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Jun 30
Norwegian Cruise Line Q2 2025 Earnings Report
Norwegian Cruise Line reported record Q2 revenue and exceeded expectations on adjusted EBITDA.
Key Takeaways
Norwegian Cruise Line Holdings delivered strong Q2 2025 results, generating record revenue of $2.5 billion and surpassing adjusted EBITDA guidance. Despite foreign exchange headwinds, adjusted EPS met expectations. The company reaffirmed full-year guidance supported by robust consumer demand and record advance ticket sales.
Norwegian Cruise Line
Norwegian Cruise Line
Norwegian Cruise Line Revenue by Segment
Revenue by Segment
Passenger Ticket Revenue
CapyFin.comOnboard and Other Revenue
CapyFin.com Forward Guidance
Norwegian Cruise Line reaffirmed its full-year 2025 guidance across key metrics, driven by strong booking trends and onboard spending. Despite foreign exchange volatility, the company remains confident in achieving its financial targets for the year.
Positive Outlook
- Reiterated full-year 2025 adjusted EPS guidance of $2.05
- Reiterated full-year 2025 adjusted EBITDA guidance of $2.72 billion
- Expecting 2.5% Net Yield growth on a constant currency basis
- Advance ticket sales hit a record $4.0 billion
- Expanded Revolving Loan Facility to $2.5 billion
Challenges Ahead
- Foreign exchange losses impacted EPS by $0.08 in Q2
- GAAP net income declined $133.4 million YoY
- Q2 occupancy slightly below prior year at 103.9%
- Adjusted Net Cruise Cost Excl. Fuel rose slightly to $163.67 per capacity day
- Net leverage remains high at 5.3x, though reduced from Q1