← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Norwegian Cruise Line grew revenue 3.7% to $9.83B and operating income to $1.56B, but net income fell 53.5% in a year with $272.5 million of refinancing losses, two new ships pushed free cash flow to -$1.17B, and a new CEO and Elliott-backed directors arrived in 2026
The read at a glance✓ Audited against SEC data
- Growth — Revenue up 3.7% to $9.83B; capacity days up 4.2%Note
- Profitability — Operating margin up 42 bps to 15.88%; net income down 53.5% to $423.2MWatch
- Balance sheet — Long-term debt up 16.6% to $13.73B, plus $875.9 million currentWatch
- Accounting quality — Balance-sheet screen in distress zone; no manipulation flagWatch
- Capital allocation — Capital expenditure up 169.2% to $3.26B; no dividends or buybacksWatch
- Insider signal — Cluster of open-market buys, led by a $25 million director purchaseOK
Business
Norwegian Cruise Line Holdings runs three cruise brands, Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, with 34 ships and about 71,400 berths at the end of 2025 and 17 more ships due from 2026 through 2037. It earns passenger ticket revenue, $6,688 million in 2025, and onboard and other revenue from casinos, drinks, excursions, dining and spas, $3,140 million. Ships are its main asset, and new ones are financed largely with debt.
Where the revenue comes from
Fiscal 2025, as Norwegian Cruise Line Holdings Ltd. reports it. History and quarterly detail are in the app.
- Passenger ticket$6.7B
- Onboard and other$3.1B
Leadership changes
From Norwegian Cruise Line Holdings Ltd.'s own filings, the day they're filed.
- John W. Chidsey · President · appointmenteff. 2026-02-12
- Harry Sommer · Chief Executive Officer · appointmenteff. 2025-08-20
- David Herrera · President · departureeff. 2025-08-20
Latest filings
- 8-K · Company announcement2026-10-15
- 8-K · Company announcement2026-09-30
- 10-Q · Quarterly report2026-08-03
- 8-K · Company announcement2026-07-30
- 8-K · Company announcement2026-06-16
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Norwegian Cruise Line Holdings Ltd., every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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