Norwegian Cruise Line Holdings (NYSE:NCLH) delivered a robust fiscal 2025 performance, reporting record total revenue of $9.8 billion.
The Miami-based cruise operator posted GAAP net income of $423.2 million, or $0.92 per share, a significant turnaround reflecting the continued post-pandemic recovery and a strategic shift toward high-margin, premium experiences.
On an adjusted basis, the company’s performance was even more pronounced.
Adjusted EBITDA reached $2.73 billion, an 11% increase year-over-year, while adjusted earnings per share (EPS) surged 19% to $2.11.
The results were driven by record-breaking occupancy levels and a double-digit increase in net yields, as travelers increasingly opted for the company's newer, "Prima Class" vessels, which command higher ticket prices.
The company’s balance sheet also showed steady improvement throughout the year.
NCLH ended 2025 with a focus on deleveraging, and management expects to bring its net leverage ratio down to approximately 5.2x by the end of 2026.
This fiscal discipline comes as the company manages a heavy debt load incurred during the global travel shutdown.
For the upcoming fiscal year, NCLH is forecasting adjusted EBITDA of $2.95 billion and adjusted EPS of $2.38.