What does Norwegian Cruise do and what are its main business segments?

Did Norwegian Cruise beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Norwegian Cruise next quarter?

What factors drove the changes in Norwegian Cruise's revenue and profit?

What were the key takeaways from Norwegian Cruise’s earnings call?

What is the revenue and EPS growth rate for Norwegian Cruise year over year?

What is Norwegian Cruise's latest dividend and current dividend yield?

What is Norwegian Cruise's gross profit margin?

- **Record Financials**: Q3 EBITDA of $1.019B and trailing 12-month margin of 36.7% highlight strong execution. Full-year EPS guidance raised to $2.10 (19% YoY growth).
- **Family-Centric Growth**: Caribbean short sailings drove load factors to 106.4%, with 2026 bookings up 20% despite pricing mix dilution.
- **Sustainable Expansion**: $300M+ cost savings program on track, 7% 2026 capacity growth, and new ship deliveries supporting long-term margin expansion to 39%.
- **Operational Excellence**: Sub-inflationary cost growth (75 basis points in 2025) and net leverage reduction to 5.4x, targeting mid-4x by 2026.

**【CEO Summary Section】**
- **Revenue and EBITDA Milestones**: Q3 revenue reached a record high, with adjusted EBITDA of $1.019 billion, exceeding guidance. Trailing 12-month adjusted EBITDA margin rose to 36.7%, up 220 basis points year-over-year.
- **Strategic Shift to Families**: Increased Caribbean short sailings (80% of Q4 capacity) drove load factors to 106.4%, with net yield growth of 1.5%. The focus on families resulted in higher third and fourth guest bookings, despite slight pricing dilution.
- **New Amenities and Growth**: Launch of Great Stirrup Cay's multi-ship pier and 2026 water park expansion expected to boost guest satisfaction and repeat rates. Q4 bookings up 20% year-over-year across all brands.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP net income of $420 million, with adjusted EPS of $1.20, exceeding guidance. Full-year adjusted EBITDA guidance raised to $2.72 billion, and adjusted EPS to $2.10 (19% YoY increase).
- **Cost Control and Leverage**: Adjusted net cruise cost ex-fuel down 0.1%, with 2025 cost growth limited to 75 basis points. Net leverage improved to 5.4x, targeting mid-4x by 2026. Debt refinancing reduced secured debt and extended maturity profile.
- **Sustainability and Expansion**: $300 million+ cost savings program on track, with 2025 savings exceeding $100 million. 2026 capacity growth of 7% via new ships Regent Luna and Seven Seas Prestige.

**【Q&A Highlights】**
- **Yield and Mix Dynamics**: Q4 net yield growth of 3.5-4% driven by family demand, balancing lower per-cabin pricing with higher margin guests. 2026 yield expected to grow low-mid-single digits despite mix shifts.
- **Caribbean Capacity and Bookings**: Short sailings now 50% of deployment, with Q4 bookings up 20% and 2026 load factors projected to exceed 105%. New amenities at GSC and Great Tides Water Park expected to enhance guest experience and drive repeat business.
- **Cost Efficiency**: Sub-inflationary cost growth (75 basis points in 2025) supported by operational efficiencies and strategic capital allocation. 2026 margin expansion targets 39% adjusted EBITDA margin.

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