Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net income	$ 423,246	$ 910,257	$ 166,178
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,162,108	973,512	883,236
Deferred income taxes, net	2,314	(155,114)
Gain on derivatives	389	(979)	13,760
Loss on extinguishment of debt	272,085	29,175	6,701
Provision for bad debts and inventory obsolescence	3,339	6,359	6,190
Gain on involuntary conversion of assets	(2,027)	(4,771)	(6,852)
Share-based compensation expense	88,393	91,781	118,940
Net foreign currency adjustments on euro-denominated debt	135,400	(25,837)	8,188
Changes in operating assets and liabilities:
Accounts receivable, net	(73,765)	49,304	39,649
Inventories	11,024	6,950	(11,042)
Prepaid expenses and other assets	17,796	88,366	410,266
Accounts payable	(1,524)	(20,208)	(50,976)
Accrued expenses and other liabilities	(15,334)	65,348	(82,202)
Advance ticket sales	66,302	35,680	503,678
Net cash provided by operating activities	2,089,746	2,049,823	2,005,714
Cash flows from investing activities
Additions to property and equipment, net	(3,259,606)	(1,210,952)	(2,750,362)
Cash paid on settlement of derivatives	(1,884)	(1,789)	(162,942)
Acquisition, net of cash acquired		(27,322)
Other	(3,201)	10,675	16,161
Net cash used in investing activities	(3,264,691)	(1,229,388)	(2,897,143)
Cash flows from financing activities
Repayments of long-term debt	(8,172,855)	(2,169,045)	(3,758,234)
Proceeds from long-term debt	9,737,789	1,298,599	4,322,941
Common share issuance proceeds, net	144,956
Proceeds from employee related plans			5,307
Net share settlement of restricted share units	(23,826)	(25,333)	(26,860)
Early redemption premium	(238,126)	(19,166)
Deferred financing fees	(253,865)	(117,140)	(196,297)
Net cash provided by (used in) financing activities	1,194,073	(1,032,085)	346,857
Net increase (decrease) in cash and cash equivalents	19,128	(211,650)	(544,572)
Cash and cash equivalents at beginning of period	190,765	402,415	946,987
Cash and cash equivalents at end of period	$ 209,893	$ 190,765	$ 402,415

Norwegian Cruise Line Holdings Ltd. 10-K