Norwegian Cruise Line Holdings Ltd. Earnings Recaps
Q3 2026
Oct 30, 2026
Norwegian Cruise Line Holdings rose 13.4% after reporting third-quarter results above its own guidance: adjusted EBITDA was $937 million and adjusted EPS was $1.12. The beat was driven by stronger-than-expected close-in demand and onboard spending, while net yield still declined 6.7% year over year.
Key takeaways
- Net yield fell 6.7%, about 220 basis points better than guidance, as consumers booked summer vacations closer to departure and onboard spending was strong.
- Unit costs declined 2.3% year over year, 140 basis points better than guidance.
- Adjusted EBITDA of $937 million exceeded guidance by $63 million; adjusted EPS of $1.12 was $0.22 above guidance.
- Management identified about $225 million in annualized savings and cash benefits over the prior two quarters, plus another $100 million in expected run-rate benefits to phase in over the next couple of years.
- The company says its turnaround work is ongoing and expects performance to improve in 2027; management plans to provide more detail at an Investor Day in the first half of 2027.
Q3 2025
Nov 6, 2025
Norwegian Cruise Line Holdings reported record quarterly revenue, exceeding guidance across all metrics, driven by strong demand and improved load factors, ultimately raising adjusted EPS expectations for the year.
Key takeaways
- Achieved the highest quarterly revenue in company history with an adjusted EBITDA reaching approximately $1 billion for the first time.
- Load factor improved to 106.4%, fueled by robust bookings up over 20% year-over-year, particularly from families and luxury brands.
- Adjusted EPS exceeded guidance by $0.06, aided by a capital market transaction that reduced outstanding shares by over 7%.
- Introduced a new tri-branded loyalty recognition program and enhanced the NCL website, resulting in increased conversion rates and pre-cruise sales at all-time highs.
- Secured a landmark agreement for renewable marine fuel supply at the Port of Barcelona, showcasing commitment to sustainability and cross-industry collaboration.