Generated total revenue of $2.5 billion, a record for the Company and up 33% compared to the same period in 2019, and GAAP net income of $345.9 million, or EPS of $0.71. Achieved Adjusted EBITDA of $752 million and Adjusted EPS of $0.76, exceeding guidance of $730 million and $0.70 respectively.

As of early 2026, Norwegian Cruise Line Holdings (NCLH) is in a period of "disciplined recovery." After carrying significant debt from the 2020-2022 global travel pause, the company reported a return to full-year profitability in 2025, driven by record-high "occupancy levels" and "onboard revenue" (spending on drinks, excursions, and specialty dining). Their "Great Cruise Comeback" strategy focuses on the launch of the Prima Class ships, which command higher "ticket yields" due to their more spacious and luxurious design. While NCLH still manages a long-term debt load of approximately $12 billion, their "Free Cash Flow" has improved significantly, allowing them to begin a gradual deleveraging process. Investors in 2026 view NCLH as the "growth" play in the cruise sector, as the company prioritizes "yield over volume," focusing on higher-spending North American guests and expanding their private island, Great Stirrup Cay, to compete with Royal Caribbean’s "Perfect Day" offerings.