Norwegian Cruise Line Posts 10% Revenue Gain, Lowers 2026 EPS Guidance to $1.45–$1.79
Norwegian Cruise Line Holdings reported first-quarter revenue rose 10% to $2.3 billion with GAAP net income of $105 million and adjusted EBITDA up 18% to $533 million. The company lowered full-year 2026 adjusted EPS guidance to $1.45–$1.79 and announced $125 million of annualized SG&A savings alongside delivery of Norwegian Luna.
1. First Quarter Financial Performance
Norwegian Cruise Line Holdings generated $2.3 billion in first-quarter revenue, up 10% year-over-year, with GAAP net income of $105 million (EPS $0.23) and adjusted EBITDA of $533 million, an 18% increase. Gross margin per capacity day rose 4.0% while net yield declined 0.3% on a reported basis.
2. Revised 2026 Guidance
The company now expects full-year 2026 adjusted EPS of $1.45–$1.79 and adjusted EBITDA of $2.48–$2.64 billion. It forecasts net yield on a constant currency basis down 3–5%, with adjusted net cruise cost excluding fuel per capacity day roughly flat versus 2025.
3. Operational and Fleet Developments
During the quarter, Norwegian took delivery of the new ship Norwegian Luna featuring updated in-house entertainment and venues. Management executed SG&A optimization initiatives targeting $125 million in annual run-rate savings and appointed five new independent directors to its board.