Norwegian Cruise Line Holdings annual free cash flow
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Norwegian Cruise Line Holdings Free Cash Flow (FCF) History (NCLH)
Norwegian Cruise Line Holdings reported −$1.17B in free cash flow for fiscal 2025, a decrease of $2.01B from the previous fiscal year, with a free cash flow margin of −11.90%.
View full Norwegian Cruise Line Holdings company overviewNorwegian Cruise Line Holdings free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | −$1.17B | −$2.01B | — | −11.90% |
| 2024 | 2024-12-31 | $838.9M | $1.58B | — | +8.85% |
| 2023 | 2023-12-31 | −$744.6M | $829.2M | — | −8.71% |
| 2022 | 2022-12-31 | −$1.57B | $1.65B | — | −32.49% |
| 2021 | 2021-12-31 | −$3.22B | $281.9M | — | −497.06% |
| 2020 | 2020-12-31 | −$3.50B | −$3.69B | — | −273.67% |
| 2019 | 2019-12-31 | $185.4M | −$322.9M | −63.52% | +2.87% |
| 2018 | 2018-12-31 | $508.4M | $279.3M | +121.97% | +8.40% |
| 2017 | 2017-12-31 | $229.0M | $57.0M | +33.16% | +4.24% |
| 2016 | 2016-12-31 | $172.0M | $251.8M | — | +3.53% |
| 2015 | 2015-12-31 | −$79.8M | $249.2M | — | −1.84% |
| 2014 | 2014-12-31 | −$329.0M | $73.0M | — | −10.53% |
| 2013 | 2013-12-31 | −$402.0M | −$496.8M | — | −15.64% |
| 2012 | 2012-12-31 | $94.8M | −$77.4M | −44.97% | +4.16% |
| 2011 | 2011-12-31 | $172.2M | — | — | +7.76% |
Norwegian Cruise Line Holdings quarterly free cash flow
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Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $144.9M | −$236.3M | −61.99% | +5.49% |
| Q1 2026 | 2026-03-31 | −$625.2M | $220.8M | — | −26.82% |
| Q4 2025 | 2025-12-31 | $21.5M | −$134.4M | −86.23% | +0.96% |
| Q3 2025 | 2025-09-30 | −$726.5M | −$531.0M | — | −24.73% |
| Q2 2025 | 2025-06-30 | $381.2M | $51.0M | +15.43% | +15.14% |
| Q1 2025 | 2025-03-31 | −$846.0M | −$1.39B | — | −39.76% |
| Q4 2024 | 2024-12-31 | $155.8M | $544.5M | — | +7.39% |
| Q3 2024 | 2024-09-30 | −$195.5M | $722.9M | — | −6.97% |
| Q2 2024 | 2024-06-30 | $330.2M | $33.5M | +11.28% | +13.92% |
| Q1 2024 | 2024-03-31 | $548.3M | $282.7M | +106.40% | +25.02% |
| Q4 2023 | 2023-12-31 | −$388.7M | −$469.8M | — | −19.57% |
| Q3 2023 | 2023-09-30 | −$918.4M | $301.5M | — | −36.21% |
| Q2 2023 | 2023-06-30 | $296.8M | $195.6M | +193.34% | +13.46% |
| Q1 2023 | 2023-03-31 | $265.7M | $802.0M | — | +14.58% |
| Q4 2022 | 2022-12-31 | $81.2M | $610.2M | — | +5.34% |
| Q3 2022 | 2022-09-30 | −$1.22B | −$319.5M | — | −75.51% |
| Q2 2022 | 2022-06-30 | $101.2M | $904.3M | — | +8.52% |
| Q1 2022 | 2022-03-31 | −$536.3M | $452.1M | — | −102.75% |
| Q4 2021 | 2021-12-31 | −$529.0M | $182.0M | — | −108.52% |
| Q3 2021 | 2021-09-30 | −$900.3M | −$162.4M | — | −588.15% |
| Q2 2021 | 2021-06-30 | −$803.2M | $587.8M | — | −18387.71% |
| Q1 2021 | 2021-03-31 | −$988.4M | −$325.5M | — | −31882.61% |
| Q4 2020 | 2020-12-31 | −$711.0M | −$65.4M | — | −7422.70% |
| Q3 2020 | 2020-09-30 | −$737.9M | −$941.6M | — | −11321.13% |
| Q2 2020 | 2020-06-30 | −$1.39B | −$1.71B | — | −8216.68% |
| Q1 2020 | 2020-03-31 | −$662.9M | −$975.8M | — | −53.16% |
| Q4 2019 | 2019-12-31 | −$645.6M | −$795.6M | — | −43.60% |
| Q3 2019 | 2019-09-30 | $203.7M | −$152.3M | −42.78% | +10.64% |
| Q2 2019 | 2019-06-30 | $314.4M | $778.9M | — | +18.89% |
| Q1 2019 | 2019-03-31 | $312.9M | −$154.0M | −32.98% | +22.29% |
| Q4 2018 | 2018-12-31 | $150.0M | $151.0M | — | +10.86% |
| Q3 2018 | 2018-09-30 | $356.1M | −$19.6M | −5.22% | +19.16% |
| Q2 2018 | 2018-06-30 | −$464.5M | −$1.8M | — | −30.52% |
| Q1 2018 | 2018-03-31 | $466.9M | $149.7M | +47.21% | +36.10% |
| Q4 2017 | 2017-12-31 | −$1.1M | −$264,000 | — | −0.09% |
| Q3 2017 | 2017-09-30 | $375.7M | $186.0M | +98.04% | +22.74% |
| Q2 2017 | 2017-06-30 | −$462.7M | −$247.8M | — | −34.42% |
| Q1 2017 | 2017-03-31 | $317.2M | $119.1M | +60.13% | +27.56% |
| Q4 2016 | 2016-12-31 | −$827,000 | $721.6M | — | −0.07% |
| Q3 2016 | 2016-09-30 | $189.7M | $53.7M | +39.54% | +12.78% |
| Q2 2016 | 2016-06-30 | −$214.9M | −$479.9M | — | −18.11% |
| Q1 2016 | 2016-03-31 | $198.1M | −$43.6M | −18.04% | +18.38% |
| Q4 2015 | 2015-12-31 | −$722.4M | −$557.5M | — | −69.69% |
| Q3 2015 | 2015-09-30 | $135.9M | $31.6M | +30.28% | +10.58% |
| Q2 2015 | 2015-06-30 | $265.0M | $15.3M | +6.11% | +24.41% |
| Q1 2015 | 2015-03-31 | $241.7M | $759.8M | — | +25.76% |
| Q4 2014 | 2014-12-31 | −$164.9M | −$200.3M | — | −20.91% |
| Q3 2014 | 2014-09-30 | $104.3M | $35.5M | +51.62% | +11.50% |
| Q2 2014 | 2014-06-30 | $249.7M | $752.9M | — | +32.60% |
| Q1 2014 | 2014-03-31 | −$518.2M | −$515.1M | — | −78.04% |
| Q4 2013 | 2013-12-31 | $35.4M | $87.3M | — | +5.90% |
| Q3 2013 | 2013-09-30 | $68.8M | $3.0M | +4.50% | +8.63% |
| Q2 2013 | 2013-06-30 | −$503.2M | −$449.9M | — | −78.08% |
| Q1 2013 | 2013-03-31 | −$3.1M | −$137.2M | — | −0.58% |
| Q4 2012 | 2012-12-31 | −$51.9M | — | — | −10.32% |
| Q3 2012 | 2012-09-30 | $65.9M | — | — | +9.76% |
| Q2 2012 | 2012-06-30 | −$53.3M | — | — | −9.14% |
| Q1 2012 | 2012-03-31 | $134.1M | — | — | +26.02% |
Norwegian Cruise Line Holdings free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from −$3.50B to −$1.17B, a net increase of $2.33B. Norwegian Cruise Line Holdings's latest reported quarter, Q2 2026, generated $144.9M in free cash flow, a decrease of 61.99% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Norwegian Cruise Line Holdings filings at SEC.gov ↗