Norwegian Cruise Line Holdings (NCLH) Company Report

Q4 2025 occupancy of 101.8%, net yield growth of 3.8%, adjusted EBITDA of $564 million, and adjusted EPS of $0.28, all in-line or ahead of guidance.
Full-year 2025 delivered occupancy of 103.5%, net yield growth of 2.4%, adjusted EBITDA of $2.73 billion, and adjusted EPS of $2.11.
2026 guidance includes net yield growth of 0%, adjusted EBITDA of $2.95 billion, and adjusted EPS of $2.38.
As of December 31, 2025, net debt stood at $14.53 billion with net leverage of 5.3x, reflecting improved leverage metrics.
Adjusted net cruise cost excluding fuel per capacity day remained sub-inflationary at $162 in 2025, with a target of $163 for 2026.

Mar 2, 2026, 1:00 PM

Presentation

Norwegian Cruise Line Holdings reports Q4 2025 results and 2026 outlook

NCLH

Earnings

CEO Change

Guidance Update

John W. Chidsey named CEO after joining the board in February, initiating a turnaround focused on disciplined execution, accountability, cost optimization, and enhanced revenue management.
Q4 2025: net yields +3.8%, adjusted net cruise cost ex-fuel per capacity day $158 (+0.2%), adjusted EBITDA $564 million, adjusted EPS $0.28; FY 2025: net yields +2.4%, cost ex-fuel +0.7%, adjusted EBITDA $2.73 billion (+11%), adjusted EPS $2.11 (+19%).
Luxury brands delivered strong demand—Oceania Sonata’s opening bookings up 45% vs. prior launch and Regent Seven Seas January bookings +20%—while 17 new ships are on order through 2037 and Great Stirrup Cay enhancements boost guest satisfaction.
2026 guidance assumes net yields down ~1.6% in Q1 before stabilizing to flat full year, as Caribbean and European execution is realigned; fleet is ~51% hedged on fuel for 2026.

Mar 2, 2026, 1:00 PM

Transcript

Norwegian Cruise Line Holdings reports Q4 2025 results

NCLH

Earnings

Guidance Update

Management Change

John Sullivan, who became CEO in February, is conducting a deep review to enhance execution, streamline bureaucracy, reduce leverage, and invest in technology and revenue management.
Q4 net yields grew 3.8%, adjusted net cruise cost ex-fuel rose 0.2% to $158, delivering adjusted EBITDA of $564 million and adjusted EPS of $0.28 (ex-IT write-off); full-year net yields up 2.4%, adjusted net cruise cost ex-fuel +0.7%, adjusted EBITDA +11% to $2.73 billion, and adjusted EPS +19% to $2.11.
Operational highlights include a refreshed Norwegian brand platform, record bookings for Oceania Sonata and Regent, 17 ships ordered through 2037, and enhancements to Great Stirrup Cay.
2026 guidance reflects a 1.6% Q1 net yield decline, stabilization to flat full-year net yields, sub-inflationary cost growth with adjusted net cruise cost ex-fuel up 0.9%, adjusted EBITDA rising 8% to $2.95 billion, adjusted EPS of $2.38, and net leverage at 5.2x.

Mar 2, 2026, 1:00 PM

Transcript

Norwegian Cruise Line Holdings reports Q4 2025 results and strategic initiatives

NCLH

Earnings

CEO Change

Guidance Update

John W. Chidsey was appointed CEO in February and is undertaking a deep operational review, driving a “culture of accountability,” streamlining costs and enhancing revenue management across all brands.
Q4 2025 results: net yields +3.8%, Adjusted Net Cruise Cost ex-fuel per capacity day of $158 (+0.2%), Adjusted EBITDA of $564 million, and Adjusted EPS of $0.28; FY 2025: net yields +2.4%, cost +0.7%, Adjusted EBITDA $2.73 billion (+11%), margin 37.1% (+160 bps), and EPS $2.11 (+19%).
2026 guidance: full-year net yields approximately flat (Q1 −1.6%, H2 +0.6%), Adjusted Net Cruise Cost ex-fuel up 0.9%, Adjusted EBITDA $2.95 billion (+8%), Adjusted EPS $2.38 (+13%), and net leverage stable at 5.2x.
Q1 2026 headwinds driven by a 40% capacity increase in the Caribbean without fully aligned commercial support, as well as softer-than-expected yields in Europe and elevated Alaska capacity; management is conducting a disciplined review to realign deployment, pricing and marketing.

Mar 2, 2026, 1:00 PM

Transcript

Norwegian Cruise Line reports Q4 and full year 2025 financial results

NCLH

Earnings

Guidance Update

Management Change

Full year 2025 revenue of $9.8 billion, GAAP net income of $423.2 million and EPS of $0.92.
Delivered Adjusted EBITDA of $2.73 billion (up 11%) and Adjusted EPS of $2.11 (up 19%) versus 2024.
Provides 2026 guidance with Adjusted EBITDA of $2.95 billion and Adjusted EPS of $2.38.
Appointed John W. Chidsey as President and CEO in February 2026.
Ended 2025 with Net Leverage of 5.3x, reflecting ongoing debt reduction efforts.

Mar 2, 2026, 11:45 AM

8-K

Norwegian Cruise Line Holdings reports Q4 and FY 2025 results

NCLH

Earnings

Guidance Update

Management Change

For FY 2025, Norwegian Cruise Line generated $9.8 billion in total revenue (+3.7%), with GAAP net income of $423.2 million (EPS $0.92), Adjusted EBITDA of $2.73 billion (+11%), and Adjusted EPS of $2.11 (+19%).
In Q4 2025, the company reported $2.2 billion in revenue (+6%), GAAP net income of $14.3 million (EPS $0.03), Adjusted EBITDA of $564 million (+20%), and Adjusted EPS of $0.28 (+46%).
Norwegian Cruise Line set 2026 guidance with full-year Adjusted EBITDA of approximately $2.95 billion and Adjusted EPS of $2.38, and Q1 2026 Adjusted EBITDA of around $515 million.
John W. Chidsey was appointed President and Chief Executive Officer in February 2026.

Mar 2, 2026, 11:30 AM

Press Release

Elliott builds over 10% stake in Norwegian Cruise Line

NCLH

Board Change

Management Change

Elliott Investment Management has acquired a stake exceeding 10% in Norwegian Cruise Line Holdings.
The firm may pursue a proxy fight to drive a turnaround and has privately approached Adam Goldstein as a potential board nominee.
Elliott views Royal Caribbean as a performance model for improving financial metrics and guest experience.
Norwegian’s recent appointment of John Chidsey as CEO highlights ongoing leadership challenges Elliott aims to address.

Feb 17, 2026, 2:21 AM

Morningstar

Norwegian Cruise Line Holdings orders three new cruise ships from Fincantieri

NCLH

New Projects/Investments

Entered into an agreement with Fincantieri to design and construct three new cruise ships, one each for Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises, with deliveries scheduled between 2036 and 2037.
The deal secures shipyard capacity through 2037, supports disciplined fleet growth with modest upfront capital outlays, and anticipates Export Credit Agency financing upon delivery.
Expands NCLH’s newbuild pipeline to 17 vessels (8 for Norwegian Cruise Line, 5 for Oceania, and 4 for Regent Seven Seas), underpinning an expected 4% CAGR in fleet capacity from 2026 to 2037.

Feb 16, 2026, 3:20 PM

Press Release

Norwegian Cruise Line Holdings names Chidsey CEO

NCLH

CEO Change

Management Change

Hiring

Norwegian Cruise Line Holdings has appointed John W. Chidsey as President and CEO, effective immediately, succeeding Harry Sommer.
Chidsey, former CEO of Subway and Burger King, served on NCLH’s board from 2013–2022 and was reappointed in 2025.
He will focus on restoring operational discipline, sharpening execution, strengthening financial performance and reducing leverage, with his plan to be unveiled in the full 2025 report on March 2, 2026.
The company operates 34 ships across Norwegian, Oceania and Regent Seven Seas, has 13 vessels on order through 2036 (~38,400 berths), and faces high debt and a low Altman Z-Score.

Feb 12, 2026, 11:37 PM

Bloomberg

Norwegian Cruise Line Holdings appoints new CEO

NCLH

CEO Change

Guidance Update

Norwegian Cruise Line Holdings’ Board appointed John W. Chidsey as President and Chief Executive Officer, succeeding Harry Sommer, effective immediately.
Chidsey, on the Board since February 2025 and former CEO of Subway and Burger King, will prioritize execution, operational discipline, deleveraging and long-term value creation.
The company expects Q4 and full-year 2025 results to be in line with prior guidance, with fourth-quarter net yield around the midpoint of its disclosed range.
Detailed Q4 and FY 2025 results will be released on March 2, 2026.

Feb 12, 2026, 9:15 PM

Press Release