Norwegian Cruise Line Holdings Ltd. Q3 FY25 Results
NCLHQ3 FY25 ResultsAnnounced Nov 4, 2025, 07:00 AM| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 2.9K | 16.7% | 4.7% |
| Total Income | 2.9K | 16.7% | 4.7% |
| Expenditure | 2.2K | 4.5% | 3.5% |
| PBT | 433.64 | 1315.7% | 10.0% |
| Net Profit | 419.30 | 1298.1% | 11.7% |
| OPM | 25.51% | 8.67pp | 0.88pp |
| NPM | 14.27% | 13.08pp | 2.65pp |
| EPS | 0.93 | 1228.6% | 13.9% |
Norwegian Cruise Line Holdings Reports Record Q3 2025 Revenue of $2.9B
04 May 2026 · 4 May, 8:09 am
Summary
Norwegian Cruise Line Holdings reported record total revenue of $2.9 billion for the third quarter of 2025, a 5% increase compared to the prior year. GAAP net income was $419.3 million, with an EPS of $0.86. Adjusted EBITDA increased 9% to $1.019 billion, exceeding guidance. The company reaffirmed Adjusted EBITDA and Adjusted Net Income full year 2025 guidance metrics while increasing Adjusted EPS guidance.
Key Highlights
- 1
Norwegian Cruise Line Holdings achieved a quarterly record with total revenue of $2.9 billion in the third quarter, reflecting a 5% increase compared to the third quarter of 2024.
- 2
GAAP net income for the third quarter was $419.3 million, resulting in an EPS of $0.86.
- 3
Adjusted EBITDA for the third quarter reached $1.019 billion, exceeding the company's guidance.
- 4
Adjusted EPS for the third quarter was $1.20, surpassing guidance of $1.14 and representing a 17% increase compared to the third quarter of 2024.
- 5
The company completed strategic capital market transactions, reducing shares outstanding by approximately 38.1 million, or ~7.5%.
- 6
Occupancy for the third quarter of 2025 was 106.4%, exceeding guidance of ~105.5%.
Management Comments
Harry Sommer
“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. 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. 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.”
Mark A. Kempa
“In September, we successfully completed a series of strategic capital market transactions that significantly enhanced our financial flexibility. 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. Additionally, we refinanced approximately $2.0 billion of debt, which included replacing approximately $1.8 billion of secured debt with unsecured debt. As a result, all of our secured notes were eliminated from our capital structure. These strategic transactions underscore our continued focus on optimizing our capital structure, improving collateral utilization and supporting our long-term growth trajectory.”
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