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NCL cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$105M in Q3 2026 · −$561M over twelve months

Operating cash flow$293M
Capital spending−$398M
Free cash flow−$105M
Cash / net income0.5×
Cash conversion cycle6 days

Analysis

In Q3 2026, NCL generated $293M of operating cash flow and spent $398M on capital projects, leaving free cash flow of −$105M. That is $636M more than in Q3 2025 (−$741M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.2B; the largest uses were capital spending ($2.7B), other financing ($72.9M), taxes on employees’ shares ($31.1M); besides operations, cash came from net borrowing (+) / repaid (−) ($653M), other investing ($102M); the cash balance rose by $89.8M.

Operating cash flow was $293M against net income of $632M — 0.5× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue −$519M, depreciation & amortization +$330M, prepaid and other assets +$72.9M.

Its cash conversion cycle was 6 days (receivables 8 + inventory 10 − payables 11).

Free cash flow

NCL: free cash flow by quarterNCL: free cash flow by quarter$156MQ4 2024−$846MQ1 2025$383MQ2 2025−$741MQ3 2025$22.0MQ4 2025−$625MQ1 2026$147MQ2 2026−$105MQ3 2026
Operating cash flow less capital spending.
NCL: operating cash flow against capital spendingNCL: operating cash flow against capital spendingOperating cash flowCapital spending$399M$243MQ4 2024$679M$1.5BQ1 2025$716M$334MQ2 2025$222M$963MQ3 2025$460M$438MQ4 2025$812M$1.4BQ1 2026$605M$458MQ2 2026$293M$398MQ3 2026
Latest (Q3 2026): Operating cash flow $293M, Capital spending $398M.

Capital allocation, year by year

NCL: where the cash came from (up) and went (down), by fiscal yearNCL: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsFY2021: Operating cash flow −$2.5BFY2021: Net borrowing $484MFY2021: Capital spending −$753M$484MFY2021FY2022: Operating cash flow $200MFY2022: Net borrowing $1.2BFY2022: Capital spending −$1.8B$1.4BFY2022FY2023: Operating cash flow $2.0BFY2023: Net borrowing $574MFY2023: Capital spending −$2.8B$2.6BFY2023FY2024: Operating cash flow $2.1BFY2024: Net borrowing −$873MFY2024: Capital spending −$1.2BFY2024: Acquisitions −$27.3M$2.1BFY2024FY2025: Operating cash flow $2.1BFY2025: Net borrowing $1.6BFY2025: Capital spending −$3.3B$3.6BFY2025
Over these 5 years operating cash flow totalled $3.9B; the largest uses were capital spending ($9.8B) and operating cash flow ($2.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$251M
Debt$15.5B
Net debt$15.2B
Due within a year$876M

NCL's operations bring cash in ($2.2B over twelve months), and it spends more than that on capital projects: a gap of $561M funded from its $251M of cash and investments and from borrowing ($15.5B of debt, $876M due within a year). That is a choice to invest, not a cash runway running down.

NCL: debt maturities by year (FY2025)NCL: debt maturities by year (FY2025)$876MYear 1$1.0BYear 2$1.3BYear 3$1.3BYear 4$3.8BYear 5$6.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $251M of cash and investments now.

Where the cash came from and went

NCL: sources (+) and uses (−) of cash, Q3 2026NCL: sources (+) and uses (−) of cash, Q3 2026Capital spending−$398MOperating cash flow$293MOther investing$102MNet borrowing (+) / repaid (−)$49.6MCash drawn (+) / kept (−)−$38.5MOther financing−$6.9MTaxes on employees’ shares−$982K
NCL: sources (+) and uses (−) of cash, TTM to Q3 2026NCL: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$2.7BOperating cash flow$2.2BNet borrowing (+) / repaid (−)$653MOther investing$102MCash drawn (+) / kept (−)−$89.8MOther financing−$72.9MTaxes on employees’ shares−$31.1M

From profit to cash

NCL: net income to operating cash flow, Q3 2026NCL: net income to operating cash flow, Q3 2026Net income$632MDepreciation & amortization$330MStock-based pay$21.3MOther non-cash$2.1MReceivables$33.1MInventory−$26.6MPayables−$20.4MAccrued liabilities−$34.9MDeferred revenue−$519MPrepaid and other assets$72.9MOperating cash flow$293M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026810116
Q2 2026109127
Q1 20261110129
Q4 20251110139
Q3 202589117
Q2 20251010109
Q1 20251011119
Q4 2024910127

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$293M−$398M$49.6M−$38.5M−$105M
Q2 2026$605M−$458M−$112M−$33.1M$147M
Q1 2026$812M−$1.4B$652M$24.8M−$625M
Q4 2025$460M−$438M$62.2M−$43.1M$22.0M
Q3 2025$222M−$963M$915M$17.2M−$741M
Q2 2025$716M−$334M−$371M$335K$383M
Q1 2025$679M−$1.5B$956M$6.4M−$846M
Q4 2024$399M−$243M−$291M$142M$156M

NCL: income statement and cash flow

NCL, Q3 2026: revenue $2.9B (+0.3% year over year), operating margin 21.2%. The chart follows the revenue to costs, profit and cash.

NCL: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.