Q2 25 EPS
$0.51
MISS 0.99%
Est. $0.52
Q2 25 Revenue
$2.52B
MISS 1.56%
Est. $2.56B
vs S&P Since Q2 25
-32.3%
TRAILING MARKET
NCLH -15.0% vs S&P +17.2%
Market Reaction
Did NCLH Beat Earnings? Q2 2025 Results
Norwegian Cruise Line Holdings delivered a record-breaking second quarter, posting revenue of $2.52 billion, a 6% year-over-year gain, while adjusted EPS of $0.51 met guidance even after absorbing an $0.08 foreign exchange headwind that weighed heavi… Read more Norwegian Cruise Line Holdings delivered a record-breaking second quarter, posting revenue of $2.52 billion, a 6% year-over-year gain, while adjusted EPS of $0.51 met guidance even after absorbing an $0.08 foreign exchange headwind that weighed heavily on GAAP results. That FX drag, totaling $158.50 million in losses largely tied to non-cash mark-to-market movements on euro-denominated debt, caused GAAP net income to tumble to $29.99 million from $163.44 million a year earlier, obscuring an otherwise strong operational performance. Adjusted EBITDA climbed 18% to $694.05 million, ahead of the company's $670 million target, with occupancy running at 103.9% and the advance ticket sales balance reaching an all-time record of $4.00 billion. Booking momentum, which softened briefly in early April amid uncertainty over long-haul European itineraries, has since rebounded above historical norms, a contrast to the turbulence seen among other cruise operators lately. Looking ahead, NCLH reiterated full-year adjusted EPS guidance of $2.05, representing 16% growth, with adjusted EBITDA expected at approximately $2.72 billion.
Key Takeaways
- • Record second quarter revenue driven by strong consumer demand across all three brands
- • Net Yield increased approximately 2.7% as reported and 3.1% on Constant Currency basis, exceeding guidance
- • Adjusted Net Cruise Cost excluding Fuel per Capacity Day essentially flat year-over-year on Constant Currency, better than 1.0% guidance due to timing of cost savings initiatives
- • Gross margin per Capacity Day increased 11% versus 2024 as reported and 12% on Constant Currency basis
- • Continued strength in onboard spend
- • Fuel price per metric ton decreased to $659 from $719 in 2024
NCLH YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
NCLH Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered another record quarter, demonstrating once again the strong customer demand environment, the power of our brands, our outstanding onboard product, and the dedication of our team. Demand has rebounded across all three of our brands, with bookings now ahead of historical levels in recent months and continued strength in onboard spend. This performance reflects the strength of our offerings across the fleet, along with our disciplined focus on driving both return on investment and return on experience.”
— Harry Sommer, Q2 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% |