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Screener / SEC EDGAR /CIK 0001513761 /10-K filed Mar 2, 2026, compared with Feb 27, 2025 /Numbers from the XBRL of the 10-Ks
Consumer discretionary peers:
LULUTPRNCLHRLYUMNVR
NYSE Consumer discretionary · Cruise Lines & Shipping

Norwegian Cruise Line Holdings NCLH

NCLH quote by TradingView

Norwegian commenced operations from Miami, Florida in 1966, launching the modern cruise industry by offering weekly departures from Miami, Florida to destinations in the Caribbean. 10-K, Item 1

Employees
5,300
Headquarters
Miami, FL
CEO
John Chidsey
Next results
around Feb 11, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $9.8B through the costs to a net profit of $423.2M · income statement of the 10-K

16% operating margin
Revenue to Gross profit: $4.2BRevenue to Cost of revenue: $5.6BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $2.6BOperating profit to Net profit: $423.2MOperating profit to Tax & other: $1.1B Revenue: $9.8B REVENUE $9.8B +4% Y/Y Gross profit: $4.2B · 43% margin GROSS PROFIT $4.2B 43% margin Cost of revenue: $5.6B · 57% of revenue COST OF REVENUE $5.6B 57% of revenue Operating profit: $1.6B · 16% margin OPERATING PROFIT $1.6B 16% margin · +6% Y/Y Operating expenses: $2.6B · 27% of revenue OPERATING EXPENSES $2.6B 27% of revenue Net profit: $423.2M · 4% margin NET PROFIT $423.2M 4% margin · −54% Y/Y Tax & other: $1.1B · 12% of revenue TAX & OTHER $1.1B 12% of revenue
Gross profit $4.2B 43% margin
Operating profit $1.6B 16% margin · +6% Y/Y
Net profit $423.2M 4% margin · −54% Y/Y
The full income statement, year by year

NCLH among Consumer discretionary peers

Six ratios from the latest 10-K. Each corner is the share of 46 peers the company is above, not a score.

Compare
Revenue growth: 3.7%, above 37% of 46 peers (their median 5.9%) REVENUE GROWTH 3.7% · above 37% Gross margin: 41.4%, above 50% of 30 peers (their median 41.6%) GROSS MARGIN 41.4% · above 50% Operating margin: 13.8%, above 41% of 39 peers (their median 16.0%) OPERATING MARGIN 13.8% · above 41% Net margin: 8.2%, above 33% of 46 peers (their median 11.0%) NET MARGIN 8.2% · above 33% FCF margin: -5.6%, above 2% of 44 peers (their median 9.5%) FCF MARGIN -5.6% · above 2% Return on capital: 8.5%, above 21% of 24 peers (their median 22.8%) RETURN ON CAPITAL 8.5% · above 21%
NCLH Peer median Below the median

What changed

11 new risk paragraphs and 2 accounting facts worth reading about. 10-K filed Mar 2, 2026 against Feb 27, 2025.

Risk factors
11 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +31.7% vs revenue +3.7% (+28.1 pts)
10-K · XBRL
Going concern language
“In addition, we may conclude that there is a substantial doubt about our ability to operate as a going concern, which could have additional effects on our credit ratings and the availability and/or cost of financing.”
10-K · XBRL
Accounting checks
9 other checks clear, 2 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
5 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

2facts worth reading about the other 9 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +31.7% vs revenue +3.7% (+28.1 pts)
  • Going concern language
    “In addition, we may conclude that there is a substantial doubt about our ability to operate as a going concern, which could have additional effects on our credit ratings and the availability and/or cost of financing.”
  • Cash from operations $2.1B vs net income $423.2M (FY ending Dec 31, 2025)
8 more checks with nothing to note
  • Inventory -7.7% vs revenue +3.7% (-11.4 pts)
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Ship Accounting - Ship Improvements
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

11 paragraphs in Risk Factors that were not in the 10-K filed Feb 27, 2025. Quoted as filed.

All 11 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    If we raise additional funds by issuing debt, we may be subject to limitations on our operations due to restrictive covenants, which may be more restrictive than the covenants in our existing debt agreements, and we may be required to
  2. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    Additionally, we have been, and may continue to be, impacted by heightened regulations around customs and border control, travel bans to and from certain geographical areas, voluntary changes to our itineraries in light of geopolitical events, government policies increasing the difficulty of travel and limitations on issuing…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    Fuel expense is a significant cost for our Company. Increases in fuel costs are expected as regulatory requirements take effect and alternative fuel demand outpaces infrastructure deployment, and our strategies may not fully offset these pressures.
  4. Item 1A · new paragraph · not in the 10-K filed Feb 27, 2025 10-K, ITEM 1A
    The new construction, refurbishment, repair and maintenance of our ships are complex processes and involve risks similar to those encountered in other large and sophisticated equipment construction, refurbishment and repair projects.

New risk paragraphs, against peers

Latest 10-K of each, Consumer discretionary companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$4.8B$8.5B$9.5B$9.8B
Net income−$2.3B$166.2M$910.3M$423.2M
Operating cash flow$210.0M$2.0B$2.0B$2.1B
Free cash flow−$1.6B−$744.6M$838.9M−$1.2B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$9.8B ▲ 3.7% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

5 filings in the last 30 days · SEC EDGAR

All filings

About the company

Norwegian Cruise Line Holdings, Miami, FL · from the 10-K filed Mar 2, 2026

Norwegian commenced operations from Miami, Florida in 1966, launching the modern cruise industry by offering weekly departures from Miami, Florida to destinations in the Caribbean. In February 2011, NCLH, a Bermuda limited company, was formed. In January 2013, NCLH completed its initial public offering and the ordinary shares of NCLC were exchanged for the ordinary shares of NCLH, and NCLH became the owner of 100% of the ordinary shares and parent company of NCLC. In November 2014, we completed the acquisition of PCI.

Headquarters
Miami, FL
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 29, 2026
Incorporated in
Bermuda

Employees, at the top of the page: "As of December 31, 2025, we employed approximately 5,300 full-time employees worldwide in our shoreside operations and approximately 39,200 shipboard employees" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Mar 2, 2026 (open at SEC), compared with the 10-K filed Feb 27, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/NCLH/export.csv") into a cell.