Norwegian Cruise Line (NCLH) Q4 2025 earnings summary

Executive summary

• New CEO and leadership team focused on operational turnaround, accountability, and execution, with record 2025 occupancy of 103.5% and net yield growth of 2.4%, driving adjusted EBITDA of $2.73 billion.

• Q4 2025 performance exceeded expectations, with occupancy at 101.9% and adjusted EBITDA of $564 million.

• Leadership changes and organizational restructuring underway to drive a cohesive, one-team culture.

Financial highlights

• 2025 revenue reached $10 billion, adjusted net income was $1.045 billion, and adjusted EPS was $2.11.

• Q4 adjusted EBITDA was $564 million, adjusted net income was $130 million, and adjusted EPS was $0.28.

• Adjusted net cruise cost ex-fuel per capacity day was $161.69 for 2025, reflecting sub-inflationary cost growth.

• Adjusted operational EBITDA margin reached 37.1% for 2025.

Outlook and guidance

• 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 net yield declining 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 anticipated as new ships contribute to EBITDA.