912M | -47.5% |
| Contract with Customer, Liability | $2.2B | $2.3B | -4.3% | $2.3B | $2.2B | +4.5% |
| Contract with Customer, Liability, Current | $3.14B | $3.15B | -0.2% | $3.2B | $3.11B | +3.0% |
| Contract with Customer, Liability, Revenue Recognized | $0 | $0 | – | $1.9B2024-12-31 | $2.1B | -9.5% |
| Cost of Goods and Services Sold | $1.67B | $1.55B | +7.3% | $5.64B | $5.69B | -0.9% |
| Cost of Property Repairs and Maintenance | – | – | – | $212M | $206M | +3.0% |
| Current Federal, State and Local, Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Income Tax Expense (Benefit) | – | – | – | $1.13M | $18.8M | -94.0% |
| Debt and Lease Obligation | $14.6B2025-12-31 | $13.1B | +11.5% | $14.6B | $13.1B | +11.5% |
| Deferred Federal, State and Local, Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Income Tax Expense (Benefit) | – | – | – | $4.34M | -$156M | +102.8% |
| Deferred Income Taxes and Tax Credits | – | – | – | $2.31M | -$155M | +101.5% |
| Deferred Tax Assets, Net | $155M2025-12-31 | $156M | -0.5% | $155M | $156M | -0.5% |
| Deferred Tax Assets, Net of Valuation Allowance | $213M2025-12-31 | $209M | +1.9% | $213M | $209M | +1.9% |
| Deferred Tax Assets, Operating Loss Carryforwards | $813M2025-12-31 | $730M | +11.4% | $813M | $730M | +11.4% |
| Deferred Tax Assets, Other | $38.7M2025-12-31 | $38.5M | +0.7% | $38.7M | $38.5M | +0.7% |
| Deferred Tax Assets, Valuation Allowance | $638M2025-12-31 | $559M | +14.2% | $638M | $559M | +14.2% |
| Deferred Tax Liabilities, Gross | $58.3M2025-12-31 | $53.6M | +8.8% | $58.3M | $53.6M | +8.8% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $58.3M2025-12-31 | $53.6M | +8.8% | $58.3M | $53.6M | +8.8% |
| Defined Benefit Plan, Amortization of Gain (Loss) | – | – | – | $315K | – | – |
| Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | – | – | – | $378K | $378K | 0.0% |
| Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position | $34.7M2025-12-31 | $31.2M | +11.2% | $34.7M | $31.2M | +11.2% |
| Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | – | – | – | 5.5% | 5.0% | +10.0% |
| Defined Benefit Plan, Benefit Obligation | $34.7M2025-12-31 | $31.2M | +11.2% | $34.7M | $31.2M | +11.2% |
| Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) | – | – | – | $1.03M | -$6.74M | +115.3% |
| Defined Benefit Plan, Benefit Obligation, Benefits Paid | – | – | – | $1.42M | $983K | +44.7% |
| Defined Benefit Plan, Expected Future Benefit Payment, after Year Five for Next Five Years | $20.1M2025-12-31 | $18.4M | +8.8% | $20.1M | $18.4M | +8.8% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Five | $3.12M2025-12-31 | $2.89M | +7.9% | $3.12M | $2.89M | +7.9% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Four | $2.88M2025-12-31 | $2.45M | +17.3% | $2.88M | $2.45M | +17.3% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year One | $1.89M2025-12-31 | $1.74M | +8.9% | $1.89M | $1.74M | +8.9% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Three | $2.45M2025-12-31 | $2.15M | +13.7% | $2.45M | $2.15M | +13.7% |
| Defined Benefit Plan, Expected Future Benefit Payment, Year Two | $2.15M2025-12-31 | $1.87M | +15.0% | $2.15M | $1.87M | +15.0% |
| Defined Benefit Plan, Interest Cost | – | – | – | $1.68M | $1.68M | +0.1% |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | – | – | – | $3.95M | $4.93M | -19.8% |
| Defined Benefit Plan, Service Cost | $614K | $553K | +11.0% | $2.21M | $2.88M | -23.1% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-02