Core Insights - Norwegian Cruise Line Holdings Ltd. (NCLH) reported third-quarter 2025 results with earnings exceeding estimates but revenues falling short, leading to a 9% decline in shares during pre-market trading [1][10]. Financial Performance - Adjusted earnings per share (EPS) for Q3 2025 were $1.20, surpassing the Zacks Consensus Estimate of $1.16, and up from $1.02 in the prior-year quarter [4]. - Quarterly revenues reached $2.94 billion, missing the consensus mark of $3.02 billion, but reflecting a 4.7% year-over-year increase [4]. - Passenger ticket revenues were $2.05 billion, compared to $1.94 billion in the prior-year quarter, while onboard and other revenues increased to $888.2 million from $861.7 million [5]. Expenses and Operating Results - Total cruise operating expenses rose 1% year over year to $1.6 billion, aligning with expectations [6]. - Gross cruise costs per Capacity Day were $302, down from $314.4 in the prior-year period, while adjusted net cruise costs (excluding fuel) per Capacity Day increased by 0.5% year over year to approximately $156 [6]. - Net interest expenses increased significantly to $328.8 million from $175.2 million in the year-ago quarter [7]. Balance Sheet - As of September 30, 2025, cash and cash equivalents stood at $166.8 million, down from $190.8 million at the end of 2024, while long-term debt rose to $13.6 billion from $11.8 billion [8]. Booking Trends - NCLH continues to experience strong booking trends across all brands, achieving record booking levels in Q3, primarily driven by demand for Caribbean itineraries [9]. - Occupancy for Q3 reached 106.4%, exceeding management's expectations of around 105.5% [11]. Future Guidance - For Q4 2025, NCLH anticipates occupancy of approximately 101.9% and adjusted EPS of nearly 27 cents [12]. - For the full year 2025, the company expects occupancy of approximately 103.5%, an increase from previous guidance, and adjusted EPS of $2.10, up from $2.05 [13].