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Financial data sourced from official regulatory filings and verified market data providers. Metrics calculated using GAAP/IFRS standards.

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The analyses and visuals on this site are for informational purposes only and do not constitute investment advice.

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Last updated: April 2026

NAS FINANCIAL STATEMENTS

Norwegian Air Shuttle ASA — balance sheet, income statement and cash flow trends

NASNorwegian Air Shuttle ASA

🇳🇴 Norway · OL · Industrials · Airlines

Value itDuel
PriceFinancialsPeers

Income Statement

Quarterly progression — trailing-twelve-month values
RevenueNet Income
-20 B020 B40 B202120222023202420252026

Profit Funnel

Q1 2026 · TTM
Revenue38 B NOKGross Profit17.4 B NOK · 46%Operating Income3.8 B NOK · 10%Pre-tax Income3.3 B NOK · 9%Net Income3.1 B NOK · 8%

Percentages are relative to revenue.

Key Figures

YoY change
Revenue38 B NOK+7.0%
Gross Profit17.4 B NOK+52.3%
Operating Income3.8 B NOK+89.7%
EBITDA——
Net Income3.1 B NOK+106.5%

Peer Comparison· Airlines

CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
NAS7.0%45.8%—8.2%
VGN-5.6%30.9%15.8%10.3%
ULCC-0.5%5.9%-7.1%-9.6%
PGSUS7.0%14.6%19.5%5.3%
ALGT3.3%30.9%12.9%-1.3%
JBLU-0.5%39.7%4.8%-7.8%
Industry median5.0%26.6%15.8%5.3%
CompanyRev. GrowthGross MarginEBITDA MarginNet Margin
NAS7.0%45.8%—8.2%
NEL-24.7%58.2%—-128.6%
HAFNI-8.6%21.0%12.3%19.0%
HAUTO5.7%37.0%23.9%31.7%
TOM-84.0%52.2%—5.6%
Industry median5.0%26.6%15.8%5.3%

Balance Sheet

Quarterly period-end values
Total AssetsTotal LiabilitiesEquity
025 B50 B75 B202120222023202420252026

Capital Structure

Q1 2026
Total Assets47.5 B
  • Equity9.1 B NOK19%
  • Current Liabilities18.8 B NOK39%
  • Long-term Liabilities19.7 B NOK41%

Key Figures

YoY change
Total Assets47.5 B NOK+21.1%
Total Liabilities38.5 B NOK+16.2%
Total Equity9.1 B NOK+47.5%
Cash & ST Investments——
Total Debt——
Net Debt——

Peer Comparison· Airlines

CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
NAS1.10——19.1%
VGN0.58-532.7%2.42-8.4%
ULCC0.492,364.0%-16.523.2%
PGSUS0.97206.4%5.3227.5%
ALGT0.91169.1%2.8024.8%
JBLU0.70515.7%16.1310.9%
Industry median0.66141.0%1.9321.5%
CompanyCurrent RatioDebt/EquityNetDebt/EBITDAEquity/Assets
NAS1.10——19.1%
NEL4.41——81.0%
HAFNI1.60——63.1%
HAUTO2.30——53.4%
TOM1.55——32.8%
Industry median0.66141.0%1.9321.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values
Operating Cash FlowCapital ExpendituresFree Cash Flow
010 B20 B202120222023202420252026

Cash Flow Bridge

Q1 2026 · TTM
010 B20 B27 B NOKOperating-15.8 B NOKInvesting-7.2 B NOKFinancing4 B NOKNet Change

Key Figures

YoY change
Operating Cash Flow27 B NOK+97.7%
Capital Expenditures13 B NOK+179.0%
Free Cash Flow8.2 B NOK+146.0%
Dividends Paid1.9 B NOK—

Peer Comparison· Airlines

CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
NAS71.1%21.6%34.1%869.9%
VGN28.9%17.5%11.3%280.0%
ULCC-10.5%-12.6%5.3%109.0%
PGSUS21.7%21.7%2.0%410.4%
ALGT17.7%6.8%10.8%-1,359.0%
JBLU-1.0%-10.4%9.4%12.3%
Industry median15.6%5.3%9.6%269.9%
CompanyCF MarginFCF MarginCapEx RatioCF/Net Income
NAS71.1%21.6%34.1%869.9%
NEL-80.8%-45.8%69.4%62.8%
HAFNI43.1%18.9%10.5%227.2%
HAUTO70.8%18.3%36.5%223.3%
TOM34.2%7.5%0.0%606.4%
Industry median15.6%5.3%9.6%269.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.