S&P 500
7,465.80
+0.17%
Dow Jones
52,393.60
+0.18%
Nasdaq 100
29,901.90
+0.34%
Russell 2000
3,017.32
+0.26%
FTSE 100
10,618.80
+0.75%
Nikkei 225
70,017.30
-0.90%
Norwegian Cruise Line

Norwegian Cruise Line (NCLH) Q4 2025 Earnings

Reported Mar 2, 2026 at 6:45 AM ET · SEC Source

Q4 25 EPS

$0.28

BEAT +5.50%

Est. $0.27

Q4 25 Revenue

$2.24B

MISS 4.26%

Est. $2.34B

vs S&P Since Q4 25

-9.4%

TRAILING MARKET

NCLH -1.5% vs S&P +8.0%

Full Year 2025 Results

FY 25 EPS

$2.11

BEAT +0.60%

Est. $2.10

FY 25 Revenue

$9.83B

MISS 1.01%

Est. $9.93B

Market Reaction

Did NCLH Beat Earnings? Q4 2025 Results

Norwegian Cruise Line Holdings delivered a mixed but ultimately beat-driven Q4 2025, posting adjusted EPS of $0.28 against a consensus estimate of $0.26, a 6.87% beat, even as reported revenue of $2.24 billion fell 4.26% short of the $2.34 billion Wa… Read more Norwegian Cruise Line Holdings delivered a mixed but ultimately beat-driven Q4 2025, posting adjusted EPS of $0.28 against a consensus estimate of $0.26, a 6.87% beat, even as reported revenue of $2.24 billion fell 4.26% short of the $2.34 billion Wall Street had expected, despite rising 6.4% year-over-year. The headline numbers masked sharply contrasting stories beneath: GAAP net income cratered to just $14.25 million, weighed down by a $95.10 million IT asset write-off and $272.46 million in debt extinguishment costs, while adjusted EBITDA surged 20% to $563.85 million. New CEO John Chidsey, who took the helm in February 2026, offered a candid acknowledgment that scrutiny on the company is warranted, citing execution missteps in Caribbean deployment that are pressuring early 2026 bookings. Shares fell more than 10% on the report as investors focused on a cautious 2026 outlook, which guides for approximately flat net yields and adjusted EPS of $2.38, a recovery story weighted heavily toward the back half of the year.

Key Takeaways

  • • Higher Capacity Days driving revenue growth
  • • Gross margin per Capacity Day increased 7.6% in Q4 year-over-year
  • • Net Yield increased approximately 4.0% in Q4 on as reported basis
  • • Disciplined cost management with sub-inflationary unit cost growth
  • • Strong demand across luxury brands Oceania Cruises and Regent Seven Seas Cruises
  • • Q4 Occupancy reached 101.8%, a 100 basis point improvement versus 2024
24/7 Wall St

NCLH YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

NCLH Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“The team delivered solid fourth quarter and full year 2025 results reflecting the strength of our award-winning brands, loyal guests and dedication of our team and crew members. As I step into this new role my initial assessment is that our strategy is sound, but execution and cross-functional alignment have fallen short. Our priority is to act urgently to address these gaps by improving coordination, reinforcing accountability, and strengthening financial discipline across the organization. The good news is that we have strong assets and have recently enhanced our leadership team with the right combination of new and tenured talent. Now, with a clear focus and necessary rigor, I am confident in our ability to create sustainable long-term value.”

— John W. Chidsey, Q4 2025 Earnings Press Release

Back to NCLH Stock Page