Private company

NCL CORP Ltd.

Water transportation company based in Hamilton, Bermuda, active since 20032

In its 2026 annual report the company says: “We are a leading global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands.”5

Last updated Oct 21, 2026.

Overview

  • IndustryWater Transportation2
  • HeadquartersHamilton, Bermuda2
  • Incorporated inBermuda3
  • Business address7665 Corporate Center Drive, Miami, Fl 331263
  • Filer categoryNon-accelerated filer3
  • Legal formExempted Companies Limited by Shares2
  • LEIUNZWILHE4KMRP9K2L5242
  • StatusActive2
  • LEI statusIssued and current2
  • Registered address55 Par-la-Ville Road, HM 11 Hamilton, Bermuda2
  • Registered withRegistrar of Companies (Ministry of Economic Development), 346782

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.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

15.9%Operating margin6
6.3%Net margin6
3.7%Revenue growth, 20256
29.4%Return on equity6
-$1.2BFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue57¢$5.6B
  • Selling, general and admin16¢$1.5B
  • Other costs20¢$2.0B
  • Income tax0¢$3.3M
  • Profit6¢$623.7M

Out of $9.8B in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending100¢$3.3B

Out of $2.1B of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.6

Financial statements

Revenue789106$9.8B in 2025+52% since 2019
0$2.5B$5.0B$7.5B$10.0B2019: $6.5B$6.5B20192020: $1.3B$1.3B2020−80%2021: $648.0M$648.0M2021−49%2022: $4.8B$4.8B2022+648%2023: $8.5B$8.5B2023+77%2024: $9.5B$9.5B2024+11%2025: $9.8B$9.8B2025+4%
Operating income789106$1.6B in 2025+32% since 2019
-$4.0B-$2.0B0$2.0B2019: $1.2B$1.2B20192020: -$3.5B-$3.5B20202021: -$2.6B-$2.6B2021−27%2022: -$1.6B-$1.6B2022−39%2023: $932.0M$932.0M20232024: $1.5B$1.5B2024+57%2025: $1.6B$1.6B2025+7%
Net income789106$623.7M in 2025−34% since 2019
-$6.0B-$4.0B-$2.0B0$2.0B2019: $941.2M$941.2M20192020: -$5.0B-$5.0B20202021: -$3.6B-$3.6B2021−28%2022: -$2.0B-$2.0B2022−45%2023: -$122.7M-$122.7M2023−94%2024: $706.6M$706.6M20242025: $623.7M$623.7M2025−12%
Fiscal year2019202020212022202320242025
Revenue$6.5B7$1.3B8$648.0M9$4.8B10$8.5B6$9.5B6$9.8B6
Cost of revenue$3.7B7$1.7B8$1.6B9$4.3B10$5.5B6$5.7B6$5.6B6
Selling, general and admin$972.2M7$743.3M8$890.0M9$1.4B10$1.3B6$1.4B6$1.5B6
Operating expenses$1.6B9$2.1B10$2.1B6$2.3B6$2.6B6
Operating income$1.2B7-$3.5B8-$2.6B9-$1.6B10$932.0M6$1.5B6$1.6B6
Interest$272.9M7$520.1M8$1.4B9$895.2M9$836.0M9
Income before tax-$3.6B9-$2.0B10-$125.6M6$618.2M6$627.0M6
Income tax-$27.2M7$21.6M8$3.3M9$5.6M10-$2.9M6-$88.4M6$3.3M6
Net income$941.2M7-$5.0B8-$3.6B9-$2.0B10-$122.7M6$706.6M6$623.7M6

Compare NCL CORP Ltd. with another company

Corporate structure

NCL CORP Ltd. sits at the top of its group. 96 entities, 21 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • NCL CORP Ltd. Hamilton, Bermuda
    • Arrasas Limited Subsidiary · Isle of Man
    • Belize Island Holdings Ltd. Subsidiary · Belize
    • Bermuda Tenders, Ltd. Subsidiary · Bermuda
    • Breakaway Four, Ltd. Subsidiary · Bermuda
    • Breakaway One, Ltd. Subsidiary · Bermuda
    • Breakaway Three, Ltd. Subsidiary · Bermuda
    • Breakaway Two, Ltd. Subsidiary · Bermuda
    • Cruise Quality Travel Spain SL Subsidiary · Spain
    • DaVinci Four, Ltd. Subsidiary · Bermuda
    • DaVinci One, LLC Subsidiary · Bermuda
    • DaVinci Three, LLC Subsidiary · Bermuda
    • DaVinci Two, LLC Subsidiary · Bermuda
    • Eurosoft Corporation Limited Subsidiary · United Kingdom
    • Eurosoft Cruise Line (Shanghai) Co., Ltd. Subsidiary · China
    • Explorer II New Build, LLC Subsidiary · Bermuda
    • Explorer III New Build, LLC Subsidiary · Bermuda
    • Explorer New Build, LLC Subsidiary · Bermuda
    • Future Investments, Ltd. Subsidiary · Bermuda
    • Goodwill Credit, Ltd. Subsidiary · Bermuda
    • Great Stirrup Cay Limited Subsidiary · Bahamas
    • Independent Maritime Advisors Ltd. Subsidiary · United Kingdom
    • Insignia Vessel Acquisition, LLC Subsidiary · Bermuda
    • Krystalsea Limited Subsidiary · British Virgin Islands
    • Leonardo Five, Ltd. Subsidiary · Bermuda
    • Leonardo Four, Ltd. Subsidiary · Bermuda
    • and 70 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC. Each entity in the chart links to its source.

What it owns

What NCL CORP Ltd. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$27.3B6 Dec 31, 2025$24.2B6 Dec 31, 2024+13.1%
Accumulated depreciation$8.3B6 Dec 31, 2025$7.4B6 Dec 31, 2024+12.5%
Property and equipment, net$19.1B6 Dec 31, 2025$16.8B6 Dec 31, 2024+13.4%
Operating-lease assets (leased space)$1.1B6 Dec 31, 2025$899.1M6 Dec 31, 2024+21.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$204.0M6 Dec 31, 2025$184.8M6 Dec 31, 2024+10.4%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$135.8M6 Dec 31, 2025$135.8M6 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$500.5M6 Dec 31, 2025$500.5M6 Dec 31, 20240%

Inventory

ItemLatestA year beforeChange
Inventory, total$138.2M6 Dec 31, 2025$149.7M6 Dec 31, 2024−7.7%

Properties, in its own words

Information about our cruise ships may be found under “Item 1—Business—Our Fleet” and “Item 7—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

NCLH’s principal executive offices are located in Miami, Florida where we lease approximately 393,571 square feet of facilities.

The rest of Item 2

We lease a number of domestic and international offices throughout Europe, Asia, South America and Australia to administer our brand operations globally. Norwegian owns a private island in The Bahamas, Great Stirrup Cay, which we utilize as a port-of-call on some of our itineraries. We operate a private cruise destination in Belize, Harvest Caye.

We believe that our facilities are adequate for our current needs, and that we are capable of obtaining additional facilities as necessary.

Item 2 of the 10-K filed Mar 2, 2026.5

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Arrasas Limited Isle of Man4
  • Belize Island Holdings Ltd. Belize4
  • Bermuda Tenders, Ltd. Bermuda4
  • Breakaway Four, Ltd. Bermuda4
  • Breakaway One, Ltd. Bermuda4
  • Breakaway Three, Ltd. Bermuda4
  • Breakaway Two, Ltd. Bermuda4
  • Cruise Quality Travel Spain SL Spain4
  • DaVinci Four, Ltd. Bermuda4
  • DaVinci One, LLC Bermuda4
  • DaVinci Three, LLC Bermuda4
  • DaVinci Two, LLC Bermuda4
  • Eurosoft Corporation Limited United Kingdom4
  • Eurosoft Cruise Line (Shanghai) Co., Ltd. China4
  • Explorer II New Build, LLC Bermuda4
  • Explorer III New Build, LLC Bermuda4
  • Explorer New Build, LLC Bermuda4
  • Future Investments, Ltd. Bermuda4
  • Goodwill Credit, Ltd. Bermuda4
  • Great Stirrup Cay Limited Bahamas4
  • Independent Maritime Advisors Ltd. United Kingdom4
  • Insignia Vessel Acquisition, LLC Bermuda4
  • Krystalsea Limited British Virgin Islands4
  • Leonardo Five, Ltd. Bermuda4
All 95 listed subsidiaries
  • Leonardo Four, Ltd. Bermuda4
  • Leonardo One, Ltd. Bermuda4
  • Leonardo Six, Ltd. Bermuda4
  • Leonardo Three, Ltd. Bermuda4
  • Leonardo Two, Ltd. Bermuda4
  • Marina New Build, LLC Bermuda4
  • Mariner, LLC Bermuda4
  • NCL (Bahamas) Ltd., d/b/a Norwegian Cruise Line Bermuda4
  • NCL (Guernsey) Limited Guernsey4
  • NCL America Holdings, LLC Delaware4
  • NCL America LLC Delaware4
  • NCL Australia Pty Ltd. Australia4
  • NCL Construction Corp., Ltd. Bermuda4
  • NCL Cruises Ltd. Bermuda4
  • NCL Finance, Ltd. Bermuda4
  • NCL HK Holding, Ltd. Bermuda4
  • NCL Holding AS Norway4
  • NCL Hong Kong Limited Hong Kong4
  • NCL International, Ltd. Bermuda4
  • NCL Japan KK Japan4
  • NCL NextGen Class I Ltd. Bermuda4
  • NCL NextGen Class II Ltd. Bermuda4
  • NCL NextGen Class III Ltd. Bermuda4
  • NCL NextGen Class IV Ltd. Bermuda4
  • NCL NextGen Class V Ltd. Bermuda4
  • NCL Singapore Pte. Ltd. Singapore4
  • NCL US IP CO 1, LLC Delaware4
  • NCL US IP CO 2, LLC Bermuda4
  • NCLC Investments Canada Ltd. Canada4
  • NCLM Limited Malta4
  • Nautica Acquisition, LLC Bermuda4
  • Navigator Vessel Company, LLC Bermuda4
  • Norwegian Cruise Co. Inc. Delaware4
  • Norwegian Cruise Line Agéncia de Viagens Ltda. Brazil4
  • Norwegian Cruise Line Group Germany GmbH Germany4
  • Norwegian Cruise Line Group Italy S.r.l. Italy4
  • Norwegian Cruise Line Group UK Limited United Kingdom4
  • Norwegian Cruise Line India Private Limited India4
  • Norwegian Dawn Limited Bermuda4
  • Norwegian Epic, Ltd. Bermuda4
  • Norwegian Gem, Ltd. Bermuda4
  • Norwegian Jewel Limited Bermuda4
  • Norwegian Pearl, Ltd. Bermuda4
  • Norwegian Sky, Ltd. Bermuda4
  • Norwegian Spirit, Ltd. Bermuda4
  • Norwegian Star Limited Bermuda4
  • Norwegian Sun Limited Bermuda4
  • Norwegian USCRA, Ltd. Bermuda4
  • O Class Plus One, LLC Bermuda4
  • O Class Plus Two, LLC Bermuda4
  • Oceania Cruises Ltd. Bermuda4
  • Oceania Next I, LLC Bermuda4
  • Oceania Next II, LLC Bermuda4
  • Oceania Next III, LLC Bermuda4
  • Oceania Next IV, LLC Bermuda4
  • Oceania Next V, Ltd. Bermuda4
  • Prestige Cruise Holdings Ltd. Bermuda4
  • Prestige Cruise Services LLC Bermuda4
  • Prestige Cruises Air Services, Inc. Florida4
  • Prestige Cruises International Ltd. Bermuda4
  • Pride of America Ship Holding, LLC Delaware4
  • Pride of Hawaii, LLC Bermuda4
  • Quay Experiences, LLC Delaware4
  • Regatta Acquisition, LLC Bermuda4
  • Riviera New Build, LLC Bermuda4
  • Seahawk One, Ltd. Bermuda4
  • Seahawk Two, Ltd. Bermuda4
  • Seven Seas Cruises Ltd. Bermuda4
  • Sirena Acquisition Ltd. Bermuda4
  • Sixthman Ltd. Bermuda4
  • Voyager Vessel Company, LLC Bermuda4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 15, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation14
  2. Sep 30, 20268-K Regulation FD disclosure15
  3. Jul 30, 20268-K Results of operations16
  4. May 29, 20268-K Other events17
  5. May 4, 20268-K Results of operations18
  6. Mar 27, 20268-K Executive or director change19
  7. Mar 27, 20268-K Executive or director change20
  8. Mar 2, 20268-K Results of operations21
  9. Feb 12, 20268-K Results of operations; Executive or director change22
  10. Nov 4, 20258-K Results of operations23
  11. Sep 18, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation24
  12. Sep 11, 20258-K Entered a material agreement; New debt or obligation; Other events25
  13. Dec 15, 2003Founded NCL CORP Ltd. is founded2

Calendar

Coming up

  1. Around Oct 25, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Jul 30, 2026Reported quarterly or annual results16
  2. May 4, 2026Reported quarterly or annual results18
  3. Mar 2, 2026Reported quarterly or annual results21
  4. Feb 12, 2026Reported quarterly or annual results22
  5. Nov 4, 2025Reported quarterly or annual results23
  6. Jul 31, 2025Reported quarterly or annual results26
  7. Apr 30, 2025Reported quarterly or annual results27
  8. Feb 27, 2025Reported quarterly or annual results28

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

92 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 72 major events. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Sep 30, 20268-K EDGAR
  3. Aug 3, 202610-Q EDGAR
  4. Jul 30, 20268-K EDGAR
  5. May 29, 20268-K EDGAR
  6. May 4, 20268-K EDGAR
  7. May 4, 202610-Q EDGAR
  8. Mar 27, 20268-K EDGAR
  9. Mar 27, 20268-K EDGAR
  10. Mar 2, 20268-K EDGAR
  11. Mar 2, 202610-K EDGAR
  12. Feb 12, 20268-K EDGAR
  13. Nov 4, 20258-K EDGAR
  14. Nov 4, 202510-Q EDGAR
  15. Sep 18, 20258-K EDGAR
  16. Sep 11, 20258-K EDGAR
  17. Sep 8, 20258-K EDGAR
  18. Aug 20, 20258-K EDGAR
  19. Aug 4, 202510-Q EDGAR
  20. Jul 31, 20258-K EDGAR

The 92 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How NCL CORP Ltd. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNCL CORP Ltd.1
  • CIK0001318742
  • Employer ID (EIN)20-04701635
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inBermuda5
  • Fiscal year endsDecember 311
  • Industry code (SIC)4400 Water Transportation1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address7665 Corporate Center Drive, Miami, FL 331261
  • Phone(305) 436-40001
  • Shares outstanding31,164,004 as of Jul 23, 202612
  • Public float$0 as of Jun 30, 20256
  • AuditorPricewaterhouseCoopers LLP, Miami, Florida PCAOB ID 238; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceOct 3, 20051
  • Filings449 in all: 8-K (229), 6-K (73), 10-Q (41), CT ORDER (28), CORRESP (19), 10-K (14), 20-F (7), UPLOAD (6)1
    All 20 form types

    424B3 (5), F-4/A (5), EFFECT (4), F-4 (4), S-1/A (4), IRANNOTICE (3), 20-F/A (2), 10-K/A (1), 6-K/A (1), RW (1), S-1 (1), S-4 (1)

  • Latest filingsAnnual report (10-K) Mar 2, 2026
    Quarterly report (10-Q) Aug 3, 2026
    Latest 8-K (8-K) Oct 15, 2026

Risk factors and legal proceedings

The risks NCL CORP Ltd. names in Item 1A of its 10-K filed Mar 2, 2026: 31 risks under these headings, as written.5

  • Debt/Liquidity Related Risk Factors
  • If our results of operations and financial performance do not perform as planned, we may not be in compliance with maintenance covenants in certain of our debt facilities.
  • We anticipate that we will need additional financing in the future, which may not be available on favorable terms, or at all, and our outstanding exchangeable notes and any future financing may be dilutive to existing shareholders.
  • Our indebtedness, and the agreements governing our indebtedness, may limit our flexibility in operating our business and a substantial majority of our assets are collateral under our debt agreements.
  • The impact of volatility and disruptions in the global credit and financial markets could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship progress payment guarantees.
  • Any potential impairment of our trade names or goodwill could adversely affect our financial condition and operating results.
  • Operational Related Risk Factors
  • Unavailability of ports of call may materially adversely affect our business, financial condition and results of operations.
  • We rely on scheduled commercial airline services for passenger and crew connections. Increases in the price of, or major changes, significant delays and disruptions, or reductions in, commercial airline services has, and could in the future, disrupt our operations.
  • Global events and conditions, including terrorist acts, geopolitical conflict, armed conflicts, acts of piracy, and other international events impacting the security of travel or the global economy, or threats thereof, could adversely affect our business.
  • Public health crises have had, and may in the future have, a significant impact on our financial condition, results, operations, outlook, plans, goals, growth, reputation, cash flows, liquidity, demand for voyages and share price.
  • Adverse incidents involving cruise ships may adversely affect our business, financial condition and results of operations.
The other 21 risks
  • Our business depends on maintaining and strengthening our brand to attract new customers and maintain ongoing demand for our offerings, and a significant reduction in such demand could harm our results of operations.
  • A failure to keep pace with developments in technology could impair our operations or competitive position.
  • The adverse impact of general economic and related factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets and perceptions of these conditions can decrease the level of disposable income of consumers or consumer confidence. The demand for cruises is affected by international, national and local economic conditions.
  • Breaches in data security or other disturbances to our information systems and other networks or our actual or perceived failure to comply with requirements regarding data privacy and protection could impair our operations, subject us to significant fines, penalties and damages, and have a material adverse impact on our business, financial condition and results of operations.
  • Changes in fuel prices and the type of fuel we are permitted to use and/or other cruise operating costs would impact the cost of our cruise ship operations and our hedging strategies may not protect us from increased costs related to fuel prices.
  • Mechanical malfunctions and repairs, delays in our shipbuilding program, maintenance and refurbishments and the consolidation of qualified shipyard facilities could adversely affect our results of operations and financial condition.
  • Conducting business internationally may result in increased costs and risks.
  • Our failure or inability to recruit or retain qualified personnel or the loss of key personnel or employee relations issues may materially adversely affect our business, financial condition and results of operations.
  • Shareholder activism could adversely affect our business, financial condition, results of operations and NCLH’s share price.
  • Impacts related to climate change may adversely affect our business, financial condition and results of operations.
  • Our inability to obtain adequate insurance coverage may adversely affect our business, financial condition and results of operations.
  • Litigation, enforcement actions, fines or penalties could adversely impact our financial condition or results of operations and damage our reputation.
  • We rely on third parties to provide hotel management services for certain ships and certain other services, and we are exposed to risks facing such providers. In certain circumstances, we may not be able to replace such third parties or we may be forced to replace them at an increased cost to us.
  • Fluctuations in foreign currency exchange rates could adversely affect our financial results.
  • Our expansion into new markets and investments in new markets, businesses and land-based destination projects may not be successful.
  • Overcapacity in key markets or globally could adversely affect our operating results.
  • Our use of AI technologies may present business, compliance, and reputational risks.
  • We operate in a highly competitive vacation market, which could adversely affect our results.
  • Risks Related to the Regulatory Environment in Which We Operate
  • We are subject to complex laws and regulations, including environmental, health and safety, labor, data privacy and protection and maritime laws and regulations, which could adversely affect our operations and certain recently introduced laws and regulations and future changes in laws and regulations could lead to increased costs and/or decreased revenue.
  • Changes in tax laws, or challenges to our tax positions, could adversely affect our results of operations and financial condition.
  • Our ability to comply with economic substance requirements in certain jurisdictions and increased costs associated with our efforts to comply may have a negative impact on our operations.

Legal proceedings

Our threshold for disclosing material environmental legal proceedings involving a governmental authority where potential monetary sanctions are involved is $1 million.

See “Item 8—Financial Statements and Supplementary Data—Notes to Consolidated Financial Statements—Note 13 Commitments and Contingencies” in Part II of this Annual Report for information about material legal proceedings.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
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  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
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  9. 9
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  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
    SEC EDGAROther events
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28