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Norwegian Cruise Line Holdings Ltd. NCLH Q4 2025 Annual earnings

Reported March 2, 2026 · Before market open

Revenue$2.2BMiss by $98.8M
EPS$0.28Beat by $0.02
Revenue estimate$2.3B
EPS estimate$0.26

Next report

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

Financials

Q4 2025

Income statement

See full
Revenue$2.2B+6.4%
Gross profit$920.9M+14.9%
Operating income$186.6M-13.1%
Net income$14.3M-94.4%
EPS (diluted)$0.05-90.4%

Balance sheet

See full
Cash & equivalents$209.9M+10.0%
Total debt$15.5B+11.6%
Total equity$2.2B+55.0%
Total assets$22.5B+12.9%

Cash flow

See full
Operating cash flow$459.1M+15.0%
CapEx$437.6M+79.8%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$10.16B-10.2%
Enterprise value$25.49B+1.8%
P/E24×+11.6×
P/S1×-0.2×

Profitability

See full
Gross margin42.6%+2.6pp
Operating margin15.9%+0.4pp
Net margin4.3%-5.3pp

Returns & leverage

See full
Return on equity23.3%-82.2pp
Debt / equity7×-2.7×
Current ratio0.2×0.0×

Segments

By geography

See full
North America$1.4B+14.4%
Europe$512.4M-0.6%
Asia Pacific$233.2M+9.1%
Other Country$50.4M-55.6%

By product

See full
Passenger$1.5B+7.2%
Onboard And Other$734.4M+4.8%

By segment

See full
Single Reportable$2.2B+6.4%

Versus estimates

Revenue

Q1 2026$2.3BMiss by $25.6M
Q4 2025$2.2BMiss by $98.8M
Q3 2025$2.9BBeat by $594.3MQ2 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 $0.08
Q4 2025$0.28Beat by $0.02
Q3 2025$1.20Beat by $0.04Q2 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 Q4 2025 earnings?
Norwegian Cruise Line Holdings Ltd. (NCLH) reported Q4 2025 earnings on March 2, 2026 before market open.
What were Norwegian Cruise Line Holdings Ltd.'s Q4 2025 revenue and EPS?
Norwegian Cruise Line Holdings Ltd. reported revenue of $2.2B and eps of $0.28 for Q4 2025.
Did Norwegian Cruise Line Holdings Ltd. beat estimates in Q4 2025?
Revenue missed the consensus estimate of $2.3B by $98.8M. EPS beat the consensus estimate of $0.26 by $0.02.
How did Norwegian Cruise Line Holdings Ltd.'s Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 6.4% from $2.1B a year earlier and eps grew 7.7% from $0.26.
Where can I find Norwegian Cruise Line Holdings Ltd.'s Q4 2025 SEC filings?
You can read the 8-K earnings release (0001171843-26-001220) and the 10-K periodic report (0001104659-26-022067) directly on SEC EDGAR. The filing index links above go to sec.gov.