Gaming & Lodging
Norwegian Cruise Line Holdings Executive Compensation (FY25)
NCLH · Miami, FL · Executive and director compensation, fiscal 2023 to 2025
Data as of September 7, 2026Latest filing (8-K): June 16, 2026
292 figures on this page: 281 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Harry Sommer: $12,811,659 → $13,752,560 (7.3% higher)
Say-on-pay support: 96.7% → 86.0% (10.7 points lower)
CEO pay ratio: 550:1 → 530:1 (3.6% lower)
Frequently asked questions
Answers drawn from the data on this page.
What was Norwegian Cruise Line Holdings' say-on-pay result?
The say-on-pay proposal drew 86.0% of votes cast for or against in favor at the meeting held June 11, 2026 for fiscal 2025.
Which companies are in Norwegian Cruise Line Holdings' peer group?
The disclosed peer group includes Alaska Air Group, Inc., Boyd Gaming Corporation, Caesars Entertainment, Inc., Carnival Corporation & plc and Darden Restaurants, Inc., among others.
What is Norwegian Cruise Line Holdings' chief executive pay ratio?
The disclosed chief executive pay ratio for fiscal 2025 is 530:1, against median employee compensation of $25,954.
Executive compensation
Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Frank Del Rio President and Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Howard Sherman Former President and Chief Executive Officer, Oceania Cruises Departed during or after this year | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Jason Montague Former President and Chief Executive Officer, Regent Departed during or after this year | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Patrik Dahlgren Executive Vice President, Chief Vessel Operations and Newbuild Officer | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Harry Sommer Former President and Chief Executive Officer, Norwegian Current President and Chief Executive Officer Elect Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Mark Kempa Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Daniel Farkas Executive Vice President, General Counsel, Chief Development Officer and Secretary | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
David Herrera Former President, Norwegian Cruise Line | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Harry Sommer President and Chief Executive Officer | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Frank Del Rio Former President and Chief Executive Officer Departed during or after this year | ◇ | — | — | — | ◇ | — | ◇ | ◇ |
Mark Kempa Executive Vice President and Chief Financial Officer | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Daniel Farkas Executive Vice President General Counsel Chief Development Officer and Secretary | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
T. Robin Lindsay Former Executive Vice President, Vessel Operations Departed during or after this year | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Patrik Dahlgren Executive Vice President Chief Vessel Operations and Newbuild Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
David Herrera President, Norwegian Cruise Line | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2025
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Harry Sommer Former President and Chief Executive Officer Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
David Herrera Former President, Norwegian Cruise Line Departed during or after this year | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Patrik Dahlgren Executive Vice President, Chief Vessel Operations and Newbuild Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Mark Kempa Executive Vice President and Chief Financial Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Jason Montague Chief Luxury Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Daniel Farkas Executive Vice President, General Counsel, Chief Development Officer and Secretary | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.
Equity awards granted
Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Daniel S. Farkas | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Daniel S. Farkas | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| David Herrera | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| David Herrera | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Harry Sommer | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Harry Sommer | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jason Montague | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Jason Montague | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Mark A. Kempa | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
| Mark A. Kempa | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Patrik Dahlgren | RSU | ◇ | — | — | ◇ | — | — | ◇ |
| Patrik Dahlgren | PSU | ◇ | ◇ | ◇ | — | ◇ | — | ◇ |
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.
Outstanding awards
Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Mark Kempa | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| Patrik Dahlgren | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Harry Sommer | PSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Daniel Farkas | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| PSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| RSU | ◇ | ◇ | — | — | |
| Jason Montague | RSU | ◇ | ◇ | — | — |
| PSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
Stella David | ◇ | ◇ | — | — | — | — | ◇ |
Mary E. Landry | ◇ | ◇ | — | — | — | — | ◇ |
Zillah Ellen Byng-Thorne | ◇ | ◇ | — | — | — | — | ◇ |
Harry C. Curtis | ◇ | ◇ | — | — | — | — | ◇ |
David M. Abrams | ◇ | ◇ | — | — | — | — | ◇ |
John W. Chidsey Board chair | ◇ | ◇ | — | — | — | — | ◇ |
Linda P. Jojo | ◇ | ◇ | — | — | — | — | ◇ |
Alex Cruz, Stephen G. Pagliuca, Kevin A. Lansberry, Brian P. MacDonald, Jos E. Cil, Jonathan Z. Cohen and Harry Sommer served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director fee schedule
The standing retainers and premiums the board pays, as published.
| Board cash retainer | ◇ |
| Board equity retainer | ◇ |
| Total board retainer | ◇ |
| Board chair premium | ◇ |
| Audit committee chair | ◇ |
| Audit committee member | ◇ |
| Compensation committee chair | ◇ |
| Compensation committee member | ◇ |
| Nominating and governance chair | ◇ |
| Nominating and governance member | ◇ |
Equity is delivered as restricted stock units.
Stock ownership guideline: 3x annual cash retainer
Disclosed peer group
The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
- Alaska Air Group, Inc. ALK
- Boyd Gaming Corporation BYD
- Caesars Entertainment, Inc. CZR
- Carnival Corporation & plc CCL
- Darden Restaurants, Inc. DRI
- Host Hotels & Resorts, Inc. HST
- Hyatt Hotels Corporation H
- JetBlue Airways Corporation JBLU
- Las Vegas Sands Corp. LVS
- Marriott Vacations Worldwide Corporation VAC
- MGM Resorts International MGM
- Park Hotels & Resorts Inc. PK
- Penn Entertainment, Inc. PENN
- Royal Caribbean Cruises Ltd. RCL
- Southwest Airlines Co. LUV
- Spirit Airlines, Inc. SAVE
- Travel + Leisure Co. TNL
- Vail Resorts, Inc. MTN
- Wynn Resorts, Limited WYNN
- Yum! Brands, Inc. YUM
Say-on-pay history
Shareholder support for the compensation program, by year.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | June 11, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | June 12, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | June 13, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | June 15, 2023 | = | ◇ | ◇ | ◇ |
| 2021 | June 16, 2022 | = | ◇ | ◇ | ◇ |
| 2020 | May 20, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | June 18, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | June 13, 2019 | = | ◇ | ◇ | ◇ |
| 2017 | June 20, 2018 | = | ◇ | ◇ | ◇ |
| 2016 | May 25, 2017 | = | ◇ | ◇ | ◇ |
| 2015 | May 19, 2016 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
What this page does not include
Everything above is a fact Norwegian Cruise Line Holdings disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Norwegian Cruise Line Holdings sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
292 figures on this page: 281 cited to the filing that reported them, 11 calculated from figures it prints.
281 cited to the filing
11 calculated from the filing
Documents cited
- 0001104659-26-074589Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001104659-26-0521462025 Director Compensation · 2025 Summary Compensation Table · CEO Pay Ratio · Director Compensation Program · and 2 more sections
- 0001558370-25-008569Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001104659-25-0406342024 Summary Compensation Table
- 0001558370-24-009204Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001558370-23-011232Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001558370-22-010103Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001558370-21-007639
- 0001558370-20-007657Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001144204-19-031027
- 0001144204-18-035188Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001571049-17-005439Item 5.07 Submission of Matters to a Vote of Security Holders
- 0001571049-16-015492Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Norwegian Cruise Line Holdings executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/NCLH (accessed 2026).
Short form: data: Velarion
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Gaming & Lodging rankings
Peers Norwegian Cruise Line Holdings discloses
The companies named in NCLH's own disclosed peer group.
Boyd Gaming CorporationCaesars Entertainment, Inc.Carnival Corporation & plcHost Hotels & Resorts, Inc.Hyatt Hotels CorporationLas Vegas Sands Corp.MGM Resorts InternationalPark Hotels & Resorts Inc.Penn Entertainment, Inc.Royal Caribbean Cruises Ltd.Travel + Leisure Co.Vail Resorts, Inc.Wynn Resorts, Limited
Terms on this page
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
author = {{Velarion Company Intelligence}},
title = {Velarion database: executive and board compensation data},
year = {2026},
version = {2026Q3},
doi = {10.5281/zenodo.22283854},
publisher = {Zenodo},
url = {https://doi.org/10.5281/zenodo.22283854}
}