Key Highlights

  • Adjusted EPS of USD 1.12 beat the consensus estimate of USD 0.93, while GAAP EPS was USD 1.07.
  • Total Revenue of USD 2.95 billion topped the consensus estimate of USD 2.88 billion on stronger close-in Demand and spend.
  • Adjusted EBITDA of USD 937 million exceeded the company guidance of USD 874 million by USD 63 million.
  • Full year guidance rose to Adjusted EBITDA of about USD 2.55 billion and Adjusted EPS of about USD 1.70.

Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) reported third quarter 2026 adjusted Earnings Per Share of USD 1.12, above the consensus estimate of USD 0.93, while GAAP EPS was USD 1.07. Total revenue of USD 2.95 billion exceeded the consensus estimate of USD 2.88 billion and compared with USD 2.94 billion a year earlier. GAAP Net Income rose to USD 491 million from USD 419 million, and adjusted net income was USD 514 million.

Yield, Cost and Capacity Detail

Net Yield fell 6.5% as reported and 6.7% in constant currency, about 220 basis points better than the 8.9% decline the company had guided to. Chairperson and Chief Executive Officer John Chidsey attributed the result to stronger close-in demand from consumers who deferred summer trips, plus higher onboard spending. Occupancy reached 106.5% on 6.77 million capacity days, up from 6.42 million.

Adjusted Net Cruise Cost excluding fuel per capacity day was about USD 152, down 2.2% as reported and 140 basis points better than guidance. Fuel expense was USD 196 million, with the price per metric ton net of hedges at USD 819 against USD 744 a year earlier. Adjusted EBITDA of USD 937 million compares with guidance of USD 874 million, and the Chief Financial Officer put the adjusted operational EBITDA Margin at 43.3%.

Guidance and Balance Sheet Facts

The company raised full year 2026 guidance to Adjusted EBITDA of about USD 2.55 billion, up roughly USD 50 million, and Adjusted EPS of about USD 1.70, up USD 0.20. Full year constant currency Net Yield is guided to a decline of about 4.4%. For the fourth quarter it guided to Adjusted EBITDA of USD 414 million, Adjusted EPS of negative USD 0.12 and Net Yield down about 6.5%, reflecting the delayed delivery of Seven Seas Prestige to late December and cancelled Seven Seas Voyager sailings that were to transit the Suez Canal.

Total Debt stood at USD 15.1 billion and net debt at USD 14.8 billion, for net Leverage of 5.5x. After quarter end the company issued USD 950 million of 8.750% senior notes due 2031 and upsized its revolving Loan facility, lifting pro forma Liquidity to USD 2.1 billion, including about USD 257 million of cash. No significant debt maturities fall before 2029. Management also announced a further USD 100 million of run rate savings tied to air travel optimization and promotional changes, phasing in through 2028.

Signposts for the Fourth Quarter and 2027

Several dated and quantified items frame the next report. Management projects 2027 Net Yield growth of 1% to 2%, with a meaningful acceleration in the second half, while first half 2027 pricing is ahead of last year but the booked position remains behind. A new Marketing platform is scheduled to launch in January alongside the 2027 wave season, and an investor day is planned for the first half of 2027.

Other markers include net leverage of 5.5x, fourth quarter Adjusted Net Cruise Cost excluding fuel guided up 1.7% as costs shift from the third quarter, and the agreed sale of Oceania Insignia, with delivery to the buyer targeted for September 2027. The company also announced that its Chief Financial Officer steps down at year end, with the Chief Strategy Officer succeeding to the role on January 1, 2027.