Q3 25 EPS
$1.20
BEAT +3.31%
Est. $1.16
Q3 25 Revenue
$2.94B
MISS 2.92%
Est. $3.03B
vs S&P Since Q3 25
+5.1%
BEATING MARKET
NCLH +14.5% vs S&P +9.4%
Market Reaction
Did NCLH Beat Earnings? Q3 2025 Results
Norwegian Cruise Line Holdings delivered a mixed but largely encouraging third quarter for fiscal 2025, posting adjusted EPS of $1.20 against a consensus estimate of $1.16, a 3.31% beat, even as revenue of $2.94 billion came in 2.92% below analyst ex… Read more Norwegian Cruise Line Holdings delivered a mixed but largely encouraging third quarter for fiscal 2025, posting adjusted EPS of $1.20 against a consensus estimate of $1.16, a 3.31% beat, even as revenue of $2.94 billion came in 2.92% below analyst expectations, though still representing 4.7% growth year over year. The standout driver was disciplined operational execution: occupancy reached 106.4%, exceeding guidance, while Adjusted EBITDA climbed 9% to $1.02 billion, also ahead of targets. Perhaps equally notable was the quarter's aggressive capital restructuring, in which NCLH eliminated all secured notes from its balance sheet and reduced fully diluted shares by roughly 38.1 million, a move that directly enabled the company to raise full-year Adjusted EPS guidance to $2.10 from $2.05. The results arrive as peers face post-earnings pressure, lending additional weight to NCLH's reaffirmed commitment to its 2026 "Charting the Course" financial targets and continued confidence in healthy consumer demand across all three of its cruise brands.
Key Takeaways
- • Record quarterly revenue driven by higher Capacity Days and strong demand
- • Net Yield increased approximately 1.6% on as reported basis
- • Occupancy of 106.4% exceeded guidance of ~105.5%
- • Adjusted Net Cruise Cost excluding Fuel per Capacity Day essentially flat on Constant Currency basis
- • Gross margin per Capacity Day increased 1.9% versus 2024
- • Lower air program participation reduced air-related costs
- • Record bookings made in the third quarter
NCLH YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
NCLH Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered another record-breaking quarter, with strong performance across all brands. These results highlight the strength of our business, the broad appeal of our multi-brand portfolio, and the outstanding execution by our teams both shoreside and shipboard.”
— Harry Sommer, Q3 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% |