Norwegian Cruise Line Holdings (NCLH) FY2025 10-K Annual Report
Norwegian Cruise Line Holdings (NCLH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 2, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Norwegian Cruise Line Holdings FY2025 10-K Analysis
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
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
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
Norwegian Cruise Line Holdings FY2025 Key Financial MetricsXBRL
Revenue
$9.8B
▲ +3.7% YoY
Net Income
$423M
▼ -53.5% YoY
Operating Margin
15.9%
▲ +42bp YoY
Net Margin
4.3%
▼ -530bp YoY
ROE
19.2%
▼ -4471bp YoY
Total Assets
$22.5B
▲ +12.9% YoY
EPS (Diluted)
$0.92
▼ -51.3% YoY
Operating Cash Flow
$2.1B
▲ +1.9% YoY
Source: XBRL data from Norwegian Cruise Line Holdings FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other Norwegian Cruise Line Holdings Annual Reports
Get deeper insights on Norwegian Cruise Line Holdings
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.