In 2020 the ships stopped entirely. The comeback since — more passengers, more revenue — is the first half of this story.
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✦ The bottom line
Norwegian carried ~3 million passengers last year and pulled in $9.8B — up 3.7%. The recovery from the 2020 shutdown is real.
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✦ Teach me
Money coming in
Every dollar from ticket fares plus what guests spend onboard — drinks, excursions, the casino. Cruise lines watch occupancy (how full the ships are) and yield (revenue per available berth) closely.
Wall Street calls this
Revenue
Full ships at firm prices is the whole game — empty cabins can't be re-sold tomorrow.
Total revenue · fiscal year 2025
$9.8
B
Up from $9.5B a year earlier — +3.7%. The boats are full and guests are spending onboard.
Source · 10-K · Consolidated Statements of Operations · FY2025 · Filed Mar 2, 2026
Passengers carried · fiscal year 2025
3.0
M
Nearly 3 million guests sailed — more than the year before. Demand for cruising is firmly back.