| Metric | Value ($ M) | Q2 FY26 | Q3 FY25 |
|---|---|---|---|
| Revenue | 2.9K | 11.6% | 0.3% |
| Total Income | 2.9K | 11.6% | 0.3% |
| Expenditure | 2.3K | 2.0% | 6.1% |
| PBT | 484.63 | 114.5% | 11.8% |
| Net Profit | 491.47 | 120.8% | 17.2% |
| OPM | 21.18% | 7.42pp | 4.32pp |
| NPM | 16.68% | 8.25pp | 2.41pp |
| EPS | 1.07 | 122.9% | 15.1% |
Norwegian Cruise Line Holdings Reports Q3 2026 Financial Results Above Guidance
29 Oct 2026 · 2d ago, 4:36 pm
Summary
Norwegian Cruise Line Holdings reported third quarter 2026 financial results exceeding guidance, with total revenue at $2.9 billion and GAAP net income of $491 million. Adjusted EBITDA reached $937 million and Adjusted EPS was $1.12, driven by stronger-than-expected demand and cost discipline. The company raised its full-year 2026 guidance, now expecting Adjusted EBITDA of approximately $2.55 billion and Adjusted EPS of $1.70, reflecting positive momentum and ongoing operational improvements.
Key Highlights
- 1
Third quarter total revenue was $2.9 billion, with GAAP net income of $491 million and EPS of $1.07.
- 2
The Company delivered third quarter results above guidance, with Adjusted EBITDA of $937 million, Adjusted Net Income of $514 million and Adjusted EPS of $1.12.
- 3
Full year 2026 guidance was raised, with 2026 Adjusted EBITDA now expected to be approximately $2.55 billion and Adjusted EPS of approximately $1.70.
- 4
Great Tides Waterpark opened in early September at the Company’s private island, Great Stirrup Cay, expanding its offerings.
- 5
Additional run-rate savings of approximately $100 million related to guest and crew air optimization were announced.
- 6
The Company completed the issuance of $950 million of senior notes due 2031, enhancing its liquidity position.
- 7
Oceania Sirena was sold, and a charter agreement was entered into to continue operating the vessel through spring 2028.
Management Comments
John W. Chidsey
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. As we implement the next phase of our turnaround, we are focused on sharpening Norwegian Cruise Line’s brand positioning, improving marketing effectiveness and taking a more disciplined approach to revenue management as well as a prudent base-loading strategy. We are seeing the early signs of progress and expect Net Yield growth of 1% to 2% in 2027, with a meaningful acceleration in the back half of the year.
Mark A. Kempa
Subsequent to quarter-end, we completed the issuance of $950 million of 8.750% senior notes due 2031 and upsized our Revolving Loan Facility, strengthening our liquidity position. With no significant debt maturities until 2029, we believe our existing financial resources and ongoing cash generation provide a clear path to fund our turnaround strategy and strengthen our balance sheet over time. Reducing Net Leverage remains a top priority. We continue to center our focus on cost discipline and cash generation as we work to restore Net Yield growth, with stronger earnings and cash flow expected to drive further deleveraging.
Informational and educational content only. Not investment advice.