Norwegian Cruise Line Holdings Ltd.: Beat — EPS $1.12, Revenue $2.95B
Earnings BeatQ3 2026 · Pre-market
Did Norwegian Cruise Line Holdings Ltd. (NCLH) beat earnings today?
Yes, Norwegian Cruise Line Holdings Ltd. (NCLH) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+19.15% surprise
$1.12Actual
Expected: $0.94
vs. year ago -6.7%
Total Revenue+2.32% surprise
$2.95BActual
Expected: $2.88B
vs. year ago +0.3%
Released Oct 29 · 6:30 AM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $2.95B | $2.94B | +0.3% |
| Revenue detail — reported lines | |||
| └─Passenger ticket | $1.95B | $2.05B | -5.1% |
| └─Onboard and other | $1.00B | $888.18M | +12.7% |
| Net Income | $491.46M | $419.30M | +17.2% |
| GAAP Basic EPS | $1.07 | $0.93 | +15.1% |
| GAAP Diluted EPS | $1.07 | $0.86 | +24.4% |
| Adjusted EPS | $1.12 | $1.20 | -6.7% |
Financial Outlook / Guidance
| Metric | Q4 2026 Outlook | FY2026 Outlook |
|---|---|---|
| Net Yield | ~(6.5%) | ~(4.0%) |
| Net Yield Constant Currency | ~(6.5%) | ~(4.4%) |
| Adjusted Net Cruise Cost Excluding Fuel per Capacity Day | ~1.5% | ~(0.1%) |
| Adjusted Net Cruise Cost Excluding Fuel per Capacity Day Constant Currency | ~1.7% | ~(0.4%) |
| Capacity Days | ~6.43M | ~26.18M |
| Occupancy | ~100.0% | ~103.2% |
| Adjusted EBITDA | ~$414M | ~$2.55B |
| Adjusted Operational EBITDA Margin | 25.0% | 33.7% |
| Adjusted Net Income | ~($55)M | ~$789M |
| Adjusted EPS | ~($0.12) | ~$1.70 |
| Diluted Weighted-Average Shares Outstanding | ~459M | ~463M |
| Depreciation and Amortization | ~$280M | ~$1,083M |
| Interest Expense, net | ~$188M | ~$695M |
| Effect of 1% Net Yield change on Adjusted EBITDA / Adjusted EPS | ~$17M / ~$0.04 | ~$76M / ~$0.16 |
| Effect of 1% Adjusted Net Cruise Cost Excluding Fuel change on Adjusted EBITDA / Adjusted EPS | ~$10M / ~$0.02 | ~$42M / ~$0.09 |
| Effect of 1% Foreign Exchange rates change on Adjusted Net Income / Adjusted EPS | ~$1.5M / ~$0.00 | ~$1.5M / ~$0.00 |
| Fuel consumption | 255,000 metric tons | 1,001,000 metric tons |
| Fuel price per metric ton, net of hedges | $803 | $788 |
| Effect on Adjusted EPS of 10% fuel price change | $0.03 | $0.03 |
| Newbuild-and-Growth Capital Expenditures, Gross | ~$1,094M | ~$2.9B |
| Export Credit Financing for Newbuild-and-Growth Capital Expenditures | ~$594M | ~$1.6B |
| Newbuild-and-Growth Capital Expenditures, Net of Financing | ~$500M | ~$1.3B |
| Other Capital Expenditures | ~$96M | ~$540M |
Business Highlights
- ➤Opened Great Tides Waterpark at Great Stirrup Cay on September 4.
- ➤Waterpark spans nearly six acres with 19 waterslides and cliff jumps.
- ➤Announced ~$100 million of run-rate savings from air optimization and promotional changes.
- ➤Completed Oceania Sirena sale and chartered the vessel through spring 2028.
- ➤Agreed to sell Oceania Insignia, with delivery expected in September 2027.
- ➤Opened sales for Norwegian Bella, the final Prima Class ship, for May 2028 Europe itineraries.
- ➤Floated out Oceania Sonata, the first Sonata Class ship, targeting an August 2027 debut.
- ➤Preparing a new marketing platform and base-loading strategy for 2027 and 2028 sailings.
Management Commentary
John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd.
“We delivered third quarter results that came in above guidance, all while continuing to strengthen our commercial capabilities, improve operating efficiency and enhance the guest experience,”
John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings Ltd.
“As we implement the next phase of our turnaround, we are focused on sharpening Norwegian Cruise Line’s brand positioning, improving marketing effectiveness and taking a more disciplined approach to revenue management as well as a prudent base-loading strategy. We are seeing the early signs of progress and expect Net Yield growth of 1% to 2% in 2027, with a meaningful acceleration in the back half of the year.”
Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd.
“Subsequent to quarter-end, we completed the issuance of $950 million of 8.750% senior notes due 2031 and upsized our Revolving Loan Facility, strengthening our liquidity position. With no significant debt maturities until 2029, we believe our existing financial resources and ongoing cash generation provide a clear path to fund our turnaround strategy and strengthen our balance sheet over time,”
Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd.
“Reducing Net Leverage remains a top priority. We continue to center our focus on cost discipline and cash generation as we work to restore Net Yield growth, with stronger earnings and cash flow expected to drive further deleveraging.”