NCLH Norwegian Cruise Line Holdings Ltd. Ordinary Shares
$17.28
Price · Aug 24, 2026
Fundamentals as of Aug 3, 2026
52W Range
$15–$27
22% of range
Analyst Rating
HOLD
33 analysts
Price Target
$21
+20% upside
P/E (TTM)
18.8
ROE
22.4%
Net Profit Margin
4.3%
About Norwegian Cruise Line Holdings Ltd. Ordinary Shares Company overview from Wikipedia
Norwegian Cruise Line Holdings Ltd. (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
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Norwegian Cruise Line Holdings Ltd. (NCLH) is a holding company that is based in the United States and domiciled in Bermuda. It operates three cruise lines as wholly owned subsidiaries: Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With its subsidiaries combined, it is the third-largest cruise operator in the world. It is a publicly traded company listed on the New York Stock Exchange.
History
NCLH was incorporated on February 21, 2011, as a Bermuda exempted company in anticipation of a planned initial public offering (IPO). At the time, Norwegian Cruise Line was owned by a consortium of Genting Hong Kong, Apollo Management and TPG Capital. Following the completion of the IPO in January 2013 and its debut on the Nasdaq, Norwegian Cruise Line and NCLH underwent a corporate reorganisation that gave NCLH full ownership of Norwegian Cruise Line, while Norwegian Cruise Line's previous owners exchanged their stakes for shares in NCLH.
Immediately after the initial public offering, public shareholders controlled 13.3% of NCLH, while Genting Hong Kong owned a 43.4% stake, Apollo 32.5%, and TPG 10.8%. In the following years, those three sponsors progressively reduced their stakes through a series of secondary public offerings. By the end of 2014, nearly half of NCLH's shares were publicly owned, with Genting, Apollo and TPG controlling 25%, 24% and 7%, respectively. One year later, combined ownership among the three firms had been cut nearly in half, with Apollo now holding the largest individual stake (15.8%), followed by Genting (11.1%) and TPG (2.4%). Eventually, on December 3, 2018, Apollo and Genting sold off their remaining stakes in the company, marking the end of a relationship that lasted more than a decade.
In September 2014, NCLH announced that it had purchased Prestige Cruise Holdings, the parent company of Oceania Cruises and Regent Seven Seas Cruises in cash and stock for a total transaction consideration of $3.025 billion, including the assumption of debt.
On January 9, 2015, Kevin Sheehan, President and CEO, was succeeded by Frank Del Rio, co-founder of Oceania Cruises.
On December 14, 2015, NCLH was added to the Nasdaq-100 index. However, it later switched its listing from NASDAQ to the New York Stock Exchange on December 19, 2017, and it was removed from the index.
In June 2018, NCLH's Chairman Walter Revell stepped down, and was replaced by Miami Beach developer Russell Galbut.
As of 2018, it is the third-largest cruise operator in the world, collectively controlling 9.5% of the cruise market by passengers and 12.6% by revenue across its three subsidiaries.
On February 12, 2026, NCLH announced that its Board of Directors has appointed John W. Chidsey, a director of NCLH, as President and Chief Executive Officer, effective immediately.
COVID-19 pandemic
On March 14, 2020, the U.S. Centers for Disease Control and Prevention issued a No Sail Order for cruise ships. Concurrently Norwegian Cruise Line Holdings implemented a suspension of all cruise voyages across its three brands, with all 28 ships in port or at anchor and all passengers disembarked by March 28, 2020. This suspension had subsequently been extended through June 30, 2020.
On May 5, 2020, in a filing with the U.S. Securities and Exchange Commission, Norwegian Cruise Line Holdings said there is "substantial doubt" about its ability to continue as a "going concern" as it faces a liquidity crunch over the next twelve months.
Remarkably, by the next day, NCLH was able to secure over $2.2 billion of additional liquidity in oversubscribed capital markets transactions, but at a price: (1) $400 million in common stock at $11 per share; (2) $675 million in senior secured notes due 2024 at a 12.25% interest rate; (3) $750 million in exchangeable notes due 2024 at 6% interest rate, and exchangeable at any time into common shares at $13.75; and (4) $400 million private investment from a global private equity firm. On May 7, 2020, NCLH CEO declared that the company has secured enough liquidity to get through potentially 18 months of zero revenues and may resume cruising later in 2020.
Although revenue plummeted 99% year to date, and with a net loss of $715 million in the second quarter, not to mention cruises canceled until at least November, CEO Frank Del Rio commented that he expects relaunch to take 6+ months once cruising fully begins again.
The "no-sail" order from the CDC was extended through December 31, 2020.
Subsidiaries
NCLH fully owns three subsidiary cruise lines or brands:
Norwegian Cruise Line
Oceania Cruises
Regent Seven Seas Cruises
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
NCLH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$17.28
Market Cap
$7.87B
P/E (TTM)
18.8
EPS (TTM)
$0.92
Revenue (TTM)
$9.83B
Div Yield
—
ROE
22.4%
Debt/Equity
—
52W Range
$15 – $27
NCLH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
Configure
10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$9.83B
2013-12-31
→
2025-12-31
EPS
$0.92
2013-12-31
→
2025-12-31
Free Cash Flow
$-1.17B
2013-12-31
→
2025-12-31
Margins
4.3%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
NCLH
Peer Median
P/E (TTM)
18.8
27.5
P/S (TTM)
0.8
3.7
P/B
3.6
11.2
Price / FCF
-6.7
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
NCLH
Peer Median
Operating Margin
15.9%
—
Net Profit Margin
4.3%
12.0%
ROA
2.0%
7.7%
ROE
22.4%
41.6%
ROIC
69.7%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
NCLH
Peer Median
Current Ratio
0.2
0.6
Quick Ratio
0.1
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
NCLH
Peer Median
Revenue YoY
3.7%
—
Revenue CAGR 3Y
26.6%
—
Revenue CAGR 5Y
50.3%
—
EPS YoY
-51.3%
—
Net Income YoY
-53.5%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
NCLH
Peer Median
NCLH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
33 analysts
- Strong Buy 6 18.2%
- Buy 9 27.3%
- Hold 17 51.5%
- Sell 1 3.0%
- Strong Sell 0 0.0%
12-Month Price Target
25 analysts · 2026-08-20
Median
$20.00
Now
$17.28
Low
$15.00
High
$32.00
Median target
$20.00
+15.7%
Mean target
$20.68
+19.7%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.03%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.48 | $0.40 | 0.08% |
| March 31, 2026 | $0.23 | $0.15 | 0.08% |
| Dec. 31, 2025 | $0.28 | $0.27 | 0.01% |
| Sept. 30, 2025 | $1.20 | $1.18 | 0.02% |
| June 30, 2025 | $0.51 | $0.53 | -0.02% |
| March 31, 2025 | $0.07 | $0.09 | -0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| NCLH | $10.16B | 24.3 | 3.7% | 4.3% | 22.4% | — |
| RCL | — | 17.9 | 8.8% | 23.8% | 48.5% | — |
| HLT | $66.19B | 46.9 | 7.7% | 12.1% | -32.0% | — |
| EXPE | $33.14B | 28.9 | 7.6% | 8.8% | 91.1% | — |
| CCL | — | 12.8 | 6.4% | 10.4% | 24.8% | — |
| H | — | -291.5 | 6.8% | -0.73% | -1.5% | — |
| NAVN | $3.00B | -3.0 | 30.8% | -56.7% | 204117.9% | 71.3% |
| WH | — | 30.2 | 1.5% | 13.5% | 37.2% | — |
| GBTG | — | 34.8 | 12.2% | 4.1% | 8.3% | — |
| CHH | $4.38B | 12.1 | 0.75% | 23.2% | 477.4% | — |
| TNL | $4.45B | 20.5 | 4.1% | 5.7% | -24.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 15
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.83B | $9.48B | $8.55B | $4.84B | $648M | $1.28B | $6.46B | $6.06B | $5.40B | · | · | · | |
| Cost of Revenue | $5.64B | $5.69B | $5.47B | $4.27B | $1.61B | $1.69B | $3.66B | · | · | · | · | · | |
| SG&A Expense | $1.55B | $1.43B | $1.34B | $1.38B | $891M | $745M | $975M | $898M | $774M | · | · | · | |
| Operating Expenses | $2.63B | $2.33B | $2.15B | $2.13B | $1.59B | $3.07B | $1.62B | $1.46B | $1.28B | · | · | · | |
| Operating Income | $1.56B | $1.47B | $931M | $-1.55B | $-2.55B | $-3.48B | $1.18B | $1.22B | $1.05B | · | · | · | |
| Interest Expense | · | · | $728M | $802M | $2.10B | $482M | $273M | $270M | $268M | · | · | · | |
| Other Non-op | $-179M | $54M | $-40M | $77M | $124M | $-34M | $6M | $21M | $-10M | · | · | · | |
| Pretax Income | $429M | $773M | $163M | $-2.28B | $-4.50B | $-4.00B | $911M | $969M | $771M | · | · | · | |
| Income Tax | $5M | $-137M | $-3M | $-7M | $5M | $12M | $-19M | $14M | $11M | · | · | · | |
| Net Income | $423M | $910M | $166M | $-2.27B | $-4.51B | $-4.01B | $930M | $955M | $760M | · | · | · | |
| EPS (Basic) | $0.94 | $2.09 | $0.39 | $-5.41 | $-12.33 | $-15.75 | $4.33 | $4.28 | $3.33 | · | · | · | |
| EPS (Diluted) | $0.92 | $1.89 | $0.39 | $-5.41 | $-12.33 | $-15.75 | $4.30 | $4.25 | $3.31 | · | · | · | |
| Shares (Basic) | 448,542,442 | 435,278,605 | 424,424,962 | 419,773,195 | 365,449,967 | 254,728,932 | 214,929,977 | 223,001,739 | 228,040,825 | · | · | · | |
| Shares (Diluted) | 477,742,311 | 515,030,548 | 427,400,849 | 419,773,195 | 365,449,967 | 254,728,932 | 216,475,076 | 224,419,205 | 229,418,326 | · | · | · | |
| EBITDA | $2.72B | $2.44B | $1.81B | $-742M | $-1.79B | $-2.74B | $1.83B | · | · | · | · | · |
Balance Sheet 26
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $210M | $191M | $402M | $947M | $1.51B | $3.30B | $253M | $164M | $176M | $128M | · | · | |
| Short-term Investments | · | · | · | · | $240M | · | · | · | · | · | · | · | |
| Receivables | $292M | $221M | $280M | $326M | $1.17B | $21M | $75M | $55M | · | · | · | · | |
| Inventory | $138M | $150M | $158M | $149M | $118M | $82M | $95M | $90M | · | · | · | · | |
| Prepaid Expense | $499M | $448M | $473M | $451M | $269M | $154M | $307M | $241M | · | · | · | · | |
| Current Assets | $1.14B | $1.01B | $1.31B | $1.87B | $3.30B | $3.56B | $730M | $550M | · | · | · | · | |
| PP&E (Net) | $19.07B | $16.81B | $16.43B | $14.52B | $13.53B | $13.41B | $13.14B | $12.12B | · | · | · | · | |
| PP&E (Gross) | $27.35B | $24.17B | $22.97B | $20.28B | $18.59B | $17.84B | $17.12B | $15.53B | · | · | · | · | |
| Accum. Depreciation | $8.28B | $7.36B | $6.53B | $5.76B | $5.06B | $4.43B | $3.98B | $3.41B | · | · | · | · | |
| Goodwill | $136M | $136M | $98M | $98M | $98M | $98M | $1.39B | $1.39B | · | · | · | · | |
| Intangibles | $501M | $501M | $501M | $501M | $501M | $501M | $818M | $818M | · | · | · | · | |
| Other Non-current Assets | $1.70B | $1.51B | $1.15B | $1.57B | $1.30B | $832M | $613M | $330M | · | · | · | · | |
| Total Assets | $22.54B | $19.97B | $19.49B | $18.56B | $18.73B | $18.40B | $16.68B | $15.21B | · | · | · | · | |
| Accounts Payable | $170M | $171M | $174M | $229M | $233M | $83M | $101M | $160M | · | · | · | · | |
| Current Liabilities | $5.45B | $5.78B | $6.04B | $5.05B | $3.73B | $1.91B | $3.58B | $3.15B | · | · | · | · | |
| Capital Leases | $898M | $789M | $645M | $588M | $671M | $185M | · | · | · | · | · | · | |
| Other Non-current Liabilities | $1.15B | $987M | $839M | $804M | $997M | $450M | $529M | $282M | · | · | · | · | |
| Total Liabilities | $20.33B | $18.54B | $19.19B | $18.49B | $16.30B | $14.05B | $10.17B | $9.24B | · | · | · | · | |
| Long-term Debt | · | · | · | · | · | $1.55B | · | · | · | · | · | · | |
| Common Stock | $455.0K | $440.0K | $425.0K | $421.0K | $417.0K | $316.0K | $237.0K | $235.0K | · | · | · | · | |
| Retained Earnings | $-5.57B | $-5.99B | $-6.90B | $-7.07B | $-4.80B | $-295M | $3.83B | $2.90B | · | · | · | · | |
| Treasury Stock | · | · | · | · | · | · | $1.25B | $904M | · | · | · | · | |
| AOCI | $-451M | $-507M | $-508M | $-477M | $-285M | $-240M | $-295M | $-162M | $27M | $-314M | · | · | |
| Stockholders' Equity | $2.21B | $1.43B | $301M | $69M | $2.43B | $4.35B | $6.52B | $5.96B | $5.75B | $4.54B | · | · | |
| Liabilities + Equity | $22.54B | $19.97B | $19.49B | $18.56B | $18.73B | $18.40B | $16.68B | $15.21B | · | · | · | · | |
| Shares Outstanding | 455,257,489 | 439,861,281 | 425,546,570 | 421,413,565 | 416,891,915 | 315,636,032 | 213,082,411 | 217,650,644 | · | · | · | · |
Cash Flow 17
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $1.16B | $974M | $883M | $810M | $759M | $740M | $647M | $567M | $521M | · | · | · | |
| Stock-based Comp | $88M | $92M | $119M | $114M | $124M | $111M | $95M | $116M | $87M | · | · | · | |
| Deferred Tax | $4M | $-156M | $-132.0K | $-1M | $2M | $13M | $-26M | $2M | $8M | · | · | · | |
| Amort. of Intangibles | · | · | · | · | · | $10M | $18M | $26M | $31M | · | · | · | |
| Other Non-cash | $412M | $230M | $837M | $1.56B | $1.15B | $593M | $176M | · | · | · | · | · | |
| Operating Cash Flow | $2.09B | $2.05B | $2.01B | $210M | $-2.47B | $-2.56B | $1.82B | $2.08B | $1.60B | · | · | · | |
| CapEx | $3.26B | $1.21B | $2.75B | $1.78B | $753M | $947M | $1.64B | $1.57B | $1.37B | · | · | · | |
| Investing Cash Flow | $-3.26B | $-1.23B | $-2.90B | $-1.76B | $-1.00B | $-975M | $-1.68B | $-1.50B | $-1.40B | · | · | · | |
| Debt Issued | $9.74B | $1.30B | $4.32B | $3.00B | $2.60B | $6.08B | $4.12B | $1.90B | $1.82B | · | · | · | |
| Net Debt Issued | $1.56B | $-870M | $565M | $1.23B | $488M | $5.18B | $316M | · | · | · | · | · | |
| Stock Issued | $145M | · | · | · | $2.67B | $1.54B | · | · | · | · | · | · | |
| Stock Repurchased | · | · | · | · | · | · | $350M | $665M | · | · | · | · | |
| Net Stock Activity | $145M | · | · | · | $2.67B | $1.54B | $-350M | · | · | · | · | · | |
| Financing Cash Flow | $1.19B | $-1.03B | $347M | $986M | $1.68B | $6.58B | $-53M | $-585M | $-149M | · | · | · | |
| Net Change in Cash | $19M | $-212M | $-545M | $-560M | $-1.79B | $3.05B | $89M | $-12M | $48M | · | · | · | |
| Free Cash Flow | $-1.17B | $839M | $-745M | $-1.57B | $-3.22B | $-3.50B | $185M | · | · | · | · | · | |
| Levered FCF | · | · | $-1.49B | $-2.37B | $-5.32B | $-3.60B | $-93M | · | · | · | · | · |
Profitability 7
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 15.9% | 15.5% | 10.9% | -32.0% | -393.9% | -272.2% | 18.2% | · | · | · | · | · | |
| Net Margin | 4.3% | 9.6% | 1.9% | -46.9% | -695.5% | -313.5% | 14.4% | · | · | · | · | · | |
| Pretax Margin | 4.4% | 8.2% | 1.9% | -47.0% | -694.7% | -312.5% | 14.1% | · | · | · | · | · | |
| EBITDA Margin | 27.7% | 25.7% | 21.2% | -15.3% | -276.8% | -214.4% | 28.2% | · | · | · | · | · | |
| ROA | 2.0% | 4.6% | 0.87% | -12.2% | -24.3% | -22.9% | 5.8% | · | · | · | · | · | |
| ROE | 22.4% | 71.1% | 44.9% | -969.3% | -169.6% | -95.1% | 14.5% | · | · | · | · | · | |
| ROIC | 69.7% | 121.1% | 315.2% | -2255.6% | -105.0% | -80.3% | 18.5% | · | · | · | · | · |
Liquidity & Solvency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.9 | 1.9 | 0.2 | · | · | · | · | · | |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.3 | 0.8 | 1.7 | 0.1 | · | · | · | · | · | |
| Interest Coverage | · | · | 1.3 | -1.9 | -1.2 | -37.4 | 4.3 | · | · | · | · | · |
Efficiency 3
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.5 | 0.5 | 0.4 | 0.3 | 0.0 | 0.1 | 0.4 | · | · | · | · | · | |
| Inventory Turnover | 39.2 | 37.0 | 35.7 | 32.0 | 16.0 | · | · | · | · | · | · | · | |
| Receivables Turnover | 38.3 | 37.8 | 28.2 | 6.5 | 1.1 | 26.8 | 99.1 | · | · | · | · | · |
Growth Rates 5
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.7% | 10.9% | 76.5% | 647.5% | -49.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 26.6% | 144.6% | 88.3% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 50.3% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | -51.3% | 384.6% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -53.5% | 447.8% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM) 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $9.83B | $9.48B | $8.55B | $4.84B | $648M | $1.28B | $6.46B | $6.06B | $5.40B | $2.71B | $2.71B | $2.71B | |
| Net Income TTM | $423M | $910M | $166M | $-2.27B | $-4.51B | $-4.01B | $930M | $955M | $760M | $117M | $117M | $117M | |
| Market Cap | $10.16B | $11.32B | $8.53B | $5.16B | $8.65B | $8.03B | $12.45B | · | · | · | · | · | |
| P/E | 24.3 | 13.6 | 51.4 | -2.3 | -1.7 | -1.6 | 13.6 | 10.0 | 16.1 | 35.7 | 49.2 | 39.3 | |
| P/S | 1.0 | 1.2 | 1.0 | 1.1 | 13.3 | 6.3 | 1.9 | · | · | · | · | · | |
| P/B | 4.6 | 7.9 | 28.4 | 75.2 | 3.6 | 1.8 | 1.9 | · | · | · | · | · | |
| P / Tangible Book | 6.5 | 14.3 | · | · | 4.7 | 2.1 | · | · | · | · | · | · | |
| P / Cash Flow | 4.9 | 5.5 | 4.3 | 24.6 | -3.5 | -3.1 | 6.8 | · | · | · | · | · | |
| P / FCF | -8.7 | 13.5 | -11.5 | -3.3 | -2.7 | -2.3 | 67.1 | · | · | · | · | · | |
| Earnings Yield | 4.1% | 7.3% | 1.9% | -44.2% | -59.5% | -61.9% | 7.4% | 10.0% | 6.2% | 2.8% | 2.0% | 2.5% |
Income Statement 15
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.64B | $2.33B | $2.24B | $2.94B | $2.52B | $2.13B | $2.11B | $2.81B | $2.37B | $2.19B | $1.99B | $2.54B | $2.21B | $1.82B | $1.52B | $1.62B | |
| Cost of Revenue | $1.59B | $1.38B | $1.32B | $1.55B | $1.46B | $1.30B | $1.31B | $1.54B | $1.45B | $1.39B | $1.32B | $1.48B | $1.38B | $1.28B | $1.22B | $1.24B | |
| SG&A Expense | $419M | $460M | $381M | $383M | $393M | $391M | $361M | $358M | $354M | $362M | $328M | $325M | $352M | $336M | $379M | $375M | |
| Operating Expenses | $690M | $720M | $734M | $634M | $637M | $623M | $587M | $576M | $576M | $585M | $540M | $530M | $549M | $531M | $581M | $562M | |
| Operating Income | $363M | $233M | $187M | $749M | $424M | $201M | $215M | $691M | $342M | $218M | $124M | $523M | $273M | $11M | $-281M | $-185M | |
| Interest Expense | · | · | · | · | · | · | · | · | $16M | $17M | · | $18M | $17M | $17M | · | $17M | |
| Other Non-op | $34M | $41M | $-11M | $13M | $-156M | $-25M | $68M | $-34M | $2M | $18M | $-35M | $12M | $-8M | $-9M | $-24M | $31M | |
| Pretax Income | $226M | $108M | $6M | $434M | $31M | $-41M | $108M | $482M | $165M | $18M | $-108M | $354M | $87M | $-169M | $-482M | $-306M | |
| Income Tax | $3M | $3M | $-8M | $14M | $637.0K | $-1M | $-147M | $7M | $2M | $1M | $-2M | $8M | $694.0K | $-10M | $385.0K | $-11M | |
| Net Income | $223M | $105M | $14M | $419M | $30M | $-40M | $255M | $475M | $163M | $17M | $-106M | $346M | $86M | $-159M | $-482M | $-295M | |
| EPS (Basic) | $0.48 | $0.23 | $0.03 | $0.93 | $0.07 | $-0.09 | $0.59 | $1.08 | $0.38 | $0.04 | $-0.24 | $0.81 | $0.20 | $-0.38 | $-1.14 | $-0.70 | |
| EPS (Diluted) | $0.48 | $0.23 | $0.08 | $0.86 | $0.07 | $-0.09 | $0.55 | $0.95 | $0.35 | $0.04 | $-0.14 | $0.71 | $0.20 | $-0.38 | $-1.14 | $-0.70 | |
| Shares (Basic) | 459,133,954 | 456,654,579 | -890,188,483 | 450,996,955 | 446,586,784 | 441,147,186 | -866,029,483 | 439,697,135 | 434,807,434 | 426,803,519 | -847,807,443 | 425,398,415 | 424,178,775 | 422,655,215 | -837,867,264 | 420,798,538 | |
| Shares (Diluted) | 463,932,441 | 466,145,101 | -907,165,391 | 495,727,378 | 448,033,138 | 441,147,186 | -944,457,311 | 514,878,919 | 513,589,734 | 431,019,206 | -967,915,051 | 511,585,445 | 461,075,240 | 422,655,215 | -837,867,264 | 420,798,538 | |
| EBITDA | $363M | $514M | · | $749M | $424M | $451M | · | $691M | $342M | $463M | · | $523M | $273M | $221M | · | $-185M |
Balance Sheet 23
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $218M | $185M | $210M | $167M | $184M | $184M | $191M | $333M | $594M | $560M | · | $682M | $899M | $701M | · | $1.19B | |
| Receivables | $277M | $277M | $292M | $253M | $266M | $271M | $221M | $201M | $209M | $282M | · | $239M | $219M | $259M | · | $393M | |
| Inventory | $161M | $163M | $138M | $156M | $161M | $156M | $150M | $145M | $150M | $158M | · | $166M | $154M | $146M | · | $156M | |
| Prepaid Expense | $610M | $683M | $499M | $466M | $562M | $535M | $448M | $501M | $629M | $590M | · | $524M | $576M | $539M | · | $422M | |
| Current Assets | $1.27B | $1.31B | $1.14B | $1.04B | $1.17B | $1.15B | $1.01B | $1.18B | $1.58B | $1.59B | · | $1.61B | $1.85B | $1.64B | · | $2.16B | |
| PP&E (Net) | $20.44B | $20.19B | $19.07B | $18.94B | $18.25B | $18.11B | $16.81B | $16.74B | $16.63B | $16.46B | · | $15.97B | $15.05B | $14.51B | · | $14.51B | |
| PP&E (Gross) | · | · | $27.35B | · | · | · | $24.17B | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | · | · | $8.28B | · | · | · | $7.36B | · | · | · | · | · | · | · | · | · | |
| Goodwill | $136M | $136M | $136M | $136M | $136M | $136M | $136M | $136M | $136M | $98M | · | $98M | $98M | $98M | · | $98M | |
| Intangibles | $501M | $501M | $501M | $501M | $501M | $501M | $501M | $501M | $501M | $501M | · | $501M | $501M | $501M | · | $501M | |
| Other Non-current Assets | $1.67B | $1.66B | $1.70B | $1.60B | $1.54B | $1.46B | $1.51B | $1.23B | $1.26B | $1.17B | · | $1.07B | $1.15B | $1.60B | · | $1.68B | |
| Total Assets | $24.01B | $23.79B | $22.54B | $22.21B | $21.60B | $21.35B | $19.97B | $19.79B | $20.11B | $19.83B | · | $19.25B | $18.65B | $18.35B | · | $18.95B | |
| Accounts Payable | $233M | $185M | $170M | $193M | $169M | $162M | $171M | $173M | $182M | $205M | · | $158M | $148M | $203M | · | $141M | |
| Current Liabilities | $6.32B | $6.22B | $5.45B | $5.35B | $6.39B | $6.09B | $5.78B | $6.04B | $6.63B | $6.60B | · | $5.40B | $5.82B | $5.70B | · | $4.66B | |
| Capital Leases | $908M | $894M | $898M | $796M | $798M | $782M | $789M | $652M | $652M | $648M | · | $583M | $597M | $603M | · | $697M | |
| Other Non-current Liabilities | $1.22B | $1.17B | $1.15B | $1.03B | $1.01B | $971M | $987M | $860M | $874M | $859M | · | $776M | $820M | $830M | · | $995M | |
| Total Liabilities | $21.44B | $21.36B | $20.33B | $20.02B | $20.03B | $19.94B | $18.54B | $18.65B | $19.42B | $19.46B | · | $18.81B | $18.63B | $18.45B | · | $18.55B | |
| Common Stock | $459.0K | $459.0K | $455.0K | $455.0K | $447.0K | $443.0K | $440.0K | $440.0K | $440.0K | $429.0K | · | $425.0K | $425.0K | $424.0K | · | $421.0K | |
| Retained Earnings | $-5.24B | $-5.46B | $-5.57B | $-5.58B | $-6.00B | $-6.03B | $-5.99B | $-6.24B | $-6.72B | $-6.88B | · | $-6.79B | $-7.14B | $-7.23B | · | $-6.58B | |
| AOCI | $-432M | $-328M | $-451M | $-430M | $-439M | $-472M | $-507M | $-520M | $-466M | $-464M | · | $-456M | $-507M | $-505M | · | $-605M | |
| Stockholders' Equity | $2.57B | $2.43B | $2.21B | $2.19B | $1.57B | $1.42B | $1.43B | $1.14B | $693M | $362M | $301M | $439M | $15M | $-100M | $69M | $400M | |
| Liabilities + Equity | $24.01B | $23.79B | $22.54B | $22.21B | $21.60B | $21.35B | $19.97B | $19.79B | $20.11B | $19.83B | · | $19.25B | $18.65B | $18.35B | · | $18.95B | |
| Shares Outstanding | 459,158,514 | 459,099,810 | 455,257,489 | 455,252,151 | 446,814,009 | 443,439,387 | 439,861,281 | 439,702,246 | 439,686,822 | 429,025,827 | · | 425,424,934 | 425,155,523 | 424,158,982 | · | 421,393,338 |
Cash Flow 14
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $294M | $281M | $374M | $273M | $264M | $251M | $247M | $239M | $243M | $245M | $233M | $225M | $215M | $211M | $217M | $202M | |
| Stock-based Comp | $23M | $23M | $24M | $18M | $26M | $20M | $26M | $21M | $23M | $22M | $23M | $24M | $45M | $28M | $25M | $26M | |
| Restructuring | $7M | $10M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Other Non-cash | · | $402M | · | · | · | $449M | · | · | · | $523M | · | · | · | $424M | · | · | |
| Operating Cash Flow | $603M | $811M | $459M | $237M | $715M | $679M | $399M | $173M | $671M | $807M | $259M | $210M | $1.03B | $503M | $237M | $82M | |
| CapEx | $458M | $1.44B | $438M | $963M | $334M | $1.53B | $243M | $368M | $341M | $259M | $648M | $1.13B | $737M | $238M | $155M | $1.30B | |
| Investing Cash Flow | $-459M | $-1.44B | $-433M | $-963M | $-336M | $-1.53B | $-244M | $-365M | $-366M | $-255M | $-691M | $-1.21B | $-756M | $-236M | $-164M | $-1.51B | |
| Debt Issued | $495M | $1.26B | $512M | $4.77B | $774M | $3.68B | $610M | $427M | $169M | $92M | $1.33B | $951M | $708M | $1.33B | $0 | $930M | |
| Net Debt Issued | · | $652M | · | · | · | $956M | · | · | · | $-333M | · | · | · | $-491M | · | · | |
| Stock Issued | · | · | $-316.0K | $81M | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $-111M | $604M | $17M | $710M | $-379M | $847M | $-297M | $-69M | $-271M | $-395M | $152M | $787M | $-79M | $-513M | $-312M | $712M | |
| Net Change in Cash | $33M | $-25M | $43M | $-17M | $-344.0K | $-6M | $-142M | $-262M | $34M | $157M | $-279M | $-218M | $199M | $-246M | $-240M | $-717M | |
| Free Cash Flow | · | $-625M | · | · | · | $-846M | · | · | · | $548M | · | · | · | $266M | · | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | $532M | · | · | · | $250M | · | · |
Profitability 7
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 13.8% | 10.0% | · | 25.5% | 16.8% | 9.4% | · | 24.6% | 14.4% | 10.0% | · | 20.6% | 12.4% | 0.59% | · | -11.5% | |
| Net Margin | 8.4% | 4.5% | · | 14.3% | 1.2% | -1.9% | · | 16.9% | 6.9% | 0.79% | · | 13.6% | 3.9% | -8.7% | · | -18.3% | |
| Pretax Margin | 8.6% | 4.6% | · | 14.8% | 1.2% | -1.9% | · | 17.2% | 7.0% | 0.84% | · | 14.0% | 3.9% | -9.3% | · | -18.9% | |
| EBITDA Margin | 13.8% | 22.1% | · | 25.5% | 16.8% | 21.2% | · | 24.6% | 14.4% | 21.1% | · | 20.6% | 12.4% | 12.2% | · | -11.5% | |
| ROA | 0.98% | 0.46% | · | 2.0% | 0.14% | -0.20% | · | 2.4% | 0.84% | 0.09% | · | 1.8% | 0.46% | -0.85% | · | -1.6% | |
| ROE | 10.8% | 5.4% | · | 25.2% | 2.6% | -4.5% | · | 60.4% | 46.2% | 13.2% | · | 82.5% | 18.8% | -22.6% | · | -18.0% | |
| ROIC | 13.9% | 9.3% | · | 33.0% | 26.4% | 13.8% | · | 60.0% | 48.8% | 57.0% | · | 116.5% | 1776.3% | -10.1% | · | -44.7% |
Liquidity & Solvency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | 0.3 | 0.3 | · | 0.5 | |
| Quick Ratio | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.2 | 0.2 | 0.2 | · | 0.3 | |
| Interest Coverage | · | · | · | · | · | · | · | · | 21.3 | 12.6 | · | 29.9 | 15.8 | 0.6 | · | -10.6 |
Efficiency 3
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Inventory Turnover | 9.9 | 8.7 | · | 10.3 | 9.4 | 8.3 | · | 9.9 | 9.6 | 9.1 | · | 9.2 | 9.0 | 8.9 | · | 9.4 | |
| Receivables Turnover | 9.7 | 8.5 | · | 13.0 | 10.6 | 7.7 | · | 12.7 | 11.1 | 8.1 | · | 8.0 | 5.4 | 4.5 | · | 2.3 |
Valuation (TTM) 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $10.43B | $9.91B | · | $10.39B | $9.82B | $9.50B | · | $9.91B | $9.31B | $8.75B | · | $8.18B | $6.83B | $5.15B | · | $3.81B | |
| Net Income TTM | $777M | $514M | · | $884M | $628M | $615M | · | $1.00B | $613M | $290M | · | $-23M | $-878M | $-1.95B | · | $-3.36B | |
| Market Cap | $9.69B | $8.59B | · | $11.21B | $9.06B | $8.41B | · | $9.02B | $8.26B | $8.98B | · | $7.01B | $9.26B | $5.70B | · | $4.79B | |
| P/E | 12.9 | 17.5 | · | 13.8 | 15.8 | 15.2 | · | 10.0 | 14.5 | 36.7 | · | -96.9 | -10.4 | -2.9 | · | -1.4 | |
| P/S | 0.9 | 0.9 | · | 1.1 | 0.9 | 0.9 | · | 0.9 | 0.9 | 1.0 | · | 0.9 | 1.4 | 1.1 | · | 1.3 | |
| P/B | 3.8 | 3.5 | · | 5.1 | 5.8 | 5.9 | · | 7.9 | 11.9 | 24.8 | · | 16.0 | 608.1 | -57.3 | · | 12.0 | |
| P / Tangible Book | 5.0 | 4.8 | · | 7.2 | 9.7 | 10.8 | · | 18.1 | 145.3 | · | · | · | · | · | · | · | |
| P / Cash Flow | · | 10.6 | · | · | · | 12.4 | · | · | · | 11.1 | · | · | · | 11.3 | · | · | |
| P / FCF | · | -13.7 | · | · | · | -9.9 | · | · | · | 16.4 | · | · | · | 21.5 | · | · | |
| Earnings Yield | 7.8% | 5.7% | · | 7.3% | 6.3% | 6.6% | · | 10.0% | 6.9% | 2.7% | · | -1.0% | -9.7% | -34.6% | · | -72.9% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $9.83B | $9.48B | $8.55B | $4.84B | $648M |
| Operating Margin % | 15.9% | 15.5% | 10.9% | -32.0% | -393.9% |
| Net Income | $423M | $910M | $166M | $-2.27B | $-4.51B |
| Diluted EPS | $0.92 | $1.89 | $0.39 | $-5.41 | $-12.33 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 0.2 | 0.2 | 0.2 | 0.4 | 0.9 |
| Quick Ratio | 0.1 | 0.1 | 0.1 | 0.3 | 0.8 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $-1.17B | $839M | $-745M | $-1.57B | $-3.22B |
Latest News Recent headlines mentioning this company
- NCLH Crosses Above Average Analyst Target
- Legendary Value Investor Seth Klarman is Buying Norwegian Cruise Line (NCLH)
- Is the Cheapest Cruise Line Stock Finally Too Cheap to Ignore?
- Is Norwegian Cruise Line Holdings Ltd. (NCLH) A Good Stock To Buy Now?
- Norwegian Cruise Line Just Got a Wall Street Beatdown: Four Firms Slash Price Targets After Yield Reset
- Norwegian Cruise Line cuts 2026 profit forecast, Q1 2026 earnings
- Norwegian Cruise Cuts Outlook On Gulf Disruptions, Fuel Shock
- Why Norwegian Cruise Line Stock Popped on Friday
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Institutional owners (13F) 748 filers · $7.2B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 100 (-18 vs prior Q) | 81 (-12 vs prior Q) | 202 (-12 vs prior Q) | 225 (+30 vs prior Q) | +16.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| VANGUARD CAPITAL MANAGEMENT LLC | $632,721,164 | 29,972,580 | 8.83% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $394,050,617 | 18,666,538 | 5.50% | Shares |
| STATE STREET CORP | $359,055,684 | 17,008,796 | 5.01% | Shares |
| GOLDMAN SACHS GROUP INC | $358,540,389 | 16,984,386 | 5.00% | Shares |
| BARCLAYS PLC | $317,811,642 | 15,055,028 | 4.43% | Shares |
| AMERIPRISE FINANCIAL INC | $314,051,381 | 14,885,283 | 4.38% | Shares |
| Elliott Investment Management L.P. | $310,021,460 | 14,686,000 | 4.33% | Shares |
| Capital International Investors | $296,348,534 | 14,038,301 | 4.13% | Shares |
| MIZUHO MARKETS AMERICAS LLC | $240,337,350 | 11,385,000 | 3.35% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $223,326,420 | 10,601,364 | 3.12% | Shares |
| Nearwater Capital Markets, Ltd | $199,806,150 | 9,465,000 | 2.79% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $192,512,962 | 9,119,515 | 2.69% | Shares |
| Hound Partners, LLC | $141,326,658 | 6,694,773 | 1.97% | Shares |
| CAPITOLIS LIQUID GLOBAL MARKETS LLC | $136,448,601 | 6,463,695 | 1.90% | Shares |
| Forest Avenue Capital Management LP | $129,893,440 | 6,153,171 | 1.81% | Shares |
| Patient Capital Management, LLC | $127,285,750 | 6,029,642 | 1.78% | Shares |
| Greenhouse Funds LLLP | $99,917,092 | 4,733,164 | 1.39% | Shares |
| ING GROEP NV | $90,964,003 | 4,309,048 | 1.27% | Shares |
| Squarepoint Ops LLC | $89,549,021 | 4,242,019 | 1.25% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $87,957,116 | 4,166,609 | 1.23% | Shares |
| California Public Employees Retirement System | $75,820,829 | 3,591,702 | 1.06% | Shares |
| JANE STREET GROUP, LLC | $69,266,132 | 3,281,200 | 0.97% | Call option |
| Candlestick Capital Management LP | $68,156,702 | 2,767,223 | 0.95% | Shares |
| MORGAN STANLEY | $68,141,926 | 3,227,945 | 0.95% | Shares |
| ALLIANCEBERNSTEIN L.P. | $66,493,123 | 3,555,782 | 0.93% | Shares |
| TUDOR INVESTMENT CORP ET AL | $65,612,244 | 3,108,112 | 0.92% | Shares |
| TWO SIGMA INVESTMENTS, LP | $58,653,269 | 2,778,459 | 0.82% | Shares |
| VANGUARD GROUP INC | $57,885,335 | 2,593,429 | 0.81% | Shares |
| AMERICAN CENTURY COMPANIES INC | $57,172,825 | 2,708,329 | 0.80% | Shares |
| BANK OF AMERICA CORP /DE/ | $56,489,009 | 2,675,936 | 0.79% | Shares |
| Columbus Hill Capital Management, L.P. | $56,165,287 | 2,660,601 | 0.78% | Shares |
| Holocene Advisors, LP | $55,317,615 | 2,620,446 | 0.77% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $54,370,367 | 2,575,574 | 0.76% | Shares |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | $54,246,430 | 2,569,703 | 0.76% | Shares |
| Amundi | $43,330,259 | 2,052,594 | 0.60% | Shares |
| Alyeska Investment Group, L.P. | $42,119,812 | 1,995,254 | 0.59% | Shares |
| JANE STREET GROUP, LLC | $40,324,322 | 1,910,200 | 0.56% | Put option |
| CIBC WORLD MARKETS CORP | $34,421,346 | 1,542,175 | 0.48% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $32,688,096 | 1,548,464 | 0.46% | Shares |
| TREMBLANT CAPITAL GROUP | $31,922,035 | 1,512,176 | 0.45% | Shares |
| GOLDMAN SACHS GROUP INC | $28,483,723 | 1,349,300 | 0.40% | Put option |
| Capital World Investors | $27,981,009 | 1,325,486 | 0.39% | Shares |
| VAUGHAN NELSON INVESTMENT MANAGEMENT, L.P. | $27,139,839 | 1,285,639 | 0.38% | Shares |
| CITIGROUP INC | $27,010,245 | 1,279,500 | 0.38% | Call option |
| CIBC Bancorp USA Inc. | $23,880,624 | 1,131,247 | 0.33% | Shares |
| TWO SIGMA ADVISERS, LP | $22,514,385 | 1,008,709 | 0.31% | Shares |
| NORGES BANK | $22,149,414 | 1,049,238 | 0.31% | Shares |
| CIBC WORLD MARKET INC. | $22,017,878 | 1,043,007 | 0.31% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $21,532,200 | 1,020,000 | 0.30% | Shares |
| Greenhouse Funds LLLP | $21,110,000 | 1,000,000 | 0.29% | Call option |
| Vanguard Global Advisers, LLC | $20,216,540 | 957,676 | 0.28% | Shares |
| Swiss National Bank | $19,294,540 | 914,000 | 0.27% | Shares |
| BlackRock, Inc. | $19,204,105 | 909,716 | 0.27% | Shares |
| GOLDMAN SACHS GROUP INC | $19,123,549 | 905,900 | 0.27% | Call option |
| Caption Management, LLC | $18,999,000 | 900,000 | 0.27% | Call option |
| Point72 Asset Management, L.P. | $18,359,367 | 869,700 | 0.26% | Call option |
| RHUMBLINE ADVISERS | $17,816,403 | 843,983 | 0.25% | Shares |
| BARCLAYS PLC | $17,470,636 | 827,600 | 0.24% | Call option |
| ANTIPODES PARTNERS Ltd | $17,395,020 | 824,018 | 0.24% | Shares |
| MetLife Investment Management, LLC | $16,924,140 | 801,712 | 0.24% | Shares |
| NOMURA HOLDINGS INC | $16,888,000 | 800,000 | 0.24% | Put option |
| CAPITAL FUND MANAGEMENT S.A. | $15,438,524 | 731,337 | 0.22% | Shares |
| CastleKnight Management LP | $14,981,767 | 709,700 | 0.21% | Shares |
| LONDON CO OF VIRGINIA | $14,907,101 | 706,163 | 0.21% | Shares |
| KETTLE HILL CAPITAL MANAGEMENT, LLC | $14,759,415 | 699,167 | 0.21% | Shares |
| MARSHALL WACE, LLP | $14,546,183 | 689,066 | 0.20% | Shares |
| TimesSquare Capital Management, LLC | $14,064,364 | 752,105 | 0.20% | Shares |
| Verition Fund Management LLC | $13,699,672 | 648,966 | 0.19% | Shares |
| UBS Group AG | $13,271,857 | 628,700 | 0.19% | Put option |
| UBS Group AG | $12,630,176 | 598,303 | 0.18% | Shares |
| Mitsubishi UFJ Asset Management Co., Ltd. | $12,343,355 | 584,716 | 0.17% | Shares |
| Caption Management, LLC | $12,243,800 | 580,000 | 0.17% | Put option |
| COMMONWEALTH EQUITY SERVICES, LLC | $11,718,849 | 555,132 | 0.16% | Shares |
| WOLVERINE TRADING, LLC | $11,657,250 | 471,000 | 0.16% | Call option |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. | $11,351,290 | 537,721 | 0.16% | Shares |
| Quantinno Capital Management LP | $11,314,355 | 535,971 | 0.16% | Shares |
| Aristotle Capital Management, LLC | $11,286,440 | 534,649 | 0.16% | Shares |
| Channing Capital Management, LLC | $10,940,553 | 518,264 | 0.15% | Shares |
| WOLVERINE TRADING, LLC | $10,842,975 | 438,100 | 0.15% | Put option |
| Interval Partners, LP | $10,644,654 | 504,247 | 0.15% | Shares |
| Rockefeller Capital Management L.P. | $10,460,047 | 495,502 | 0.15% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $9,956,778 | 532,448 | 0.14% | Shares |
| MUFG Securities EMEA plc | $9,692,213 | 459,129 | 0.14% | Shares |
| RAYMOND JAMES FINANCIAL INC | $9,557,025 | 452,725 | 0.13% | Shares |
| CastleKnight Management LP | $9,499,500 | 450,000 | 0.13% | Call option |
| VANGUARD ASSET MANAGEMENT, Ltd | $9,240,143 | 437,714 | 0.13% | Shares |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | $9,053,382 | 428,867 | 0.13% | Shares |
| Nordwand Advisors, LLC | $9,042,574 | 428,355 | 0.13% | Shares |
| Point72 Asset Management, L.P. | $8,933,752 | 423,200 | 0.12% | Put option |
| LPL Financial LLC | $8,846,409 | 419,062 | 0.12% | Shares |
| OSSIAM | $8,503,256 | 402,807 | 0.12% | Shares |
| Lombard Odier Asset Management (USA) Corp | $8,444,000 | 400,000 | 0.12% | Call option |
| BANK OF NOVA SCOTIA | $8,417,148 | 398,728 | 0.12% | Shares |
| Calamos Advisors LLC | $8,161,274 | 386,607 | 0.11% | Shares |
| Balyasny Asset Management L.P. | $8,110,230 | 384,189 | 0.11% | Shares |
| MILLENNIUM MANAGEMENT LLC | $8,068,833 | 382,228 | 0.11% | Shares |
| OPPENHEIMER ASSET MANAGEMENT INC. | $7,792,925 | 369,158 | 0.11% | Shares |
| CITIGROUP INC | $7,502,494 | 355,400 | 0.10% | Put option |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | $7,501,037 | 355,331 | 0.10% | Shares |
| NOMURA HOLDINGS INC | $7,388,500 | 350,000 | 0.10% | Call option |
Company insiders 39 insiders · 20 officers · 22 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| John Chidsey | President and CEO | May 22, 2026 P | 1,139,940 | 1 | 0 | $2,504,610 |
| Harry Sommer | Pres. & CEO of NCLH | Nov. 6, 2025 P | 720,728 | 1 | 0 | $463,000 |
| Frank J Del Rio | Former Pres. & CEO | June 30, 2023 F | 1,360,127 | 0 | 0 | $0 |
| Howard J Sherman | Pres. & CEO Oceania Cruises | Aug. 18, 2022 S | 140,609 | 0 | 0 | $0 |
| Robert Binder | Vice Chair, Pres. & CEO OC | Sept. 9, 2021 S | 137,426 | 0 | 0 | $0 |
| Andrew Stuart | Pres. & CEO of NCL | Nov. 12, 2019 M | 326,309 | 0 | 0 | $0 |
| Kevin M Sheehan | President and CEO | June 4, 2013 A | — | 0 | 0 | $0 |
| Mark Kempa | EVP & CFO | March 6, 2026 A | 480,514 | 1 | 0 | $197,067 |
| Wendy A. Beck | EVP & CFO | March 1, 2018 F | 283,654 | 0 | 0 | $0 |
| Marc Kazlauskas | President, Norwegian Cruise Line | March 6, 2026 A | 54,862 | 0 | 0 | $0 |
| Patrik Dahlgren | EVP, Chief Vessel Ops & Newbuild Officer | March 6, 2026 A | 240,528 | 1 | 0 | $99,567 |
| Faye L. Ashby | SVP & Chief Accounting Officer | March 6, 2026 A | 152,082 | 0 | 1 | $-110,250 |
| Jason Montague | Chief Luxury Officer | March 6, 2026 A | 102,940 | 1 | 0 | $252,054 |
| Daniel S Farkas | EVP GC, CDO & Sec'y | March 6, 2026 A | 424,037 | 0 | 0 | $0 |
| David Herrera | Pres. NCL | March 1, 2025 F | 262,445 | 0 | 0 | $0 |
| Andrea Demarco | Pres. RSSC | Nov. 6, 2024 S | 97,304 | 0 | 0 | $0 |
| Frank A. Del Rio | Pres. Oceania Cruises | March 1, 2024 F | 80,170 | 0 | 0 | $0 |
| Robin T. Lindsay | EVP, Vessel Operations | March 1, 2023 F | 423,611 | 0 | 0 | $0 |
| Robert Becker | Senior Vice President | Aug. 29, 2013 C | 0 | 0 | 0 | $0 |
| Maria Miller | Senior Vice President | July 1, 2013 A | — | 0 | 0 | $0 |
| Jonathan Z Cohen | Director | May 20, 2026 P | 38,912 | 1 | 0 | $474,900 |
| Jose E. Cil | Director | May 19, 2026 P | 74,295 | 2 | 0 | $225,350 |
| Brian P Macdonald | Director | May 11, 2026 P | 23,912 | 1 | 0 | $248,100 |
| Kevin Allen Lansberry | Director | May 7, 2026 P | 20,312 | 1 | 0 | $196,992 |
| Zillah Byng-Thorne | Director | May 7, 2026 P | 25,742 | 3 | 0 | $1,046,729 |
| Alex Cruz | Director | April 13, 2026 A | 21,657 | 0 | 0 | $0 |
| Stephen G Pagliuca | Director | April 13, 2026 A | 8,912 | 0 | 0 | $0 |
| Harry C Curtis | Director | Jan. 2, 2026 A | 59,104 | 1 | 0 | $96,250 |
| Mary E. Landry | Director | Jan. 2, 2026 A | 66,653 | 0 | 0 | $0 |
| Stella David | Director | Jan. 2, 2026 A | 116,643 | 1 | 0 | $129,870 |
| David M. Abrams | Director | Jan. 2, 2026 A | 92,740 | 0 | 0 | $0 |
| Linda P Jojo | Director | Jan. 2, 2026 A | 20,871 | 0 | 0 | $0 |
| Russell W Galbut | Director | Jan. 2, 2024 A | 93,761 | 0 | 0 | $0 |
| Adam M Aron | Director | Jan. 3, 2023 A | 44,152 | 0 | 0 | $0 |
| SCOTT ARNOLD DAHNKE | Director | March 9, 2021 D | — | 0 | 0 | $0 |
| Chad A Leat | Director | Jan. 4, 2021 A | 32,671 | 0 | 0 | $0 |
| Pamela Thomas-Graham | Director | Jan. 4, 2021 A | 14,318 | 0 | 0 | $0 |
| Walter L Revell | Director | Jan. 2, 2018 A | 20,289 | 0 | 0 | $0 |
| Robert F Salerno | Director | Jan. 17, 2014 A | 5,473 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 19 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| J. Michael Chu, Scott A. Dahnke, LC9 Managers Ltd., LC9 Skipper, L.P. ×2 filings | March 9, 2021 | — | Initial filing | Board campaign | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 6, 2018 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 6, 2018 | — | Initial filing | — | SEC |
| Star NCLC Holdings Ltd., Genting Hong Kong Limited ×15 filings | March 5, 2018 | — | Initial filing | Capital structure | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Nov. 22, 2017 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 18, 2017 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Oct. 11, 2016 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Dec. 21, 2015 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 31, 2015 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Aug. 18, 2015 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | May 28, 2015 | — | Initial filing | — | SEC |
| TPG Group Holdings (SBS) Advisors, Inc., David Bonderman, James G. Coulter ×4 filings | March 12, 2015 | — | Initial filing | M&A / sale | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Nov. 24, 2014 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | Sept. 5, 2014 | — | Initial filing | — | SEC |
| Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person | March 13, 2014 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 83 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| RSPD · Invesco Exchange-Traded Fund Trust | 1.90% | 359,244 SH | Aug. 21, 2026 | Daily |
| SPHB · Invesco Exchange-Traded Fund Trust … | 1.14% | 718,060 SH | Aug. 21, 2026 | Daily |
| FFND · Northern Lights Fund Trust II | 0.92% | 51,517 NS | May 31, 2026 | N-PORT |
| HIBL · Direxion Shares ETF Trust | 0.52% | 22,711 NS | April 30, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.33% | 231,952 NS | April 30, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.28% | 95,608 NS | May 31, 2026 | N-PORT |
| VCR · VANGUARD WORLD FUND | 0.23% | 734,874 SH | Aug. 19, 2026 | Daily |
| BFOR · ALPS ETF Trust | 0.22% | 26,219 NS | May 31, 2026 | N-PORT |
| AVLV · AMERICAN CENTURY ETF TRUST | 0.20% | 1,373,506 NS | May 31, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.18% | 10,421,138 SH | Aug. 21, 2026 | Daily |
| GTOS · Invesco Actively Managed Exchange-T… | 0.17% | 216,000 | Aug. 21, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.13% | 1,018,200 NS | April 30, 2026 | N-PORT |
| VBK · VANGUARD INDEX FUNDS | 0.13% | 3,031,942 SH | Aug. 19, 2026 | Daily |
| IYC · iShares Trust | 0.13% | 91,085 SH | Aug. 21, 2026 | Daily |
| WANT · Direxion Shares ETF Trust | 0.12% | 1,394 NS | April 30, 2026 | N-PORT |
| ISCV · iShares Trust | 0.12% | 50,647 SH | Aug. 21, 2026 | Daily |
| VB · VANGUARD INDEX FUNDS | 0.12% | 10,531,378 SH | Aug. 19, 2026 | Daily |
| AVUQ · AMERICAN CENTURY ETF TRUST | 0.12% | 16,778 NS | May 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.12% | 207,642 SH | Aug. 21, 2026 | Daily |
| RXI · iShares Trust | 0.12% | 18,893 SH | Aug. 21, 2026 | Daily |
| ISCB · iShares Trust | 0.11% | 19,517 SH | Aug. 21, 2026 | Daily |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.11% | 24,514 NS | May 31, 2026 | N-PORT |
| ISCG · iShares Trust | 0.11% | 65,744 SH | Aug. 21, 2026 | Daily |
| SMMD · iShares Trust | 0.10% | 234,207 SH | Aug. 21, 2026 | Daily |
| VBR · VANGUARD INDEX FUNDS | 0.10% | 3,342,910 SH | Aug. 19, 2026 | Daily |
| IWS · iShares Trust | 0.07% | 682,820 SH | Aug. 21, 2026 | Daily |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.07% | 116,039 SH | Aug. 21, 2026 | Daily |
| WSML · iShares Trust | 0.07% | 27,273 SH | Aug. 21, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.06% | 13,453 NS | April 30, 2026 | N-PORT |
| IWR · iShares Trust | 0.05% | 1,859,070 SH | Aug. 21, 2026 | Daily |
| AVLC · AMERICAN CENTURY ETF TRUST | 0.05% | 34,038 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.05% | 352,546 NS | May 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.05% | 24,391 SH | Aug. 21, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.05% | 273,008 SH | Aug. 21, 2026 | Daily |
| MSSM · MORGAN STANLEY PATHWAY FUNDS | 0.04% | 18,017 NS | May 31, 2026 | N-PORT |
| XOEF · iShares Trust | 0.04% | 576 SH | Aug. 21, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.04% | 23,292 SH | Aug. 21, 2026 | Daily |
| GTO · Invesco Actively Managed Exchange-T… | 0.04% | 1,237,000 | Aug. 21, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.04% | 918,436 NS | April 30, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.03% | 55,639 NS | April 30, 2026 | N-PORT |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.03% | 275,799 SH | Aug. 19, 2026 | Daily |
| IWD · iShares Trust | 0.02% | 1,012,397 SH | Aug. 21, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.02% | 11,926,268 SH | Aug. 19, 2026 | Daily |
| VOOG · VANGUARD ADMIRAL FUNDS | 0.02% | 189,717 SH | Aug. 19, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.02% | 103,254 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.02% | 122,131 NS | April 30, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 0.02% | 129,708 NS | April 30, 2026 | N-PORT |
| NEAR · iShares U.S. ETF Trust | 0.02% | 806,000 SH | Aug. 21, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.02% | 13,725 SH | Aug. 21, 2026 | Daily |
| XYLG · Global X Funds | 0.01% | 525 NS | April 30, 2026 | N-PORT |