Norwegian Cruise Line Holdings Ltd.
nclhltd.comWhat Do They Do?
Operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, selling cruise voyages with accommodations, meals and entertainment to travelers.
10-K for FY2025, filed Mar 2, 2026
How Do They Make Money?
Cruise guests pay a deposit when booking and the balance before sailing; the company earns ticket revenue over the voyage. Guests generally pay for onboard extras when buying them or at disembarkation, and the company receives a share of some concessionaires' sales.
10-K for FY2025, filed Mar 2, 2026The payment terms and cancellation policies vary by brand, stateroom category, length of voyage, and country of purchase. A deposit for a…View ↗
Goods and services associated with onboard revenue are generally provided at a point in time, and revenue is recognized when the…View ↗
During the voyage, we generate onboard and other revenue for additional products and services which are not included in the cruise fare…View ↗
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10-K for FY2025, filed Mar 2, 2026
FY2025 revenue by product or service ↗
$9.8B
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10-K for FY2025, filed Mar 2, 2026
$9.8B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Passenger ticket
Sold outright
10-K for FY2025, filed Mar 2, 2026 |
68%
FY2022: 67%
|
Passenger ticket, FY2025
$6.7B Sources
|
Sold outright |
|
Onboard and other
Usage-based
10-K for FY2025, filed Mar 2, 2026 |
32%
FY2022: 33%
|
Onboard and other, FY2025
$3.1B Sources
|
Usage-based |
Who Are Their Customers?
Guests book cruises by choosing an itinerary and stateroom, with some fares including air, hotel and onboard amenities; they can also buy extras during the voyage.
10-K for FY2025, filed Mar 2, 2026We offer our guests a wide variety of options when booking a cruise. Our cruise ticket prices generally include cruise fare and an array of…View ↗
We offer our guests a multitude of cruise fare options when booking a cruise. Our cruise ticket prices generally include cruise fare and a…View ↗
During the voyage, we generate onboard and other revenue for additional products and services which are not included in the cruise fare…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 4 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$1.2B.
10-K for FY2025, filed Mar 2, 2026
$1.6BView ↗
10-K for FY2025, filed Mar 2, 2026
$423.2MView ↗
10-K for FY2025, filed Mar 2, 2026
−$1.2BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 3, 2026
Open tableView ↗
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Mar 27, 2026
John W. Chidsey appointed president and CEO
Sources
8-K, filed Mar 27, 2026
On February 12, 2026, Norwegian Cruise Line Holdings Ltd. (the “Company” or “NCLH”) appointed Mr. John W. Chidsey as President and Chief…View ↗
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Mar 27, 2026
John W. Chidsey appointed board chair
Sources
8-K, filed Mar 27, 2026
Pursuant to the Cooperation Agreement, the Company has agreed to, among other things, (i) appoint Jonathan Cohen, Alex Cruz, Brian…View ↗
Growing. Revenue grew 15.2x in 4 years, from $648M in FY2021 to $9.8B in FY2025, about 97% a year.
Who Do They Compete With?
Competes with Carnival, Royal Caribbean, MSC Cruises, Viking Ocean Cruises, and Virgin Voyages
10-K for FY2025, filed Mar 2, 2026Our primary competition includes operators such as Carnival and Royal Caribbean, as well as other cruise lines such as MSC Cruises, Viking…View ↗
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