NCLH at a glance
Norwegian Cruise Line Holdings (NCLH, SEC CIK 1513761) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on August 3, 2026, an 8-K current report on September 30, 2026 and Form 4 insider filings as recently as May 12, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), Norwegian Cruise Line Holdings (NCLH) reported revenue of $9.8 billion (up 3.7% from FY2024) and net income of $423.2 million. Diluted EPS was $0.92.
- As of June 30, 2026, 37 institutional investment managers tracked by SignalX reported holding Norwegian Cruise Line Holdings (NCLH) shares worth $4.5 billion in 13F-HR filings.
- The most recent insider open-market purchase reported on Form 4 was by MacDonald Brian P on May 11, 2026 of 15,000 shares at $16.54 per share.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $9.8B
- +3.7% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 37 funds
- $4.5B · −1 vs prior quarter
- Latest 8-K
- Sep 30, 2026
- Item 7.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Risk Factors
- EU Emissions Trading System (since Jan 2024) + FuelEU Maritime (Jan 2025) require allowance purchases scaling to 100% of GHG emissions by 2026, plus penalties for non-compliance
- Bermuda Corporate Income Tax Act 2023 imposes 15% corporate tax effective Jan 1, 2025 on MNEs with €750M+ revenue; shipping income exclusion unconfirmed
- Debt covenants require minimum free liquidity of $250M and EBITDA/debt service ratio of 1.25x; breach risk triggers cross-default and potential asset seizure including ships
- Geopolitical conflicts limiting port access, disrupting crew/vendor sourcing, and driving fuel price volatility with direct impact on itinerary and operating costs
- Consolidated European shipyard control raises newbuild costs; lack of Western Hemisphere dry-dock facilities limits repair options for mechanical failures
Business Overview
- Three-brand cruise operator (Norwegian, Oceania, Regent) across ~700 ports; revenue from ticket fares and onboard spending
- New CEO John Chidsey (ex-Subway, Burger King) took helm February 2026; new Norwegian brand President Marc Kazlauskas appointed January 2026
- Oceania Cruises pivoted to adults-only (18+) policy for all new reservations effective January 7, 2026: notable brand repositioning
- Fleet at 34 ships/~71,400 berths with 17 ships on order through 2037; five new 227,000 GT/5,000-berth Norwegian ships among the largest on order
- Bermuda corporate income tax (15%) became effective January 1, 2025: first year of real tax exposure, partially mitigated by international shipping income exclusion
Management Discussion & Analysis
- Revenue $9.83B in 2025, up 3.7% YoY from $9.48B; driven by higher capacity days (+4.2%), ticket pricing, and onboard spending
- Operating margin 15.9% vs 15.5% in 2024; GAAP net income fell to $423M from $910M due to $272M debt extinguishment losses and $179M FX remeasurement losses; Adjusted EBITDA up 11.4% to $2.73B
- Operating cash flow $2.1B vs $2.0B; investing outflows $3.3B (ship deliveries); no dividends or buybacks disclosed; $36.1M capex on emissions-reduction projects
- Heavy debt restructuring throughout 2025: issued $1.8B 6.75% notes, ~$3.45B in new exchangeable/senior notes; revolver expanded to $2.5B; total long-term debt obligations $18.1B
- 2026 outlook cautious: company "slightly below optimal booking range" after Caribbean capacity surge; luxury brands (Regent, Oceania) showing stronger demand; $2.9B capex committed for 2026 newbuilds
AI summary of the NCLH 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Revenue $2.64B, up 4.9% YoY from $2.52B
- Gross margin $804.1M, down from $835.9M; gross margin rate 30.5% vs 33.2% YoY
- Adjusted EBITDA $665.5M, down 4.1% from $694.0M
- Net Yield $298.10 vs $304.34 YoY; occupancy 102.4% vs 103.9%
- Cash outlook pressured by softer Norwegian demand and Middle East conflict; $125M savings target plus $100M incremental run-rate savings
Risk Factors
- No material changes from the 10-K; principal carried-forward risks remain operational
- Shipyard shortages and European consolidation risking higher construction and refurbishment prices
- Mechanical failures involving propulsion, power management, steering, radar, or gyro systems risking cruise cancellations
- Third-party technology and payment-processing disruptions risking operational interruptions and higher replacement costs
- Geopolitical conflicts, pandemics, and sustainability modifications contributing to prolonged newbuild delivery delays
AI summary of the NCLH 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 7.01: Regulation FD Disclosure
- Disclosure contains only forward-looking statement disclaimers and risk factors, not substantive operating or financial updates
- Liquidity risks include debt amortization, covenant compliance, refinancing needs and potential collateral demands from credit-card processors
Item 5.07: Submission of Matters to a Vote of Security Holders
- Shareholders favored annual Say-on-Pay votes at the 2026 Annual Meeting
- Board adopted annual Say-on-Pay voting beginning after the advisory result
Item 2.02: Results of Operations and Financial Condition
- NCLH reported financial results for quarter ended June 30, 2026
- Press release issued July 30, 2026 and furnished as Exhibit 99.1
AI summaries of NCLH 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for NCLH
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| MacDonald Brian P | Buy | May 11, 2026 | 15,000 | $16.54 |
| Byng-Thorne Zillah | Buy | May 7, 2026 | 25,015 | $17.67 |
| Lansberry Kevin Allen | Buy | May 7, 2026 | 11,400 | $17.28 |
| Byng-Thorne Zillah | Buy | May 7, 2026 | 4,452 | $17.83 |
| Cruz Alex | A | Apr 13, 2026 | 8,912 | - |
| COHEN JONATHAN Z | A | Apr 13, 2026 | 8,912 | - |
| PAGLIUCA STEPHEN G | A | Apr 13, 2026 | 8,912 | - |
| Lansberry Kevin Allen | A | Apr 13, 2026 | 8,912 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $9.5B | $9.8B |
| Operating Income | $930.9M | $1.5B | $1.6B |
| Net Income | $166.2M | $910.3M | $423.2M |
| Op. Margin | - | 15.5% | 15.9% |
| Net Margin | - | 9.6% | 4.3% |
| Balance Sheet | |||
| Total Assets | - | $20.0B | $22.5B |
| Equity | - | $1.4B | $2.2B |
| ROE | - | 63.9% | 19.2% |
| Per Share | |||
| EPS | - | $1.89 | $0.92 |
| Cash Flow | |||
| Operating CF | $2.0B | $2.0B | $2.1B |
| CapEx | $2.8B | $1.2B | $3.3B |
Source: XBRL data in Norwegian Cruise Line Holdings (NCLH)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q2 2026Aggregate NCLH share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q2 2026 | 37 | $4.45B |
| Q1 2026 | 38 | $3.48B |
| Q4 2025 | 32 | $4.12B |
| Q3 2025 | 34 | $4.32B |
| Q2 2025 | 33 | $3.45B |
| Q1 2025 | 31 | $2.57B |
| Q4 2024 | 27 | $3.31B |
| Q3 2024 | 23 | $1.39B |
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- Bridgewater Associates LP−65.7K
- Blackstone Group−14.9K
Source: 13F-HR filings on SEC EDGAR (aggregated from 255 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
NCLH filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Sep 30, 2026 | - | Analysis | - |
| 8-K | Aug 12, 2026 | - | Analysis | - |
| 10-Q | Aug 3, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Jul 30, 2026 | - | Analysis | - |
| 8-K | Jun 16, 2026 | - | Analysis | - |
| 8-K | May 29, 2026 | - | Analysis | |
| 4 | May 12, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| 4 | May 11, 2026 | - | - | |
| 10-Q | May 4, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | May 4, 2026 | - | Analysis | - |
| SC 13G | Apr 29, 2026 | - | - | |
| 4 | Apr 14, 2026 | - | - | - |
| 4 | Apr 14, 2026 | - | - | - |
| 4 | Apr 14, 2026 | - | - | - |
| 4 | Apr 14, 2026 | - | - | - |
| 4 | Apr 14, 2026 | - | - | - |
| 4 | Mar 27, 2026 | - | - | - |
| 8-K | Mar 27, 2026 | - | - | - |
| 8-K | Mar 27, 2026 | - | - | - |
| 8-K | Mar 16, 2026 | - | Analysis | - |
| 4 | Mar 10, 2026 | - | - | - |
| 4 | Mar 10, 2026 | - | - | - |
| 4 | Mar 10, 2026 | - | - | - |
| 4 | Mar 10, 2026 | - | - | - |
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NCLH SEC filings: frequently asked questions
Which institutions hold NCLH stock?
As of June 30, 2026, the largest Norwegian Cruise Line Holdings (NCLH) holders among the 13F filers tracked by SignalX were Vanguard Capital Management LLC ($632.7 million), BlackRock ($619.3 million), Goldman Sachs Group ($399.2 million), Vanguard Portfolio Management LLC ($394.1 million), State Street Corp ($359.1 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was NCLH's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), Norwegian Cruise Line Holdings (NCLH) reported revenue of $9.8 billion (up 3.7% from FY2024) and net income of $423.2 million. Diluted EPS was $0.92. The figures come from the XBRL data in the 10-K.
What are the main risks in NCLH's latest 10-K?
In the 10-K filed March 2, 2026, Norwegian Cruise Line Holdings (NCLH) flagged: EU Emissions Trading System (since Jan 2024) + FuelEU Maritime (Jan 2025) require allowance purchases scaling to 100% of GHG emissions by 2026, plus penalties for non-compliance. Bermuda Corporate Income Tax Act 2023 imposes 15% corporate tax effective Jan 1, 2025 on MNEs with €750M+ revenue; shipping income exclusion unconfirmed. (AI summary of the Risk Factors section.)
What did NCLH report in its latest 8-K?
Norwegian Cruise Line Holdings (NCLH) filed an 8-K on September 30, 2026 reporting Item 7.01 (Regulation FD Disclosure). Disclosure contains only forward-looking statement disclaimers and risk factors, not substantive operating or financial updates.
What are the latest NCLH SEC filings?
Norwegian Cruise Line Holdings (NCLH) filed its latest 10-K annual report on March 2, 2026, a 10-Q quarterly report on August 3, 2026, an 8-K current report on September 30, 2026 and a Form 4 insider filing on May 12, 2026.
What is NCLH's SEC CIK number?
Norwegian Cruise Line Holdings (NCLH)'s SEC Central Index Key (CIK) is 1513761. EDGAR lists every NCLH filing under that number.
Ask anything about NCLH
The research agent reads NCLH's filings, financials, insider trades and 13F holders, then answers with sources.