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Norwegian Cruise Line Holdings cash flow statement

In fiscal 2025, Norwegian Cruise Line Holdings's operations generated $2.09bn of cash; it spent $3.26bn on capital projects, leaving free cash flow of −$1.17bn.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations3573994756361,0421,2641,6012,0751,823−2,556−2,4682102,0062,0502,0902,165
Depreciation and amortisation2112162453054504465215676477407598108839741,1621,215
Stock-based pay15231542668711695111124114119928891
Capital spending1853048779651,1221,0921,3721,5671,6379477531,7842,7501,2113,2602,730
Free cash flow17295−402−329−80172229508185−3,503−3,221−1,574−745839−1,170−564
Free cash flow after stock pay17190−425−344−12210614239290−3,614−3,345−1,687−864747−1,258−655
Share buybacks———8210750—665350———————
Shares issued——474——————1,5422,666———145—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Norwegian Cruise Line Holdings's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Norwegian Cruise Line Holdings.