Norwegian Cruise Line (NCLH) Q3 2026 Earnings
Adjusted EPS excludes a $16.8 million loss on disposal of Oceania Sirena, $2.7 million of restructuring costs, $21.3 million of non-cash share-based compensation, and a $19.8 million net foreign currency gain on euro-denominated debt (amounts in thousands: 16,825; 2,710; 21,321; (19,815)). GAAP diluted EPS was $1.07.
How Did NCLH Stock React to Q3 2026 Earnings?
Did NCLH Beat Earnings? Q3 2026 Results
Yes. Norwegian Cruise Line reported Q3 2026 earnings of $1.12 a share on Oct 29, 2026, beating the $0.94 consensus estimate by 19.1%. Revenue was $2.9B against a $2.9B estimate.
Norwegian Cruise Line Holdings Ltd. delivered a clear earnings beat in the third quarter of 2026, posting adjusted EPS of $1.12 against a consensus estimate of $0.94, a 19.06% positive surprise that extended the company's streak of beating consensus EPS estimates to four consecutive quarters. Revenue of $2.95 billion edged ahead of the $2.88 billion consensus by 2.27% and was roughly flat year over year, up 0.3%. The headline driver was stronger-than-expected close-in demand and onboard spending, which lifted onboard and other revenue to $1.00 billion, while disciplined cost management kept unit costs below guidance. Adjusted EBITDA of $937.00 million ran well ahead of the company's own guidance of $874.00 million, even as both that figure and adjusted EPS came in below year-ago levels, reflecting ongoing pressure from softer net yields. Management raised its full-year 2026 adjusted EPS outlook to approximately $1.70 and now sees net yield down about 4.4% in constant currency, while pointing to 2027 net yield growth of 1% to 2% as its brand repositioning and revenue management overhaul take hold.
- Stronger-than-expected close-in demand and onboard spend
- Cost discipline lowered unit costs; Adjusted Net Cruise Cost ex-Fuel per Capacity Day down 2.3% in constant currency
- Net Yield down 6.7% in constant currency, ~220 bps better than guidance
- Lower interest expense ($170.5M vs $328.8M) boosted GAAP net income
- Fuel price per metric ton, net of hedges, rose to $819 from $744
“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.”
Norwegian Cruise Line CEO, on the earnings call
What Is Norwegian Cruise Line's Outlook?
NCLH raised its full-year 2026 guidance. It now expects Adjusted EBITDA of about $2.55 billion, Adjusted Net Income of about $789 million and Adjusted EPS of about $1.70. Net Yield is expected to be down about 4.4% in constant currency, and Adjusted Net Cruise Cost excluding Fuel per Capacity Day down about 0.4% in constant currency. The full-year Adjusted Operational EBITDA Margin is expected at 33.7%. For Q4 2026, the company expects Net Yield down about 6.5% in constant currency, unchanged from prior guidance. Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to rise 1.7% in constant currency. Q4 Adjusted EBITDA is guided to $414 million, with a 25.0% Adjusted Operational EBITDA margin, Adjusted Net Income of about -$55 million and Adjusted EPS of about -$0.12. For 2027, the company expects Net Yield growth of 1% to 2%, with meaningful acceleration in the second half. Pricing is ahead of the prior year, while the first-half booked position trails. Newbuild-and-growth capex, net of financing, is guided to about $1.3 billion in 2026, $1.1 billion in 2027 and $0.5 billion in 2028.
NCLH YoY Financials
| Metric | Q3 2026 | Q3 2025 | Year over year |
|---|---|---|---|
| Revenue | $2.9B | $2.9B | +0.3% |
| Operating Income | $624.3M | $749.4M | −16.7% |
| Net Income | $491.5M | $419.3M | +17.2% |
NCLH Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.