Inferra AI / Company / NCLH
Norwegian Cruise Line Holdings
NCLH · Consumer Discretionary
Last earnings Oct 29, 2026
Key results
Revenuequarter
$2.9 billion
Highlights Achieved a quarterly record with total revenue of $2.9 billion in the third quarter, an increase of 5% versus third quarter of 2024.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
GAAP net incomequarter
$419.3 million
GAAP net income was $419.3 million, with EPS of $0.86.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
EPSquarter
$0.86
GAAP net income was $419.3 million, with EPS of $0.86.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
Third Quarter 2025 Highlights Generated record total revenue of $2.9 billion, a 5% increase compared to third quarter of 2024, primarily driven by higher Capacity Days and strong demand, partially offset by lower air program participation, which also reduced air-related costs, mainly due to changes in itinerary mix.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
GAAP net income was $419.3 million compared to $474.9 million in the prior year, with EPS of $0.86.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
Gross marginquarter
1.9%
Gross margin per Capacity Day increased 1.9% versus 2024 on an as reported basis and increased 2.1% on a Constant Currency basis.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
AI analysis
Q3 2025 · reported Nov 4, 2025
Based on: Earnings release + parent 8-K — transcript not held
Headline figures
| Metric | Q3 2025 | Prior qtr | Year ago |
|---|---|---|---|
| Revenue | $2.9 billion | — | — |
| GAAP net income | $419.3 million | — | — |
| EPS | $0.86 | — | — |
| Gross margin | 1.9% | — | — |
Guidance · company-stated
Direction: Raised
“Adjusted EPS was $1.20, exceeding guidance of $1.14, and an increase of 17% versus third quarter of 2024.”
“Net Yield increased approximately 1.6% on an as reported basis and 1.5% on a Constant Currency basis, in-line with guidance of ~1.5%.”
“Adjusted EBITDA increased 9% to $1.019 billion, compared to $931 million in 2024, exceeding guidance of $1.015 billion.”
“A summary of the updated full year guidance is provided below: 2025 full year Net Yield guidance on a Constant Currency basis is expected to increase approximately 2.4-2.5% versus 2024.”
“2025 full year Adjusted EBITDA guidance is unchanged and expected to be approximately $2.72 billion.”
“Adjusted Operational EBITDA Margin guidance for the full year 2025 is unchanged and expected to be approximately 37%, a 150 basis point increase versus 2024.”
“htm PRESS RELEASE EdgarFiling EXHIBIT 99.1 Norwegian Cruise Line Holdings Reports Third Quarter 2025 Financial Results Company delivers record quarterly revenue, meets or exceeds all guidance metrics Full year 2025 earnings outlook raised MIAMI, Nov.”
Classified from the release's primary full-year outlook statement.
Margin
Capital allocation
Completed a series of strategic capital market transactions, reducing shares outstanding on a fully diluted basis by approximately 38.1 million, or ~7.5%, strengthening our capital structure by removing all secured notes, reducing interest expense and extending the debt maturity profile of the refinanced debt, while keeping Net Leverage essentially neutral.
Total debt was $14.5 billion.
Event summary
Norwegian Cruise Line Holdings Q3 2025 — Highlights Achieved a quarterly record with total revenue of $2.9 billion in the third quarter, an increase of 5% versus third quarter of 2024.
Based on: Earnings release + parent 8-K — transcript not held
Guidance & outlook
Direction: Raised
EPS: “Adjusted EPS was $1.20, exceeding guidance of $1.14, and an increase of 17% versus third quarter of 2024.”
Company outlook: “Net Yield increased approximately 1.6% on an as reported basis and 1.5% on a Constant Currency basis, in-line with guidance of ~1.5%.”
Company outlook: “Adjusted EBITDA increased 9% to $1.019 billion, compared to $931 million in 2024, exceeding guidance of $1.015 billion.”
Company outlook: “A summary of the updated full year guidance is provided below: 2025 full year Net Yield guidance on a Constant Currency basis is expected to increase approximately 2.4-2.5% versus 2024.”
Company outlook: “2025 full year Adjusted EBITDA guidance is unchanged and expected to be approximately $2.72 billion.”
Margin: “Adjusted Operational EBITDA Margin guidance for the full year 2025 is unchanged and expected to be approximately 37%, a 150 basis point increase versus 2024.”
Revenue — Raised (“raised”)
“htm PRESS RELEASE EdgarFiling EXHIBIT 99.1 Norwegian Cruise Line Holdings Reports Third Quarter 2025 Financial Results Company delivers record quarterly revenue, meets or exceeds all guidance metrics Full year 2025 earnings outlook raised MIAMI, Nov.”
EPS — Raised (“increase”)
“Adjusted EPS was $1.20, exceeding guidance of $1.14, and an increase of 17% versus third quarter of 2024.”
EPS — Raised (“increasing”)
“Company reiterates full year 2025 Adjusted Net Income and Adjusted EBITDA guidance while increasing Adjusted EPS guidance.”
Company outlook — Raised (“increased”)
“Net Yield increased approximately 1.6% on an as reported basis and 1.5% on a Constant Currency basis, in-line with guidance of ~1.5%.”
Company outlook — Raised (“increased”)
“Adjusted EBITDA increased 9% to $1.019 billion, compared to $931 million in 2024, exceeding guidance of $1.015 billion.”
Company outlook — Reiterated (“reaffirmed”)
“2025 Outlook The Company reaffirmed Adjusted EBITDA and Adjusted Net Income full year 2025 guidance metrics.”
Company outlook — Raised (“increase”)
“A summary of the updated full year guidance is provided below: 2025 full year Net Yield guidance on a Constant Currency basis is expected to increase approximately 2.4-2.5% versus 2024.”
Company outlook — Reiterated (“unchanged”)
“2025 full year Adjusted EBITDA guidance is unchanged and expected to be approximately $2.72 billion.”
Margin — Raised (“increase”)
“Adjusted Operational EBITDA Margin guidance for the full year 2025 is unchanged and expected to be approximately 37%, a 150 basis point increase versus 2024.”
Company outlook — Reiterated (“reiterated”)
“Full year Adjusted Net Income guidance is reiterated at approximately $1.045 billion.”
Classified from the release's primary full-year outlook statement.
Capital allocation
Completed a series of strategic capital market transactions, reducing shares outstanding on a fully diluted basis by approximately 38.1 million, or ~7.5%, strengthening our capital structure by removing all secured notes, reducing interest expense and extending the debt maturity profile of the refinanced debt, while keeping Net Leverage essentially neutral.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
Total debt was $14.5 billion.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
As of September 30, 2025, the Company had total debt of $14.5 billion and Net Debt of $14.4 billion.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
We refinanced the majority of our 2027 Exchangeable Notes, extending our debt maturity profile and reducing our shares outstanding on a fully diluted basis by approximately 38.1 million shares while remaining essentially Net Leverage neutral.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
Additionally, we refinanced approximately $2.0 billion of debt, which included replacing approximately $1.8 billion of secured debt with unsecured debt.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
(3) Interest expense excluding debt extinguishment and modification costs.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
Strategy & priorities
Completed a series of strategic capital market transactions, reducing shares outstanding on a fully diluted basis by approximately 38.1 million, or ~7.5%, strengthening our capital structure by removing all secured notes, reducing interest expense and extending the debt maturity profile of the refinanced debt, while keeping Net Leverage essentially neutral.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
As we move into the fourth quarter, we are seeing the benefits of our strategic focus on Caribbean itineraries, which are attracting more families to the Norwegian brand, and we expect this to continue into 2026 with Load Factor exceeding 2024 levels.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
In addition, Oceania Cruises and Regent Seven Seas Cruises continue to capitalize on sustained demand for luxury travel, supported by our strategy to elevate both brands firmly within the luxury and ultra-luxury space.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
Liquidity and Financial Position The Company is committed to prioritizing efforts to optimize its balance sheet and reduce Net Leverage.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
In September, we successfully completed a series of strategic capital market transactions that significantly enhanced our financial flexibility, said Mark A.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
Risks & headwinds
Forward-looking statements do not guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements.
SEC original ↗Norwegian Cruise Line Holdings — Earnings release (8-K exhibit)EX-99Nov 4, 2025
Competitors
Competitors & peers
Same GICS sector — classification peers, not declared competitors
Filings
35 documents- Q3 2026
- 8-KNCLH
- 8-KNCLH
- 8-KNCLH
- Q2 2026
- 8-KNCLH
- 8-K/ANCLH
- 10-QNCLH
- 8-KNCLH
- Q1 2026
- 8-KNCLH
- 8-KNCLH
- 10-QNCLH
- 8-KNCLH
- Q4 2025
- 8-KNCLH
- 8-KNCLH
- EX-99NCLH
- EX-99NCLH
- 8-KNCLH
- 10-KNCLH
- 8-KNCLH
- 8-KNCLH
- EX-99NCLH
- Q3 2025
- 10-QNCLH
- 8-KNCLH
- Q2 2025
- 8-KNCLH
- 8-KNCLH
- 8-KNCLH
- 8-KNCLH
- 10-QNCLH
- 8-KNCLH
- 8-KNCLH
- 8-KNCLH
- 8-KNCLH
- Q1 2025
- 8-KNCLH
- 8-KNCLH
- 8-KNCLH
- 10-QNCLH
Earnings releases
8 documentsPresentations
0 documentsNo presentations for Norwegian Cruise Line Holdings are held in this edition of the library.
Transcripts
0 documentsNo transcripts for Norwegian Cruise Line Holdings are held in this edition of the library.
See also the earnings calendar for every tracked company’s next earnings date.