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Companies / Consumer Discretionary / Norwegian Cruise Line Holdings
NCLH

Norwegian Cruise Line Holdings

Consumer DiscretionaryTransportation & UtilitiesS&P 500
Ticker NCLHMIAMI, FLFiscal year ends DecemberBook value per share $5.53Diluted shares 465.4M

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) operates cruise vacations worldwide through Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. Its itineraries visit about 700 ports across regions including Europe, Asia, Australia, the Caribbean, Alaska and Hawaii, and the company also operates… From the company’s description.

In fiscal 2025, Norwegian Cruise Line Holdings reported revenue of $9.83B, up 3.7% from fiscal 2024, and net income of $423.25M. Its operating margin was 15.9%, and operations generated $2.09B in cash. Over the twelve months to Jun 30, 2026, revenue was $10.15B.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$9.83BFY2025
+3.7% year over year
Last 12 mo $10.15B
15.88%FY2025
+0.4 percentage points
Last 12 mo 15.09%
$423.25MFY2025
−53.5% year over year
Last 12 mo $760.77M
19.15%FY2025
−44.7 percentage points
Last 12 mo 29.57%
Cash & financing
$2.09BFY2025
+1.9% year over year
Last 12 mo $2.11B
$-1.17BFY2025
−239.5% year over year
Last 12 mo $-1.19B
6.61FY2025
Was 9.19× a year earlier
Last 12 mo 5.84
477.7MFY2025
−7.2% year over year
Last 12 mo 465.4M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What Norwegian Cruise Line Holdings does

In the company’s own words

Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) operates cruise vacations worldwide through Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. Its itineraries visit about 700 ports across regions including Europe, Asia, Australia, the Caribbean, Alaska and Hawaii, and the company also operates Great Stirrup Cay in The Bahamas and Harvest Caye in Belize. Norwegian offers a range of accommodations, dining, entertainment and onboard activities; Oceania emphasizes destination-focused voyages and onboard dining; Regent sells an all-inclusive cruise experience with shore excursions and premium beverages. Customers include leisure travelers, premium families and guests seeking upscale experiences. The company generates revenue from cruise fares and onboard purchases such as casino gaming, food and beverages, shore excursions, retail and spa services. Norwegian began operating in 1966, and the company acquired Prestige Cruises International, which includes Oceania and Regent, in 2014. At December 31, 2025, its fleet comprised 34 ships with approximately 71,400 berths. Its website is https://www.nclhltd.com.

Company details
Sector
Consumer Discretionary
Industry (SIC)
Transportation & Utilities
Headquarters
MIAMI, FL
Fiscal year end
December
CIK
1513761
SIC
4400

Financial performance, year by year

Fiscal 2013–2025 · USD
$-5.97B$-1.57B$2.82B$7.22B$11.62B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns Norwegian Cruise Line Holdings — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

161
funds hold it
1 of 35
superinvestors hold it
$1.63B
held by funds, at market
17.5%
of shares held by funds

Superinvestors in Norwegian Cruise Line Holdings · what they did last quarter

Seth KlarmanINCREASED +112.9%
Baupost Group
3.0%of 13F portfolio

Share of each manager’s reported 13F portfolio. Change is in shares held, since the previous quarter.

Largest fund holders · Norwegian Cruise Line Holdings’s weight in each

VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.01%of fund net assets
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.02%of fund net assets
VANGUARD SMALL-CAP INDEX FUND
VB · VANGUARD INDEX FUNDS
0.12%of fund net assets
Invesco S&P 500 Equal Weight ETF
RSP · Invesco Exchange-Traded Fund Trust
—of fund net assets
Ariel Fund
ARGFX · Ariel Investment Trust
3.44%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Fund ownership is a subset of institutional 13F ownership — the two describe overlapping populations and must not be added together.

Could not be determined for this company: bond issues.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

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  • “How do Norwegian Cruise Line Holdings and its peers compare on margins and cash generation over ten years?”
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