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

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

Did Norwegian Cruise beat or miss consensus estimates last quarter?

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

What is Norwegian Cruise's gross profit margin?

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

What guidance did Norwegian Cruise's management provide for the next earnings period?

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

- **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.

Norwegian Cruise Line Holdings Ltd. (NCLH) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NCLH

NCLH fundamentals

You can ask Aime