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Norwegian Cruise Line
Norwegian Cruise Line (NCLH) investor relations material
Norwegian Cruise Line Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary2 Mar, 2026
Executive summary
New CEO and leadership team focused on turnaround, operational rigor, and financial discipline, following prior missteps and a siloed culture.
Achieved record occupancy of 103.5% for 2025, with net yield growth of 2.4% year-over-year, and adjusted EBITDA of $2.73 billion, all in line with or ahead of guidance.
Portfolio of three brands (Norwegian, Oceania, Regent) considered core, with luxury brands performing well and Norwegian brand identified as the main area for improvement.
Total revenue grew 3.7% to $9.8 billion in 2025, driven by higher Capacity Days.
Guidance for 2026 anticipates continued high occupancy (105.7%) and adjusted EBITDA of $2.95 billion, with net yield growth expected to be flat year-over-year.
Financial highlights
Q4 net yields grew 3.8% year-over-year; adjusted net cruise cost ex-fuel rose only 0.2%.
2025 revenue reached approximately $10 billion, with adjusted net income of $1.045 billion and adjusted EPS of $2.11.
Q4 2025 adjusted EBITDA was $564 million, exceeding guidance; adjusted net income was $130 million, adjusted EPS $0.28.
Adjusted operational EBITDA margin for 2025 was 37.1%.
Adjusted net cruise cost excluding fuel per capacity day was $161.69 for 2025, reflecting sub-inflationary cost growth.
Outlook and guidance
Full-year 2026 guidance projects occupancy at 105.7%, adjusted EBITDA of $2.95 billion, and adjusted net income of $1.12 billion.
Net yield growth for 2026 is expected to be flat, with Q1 2026 guidance indicating a temporary decline of 1.6%.
Adjusted net cruise cost ex-fuel per capacity day expected to rise to $163 in 2026, up 0.9%.
Net leverage expected to remain flat at 5.2x in 2026, with further reduction as new ships contribute to EBITDA.
Adjusted EPS for 2026 expected at $2.38.
Detail specific steps to improve execution
Mitigation for Caribbean capacity misalignment
How will newbuilds affect Net Leverage target?
Timeline for strategic review and operating plan
Detail path to net leverage reduction post-2026
When will NCLH restore sustainable yield growth?
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Next Norwegian Cruise Line earnings date
Q1 202629 Apr, 2026
Norwegian Cruise Line
Next Norwegian Cruise Line earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Norwegian Cruise Line Holdings Ltd.is a global cruise company which operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands. With a combined fleet of 26 ships with approximately 54,400 berths, these brands offer itineraries to more than 510 destinations worldwide. The Company has offices in six countries around the world with an operational focus in both Miami, Florida and Cork, Ireland.
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