The earnings call highlighted a strong financial performance with record-breaking results, successful fleet expansion, and promising new initiatives such as the Great Tides Waterpark. However, it was tempered by occupancy challenges, foreign exchange headwinds, and some softness in European itineraries. Despite these challenges, the reaffirmed guidance and strategic focus on cost management and brand development contribute to a positive outlook.

Company Guidance -

Q3 2025

During the second quarter 2025 earnings call for Norwegian Cruise Line Holdings, CEO Harry Sommer announced that the company met or exceeded guidance across all metrics, reaffirming their full-year guidance. The call highlighted a 3.1% growth in net yield, driven by strong demand and onboard spending, resulting in an adjusted EBITDA of $694 million—$24 million above guidance. The trailing 12-month margin improved by more than 300 basis points to 36.3%. Adjusted EBITDA per share was $0.51, aligning with guidance despite an $0.08 foreign exchange headwind. The call also detailed upcoming enhancements, such as the Great Tides Waterpark at Great Stirrup Cay, expected to drive incremental onboard revenue and guest satisfaction. The company reported record bookings over the past three months, reflecting robust consumer demand and strategic brand positioning.

Record-Breaking Quarter

Norwegian Cruise Line Holdings reported a record quarter, meeting or exceeding guidance across all metrics, with record bookings over the last 3 months and record Q2 revenue.

Successful Delivery and Expansion of Fleet

Successful delivery of Oceania Cruises Allura and confirmation of 2 additional next-generation Sonata Class Ships for Oceania Cruises, indicating strong investment in fleet expansion.

Launch of Great Tides Waterpark

Announcement of the new Great Tides Waterpark at Great Stirrup Cay, which will open in 2026, expected to enhance the guest experience significantly and drive incremental onboard revenue.

Strong Financial Performance

Adjusted EBITDA reached $694 million, $24 million above guidance, and trailing 12-month margin improved by over 300 basis points year-over-year.

Cost Management Success

Adjusted net cruise cost ex-fuel remained flat, reflecting successful cost management strategies and efficiencies.

Positive Outlook and Guidance

Reaffirmed full-year guidance with expectations of expanded margins and decreased net leverage by year-end 2025.

Norwegian Cruise Line (NCLH) Earnings, Revenues Date & History

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NCLH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	1.16 / -	0.99	―	―	―
Jul 31, 2025	2025 (Q2)	0.51 / 0.51	0.4	27.50% (+0.11)
Apr 30, 2025	2025 (Q1)	0.09 / 0.07	0.16	-56.25% (-0.09)
Feb 27, 2025	2024 (Q4)	0.11 / 0.26	-0.18	244.44% (+0.44)
Oct 31, 2024	2024 (Q3)	0.94 / 0.99	0.76	30.26% (+0.23)
Jul 31, 2024	2024 (Q2)	0.34 / 0.40	0.3	33.33% (+0.10)
May 01, 2024	2024 (Q1)	0.09 / 0.16	-0.3	153.33% (+0.46)
Feb 27, 2024	2023 (Q4)	-0.12 / -0.18	-1.04	82.69% (+0.86)
Nov 01, 2023	2023 (Q3)	0.69 / 0.76	-0.64	218.75% (+1.40)
Aug 01, 2023	2023 (Q2)	0.26 / 0.30	-1.14	126.32% (+1.44)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NCLH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$23.40	$25.56	+9.23%
Apr 30, 2025	$17.38	$16.03	-7.77%
Feb 27, 2025	$25.05	$23.72	-5.31%
Oct 31, 2024	$23.84	$25.34	+6.29%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.