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Norwegian Cruise Q4 Earnings Meet Estimates, Revenues Lag, Stock Down
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Key Takeaways
NCLH posted Q2 EPS of $0.51 and revenues of $2.52B, missing estimates but rising year over year.
Passenger ticket revenues increased to $1.51B, while onboard and other revenues rose to $734.4M in Q4.
For 2026, NCLH expects occupancy of 105.7%, adjusted EPS of $2.38 and EBITDA of nearly $2.95B.
Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) reported fourth-quarter 2025 results, with earnings meeting the Zacks Consensus Estimate, and revenues missing the same. The top and bottom lines increased on a year-over-year basis.
Following the results, the company’s shares declined 7.3% in the pre-market trading session. Negative investor sentiments were witnessed on account of macro concerns tied to rising oil prices amid Middle East tensions. Also, soft bookings, stemming from execution missteps in aligning its commercial strategy with deployment, added to the downside.
NCLH’s Q4 Earnings & Revenues
Norwegian Cruise reported an adjusted earnings per share (EPS) of 28 cents, in line with the Zacks Consensus Estimate. In the prior-year quarter, the company reported an adjusted EPS of 19 cents.
Norwegian Cruise Line Holdings Ltd. Price, Consensus and EPS Surprise
Quarterly revenues of $2.24 billion missed the consensus mark of $2.35 billion. The metric increased 6.4% year over year.
Passenger ticket revenues were $1.51 billion compared with $1.4 billion reported in the prior-year quarter. Our model anticipated passenger ticket revenues to be $1.66 billion.
Onboard and other revenues increased to $734.4 million from $700.6 million reported in the prior-year quarter. We expected onboard and other revenues to be $674.8 million.
NCLH’s Expenses & Operating Results
Total cruise operating expenses in the fourth quarter increased 1.2% year over year to $1.32 billion. Our model anticipated total cruise operating expenses to be $1.41 billion.
During the fourth quarter, gross cruise costs per Capacity Day were $272 compared with $286 reported in the prior-year period. Adjusted net cruise costs (excluding fuel) per Capacity Day amounted to about $159, up 0.9% year over year on a reported basis.
Net interest expenses were $170 million, down from $175.4 million reported in the year-ago quarter.
NCLH’s Balance Sheet
As of Dec. 31, 2025, the company had cash and cash equivalents of $209.9 million, down from $190.8 million at the end of 2024. Long-term debt was $13.7 billion compared with $11.8 billion as of 2024-end.
2025 Highlights
Total revenues in 2025 came in at $9.83 billion compared with $9.48 billion reported in 2024.
Adjusted EBITDA in 2025 came in at $2.73 billion compared with $2.45 million reported in 2024.
In 2025, adjusted earnings per share came in at $2.11 compared with $1.77 reported in the previous year.
Booking Update of NCLH
The company heads into 2026 facing a somewhat pressured environment, with bookings trending slightly below its optimal range following execution gaps in aligning commercial strategy with deployment plans. Fourth-quarter results reflect the impact of a meaningful capacity increase in the Caribbean, even as longer-term demand fundamentals remain supportive. Deployment adjustments are beginning to yield results, driving improved load factors. Fourth-quarter occupancy reached 101.8%, up 100 basis points year over year.
Demand has been especially resilient across the company’s luxury portfolio, supported by longer booking curves. Notably, Oceania Cruises achieved record bookings upon opening sales for its newest ship, Oceania Sonata, scheduled to debut in August 2027. Meanwhile, Regent Seven Seas Cruises posted the strongest booking month in its history in January, underscoring continued momentum in the high-end segment.
Q1 & 2026 Guidance by NCLH
For first-quarter 2026, NCLH anticipates occupancy to be approximately 104.2% and Capacity Days to be about 6.39 million. For the quarter, interest expenses are expected to be approximately $170 million, while depreciation and amortization are anticipated to be about $260 million. Adjusted EBITDA is expected to be about $515 million. Adjusted EPS is predicted to be 16 cents.
For 2026, the company anticipates occupancy to be approximately 105.7% and Capacity Days to be about 26.25 million. During the year, interest expenses are expected to be approximately $708 million. Depreciation and amortization are anticipated at nearly $1.09 billion. Adjusted EBITDA during the year is expected to be nearly $2.95 billion. For 2026, NCLH expects adjusted EPS of $2.38.
Hilton Worldwide Holdings Inc. (HLT - Free Report) reported fourth-quarter 2025 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.
Hilton’s fourth-quarter 2025 results were supported by steady demand trends, year-over-year RevPAR growth and continued expansion of its global footprint. The company added new hotels during the quarter and delivered strong net unit growth while maintaining a robust development pipeline that provides solid long-term visibility. Continued expansion of its luxury and lifestyle portfolio, along with new brand launches such as the Apartment Collection by Hilton, also contributed positively to overall performance.
Marriott International, Inc. (MAR - Free Report) reported fourth-quarter 2025 results, with adjusted earnings missing the Zacks Consensus Estimate and revenues beating the same. The top and bottom lines increased on a year-over-year basis.
Marriott delivered steady performance, supported by resilient rooms’ growth, pricing strength and continued development momentum. Global RevPAR posted modest growth, led by stronger international markets, while luxury properties continued to outperform on the back of healthy demand and favorable rates. Despite relatively stable performance in the United States & Canada, Marriott maintained a premium RevPAR compared with peers, reflecting the strength of its diversified brand portfolio and asset-light business model.
Hasbro, Inc. (HAS - Free Report) reported fourth-quarter fiscal 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased year over year.
Hasbro’s management highlighted a strong 2025, with it returning to growth on the back of disciplined execution and the “Playing to Win” strategy. Leadership emphasized broader fan engagement, new partnerships and meaningful progress toward becoming a more digital and IP-focused business, setting a confident tone for Hasbro for 2026.
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Norwegian Cruise Q4 Earnings Meet Estimates, Revenues Lag, Stock Down
Key Takeaways
Norwegian Cruise Line Holdings Ltd. (NCLH - Free Report) reported fourth-quarter 2025 results, with earnings meeting the Zacks Consensus Estimate, and revenues missing the same. The top and bottom lines increased on a year-over-year basis.
Following the results, the company’s shares declined 7.3% in the pre-market trading session. Negative investor sentiments were witnessed on account of macro concerns tied to rising oil prices amid Middle East tensions. Also, soft bookings, stemming from execution missteps in aligning its commercial strategy with deployment, added to the downside.
NCLH’s Q4 Earnings & Revenues
Norwegian Cruise reported an adjusted earnings per share (EPS) of 28 cents, in line with the Zacks Consensus Estimate. In the prior-year quarter, the company reported an adjusted EPS of 19 cents.
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
Quarterly revenues of $2.24 billion missed the consensus mark of $2.35 billion. The metric increased 6.4% year over year.
Passenger ticket revenues were $1.51 billion compared with $1.4 billion reported in the prior-year quarter. Our model anticipated passenger ticket revenues to be $1.66 billion.
Onboard and other revenues increased to $734.4 million from $700.6 million reported in the prior-year quarter. We expected onboard and other revenues to be $674.8 million.
NCLH’s Expenses & Operating Results
Total cruise operating expenses in the fourth quarter increased 1.2% year over year to $1.32 billion. Our model anticipated total cruise operating expenses to be $1.41 billion.
During the fourth quarter, gross cruise costs per Capacity Day were $272 compared with $286 reported in the prior-year period. Adjusted net cruise costs (excluding fuel) per Capacity Day amounted to about $159, up 0.9% year over year on a reported basis.
Net interest expenses were $170 million, down from $175.4 million reported in the year-ago quarter.
NCLH’s Balance Sheet
As of Dec. 31, 2025, the company had cash and cash equivalents of $209.9 million, down from $190.8 million at the end of 2024. Long-term debt was $13.7 billion compared with $11.8 billion as of 2024-end.
2025 Highlights
Total revenues in 2025 came in at $9.83 billion compared with $9.48 billion reported in 2024.
Adjusted EBITDA in 2025 came in at $2.73 billion compared with $2.45 million reported in 2024.
In 2025, adjusted earnings per share came in at $2.11 compared with $1.77 reported in the previous year.
Booking Update of NCLH
The company heads into 2026 facing a somewhat pressured environment, with bookings trending slightly below its optimal range following execution gaps in aligning commercial strategy with deployment plans. Fourth-quarter results reflect the impact of a meaningful capacity increase in the Caribbean, even as longer-term demand fundamentals remain supportive. Deployment adjustments are beginning to yield results, driving improved load factors. Fourth-quarter occupancy reached 101.8%, up 100 basis points year over year.
Demand has been especially resilient across the company’s luxury portfolio, supported by longer booking curves. Notably, Oceania Cruises achieved record bookings upon opening sales for its newest ship, Oceania Sonata, scheduled to debut in August 2027. Meanwhile, Regent Seven Seas Cruises posted the strongest booking month in its history in January, underscoring continued momentum in the high-end segment.
Q1 & 2026 Guidance by NCLH
For first-quarter 2026, NCLH anticipates occupancy to be approximately 104.2% and Capacity Days to be about 6.39 million. For the quarter, interest expenses are expected to be approximately $170 million, while depreciation and amortization are anticipated to be about $260 million. Adjusted EBITDA is expected to be about $515 million. Adjusted EPS is predicted to be 16 cents.
For 2026, the company anticipates occupancy to be approximately 105.7% and Capacity Days to be about 26.25 million. During the year, interest expenses are expected to be approximately $708 million. Depreciation and amortization are anticipated at nearly $1.09 billion. Adjusted EBITDA during the year is expected to be nearly $2.95 billion. For 2026, NCLH expects adjusted EPS of $2.38.
NCLH’s Zacks Rank & Recent Consumer Discretionary Releases
Norwegian Cruise currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Hilton Worldwide Holdings Inc. (HLT - Free Report) reported fourth-quarter 2025 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.
Hilton’s fourth-quarter 2025 results were supported by steady demand trends, year-over-year RevPAR growth and continued expansion of its global footprint. The company added new hotels during the quarter and delivered strong net unit growth while maintaining a robust development pipeline that provides solid long-term visibility. Continued expansion of its luxury and lifestyle portfolio, along with new brand launches such as the Apartment Collection by Hilton, also contributed positively to overall performance.
Marriott International, Inc. (MAR - Free Report) reported fourth-quarter 2025 results, with adjusted earnings missing the Zacks Consensus Estimate and revenues beating the same. The top and bottom lines increased on a year-over-year basis.
Marriott delivered steady performance, supported by resilient rooms’ growth, pricing strength and continued development momentum. Global RevPAR posted modest growth, led by stronger international markets, while luxury properties continued to outperform on the back of healthy demand and favorable rates. Despite relatively stable performance in the United States & Canada, Marriott maintained a premium RevPAR compared with peers, reflecting the strength of its diversified brand portfolio and asset-light business model.
Hasbro, Inc. (HAS - Free Report) reported fourth-quarter fiscal 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased year over year.
Hasbro’s management highlighted a strong 2025, with it returning to growth on the back of disciplined execution and the “Playing to Win” strategy. Leadership emphasized broader fan engagement, new partnerships and meaningful progress toward becoming a more digital and IP-focused business, setting a confident tone for Hasbro for 2026.