Filing Flows › Norwegian Cruise Line Holdings (NCLH) › Q3 2025
Norwegian Cruise Line Holdings (NCLH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.9B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +17% from the quarter before. Operating margin was 25.5%, net earnings $419M (14.3% of revenue).
Norwegian Cruise Line Holdings, Q3 2025: revenue $2.9B (+5% year over year), operating margin 25.5%, net earnings $419M, operating cash flow $237M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9B | +17% | +5% |
| Operating profit | $749M | +77% | +8% |
| Net earnings | $419M | 14× | -12% |
| Operating cash flow | $237M | -67% | +37% |
What changed
Revenue was $2.9B in Q3 2025, up 5% year over year and up 17% from the previous quarter. Passenger ticket was the largest line at 70% of revenue. Passenger ticket added $0.11B year over year (up 5%), 80% of the total change.
Operating profit was $0.75B, a 25.5% margin (up 0.9 points year over year). Of the extra revenue versus a year earlier, 44% reached operating profit, above the 25% margin then. Total costs grew 3% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $0.42B, down 12% year over year. The effective tax rate was 3.3%.
Operating cash flow was $0.24B (up 37% year over year), 56% of net earnings. Non-cash charges added back $0.27B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.47B. Capital expenditures of $1.0B exceeded it, leaving free cash flow of −$0.73B.
Questions
What was Norwegian Cruise Line Holdings' revenue in the third quarter 2025?
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.9B for the third quarter 2025 (Q3 2025), +5% from a year earlier and +17% from the quarter before.
Was Norwegian Cruise Line Holdings profitable in the third quarter 2025?
Operating profit was $749M (25.5% of revenue) and net earnings $419M.