Norwegian Cruise Line Holdings Ltd. (NCLH) closed fiscal year 2025 with a gross margin of 42.6 % and a net margin of 4.3 %.
Norwegian Cruise Line Holdings Ltd. (NCLH) closed fiscal year 2025 with a gross margin of 42.6 % and a net margin of 4.3 %. The same year shows an EBITDA margin of 27.7 % and an EBIT margin of 15.9 %. The free cash flow margin was -11.9 %. Against the previous year the gross margin moved +2.6 pp and the net margin −5.3 pp. Across the period the gross margin ranges between -148.2 % in 2021 and 43.3 % in 2019. The series covers 15 fiscal years, from 2011 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 33.86 % | 35.05 % | 35.51 % | — | — | — | — | — | 43.31 % | -32.28 % | -148.16 % | 11.91 % | 36.04 % | 39.99 % | 42.62 % |
| EBITDA margin (%) | 23.75 % | 25.18 % | 24.94 % | 25.84 % | 26.53 % | 28.13 % | 29.10 % | 29.50 % | 28.24 % | -214.43 % | -276.82 % | -15.31 % | 21.22 % | 25.73 % | 27.71 % |
| EBIT margin (%) | 14.24 % | 15.69 % | 15.40 % | 16.09 % | 16.17 % | 18.99 % | 19.44 % | 20.13 % | 18.23 % | -272.22 % | -393.89 % | -32.04 % | 10.89 % | 15.46 % | 15.88 % |
| Net margin (%) | 5.72 % | 7.40 % | 3.96 % | 10.82 % | 9.83 % | 12.99 % | 14.08 % | 15.77 % | 14.39 % | -313.50 % | -695.48 % | -46.86 % | 1.94 % | 9.60 % | 4.31 % |
| FCF margin (%) | 7.76 % | 4.16 % | -15.64 % | -10.53 % | -1.84 % | 3.53 % | 4.24 % | 8.40 % | 2.87 % | -273.67 % | -497.06 % | -32.49 % | -8.71 % | 8.85 % | -11.90 % |
