NCL CORP Ltd.

What Do They Do?

Operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, offering voyages and onboard experiences to seasoned travelers and premium families visiting destinations worldwide.

How Do They Make Money?

Cruise guests place deposits when booking and generally pay the balance before sailing; the company provides cruise services during the voyage. Guests pay for onboard extras during or by disembarkation, and the company receives a share of sales from some concessionaires.

revenue

Segment	Share	Revenue	How money arrives
Passenger ticket Recurring	68% FY2022: 67%		Recurring
Onboard and other Usage-based	32% FY2022: 33%		Usage-based

Who Are Their Customers?

The company sells cruises to seasoned travelers and premium families, with travel advisors among its sales channels. It also maintains relationships with travel partners.

Do Revenues Turn Into Profits?

Yes. It kept 6 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$1.2B.

Operating income, FY2025

16% of revenue

▲ +7% vs FY2024 ($1.5B, 15%)

Net income, FY2025

6% of revenue

▼ −12% vs FY2024 ($706.6M, 7%)

Free cash flow, FY2025

−12% of revenue

▼ Now a loss vs FY2024 ($841.1M, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +5%; vs $2.5B in Q2 FY2025
Net income: ▲ Now profitable; vs −$3.5M in Q2 FY2025

Passenger ticket share of revenue vs 67.9% in Q2 FY2025

Mar 27, 2026 John Chidsey was appointed president and CEO He was appointed CEO of Norwegian Cruise Line Holdings and NCL Corporation.

Growing. Revenue grew 15.2x in 4 years, from $648M in FY2021 to $9.8B in FY2025, about 97% a year.

Revenue over time

Passenger ticket Onboard and other

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Carnival, Royal Caribbean, MSC Cruises, Viking Ocean Cruises, and Virgin Voyages

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