NCLH Norwegian Cruise Line Holdings
FY2025 10-K
Norwegian Cruise Line Holdings (NCLH) filed its fiscal year 2025 10-K annual report with the SEC on Mar 2, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
Financial SummaryXBRL
Revenue
$9.8B
Net Income
$423M
Operating Margin
15.9%
Net Margin
4.3%
ROE
19.2%
Total Assets
$22.5B
EPS (Diluted)
$0.92
Operating Cash Flow
$2.1B
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
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