--- title: "Norwegian Cruise Line: Metrics Guide" description: "Norwegian Cruise Line Holdings revenue, margins, cash flow and balance sheet figures by fiscal year, taken from its SEC filings, with the ratios explained." canonical: https://www.getswoopr.com/stocks/companies/norwegian-cruise-line-holdings/metrics/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Norwegian Cruise Line Holdings: Financial & Operating Metrics Guide ## Direct Answer Norwegian Cruise Line Holdings reported revenue of $9.8 billion for the fiscal year ended December 31, 2025, with an operating margin of 15.9% and net income of $423 million, according to its SEC filings. Revenue grew 3.7% from the prior year. ## What Are Norwegian Cruise Line Holdings's Key Financial Figures? | Fiscal year | FY2025ended December 31, 2025 | FY2024ended December 31, 2024 | FY2023ended December 31, 2023 | FY2022ended December 31, 2022 | | --- | --- | --- | --- | --- | | Revenue | $9.8 billion | $9.5 billion | $8.5 billion | $4.8 billion | | Operating income | $1.6 billion | $1.5 billion | $931 million | -$1.6 billion | | Operating margin | 15.9% | 15.5% | 10.9% | -32.0% | | Net income | $423 million | $910 million | $166 million | -$2.3 billion | | Net margin | 4.3% | 9.6% | 1.9% | -46.9% | | Operating cash flow | $2.1 billion | $2.0 billion | $2.0 billion | $210 million | | Capital expenditures | $3.3 billion | $1.2 billion | $2.8 billion | $1.8 billion | | Free cash flow | -$1.2 billion | $839 million | -$745 million | -$1.6 billion | Operating margin held roughly steady between fiscal 2024 and 2025, which separates pricing and cost discipline from revenue growth alone. Free cash flow (operating cash flow minus capital expenditures) was -$1.2 billion against net income of $423 million; cash generation fell short of reported earnings, which is worth reconciling in the cash flow statement. ![Bar chart of Norwegian Cruise Line Holdings revenue, operating income, net income for fiscal 2022 to 2025. In fiscal 2025, revenue was $9.8 billion, operating income $1.6 billion and net income $423 million.](https://www.getswoopr.com/images/charts/norwegian-cruise-line-holdings-metrics-revenue-profit.webp) *Norwegian Cruise Line Holdings revenue, operating income and net income by fiscal year, from the figures in the table above. Select the chart to open it full size.* ![Line chart of Norwegian Cruise Line Holdings operating margin and net margin for fiscal 2022 to 2025. In fiscal 2025, operating margin was 15.9% and net margin was 4.3%.](https://www.getswoopr.com/images/charts/norwegian-cruise-line-holdings-metrics-margins.webp) *Norwegian Cruise Line Holdings operating margin and net margin by fiscal year: operating income and net income as a share of revenue. Select the chart to open it full size.* ![Bar chart of Norwegian Cruise Line Holdings operating cash flow, capital expenditures, free cash flow for fiscal 2022 to 2025. In fiscal 2025, operating cash flow was $2.1 billion, capital expenditures was $3.3 billion, free cash flow was negative $1.2 billion.](https://www.getswoopr.com/images/charts/norwegian-cruise-line-holdings-metrics-cash-flow.webp) *Norwegian Cruise Line Holdings operating cash flow, capital expenditures and free cash flow by fiscal year. Select the chart to open it full size.* ## What Does Norwegian Cruise Line Holdings's Balance Sheet Show? | Cash and cash equivalents | $210 million | | --- | --- | | Long-term debt | $13.7 billion | | Total assets | $22.5 billion | | Total liabilities | $20.3 billion | | Shareholders' equity | $2.2 billion | | Current ratio | 0.2x | Balance sheet values are as of the end of fiscal 2025. Income statement figures describe a whole year; balance sheet figures describe a single day, so the two answer different questions. ## Where These Numbers Come From Every figure on this page is a value Norwegian Cruise Line Holdings reported in its own SEC filings, read from the SEC's XBRL data (accession 0001104659-26-022067 for fiscal year 2025). Ratios are computed from those reported values. Figures were retrieved on October 12, 2026; a later amendment or a new annual report can change them, and the filing itself always takes precedence over this summary. Each fiscal year is labeled by the calendar year in which it ended, so a company that names the same period differently in its own filings (many retailers whose year ends in January) may use another label. A year is left out of the table when the SEC data set holds no value for it. A figure shown as "Not reported" means the company did not file a value under the standard tag Swoopr reads, not that the amount was zero. This page is educational and describes reported history only; it is not a forecast or a recommendation. ## Frequently Asked Questions ### What was Norwegian Cruise Line Holdings's revenue in fiscal 2025? Norwegian Cruise Line Holdings reported revenue of $9.8 billion for the fiscal year ended December 31, 2025, according to its SEC filings. ### What is Norwegian Cruise Line Holdings's operating margin? Norwegian Cruise Line Holdings's operating margin was 15.9% in fiscal 2025: operating income of $1.6 billion on revenue of $9.8 billion. ### How much free cash flow did Norwegian Cruise Line Holdings generate? Operating cash flow of $2.1 billion less capital expenditures of $3.3 billion gives free cash flow of -$1.2 billion for fiscal 2025. ## References - [SEC EDGAR: Norwegian Cruise Line Holdings Ltd. Form 10-K filed March 2, 2026](https://www.sec.gov/Archives/edgar/data/1513761/000110465926022067/nclh-20251231x10k.htm) - [SEC EDGAR: Norwegian Cruise Line Holdings Ltd. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1513761&type=10-K) - [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces) ## Related Pages - [Norwegian Cruise Line Holdings company dossier](https://www.getswoopr.com/stocks/companies/norwegian-cruise-line-holdings/) - [Norwegian Cruise Line Holdings financial metrics](https://www.getswoopr.com/stocks/companies/norwegian-cruise-line-holdings/metrics/) - [Norwegian Cruise Line Holdings financial risk indicators](https://www.getswoopr.com/stocks/companies/norwegian-cruise-line-holdings/risks/) - [Norwegian Cruise Line Holdings peer comparison](https://www.getswoopr.com/stocks/companies/norwegian-cruise-line-holdings/competitors/) - [Norwegian Cruise Line Holdings business model and revenue mix](https://www.getswoopr.com/stocks/companies/norwegian-cruise-line-holdings/business-model/) - [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/) **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. 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