Norwegian Cruise Line (NCLH) Reports Q4 Earnings: What Key Metrics Have to Say

By Zacks Equity Research | March 02, 2026, 9:30 AM

For the quarter ended December 2025, Norwegian Cruise Line (NCLH) reported revenue of $2.24 billion, up 6.4% over the same period last year. EPS came in at $0.28, compared to $0.26 in the year-ago quarter.

The reported revenue represents a surprise of -4.55% over the Zacks Consensus Estimate of $2.35 billion. With the consensus EPS estimate being $0.28, the EPS surprise was -0.5%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Norwegian Cruise Line performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
  • Passenger Cruise Days: 6,374.07 KDays compared to the 6,405.04 KDays average estimate based on four analysts.
  • Capacity Days: 6,263.06 KDays compared to the 6,281.23 KDays average estimate based on four analysts.
  • Net Yield: $275.80 versus the four-analyst average estimate of $275.80.
  • Occupancy percentage: 101.8% compared to the 102% average estimate based on four analysts.
  • Fuel price per metric ton, net of hedges: $662.00 versus $673.54 estimated by three analysts on average.
  • Net Cruise Cost per Capacity Day: $189.66 versus $191.87 estimated by two analysts on average.
  • Gross Cruise Cost per Capacity Day: $272.21 versus the two-analyst average estimate of $285.44.
  • Net Cruise Cost Excluding Fuel: $1,020.29 compared to the $1,029.22 average estimate based on two analysts.
  • Total Passengers carried: 786,827 versus the two-analyst average estimate of 753,219.
  • Adjusted Net Cruise Cost Excluding Fuel: $995.94 million compared to the $998.69 million average estimate based on two analysts.
  • Revenue- Onboard and other: $734.36 million compared to the $746.81 million average estimate based on five analysts. The reported number represents a change of +4.8% year over year.
  • Revenue- Passenger ticket: $1.51 billion versus the five-analyst average estimate of $1.59 billion. The reported number represents a year-over-year change of +7.2%.

View all Key Company Metrics for Norwegian Cruise Line here>>>

Shares of Norwegian Cruise Line have returned +12.9% over the past month versus the Zacks S&P 500 composite's -1.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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Norwegian Cruise Line Holdings Ltd. (NCLH): Free Stock Analysis Report

This article originally published on Zacks Investment Research (zacks.com).

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