Filing Flows › Norwegian Cruise Line Holdings (NCLH) › Q2 2025
Norwegian Cruise Line Holdings (NCLH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 4, 2025
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.5B for the second quarter 2025 (Q2 2025), +6% from a year earlier and +18% from the quarter before. Operating margin was 16.8%, net earnings $30.0M (1.2% of revenue).
Norwegian Cruise Line Holdings, Q2 2025: revenue $2.5B (+6% year over year), operating margin 16.8%, net earnings $30.0M, operating cash flow $715M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.5B | +18% | +6% |
| Operating profit | $424M | +111% | +24% |
| Net earnings | $30.0M | — | -82% |
| Operating cash flow | $715M | +5% | +7% |
| Free cash flow | $381M | — | +15% |
What changed
Revenue was $2.5B in Q2 2025, up 6% year over year and up 18% from the previous quarter. Passenger ticket was the largest line at 68% of revenue. Passenger ticket added $0.11B year over year (up 7%), 74% of the total change.
Operating profit was $0.42B, a 16.8% margin (up 2.4 points year over year). Of the extra revenue versus a year earlier, 57% reached operating profit, above the 14% margin then. Total costs grew 3% against revenue growth of 6%. The fastest-growing cost line was SG&A (+11%). Net earnings were $0.03B, down 82% year over year. The effective tax rate was 2.1%.
Operating cash flow was $0.71B (up 7% year over year), 2383% of net earnings. Non-cash charges added back $0.26B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.39B. Capital expenditures of $0.33B left free cash flow of $0.38B.
Questions
What was Norwegian Cruise Line Holdings' revenue in the second quarter 2025?
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.5B for the second quarter 2025 (Q2 2025), +6% from a year earlier and +18% from the quarter before.
Was Norwegian Cruise Line Holdings profitable in the second quarter 2025?
Operating profit was $424M (16.8% of revenue) and net earnings $30.0M.