Q1 25 EPS
$0.07
MISS 22.48%
Est. $0.09
Q1 25 Revenue
$2.13B
MISS 0.91%
Est. $2.15B
vs S&P Since Q1 25
+4.1%
BEATING MARKET
NCLH +37.7% vs S&P +33.6%
Market Reaction
Did NCLH Beat Earnings? Q1 2025 Results
Norwegian Cruise Line Holdings delivered a mixed first quarter in 2025, posting adjusted EPS of $0.07, down from $0.16 a year ago, as total revenue slipped roughly 3% year-over-year to $2.13 billion, weighed down by reduced capacity from ships in dry… Read more Norwegian Cruise Line Holdings delivered a mixed first quarter in 2025, posting adjusted EPS of $0.07, down from $0.16 a year ago, as total revenue slipped roughly 3% year-over-year to $2.13 billion, weighed down by reduced capacity from ships in dry-dock and a pullback in passenger air participation. The headline numbers masked a deeper GAAP net loss of $40.30 million, a sharp reversal from Q1 2024's $17.35 million profit, driven largely by $23.00 million in foreign exchange losses and $49.53 million in debt extinguishment costs tied to balance sheet activity. On the brighter side, adjusted EBITDA of $453.07 million cleared management's own guidance of $435.00 million. Still, the results landed against a backdrop of softening forward demand, prompting NCLH to trim its full-year Net Yield growth outlook to 2.0%–3.0% on a constant currency basis while holding firm on full-year adjusted EBITDA guidance of approximately $2.72 billion and adjusted EPS of $2.05, a contrast to the more confident posture seen recently from rival cruise operators.
Key Takeaways
- • Gross margin per Capacity Day up 5% YoY as reported, 7% constant currency
- • Net Yield growth of 0.6% as reported, 1.2% constant currency, above guidance of 0.5%
- • Adjusted Net Cruise Cost excluding Fuel per Capacity Day up 2.9%, better than guidance of 3.9%
- • Fuel price per metric ton net of hedges decreased to $687 from $735 in 2024
- • Advance ticket sales balance of $3.9 billion, up 2.6% year-over-year
- • Record guest satisfaction scores and guest repeat rates
NCLH YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
NCLH Revenue by Segment
With YoY comparisons, source: SEC Filings
“We kicked off 2025 with solid first quarter results, demonstrating the continued momentum of our Charting the Course strategy in building a strong foundation for long-term success and delivering on our vision for guests to Vacation Better | Experience More. We welcomed Norwegian Aqua—NCL's first Prima Plus Class vessel and completed impactful refurbishments on Norwegian Bliss and Norwegian Breakaway. In addition, our recently announced new amenities at Great Stirrup Cay will further enhance the guest experience on our Caribbean voyages, which continue to grow as we expand our fleet.”
— Harry Sommer, Q1 2025 Earnings Press Release
NCLH Earnings Trends
NCLH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NCLH EPS Trend
Earnings per share: estimate vs actual
NCLH Revenue Trend
Quarterly revenue: estimate vs actual
NCLH Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.14 | $0.23 | +61.29% | $2.33B | -1.16% |
| Q4 25 BEAT FY | $0.27 | $0.28 | +5.50% | $2.24B | -4.26% |
| FY Full Year | $2.10 | $2.11 | +0.60% | $9.83B | -1.01% |
| Q3 25 BEAT | $1.16 | $1.20 | +3.31% | $2.94B | -2.92% |
| Q2 25 MISS | $0.52 | $0.51 | -0.99% | $2.52B | -1.56% |
| Q1 25 MISS | $0.09 | $0.07 | -22.48% | $2.13B | -0.91% |