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NCLH Q3 Earnings Buoyed by Record Bookings and Strong Demand
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Key Takeaways
Norwegian Cruise Line's Q3 EPS rose to $1.20, topping estimates and up from $1.02 a year earlier.
Quarterly revenues grew 4.7% to $2.94B, driven by strong demand and record third-quarter bookings.
NCLH raised full-year EPS outlook and reaffirmed EBITDA guidance on solid travel momentum.
Norwegian Cruise Line Holdings (NCLH - Free Report) delivered a year-over-year increase in third-quarter 2025 earnings and revenues, marked by strong demand trends and record bookings. The company’s adjusted earnings per share surpassed the Zacks Consensus Estimate, reflecting stronger profitability. However, revenues came in slightly below expectations, partly due to some pricing mix effects as the company leaned more into family-driven itineraries and short Caribbean sailings.
Norwegian Cruise reported an adjusted earnings per share (EPS) of $1.20, beating the Zacks Consensus Estimate of $1.16. In the prior-year quarter, the company reported an adjusted earnings per share of $1.02.
Quarterly revenues of $2.94 billion missed the consensus mark of $3.02 billion. The metric increased 4.7% year over year.
Occupancy levels were a standout positive, rising to 106.4% and exceeding internal forecasts. This resulted in net yield growth and supported continued margin expansion. The momentum was fueled by broad-based consumer appetite for travel across all three of the company’s brands: Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.
One of the most notable highlights was the booking strength. The company reported its highest third-quarter booking volume in history, with bookings up more than 20% year over year. This trend carried into October, setting a strong foundation for upcoming quarters. The company’s shift toward shorter, family-friendly Caribbean itineraries is beginning to gain traction, helping to drive repeat travel and onboard spending.
Enhancements to Norwegian Cruise’s private island, Great Stirrup Cay, are also expected to play a growing role. The island is undergoing phased upgrades, including new leisure areas and water attractions, which are designed to enrich the guest experience and support premium pricing over time.
From a financial standpoint, Norwegian Cruise generated its highest-ever quarterly adjusted EBITDA, showcasing effective cost management alongside demand recovery. Full-year adjusted EBITDA guidance was reaffirmed and adjusted EPS guidance was raised as the company maintains focus on margin gains and balance sheet improvement.
Looking ahead, Norwegian Cruise remains optimistic. Strong forward demand, expanding product offerings and continued cost discipline position the company for sustained earnings growth as travel trends remain favorable.
Norwegian Cruise Line Holdings Ltd. Price, Consensus and EPS Surprise
For fourth-quarter 2025, NCLH anticipates occupancy to be approximately 101.9% and Capacity Days to be about 6.28 million. For the quarter, interest expenses are expected to be approximately $179 million, while depreciation and amortization are anticipated to be about $259 million. Adjusted EBITDA is expected to be about $555 million. Adjusted EPS is predicted to be nearly 27 cents.
For 2025, the company anticipates occupancy to be approximately 103.5% compared with the prior guidance of 103% and Capacity Days to be about 24.45 million. During the year, interest expenses are expected to be approximately $690 million. Depreciation and amortization are anticipated at nearly $985 million. Adjusted EBITDA during the year is expected to be nearly $2.72 billion. For 2025, NCLH expects adjusted EPS of $2.10, up from the prior estimate of $2.05.
NCLH’s Zacks Rank & Other Key Picks
Norwegian Cruise currently has a Zacks Rank #1 (Strong Buy).
The company delivered a trailing four-quarter earnings surprise of 4.6%, on average. ATAT stock has surged 56.9% in the past year. The Zacks Consensus Estimate for Atour Lifestyle Holdings’ 2025 sales and EPS indicate growth of 33.6% and 23.3%, respectively, from the year-ago period’s levels.
Carnival sports a Zacks Rank of 1 at present. The company delivered a trailing four-quarter earnings surprise of 169.8%, on average. Carnival stock has gained 31% in the past year.
The Zacks Consensus Estimate for Carnival’s fiscal 2025 sales and EPS indicates growth of 6.5% and 51.4%, respectively, from the prior-year levels.
Life Time Group has a Zacks Rank of 2 (Buy) at present. LTH stock has gained 10.2% in the past year.
The Zacks Consensus Estimate for Life Time Group’s 2025 sales and EPS indicates growth of 13.6% and 49.5%, respectively, from the prior-year levels.
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NCLH Q3 Earnings Buoyed by Record Bookings and Strong Demand
Key Takeaways
Norwegian Cruise Line Holdings (NCLH - Free Report) delivered a year-over-year increase in third-quarter 2025 earnings and revenues, marked by strong demand trends and record bookings. The company’s adjusted earnings per share surpassed the Zacks Consensus Estimate, reflecting stronger profitability. However, revenues came in slightly below expectations, partly due to some pricing mix effects as the company leaned more into family-driven itineraries and short Caribbean sailings.
Norwegian Cruise reported an adjusted earnings per share (EPS) of $1.20, beating the Zacks Consensus Estimate of $1.16. In the prior-year quarter, the company reported an adjusted earnings per share of $1.02.
Quarterly revenues of $2.94 billion missed the consensus mark of $3.02 billion. The metric increased 4.7% year over year.
Occupancy levels were a standout positive, rising to 106.4% and exceeding internal forecasts. This resulted in net yield growth and supported continued margin expansion. The momentum was fueled by broad-based consumer appetite for travel across all three of the company’s brands: Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises.
One of the most notable highlights was the booking strength. The company reported its highest third-quarter booking volume in history, with bookings up more than 20% year over year. This trend carried into October, setting a strong foundation for upcoming quarters. The company’s shift toward shorter, family-friendly Caribbean itineraries is beginning to gain traction, helping to drive repeat travel and onboard spending.
Enhancements to Norwegian Cruise’s private island, Great Stirrup Cay, are also expected to play a growing role. The island is undergoing phased upgrades, including new leisure areas and water attractions, which are designed to enrich the guest experience and support premium pricing over time.
From a financial standpoint, Norwegian Cruise generated its highest-ever quarterly adjusted EBITDA, showcasing effective cost management alongside demand recovery. Full-year adjusted EBITDA guidance was reaffirmed and adjusted EPS guidance was raised as the company maintains focus on margin gains and balance sheet improvement.
Looking ahead, Norwegian Cruise remains optimistic. Strong forward demand, expanding product offerings and continued cost discipline position the company for sustained earnings growth as travel trends remain favorable.
Norwegian Cruise Line Holdings Ltd. Price, Consensus and EPS Surprise
Norwegian Cruise Line Holdings Ltd. price-consensus-eps-surprise-chart | Norwegian Cruise Line Holdings Ltd. Quote
Q4 & 2025 Guidance by NCLH
For fourth-quarter 2025, NCLH anticipates occupancy to be approximately 101.9% and Capacity Days to be about 6.28 million. For the quarter, interest expenses are expected to be approximately $179 million, while depreciation and amortization are anticipated to be about $259 million. Adjusted EBITDA is expected to be about $555 million. Adjusted EPS is predicted to be nearly 27 cents.
For 2025, the company anticipates occupancy to be approximately 103.5% compared with the prior guidance of 103% and Capacity Days to be about 24.45 million. During the year, interest expenses are expected to be approximately $690 million. Depreciation and amortization are anticipated at nearly $985 million. Adjusted EBITDA during the year is expected to be nearly $2.72 billion. For 2025, NCLH expects adjusted EPS of $2.10, up from the prior estimate of $2.05.
NCLH’s Zacks Rank & Other Key Picks
Norwegian Cruise currently has a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the Consumer Discretionary sector are Atour Lifestyle Holdings Limited (ATAT - Free Report) , Carnival Corporation & plc (CCL - Free Report) and Life Time Group Holdings, Inc. (LTH - Free Report) .
Atour Lifestyle Holdings flaunts a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The company delivered a trailing four-quarter earnings surprise of 4.6%, on average. ATAT stock has surged 56.9% in the past year. The Zacks Consensus Estimate for Atour Lifestyle Holdings’ 2025 sales and EPS indicate growth of 33.6% and 23.3%, respectively, from the year-ago period’s levels.
Carnival sports a Zacks Rank of 1 at present. The company delivered a trailing four-quarter earnings surprise of 169.8%, on average. Carnival stock has gained 31% in the past year.
The Zacks Consensus Estimate for Carnival’s fiscal 2025 sales and EPS indicates growth of 6.5% and 51.4%, respectively, from the prior-year levels.
Life Time Group has a Zacks Rank of 2 (Buy) at present. LTH stock has gained 10.2% in the past year.
The Zacks Consensus Estimate for Life Time Group’s 2025 sales and EPS indicates growth of 13.6% and 49.5%, respectively, from the prior-year levels.