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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

Nov 4, 2026 (in 2 months)
Revenue estimate$2.9B
EPS estimate$0.89

Financials

Q4 2025

Income statement

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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

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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

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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

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

Returns & leverage

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

Segments

By geography

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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

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

By segment

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Single Reportable$2.2B+6.4%

FAQ

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.