The earnings call for Norwegian Cruise Line Holdings highlighted strong performance with record-breaking bookings and financial metrics, significant expansion plans, and new developments that promise future growth. However, there were some challenges with occupancy and foreign exchange impacts. Overall, the sentiment is optimistic about continued growth and profitability.

Company Guidance

During the Norwegian Cruise Line Holdings' second quarter 2025 earnings call, CEO Harry Sommer highlighted that the company met or exceeded guidance across all metrics, reaffirming its full-year guidance due to strong customer demand and record bookings over the last three months. The company achieved a record Q2 revenue, with net yield outperforming expectations by growing 3.1%, driven by strong close-in demand and onboard spending. Adjusted EBITDA reached $694 million, surpassing guidance by $24 million, and trailing 12-month margins improved by over 300 basis points to 36.3%. The company also reported an adjusted EPS of $0.51, despite an $0.08 headwind from foreign exchange rates. Sommer outlined several strategic initiatives, including the successful delivery of Oceania Cruises' Allura and the introduction of new projects like the Great Tides Waterpark at Great Stirrup Cay, which is expected to enhance guest satisfaction and drive future demand. As part of its long-term strategy, Norwegian Cruise Line Holdings is focused on achieving a 4% capacity CAGR through 2036, leveraging a measured expansion strategy across its brands.

Record-Breaking Quarter

Norwegian Cruise Line Holdings reported another record quarter, meeting or exceeding guidance across all metrics, with record bookings over the last three months and record Q2 revenue.

Oceania Cruises Expansion

Successful delivery of Oceania Cruises Allura, the brand's eighth vessel, and confirmation of two additional next-generation Sonata Class Ships, bringing their future order book to four ships.

New Developments at Great Stirrup Cay

Announcement of the new Great Tides Waterpark at Great Stirrup Cay, featuring a 170-foot tower, 19 water slides, and an 800-foot dynamic river, expected to drive incremental onboard revenue.

Strong Financial Performance

Adjusted EBITDA for the quarter was $694 million, $24 million above guidance, with a trailing 12-month margin of 36.3%, representing a year-over-year improvement of more than 300 basis points.

Deleveraging and Balance Sheet Improvement

Net leverage reduced to 5.3x in Q2, with expectations to end the year at approximately 5.2x, down from 2023 by over 2 turns.

Norwegian Cruise Line (NCLH) Earnings, Revenues Date & History

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NCLH Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 29, 2025	2025 (Q3)	1.16 / -	0.99	―	―	―
Jul 31, 2025	2025 (Q2)	0.51 / 0.51	0.4	27.50% (+0.11)
Apr 30, 2025	2025 (Q1)	0.09 / 0.07	0.16	-56.25% (-0.09)
Feb 27, 2025	2024 (Q4)	0.11 / 0.26	-0.18	244.44% (+0.44)
Oct 31, 2024	2024 (Q3)	0.94 / 0.99	0.76	30.26% (+0.23)
Jul 31, 2024	2024 (Q2)	0.34 / 0.40	0.3	33.33% (+0.10)
May 01, 2024	2024 (Q1)	0.09 / 0.16	-0.3	153.33% (+0.46)
Feb 27, 2024	2023 (Q4)	-0.12 / -0.18	-1.04	82.69% (+0.86)
Nov 01, 2023	2023 (Q3)	0.69 / 0.76	-0.64	218.75% (+1.40)
Aug 01, 2023	2023 (Q2)	0.26 / 0.30	-1.14	126.32% (+1.44)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

NCLH Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 31, 2025	$23.40	$25.56	+9.23%
Apr 30, 2025	$17.38	$16.03	-7.77%
Feb 27, 2025	$25.05	$23.72	-5.31%
Oct 31, 2024	$23.84	$25.34	+6.29%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.