Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) stock fell after the company reported its third-quarter results, reflecting investor caution despite a solid performance.

The company posted record third-quarter 2025 revenue of $2.9 billion, up 5% year-over-year, but below analysts’ $3.02 billion estimate.

GAAP net income was $419.3 million, or 86 cents per share. Adjusted net income rose to $596 million, and adjusted EPS of $1.20 beat both the $1.16 consensus and company guidance of $1.14.

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Adjusted EBITDA climbed 9% to $1.02 billion, exceeding forecast.

Revenue growth was driven by higher Capacity Days and robust demand, partly offset by lower participation in the air program. Gross margin per Capacity Day rose 1.9%, and Net Yield increased 1.6%, in line with guidance.

Costs improved, with Gross Cruise Costs per Capacity Day down to $302 from $314 last year. Adjusted Net Cruise Cost excluding Fuel per Capacity Day held steady at about $156. Occupancy ...