Filing Flows › Norwegian Cruise Line Holdings (NCLH) › Q4 2025
Norwegian Cruise Line Holdings (NCLH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 2, 2026
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.2B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -24% from the quarter before. Operating margin was 8.3%, net earnings $14.3M (0.6% of revenue).
Norwegian Cruise Line Holdings, Q4 2025: revenue $2.2B (+6% year over year), operating margin 8.3%, net earnings $14.3M, operating cash flow $459M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.2B | -24% | +6% |
| Operating profit | $187M | -75% | -13% |
| Net earnings | $14.3M | -97% | -94% |
| Operating cash flow | $459M | +94% | +15% |
| Free cash flow | $21.5M | — | -86% |
What changed
Revenue was $2.2B in Q4 2025, up 6% year over year and down 24% from the previous quarter. Passenger ticket was the largest line at 67% of revenue.
Operating profit was $0.19B, a 8.3% margin (down 1.9 points year over year). Operating profit fell $0.03B even though revenue rose $0.14B versus a year earlier, so costs grew faster than sales. Total costs grew 9% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+56%). Net earnings were $0.01B, down 94% year over year. The tax line was a benefit of $0.01B on pre-tax earnings of $0.01B.
Operating cash flow was $0.46B (up 15% year over year), 3221% of net earnings. Non-cash charges added back $0.37B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.05B. Capital expenditures of $0.44B left free cash flow of $0.02B.
Questions
What was Norwegian Cruise Line Holdings' revenue in the fourth quarter 2025?
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.2B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and -24% from the quarter before.
Was Norwegian Cruise Line Holdings profitable in the fourth quarter 2025?
Operating profit was $187M (8.3% of revenue) and net earnings $14.3M.