Norwegian Cruise Line Holdings Ltd. reported record third‑quarter 2025 revenue of $2.94 billion and adjusted earnings per share of $1.20, with an occupancy rate of 106.4% driven by robust demand for Caribbean itineraries and sustained bookings across its Norwegian, Oceania, and Regent Seven Seas Cruises brands.
Revenue rose 5% from $2.80 billion in Q3 2024, and adjusted EPS increased 17% from $1.00 in Q3 2024, reflecting higher operating income and controlled cost growth.
The company’s balance sheet remained strong, with net leverage at 5.4×, liquidity of $1.8 billion ($166.8 million in cash and $1.6 billion under its revolving loan facility), total debt of $14.5 billion, and net debt of $14.4 billion. Recent capital‑market transactions included a $2.0 billion debt refinancing and the removal of secured debt from the capital structure.
Management reaffirmed full‑year 2025 guidance for Adjusted EBITDA and Adjusted Net Income and raised Adjusted EPS guidance to $2.10, citing margin expansion and balance‑sheet repair under its “Charting the Course” strategy.
Business drivers for the results include strong demand for Caribbean itineraries, lower air‑program participation that reduced air‑related costs, and sustained bookings across all three brands. The company continues to invest in next‑generation ships and eco‑efficient technologies to support long‑term growth.
The cruise industry remains competitive, with peers such as Carnival Corporation and Royal Caribbean Group facing higher leverage risks. Norwegian’s focus on premium travel and its strategic capital restructuring position it to outperform the sector’s volatility in 2025.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.