Norwegian Cruise Line Q2 Misses, Reaffirms 2025 Outlook

Norwegian Cruise Line Holdings (NCLH) reported Q2 2025 adjusted earnings of $0.51 per share, missing analyst expectations by $0.01, and revenues of $2.52 billion, which fell short of projections due to weakening cruise demand and softer on-board spending amid economic uncertainty. Despite these misses, revenue increased 6.1% year over year, and both operating and free cash flow margins improved versus the prior year. Management reaffirmed its full-year adjusted EPS guidance of $2.05 and issued EBITDA guidance of $2.72 billion, citing confidence in future performance and an expanded Revolving Loan Facility to boost liquidity. Over the past five years, the company posted a 15.5% compounded annual growth rate in sales, outpacing most consumer discretionary firms. However, shares have declined about 9.1% year-to-date, underperforming the broader market. Investors are advised to monitor earnings outlooks and estimate revisions for future stock movement.