Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) has released its financial results for the fourth quarter and full year ended December 31, 2025. The company reported total revenue of $9.8 billion in 2025, marking a 3.7% increase from the previous year. GAAP net income was $423.2 million, with earnings per share (EPS) of $0.92.
Adjusted EBITDA reached $2.73 billion in 2025, demonstrating an 11% increase compared to 2024. Adjusted net income grew by 15% to $1.045 billion, and adjusted EPS increased by 19% to $2.11. The company's total debt was reported at $14.6 billion, with net debt standing at $14.4 billion and net leverage at 5.3x at the end of 2025.
In the fourth quarter of 2025, Norwegian Cruise Line Holdings saw a 6% increase in total revenue compared to the same period in 2024, reaching $2.2 billion. Adjusted EBITDA for the quarter surged by 20% to $564 million, surpassing the guidance of $555 million. Adjusted EPS also exceeded expectations, growing by 46% to $0.28.
Looking ahead to 2026, the company provided updated financial targets, including an expectation for adjusted EPS of $2.38 for the full year. The outlook for net yield on a constant currency basis is projected to be approximately flat compared to 2025, while adjusted net cruise cost excluding fuel per capacity day is expected to increase by approximately 0.9% on a constant currency basis. The company aims to achieve an adjusted EBITDA of approximately $2.95 billion in 2026, with adjusted net income projected to be around $1.12 billion.
In the first quarter of 2026, Norwegian Cruise Line Holdings anticipates a decline of approximately 1.6% in net yield on a constant currency basis, primarily due to challenges related to absorbing a 40% year-over-year increase in capacity in the Caribbean. The company's adjusted net cruise cost excluding fuel per capacity day is expected to decrease by approximately 0.8% on a constant currency basis, with an estimated adjusted EBITDA of around $515 million for the quarter.
The company's leadership team is focused on disciplined execution, improving financial performance, and reducing net leverage. As of December 31, 2025, the company reported liquidity of $1.6 billion, including approximately $210 million in cash and cash equivalents, along with $1.4 billion of availability under its revolving loan facility.
Norwegian Cruise Line Holdings also provided insights into its fuel expenses, estimating fuel consumption of 264,000 metric tons for the first quarter of 2026 and 1,020,000 metric tons for the full year. The company expects a fuel price per metric ton, net of hedges, of $650 for the first quarter and $670 for the full year. Additionally, the company revealed that it had hedged approximately 51% and 27% of its total projected metric tons of fuel consumption for 2026 and 2027, respectively.
The press release also highlighted the company's fleet and brand updates, including enhancements to its private island in the Bahamas, new cruise ship orders, and record-breaking booking levels for its luxury brands.
The company's financial results and future outlook demonstrate a focus on growth, cost management, and strategic investments as it navigates the evolving landscape of the cruise industry. As a result of these announcements, the company's shares have moved -3.76% on the market, and are now trading at a price of $22.01. Check out the company's full 8-K submission here.
