Norwegian Cruise Line Holdings Posts Record Revenue in Third Quarter 2025

Norwegian Cruise Line Holdings (NCLH) — the parent company of Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises — has announced strong financial results for the third quarter of 2025, showing another record-breaking performance as demand for cruising continues to grow.

Record-Breaking Revenue and Profits

NCLH reported $2.9 billion in total revenue for the quarter ending September 30, 2025, a 5% increase compared to the same time last year.

The company’s net income (profit after expenses) was $419 million, and adjusted earnings per share (EPS) reached $1.20, both higher than what Wall Street expected.

This makes it one of the strongest quarters in the company’s history — driven by high demand across all three brands, increased capacity, and more passengers sailing.

CEO Harry Sommer said,

“We delivered another record-breaking quarter, with strong performance across all brands. These results highlight the strength of our business and the incredible execution by our teams both onboard and ashore.”

Cruise Demand Remains Strong

Bookings across all of NCLH’s brands remain at record levels, particularly for Caribbean cruises, which continue to be popular with families.

Luxury demand is also strong, with Oceania Cruises and Regent Seven Seas Cruises benefiting from travelers looking for premium and ultra-luxury experiences.

During the quarter, NCLH achieved an average occupancy rate of 106.4%, meaning most ships were sailing full — and then some, with multiple passengers sharing cabins.

Costs, Growth, and Future Outlook

While operating costs rose slightly, the company managed to keep expenses under control.
The average daily cost per passenger (excluding fuel) stayed nearly flat compared to last year, and overall profitability improved.

Adjusted EBITDA, a key measure of company performance, grew 9% to reach $1.02 billion, again beating forecasts.

NCLH currently carries $14.5 billion in total debt, a figure that’s expected given the cost of new ships and investments in future growth.

However, the company has been actively refinancing and reducing its debt risk, replacing older secured loans with unsecured ones and removing all secured notes from its balance sheet — something CFO Mark Kempa says makes the company’s finances “more flexible and stronger long-term.”

Updated 2025 Forecast

NCLH reaffirmed that it’s on track to meet or exceed its full-year goals for 2025:

• Adjusted EBITDA: Around $2.72 billion

• Adjusted Net Income: About $1.05 billion

• Adjusted EPS: Increased to $2.10 (up from previous guidance of $2.05)

• Net Yield: Expected to grow 2.4–2.5% over 2024

• Net Leverage: Expected to finish 2025 around 5.3x, essentially flat

The company says it remains committed to its “Charting the Course 2026” financial plan, which focuses on steady growth, reducing debt, and improving profitability across its three cruise brands.

Looking Ahead

With a strong third quarter behind it and bookings continuing to rise, Norwegian Cruise Line Holdings is entering 2026 in a strong position.

The company recently launched a loyalty status sharing program, allowing passengers to have their loyalty tier recognized across Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises — a move expected to boost customer retention and repeat bookings.

CEO Harry Sommer added,

“We’re seeing incredible momentum heading into 2026. Our strategy of focusing on Caribbean itineraries and enhancing our luxury offerings is clearly paying off.”

With new ships like Oceania Allura now delivered and Norwegian Aqua set to debut soon, NCLH appears well-positioned to ride the wave of continued global demand for cruising.