Norwegian Cruise Line Holdings achieves ‘record Q3 revenue’

Norwegian Cruise Line Holdings (NCLH) has reported its best third-quarter revenue figure on record, with the total standing at $2.9 billion.

The company, parent of Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruise, said the revenue figure represented a 5% increase compared with the third quarter of 2024, mainly driven by “higher capacity days and strong demand”.

Net income for the quarter fell from $474.9 million last year to $419.3 million in 2025.

NCLH president and chief executive Harry Sommer said: “We delivered another record-breaking quarter, with strong performance across all brands. 

“These results highlight the strength of our business, the broad appeal of our multi-brand portfolio and the outstanding execution by our teams both shoreside and shipboard.”

Total cruise operating expenses increased from $1.539 billion in the third quarter of 2024 to $1.555 billion this year.

Total debt in the quarter stood at $14.5 billion, with the net leverage of 5.4x at September 30, 2025, representing an increase of 0.1x from June 30, 2025, “primarily due to the delivery of Oceania Allura”.

Sommer added: “As we move into the fourth quarter, we are seeing the benefits of our strategic focus on Caribbean itineraries, which are attracting more families to the Norwegian brand, and we expect this to continue into 2026 with load factor exceeding 2024 levels.

“In addition, Oceania Cruises and Regent Seven Seas Cruises continue to capitalise on sustained demand for luxury travel, supported by our strategy to elevate both brands firmly within the luxury and ultra-luxury space.”