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 | FY2025 ended December 31, 2025 | FY2024 ended December 31, 2024 | FY2023 ended December 31, 2023 | FY2022 ended 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.
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.