Short answer
Norwegian Cruise Line Holdings (NCLH) filed its Q3 2025 10-Q quarterly report on Nov 4, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $2.9B (up 4.7% year over year) with net income of $419M.
Q3 2025 key financials · XBRL
- Revenue
- $2.9B
- +4.7% YoY · +16.7% QoQ
- Net income
- $419M
- −11.7% YoY · +1298.0% QoQ
- Operating margin
- 25.5%
- EPS (diluted)
- $0.89
- −7.3% YoY · +1171.4% QoQ
Source: XBRL data from the Norwegian Cruise Line Holdings (NCLH) Q3 2025 10-Q on SEC EDGAR. USD.
Norwegian Cruise Line Holdings Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $2.94B Q3 2025, up 4.7% YoY from $2.81B Q3 2024, driven by new ship deliveries increasing Capacity Days
- Operating income $749.4M Q3 2025 vs $691.2M Q3 2024; Gross margin per Capacity Day $179.77 vs $176.45; Adjusted Gross Margin $2.19B vs $2.03B
- Adjusted Net Income $595.8M Q3 2025 vs $527.3M Q3 2024; Adjusted EPS $1.20 vs $1.02; EBITDA $1.02B vs $931.0M; Net income and diluted EPS declined ($419.3M, $0.86 vs $474.9M, $0.95)
- Best segment: Newbuild ships (Norwegian Aqua and Oceania Allura) boosting Capacity Days and revenue; Worst impact: increased interest expense $328.8M vs $175.2M mainly due to debt extinguishment losses
- Cash: Liquidity ~$1.8B including $167M cash and $1.6B revolver availability; Operating cash flow $1.6B YTD vs $1.7B prior; Investing $2.8B used YTD for newships; Financing $1.2B provided YTD from loans, equity offerings and refinancings
- Outlook: Management expects continued strong bookings and demand, ongoing strategic cost optimization to offset macroeconomic pressures, exposure to forex risks and inflation; Sustainable investing and newbuild delays are key considerations going forward
Risk Factors
- No newly added risk factors; no material changes from 2024 10-K
- Most material update: heightened impact of macroeconomic conditions and global conflicts on cash flow and debt covenant compliance
- Regulatory risk: compliance with covenants in indebtedness agreements amid macroeconomic and geopolitical challenges
- Operational risk: need to generate sufficient cash flow to service indebtedness under stressed conditions
- Financial risk: debt maturity profile includes multiple senior notes due 2030, 2031, and 2033 with fixed interest rates 0.750% to 6.250%
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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