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Travel services · Consumer Cyclical · Fiscal year ends Dec 31
Norwegian Cruise Line reported revenue of $9.8B in the fiscal year ended Dec 2025, up 3.7% from the year before. Operating income was $1.6B, an operating margin of 15.9%, and net income was $423M. Operating cash flow of $2.1B less capital expenditure of $3.3B left free cash flow of −$1.2B. Net debt was $13.5B.
Ranks among the 10 travel services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 648 | 4,844 | 8,550 | 9,480 | 9,828 |
| Cost of revenue | 1,608 | 4,267 | 5,469 | 5,689 | 5,639 |
| Gross profit | −960 | 577 | 3,081 | 3,791 | 4,188 |
| Selling, general & admin | 891 | 1,379 | 1,342 | 1,435 | 1,549 |
| Operating income | −2,552 | −1,552 | 931 | 1,466 | 1,561 |
| Interest expense | 2,100 | 802 | 728 | – | – |
| Pre-tax income | −4,501 | −2,277 | 163 | 773 | 429 |
| Income tax | 5.3 | −6.8 | −3.0 | −137 | 5.5 |
| Net income | −4,507 | −2,270 | 166 | 910 | 423 |
| Diluted EPS | −12.33 | −5.41 | 0.39 | 1.89 | 0.92 |
| Diluted shares | 365 | 420 | 427 | 515 | 478 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,507 | 947 | 402 | 191 | 210 |
| Receivables | 1,167 | 326 | 280 | 221 | 292 |
| Inventory | 118 | 149 | 158 | 150 | 138 |
| Current assets | 3,302 | 1,873 | 1,313 | 1,010 | 1,139 |
| Net PP&E | 13,529 | 14,516 | 16,433 | 16,811 | 19,069 |
| Goodwill | 98.1 | 98.1 | 98.1 | 136 | 136 |
| Total assets | 18,730 | 18,558 | 19,493 | 19,970 | 22,541 |
| Payables | 233 | 229 | 174 | 171 | 170 |
| Deferred revenue | 1,561 | 2,517 | 3,061 | 3,106 | 3,201 |
| Current liabilities | 3,730 | 5,055 | 6,039 | 5,781 | 5,453 |
| Long-term debt | 11,570 | 12,630 | 12,314 | 11,777 | 13,730 |
| Total liabilities | 16,297 | 18,489 | 19,192 | 18,544 | 20,332 |
| Shareholders' equity | 2,433 | 68.6 | 301 | 1,425 | 2,210 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −2,468 | 210 | 2,006 | 2,050 | 2,090 |
| Capital expenditure | 753 | 1,784 | 2,750 | 1,211 | 3,260 |
| Free cash flow | −3,221 | −1,574 | −745 | 839 | −1,170 |
| Depreciation & amortisation | 759 | 810 | 883 | 974 | 1,162 |
| Stock-based compensation | 124 | 114 | 119 | 91.8 | 88.4 |
| Acquisitions | – | – | – | 27.3 | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 647.5% | 76.5% | 10.9% | 3.7% |
| Operating income growth (YoY) | – | – | – | 57.5% | 6.5% |
| EPS growth (YoY) | – | – | – | 384.6% | −51.3% |
| Gross margin | −148.2% | 11.9% | 36.0% | 40.0% | 42.6% |
| Operating margin | −393.9% | −32.0% | 10.9% | 15.5% | 15.9% |
| Net margin | −695.5% | −46.9% | 1.9% | 9.6% | 4.3% |
| Return on equityBlank when equity is negative | −185.3% | −3309.3% | 55.2% | 63.9% | 19.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −17.0% | −11.5% | 6.9% | 10.3% | 9.1% |
| Free cash flow margin | −497.1% | −32.5% | −8.7% | 8.8% | −11.9% |
| Cash conversion (CFO ÷ net income) | 0.55x | −0.09x | 12.1x | 2.25x | 4.94x |
| Receivable days | 658 | 25 | 12 | 9 | 11 |
| Inventory days | 27 | 13 | 11 | 10 | 9 |
| Payable days | 53 | 20 | 12 | 11 | 11 |
| Interest cover | −1.22x | −1.94x | 1.28x | – | – |
| Debt ÷ equity | 4.76x | 184x | 40.9x | 8.26x | 6.21x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 10,063 | 11,683 | 11,912 | 11,586 | 13,520 |
| Current ratio | 0.89x | 0.37x | 0.22x | 0.17x | 0.21x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.