NCL CORP Ltd.

CIK:0001318742|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Total revenue	$ 2,640,544	$ 2,517,497	$ 4,971,765	$ 4,645,050
Cruise operating expense
Total cruise operating expense	1,586,808	1,456,847	2,964,689	2,760,785
Other operating expense
Marketing, general and administrative	418,640	392,315	877,964	783,553
Depreciation and amortization	271,205	243,760	531,921	475,057
Total other operating expense	689,845	636,075	1,409,885	1,258,610
Operating income	363,891	424,575	597,191	625,655
Non-operating income (expense)
Interest expense, net	(189,915)	(260,013)	(374,362)	(504,235)
Other income (expense), net	(24,843)	(167,729)	141,376	77,457
Total non-operating income (expense)	(214,758)	(427,742)	(232,986)	(426,778)
Net income (loss) before income taxes	149,133	(3,167)	364,205	198,877
Income tax benefit (expense)	(1,132)	(328)	(1,972)	467
Net income (loss)	148,001	(3,495)	362,233	199,344
Passenger ticket
Revenue
Total revenue	1,729,838	1,708,985	3,272,159	3,127,669
Commissions, transportation and other
Cruise operating expense
Total cruise operating expense	484,668	487,835	882,273	883,178
Onboard and other
Revenue
Total revenue	910,706	808,512	1,699,606	1,517,381
Cruise operating expense
Total cruise operating expense	191,446	187,684	343,314	326,542
Payroll and related
Cruise operating expense
Total cruise operating expense	394,573	346,133	774,789	680,637
Fuel
Cruise operating expense
Total cruise operating expense	219,384	157,377	388,310	332,391
Food
Cruise operating expense
Total cruise operating expense	87,322	81,323	168,004	156,911
Other
Cruise operating expense
Total cruise operating expense	$ 209,415	$ 196,495	$ 407,999	$ 381,126

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 362,233	$ 199,344
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	612,922	563,417
(Gain) loss on derivatives	(63,149)	(260,290)
Loss on extinguishment of debt		119,073
Share-based compensation expense	46,099	46,180
Net foreign currency adjustments on euro-denominated debt	(70,298)	137,922
Other, net	9,593	2,157
Changes in operating assets and liabilities:
Accounts receivable, net	9,550	(46,754)
Inventories	(26,749)	(11,319)
Prepaid expenses and other assets	(86,322)	(89,461)
Accounts payable	50,741	12,415
Accrued expenses and other liabilities	89,895	14,909
Advance ticket sales	481,997	708,135
Net cash provided by operating activities	1,416,512	1,395,728
Cash flows from investing activities
Additions to property and equipment, net	(1,894,361)	(1,858,861)
Other, net	(4,226)	(9,201)
Net cash used in investing activities	(1,898,587)	(1,868,062)
Cash flows from financing activities
Repayments of long-term debt	(1,212,597)	(3,866,296)
Proceeds from long-term debt	1,755,848	4,452,990
Due to NCLH, net	(2,416)	(1,657)
Contribution from NCLH		64,005
Net share settlement of restricted share units	(30,122)	(23,803)
Early redemption premium		(106,108)
Deferred financing fees and other	(20,373)	(53,537)
Net cash provided by financing activities	490,340	465,594
Net increase (decrease) in cash and cash equivalents	8,265	(6,740)
Cash and cash equivalents at beginning of period	203,996	184,834
Cash and cash equivalents at end of period	$ 212,261	$ 178,094

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 212,261	$ 203,996
Accounts receivable, net	276,958	291,659
Inventories	161,296	138,181
Prepaid expenses and other assets	609,390	498,808
Total current assets	1,259,905	1,132,644
Property and equipment, net	20,437,529	19,068,807
Goodwill	135,764	135,764
Trade names	500,525	500,525
Other long-term assets	1,625,085	1,647,860
Total assets	23,958,808	22,485,600
Current liabilities:
Current portion of long-term debt	925,195	875,899
Current portion of exchangeable notes	211,454
Accounts payable	233,063	169,655
Accrued expenses and other liabilities	1,295,195	1,206,360
Advance ticket sales	3,651,201	3,200,593
Total current liabilities	6,372,668	5,511,483
Long-term debt	12,158,526	11,782,439
Exchangeable notes	1,687,207	1,925,103
Other long-term liabilities	1,223,716	1,147,875
Total liabilities	21,442,117	20,366,900
Commitments and contingencies (Note 10)
Shareholders' equity:
Preference shares
Ordinary shares ($0.0012 par value; 40,000,000 shares authorized; 31,164,004 shares issued and outstanding at June 30, 2026 and December 31, 2025)	37	37
Additional paid-in capital	9,264,883	9,248,918
Accumulated other comprehensive income (loss)	(433,285)	(453,078)
Accumulated deficit	(6,314,944)	(6,677,177)
Total shareholders' equity	2,516,691	2,118,700
Total liabilities and shareholders' equity	23,958,808	22,485,600
Related Party [Member]
Current liabilities:
Due to NCLH	$ 56,560	$ 58,976