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Norwegian Cruise Line

Norwegian Cruise Line (NCLH) Q1 2026 Earnings

Reported May 4, 2026 at 6:50 AM ET · SEC Source

Q1 26 EPS

$0.23

BEAT +61.29%

Est. $0.14

Q1 26 Revenue

$2.33B

MISS 1.16%

Est. $2.36B

vs S&P Since Q1 26

+12.9%

BEATING MARKET

NCLH +16.1% vs S&P +3.2%

Market Reaction

Did NCLH Beat Earnings? Q1 2026 Results

Norwegian Cruise Line Holdings delivered a sharply mixed first quarter for 2026, posting adjusted earnings of $0.23 per share and handily clearing the $0.14 consensus estimate by 61.29%, even as revenue of $2.33 billion came in fractionally below the… Read more Norwegian Cruise Line Holdings delivered a sharply mixed first quarter for 2026, posting adjusted earnings of $0.23 per share and handily clearing the $0.14 consensus estimate by 61.29%, even as revenue of $2.33 billion came in fractionally below the $2.36 billion Wall Street had anticipated. The profit story was driven by a meaningful capacity expansion, with Capacity Days rising to 6.39 million from 5.70 million a year ago, while occupancy climbed to 103.8% from 101.5%, helping push Adjusted EBITDA up 18% to $532.90 million. The company also swung to GAAP net income of $104.67 million from a loss of $40.30 million in the prior-year period, with total revenue growing 9.6% year over year. The quarter's bright spots, however, were quickly overshadowed by a material cut to full-year guidance, as management cited Middle East-related disruptions, elevated fuel costs, and softer demand for European summer itineraries; full-year adjusted EPS is now expected in a range of $1.45 to $1.79, with net yield on a constant currency basis forecast to decline 3% to 5%.

Key Takeaways

  • • Increased Capacity Days drove 10% revenue growth (6.39 million vs. 5.70 million year-over-year)
  • • Occupancy percentage improved to 103.8% from 101.5%
  • • Gross margin per Capacity Day increased 4.0% as reported
  • • Adjusted Net Cruise Cost Excluding Fuel per Capacity Day declined 0.2% as reported
  • • SG&A savings initiatives generating approximately $125 million of expected annualized run-rate savings
  • • Fuel price per metric ton net of hedges decreased to $651 from $687

NCLH Forward Guidance & Outlook

NCLH lowered its full year 2026 guidance due to Middle East-related disruptions, higher fuel expenses, and softer consumer demand particularly for European itineraries. Full year 2026 Adjusted EPS is expected to be $1.45 to $1.79. Full year Adjusted EBITDA is expected to be approximately $2.48 billion to $2.64 billion. Full year Net Yield on a Constant Currency basis is expected to decline approximately 3% to 5% versus 2025. Adjusted Net Cruise Cost Excluding Fuel per Capacity Day is expected to be approximately flat on a Constant Currency basis, reflecting SG&A savings. For Q2 2026, Adjusted EBITDA is expected to be approximately $632 million, Adjusted EPS approximately $0.38, and Net Yield on a Constant Currency basis is expected to decline approximately 3.6%. The company remains below its optimal booking range and is taking targeted actions to improve commercial strategy and revenue management.

24/7 Wall St

NCLH YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

NCLH Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“We delivered strong first quarter results, and more importantly we have already begun taking decisive actions to strengthen execution and accountability across the company, which will enhance results over the longer term.”

— John W. Chidsey, Q1 2026 Earnings Press Release

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