Q2 26 EPS
$0.48
BEAT +22.79%
Est. $0.39
Q2 26 Revenue
$2.64B
MISS 0.05%
Est. $2.64B
vs S&P Since Q2 26
-12.7%
TRAILING MARKET
NCLH -8.6% vs S&P +4.2%
Market Reaction
Did NCLH Beat Earnings? Q2 2026 Results
Norwegian Cruise Line Holdings Ltd. Posted a stronger-than-expected second quarter, delivering adjusted EPS of $0.48 against a consensus estimate of $0.34, a beat of 41.18%, while revenue climbed 4.9% year-over-year to $2.64 billion. The headline num… Read more Norwegian Cruise Line Holdings Ltd. Posted a stronger-than-expected second quarter, delivering adjusted EPS of $0.48 against a consensus estimate of $0.34, a beat of 41.18%, while revenue climbed 4.9% year-over-year to $2.64 billion. The headline numbers, however, mask a more complicated picture: the beat was driven in part by favorable year-over-year comparisons, as Q2 2025 had been burdened by $68.44 million in debt extinguishment charges and $121.91 million in unfavorable FX adjustments that did not recur this period. Beneath the surface, Adjusted EBITDA slipped 4.1% to $665.51 million and Net Yield declined roughly 2.1% as reported, reflecting ongoing demand generation challenges at the core Norwegian brand, an issue that has drawn significant institutional attention in recent months. Management, in the early stages of a self-described turnaround under CEO John Chidsey, identified an additional $100 million in annualized cost savings but tempered expectations by lowering full-year 2026 Adjusted EPS guidance to approximately $1.50, with Net Yield now expected to decline around 5% constant currency for the full year.
Key Takeaways
- • Revenue growth driven by increased Capacity Days rather than pricing
- • Net Yield declined approximately 2.1% as reported but beat guidance of 3.6% decline
- • Adjusted Net Cruise Cost excluding Fuel per Capacity Day essentially flat, 150 basis points better than guidance
- • GAAP net income improvement partly due to non-recurrence of $68 million debt extinguishment charges and $122 million unfavorable FX adjustments from Q2 2025
- • Fuel price per metric ton net of hedges increased to $888 from $659 year-over-year
NCLH Forward Guidance & Outlook
The company lowered its full-year 2026 guidance due to ongoing demand generation and revenue challenges at the Norwegian Cruise Line brand. Full year 2026 Adjusted EPS is now expected at approximately $1.50, with Adjusted EBITDA of approximately $2.5 billion. Net Yield on a constant currency basis is expected to decline approximately 5% versus 2025. Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to decline approximately 0.25% constant currency. Adjusted Operational EBITDA Margin is expected to be 33.2%. For Q3 2026, Net Yield on a constant currency basis is expected to decline 8.9%, Adjusted EBITDA is expected to be $874 million, and Adjusted Operational EBITDA Margin is expected to be 41.2%. The company remains below its optimal booked position for the next 12 months due to softer demand at Norwegian Cruise Line related to company-specific execution challenges and the ongoing Middle East conflict. The company has identified an additional ~$100 million of expected annualized run-rate savings on top of $125 million announced last quarter, but benefits of leadership and strategic changes are expected to be realized over time with limited impact on 2026 results.
NCLH YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
NCLH Revenue by Segment
With YoY comparisons, source: SEC Filings
“Norwegian Cruise Line Holdings delivered a solid second quarter with profitability ahead of guidance. At the same time, we continued to advance our strategic priorities to strengthen the business for the long term.”
— John W. Chidsey, Q2 2026 Earnings Press Release
NCLH Earnings Trends
NCLH vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NCLH EPS Trend
Earnings per share: estimate vs actual
NCLH Revenue Trend
Quarterly revenue: estimate vs actual
NCLH Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.39 | $0.48 | +22.79% | $2.64B | -0.05% |
| Q1 26 BEAT | $0.14 | $0.23 | +61.29% | $2.33B | -1.16% |
| Q4 25 BEAT FY | $0.27 | $0.28 | +5.50% | $2.24B | -4.26% |
| FY Full Year | $2.10 | $2.11 | +0.60% | $9.83B | -1.01% |
| Q3 25 BEAT | $1.16 | $1.20 | +3.31% | $2.94B | -2.92% |
| Q2 25 MISS | $0.52 | $0.51 | -0.99% | $2.52B | -1.56% |
| Q1 25 MISS | $0.09 | $0.07 | -22.48% | $2.13B | -0.91% |