Norwegian Cruise Line Holdings (NCLH) operates three cruise brands — Norwegian Cruise Line (NCL), Oceania Cruises, and Regent Seven Seas Cruises — targeting the contemporary, upscale, and ultra-luxury cruise segments, respectively. As of year-end 2025, NCLH operated 34 ships with approximately 71,400 berths. NCLH sells cruise vacations where customers pay a fare that covers accommodations, meals, entertainment, and port access. NCL is the largest brand, targeting families and mainstream travelers with a wide range of dining and onboard activities, including a luxury suite product (The Haven) within mainstream ships. Oceania targets upscale travelers with a culinary and destination focus, while Regent is fully all-inclusive, with fares covering shore excursions, beverages, specialty dining, Wi-Fi, and pre-cruise hotel stays. NCLH sells primarily through travel agents and directly to consumers. Revenue splits between passenger ticket fares and onboard spending (casino, bar, spa, shore excursions, retail). Profitability is driven by net yield per capacity day, occupancy, and unit cost control. NCLH typically operates above 100% occupancy and benefits from a long booking curve where customers book 6–24 months in advance, generating strong cash flow visibility. NCLH also generates revenue from two private island destinations, Great Stirrup Cay and Harvest Caye, and is investing heavily in Great Stirrup Cay to expand capacity. NCLH has 17 ships on order through 2037, targeting roughly 4% capacity CAGR. The company carries significant debt and has identified deleveraging as its top financial priority, directing all excess capital toward debt reduction rather than shareholder returns.