Norwegian Cruise Line Posts 11% Adjusted EBITDA Gain, 19% EPS Rise in 2025
Norwegian Cruise Line grew 2025 revenue 3.7% to $9.8B and posted 11% higher adjusted EBITDA of $2.73B, with adjusted EPS up 19% to $2.11. It named John Chidsey CEO, unveiled Great Stirrup Cay enhancements, ordered three ships and guided 2026 adjusted EPS of $2.38 alongside $2.95B adjusted EBITDA.
1. Full Year 2025 Financial Results
Norwegian Cruise Line generated $9.8 billion revenue in 2025, up 3.7% year-over-year, and drove adjusted EBITDA to $2.73 billion (11% increase) and adjusted EPS to $2.11 (19% increase), exceeding prior guidance. Gross margin per capacity day rose over 6% and net yield increased roughly 2.3% on an as-reported basis.
2. Fourth Quarter 2025 Highlights
In Q4, revenue climbed 6% to $2.2 billion while adjusted EBITDA jumped 20% to $564 million and adjusted EPS rose 46% to $0.28, surpassing guidance. Gross margin per capacity day gained 7.6% and net yield improved about 4% on a reported basis, while unit costs per capacity day declined.
3. Leadership Appointment and Fleet Expansion
The company appointed John W. Chidsey as President and CEO in February, completed the first phase of Great Stirrup Cay upgrades—including a new pier, expansive pool and kids’ area—and ordered three new cruise ships for delivery in 2036 and 2037.
4. 2026 Financial Outlook
Management guided full-year 2026 adjusted EPS of $2.38 and adjusted EBITDA of approximately $2.95 billion. It expects net yield to be flat on a constant currency basis, adjusted net cruise cost excluding fuel per capacity day to grow about 0.9%, and net leverage to end near 5.2x.