$NCLH

Norwegian Cruise Line Holdings Ltd.

CIK:0001513761|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	419,204	393,054	878,885	784,430
Depreciation and amortization	271,205	243,760	531,921	475,057
Total other operating expense	690,409	636,814	1,410,806	1,259,487
Operating income	363,327	423,836	596,270	624,778
Non-operating income (expense)
Interest expense, net	(170,887)	(236,782)	(336,874)	(454,654)
Other income (expense), net	33,517	(156,425)	74,220	(180,930)
Total non-operating income (expense)	(137,370)	(393,207)	(262,654)	(635,584)
Net income (loss) before income taxes	225,957	30,629	333,616	(10,806)
Income tax benefit (expense)	(3,404)	(637)	(6,397)	503
Net income (loss)	$ 222,553	$ 29,992	$ 327,219	$ (10,303)
Weighted-average shares outstanding
Basic (in shares)	459,133,954	446,586,784	457,901,116	443,882,011
Diluted (in shares)	463,932,441	448,033,138	465,388,927	443,882,011
Earnings (loss) per share
Basic (in dollars per share)	$ 0.48	$ 0.07	$ 0.71	$ (0.02)
Diluted (in dollars per share)	$ 0.48	$ 0.07	$ 0.71	$ (0.02)
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 (loss)	$ 327,219	$ (10,303)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	575,435	514,972
Loss on extinguishment of debt		117,938
Share-based compensation expense	46,099	46,180
Net foreign currency adjustments on euro-denominated debt	(70,298)	137,922
Other, net	13,600	254
Changes in operating assets and liabilities:
Accounts receivable, net	9,550	(46,754)
Inventories	(26,749)	(11,319)
Prepaid expenses and other assets	(83,481)	(89,441)
Accounts payable	50,741	12,415
Accrued expenses and other liabilities	89,925	14,073
Advance ticket sales	481,997	708,135
Net cash provided by operating activities	1,414,038	1,394,072
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
Common share issuance proceeds, net		63,996
Net share settlement of restricted share units	(30,122)	(23,805)
Early redemption premium		(106,108)
Deferred financing fees and other	(20,373)	(53,537)
Net cash provided by financing activities	492,756	467,240
Net increase (decrease) in cash and cash equivalents	8,207	(6,750)
Cash and cash equivalents at beginning of period	209,893	190,765
Cash and cash equivalents at end of period	$ 218,100	$ 184,015

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 218,100	$ 209,893
Accounts receivable, net	276,958	291,659
Inventories	161,296	138,181
Prepaid expenses and other assets	609,704	498,808
Total current assets	1,266,058	1,138,541
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	1,671,834	1,697,764
Total assets	24,011,710	22,541,401
Current liabilities:
Current portion of long-term debt	1,141,370	875,899
Accounts payable	233,063	169,655
Accrued expenses and other liabilities	1,295,295	1,206,430
Advance ticket sales	3,651,201	3,200,593
Total current liabilities	6,320,929	5,452,577
Long-term debt	13,893,415	13,730,277
Other long-term liabilities	1,224,500	1,148,659
Total liabilities	21,438,844	20,331,513
Commitments and contingencies (Note 10)
Shareholders' equity:
Ordinary shares, $0.001 par value; 980,000,000 shares authorized; 459,158,514 shares issued and outstanding at June 30, 2026 and 455,257,489 shares issued and outstanding at December 31, 2025	459	455
Additional paid-in capital	8,243,394	8,227,432
Accumulated other comprehensive income (loss)	(431,572)	(451,365)
Accumulated deficit	(5,239,415)	(5,566,634)
Total shareholders' equity	2,572,866	2,209,888
Total liabilities and shareholders' equity	$ 24,011,710	$ 22,541,401