| Metric | Value ($ M) | Q1 FY26 | Q2 FY25 |
|---|---|---|---|
| Revenue | 2.6K | 13.3% | 4.9% |
| Total Income | 2.6K | 13.3% | 4.9% |
| Expenditure | 2.3K | 8.5% | 8.8% |
| PBT | 225.96 | 109.9% | 637.7% |
| Net Profit | 222.55 | 112.6% | 642.1% |
| OPM | 13.76% | 3.77pp | 3.08pp |
| NPM | 8.43% | 3.94pp | 7.24pp |
| EPS | 0.48 | 108.7% | 585.7% |
Norwegian Cruise Line Holdings Reports Q2 2026 Financial Results
30 Jul 2026 · 30 Jul, 4:21 pm
Summary
Norwegian Cruise Line Holdings reported a solid second quarter with total revenue of $2.6 billion, a 4.9% increase year-over-year. GAAP net income was $223 million, with diluted EPS of $0.48. The company exceeded its guidance for profitability, reporting Adjusted EBITDA of $666 million. Management highlighted progress on strategic priorities, including cost efficiencies and brand positioning, while acknowledging the early stages of a turnaround and continued demand pressure at the Norwegian Cruise Line brand. The company updated its full-year 2026 guidance, expecting Adjusted EPS of approximately $1.50.
Key Highlights
- 1
Second quarter total revenue grew 4.9% to $2.6 billion compared to the second quarter of 2025.
- 2
GAAP net income for the second quarter was $223 million, with EPS of $0.48.
- 3
Adjusted EBITDA for the second quarter was $666 million, exceeding guidance.
- 4
The company now expects full year 2026 Adjusted EPS to be approximately $1.50.
- 5
An additional ~$100 million of expected annualized run-rate savings were generated through business sourcing strategy consolidation.
- 6
The grand opening of Great Tides Waterpark on September 4, 2026, at the Company’s private island, Great Stirrup Cay, was announced.
- 7
A memorandum of agreement was entered into in July 2026 for the sale of Oceania Sirena, expected to close in Q3 2026.
Management Comments
John W. Chidsey
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. We are executing with urgency on our priorities including sharpening our brand positioning and marketing execution, strengthening our revenue management and pricing capabilities, driving meaningful cost efficiencies, including an additional $100 million of savings, and ensuring we have the right team in place to rebuild commercial momentum over time. While we are confident in the strength of our brands and the long-term benefits of the actions underway, we are still in the early stages of our turnaround. Our leadership team is united and focused on delivering sustainable growth and long-term value creation.
Mark A. Kempa
While the demand environment remains pressured at our Norwegian Cruise Line brand, we continue to execute on disciplined cost and sourcing initiatives, and have identified an additional $100 million of expected annualized run-rate savings primarily related to technology vendors. We remain disciplined in managing our cost structure and over the past three years we have identified over $500 million in savings. These actions will help support future margin expansion and strengthen our financial flexibility as we continue to position the Company for long-term profitable growth.
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