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Norwegian Cruise Line Holdings Ltd. NCLH Q3 2025 earnings

Reported November 4, 2025 · Before market open

Revenue$2.9BBeat by $594.3M
EPS$1.20Beat by $0.04
Revenue estimate$2.3B
EPS estimate$1.16

Next report

Jul 30, 2026 (Today)
Revenue estimate$2.6B
EPS estimate$0.39

Financials

Q3 2025

Income statement

See full
Revenue$2.9B+4.7%
Gross profit$1.4B+9.1%
Operating income$749.4M+8.4%
Net income$419.3M-11.7%
EPS (diluted)$0.86-9.5%

Balance sheet

See full
Cash & equivalents$166.8M-49.8%
Total debt$14.5B+8.3%
Total equity$2.2B+93.2%
Total assets$22.2B+12.3%

Cash flow

See full
Operating cash flow$236.6M+37.1%
CapEx$963.1M+162%
Free cash flow-$726.5M—

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$11.21B+25.7%
Enterprise value$25.6B+16.2%
P/E16.9×—
P/S1.2×+0.2×

Profitability

See full
Gross margin42%+2.9pp
Operating margin16.4%+1.7pp
Net margin6.8%—

Returns & leverage

See full
Return on equity39.9%—
Debt / equity6.6×-5.2×
Current ratio0.2×0.0×

Segments

By geography

See full
North America$1.5B+11.2%
Europe$1.3B-6.3%
Asia Pacific$124.8M+148%
Other Country$891.0K-43.9%

By product

See full
Passenger$2.0B+5.4%
Onboard And Other$888.2M+3.1%

By segment

See full
Single Reportable$2.9B+4.7%

Versus estimates

Revenue

Q1 2026$2.3BMiss by $25.6MQ4 2025$2.2BMiss by $98.8M
Q3 2025$2.9BBeat by $594.3M
Q2 2025$2.5BMiss by $497.9MQ1 2025$2.1BMiss by $430.4MQ4 2024$2.1BMiss by $84.4M

Diluted EPS

Q1 2026$0.23Beat by $0.08Q4 2025$0.28Beat by $0.02
Q3 2025$1.20Beat by $0.04
Q2 2025$0.51Miss by $0.01Q1 2025$0.07Miss by $0.02Q4 2024$0.26Beat by $0.16

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Questions, answered.

When did Norwegian Cruise Line Holdings Ltd. report Q3 2025 earnings?
Norwegian Cruise Line Holdings Ltd. (NCLH) reported Q3 2025 earnings on November 4, 2025 before market open.
What were Norwegian Cruise Line Holdings Ltd.'s Q3 2025 revenue and EPS?
Norwegian Cruise Line Holdings Ltd. reported revenue of $2.9B and eps of $1.20 for Q3 2025.
Did Norwegian Cruise Line Holdings Ltd. beat estimates in Q3 2025?
Revenue beat the consensus estimate of $2.3B by $594.3M. EPS beat the consensus estimate of $1.16 by $0.04.
How did Norwegian Cruise Line Holdings Ltd.'s Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 4.7% from $2.8B a year earlier and eps grew 21.2% from $0.99.
Where can I find Norwegian Cruise Line Holdings Ltd.'s Q3 2025 SEC filings?
You can read the 8-K earnings release (0001171843-25-006936) and the 10-Q periodic report (0001104659-25-106057) directly on SEC EDGAR. The filing index links above go to sec.gov.