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Sep 30, 2025
Norwegian Cruise Line Q3 2025 Earnings Report
Norwegian Cruise Line posted record Q3 2025 results with strong revenue and earnings performance, surpassing guidance expectations.
Key Takeaways
Norwegian Cruise Line Holdings delivered record quarterly revenue of $2.94 billion in Q3 2025, driven by high occupancy and robust demand across all brands. Adjusted EPS of $1.20 exceeded guidance, and Adjusted EBITDA reached $1.019 billion.
Total revenue reached $2.94 billion, up 5% YoY, marking a new quarterly record.
Net income was $419.3 million with EPS of $0.86; Adjusted EPS was $1.20.
Adjusted EBITDA rose to $1.019 billion, surpassing guidance and growing 9% YoY.
Occupancy for the quarter hit 106.4%, above the company’s ~105.5% guidance.
Revenue by Segment
Forward Guidance
Norwegian Cruise Line reaffirmed its 2025 Adjusted EBITDA and Net Income guidance, while raising full-year Adjusted EPS to $2.10, reflecting confidence in demand and pricing trends.
Positive Outlook
- Adjusted EPS guidance raised to $2.10 from $2.05.
- Full-year Adjusted EBITDA expected at ~$2.72 billion.
- Adjusted Net Income guidance held at ~$1.045 billion.
- Operational EBITDA Margin expected to expand by 150 bps YoY.
- Net Yield growth forecasted at 2.4–2.5% YoY.
Challenges Ahead
- Net Leverage expected to end 2025 at ~5.3x, slightly higher than prior 5.2x guidance.
- Full-year fuel costs projected at $690 per metric ton.
- Adjusted Net Cruise Cost Ex-Fuel expected to increase ~0.75%.
- Air program participation lower due to itinerary mix changes.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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