Norwegian Cruise Line Holdings reports $491 million quarterly profit
Norwegian Cruise Line Holdings (NCLH) reported net income of $491 million for the third quarter of 2026, compared with $419 million in the corresponding period last year, as the cruise operator raised its full-year earnings guidance.
Total revenue reached approximately $2.9 billion during the quarter ended 30 September, remaining broadly in line with the previous year. Adjusted EBITDA stood at $937 million, exceeding the company’s guidance of $874 million, although declining from approximately $1.02 billion in the third quarter of 2025.
Adjusted net income reached $514 million, while adjusted earnings per share stood at $1.12, above the company’s previous forecast of $0.90. The results reflected stronger-than-expected late bookings and onboard passenger spending, alongside continued cost-control measures.
Despite the better-than-expected quarterly performance, Net Yield declined 6.7% on a constant-currency basis compared with 2025. The decline was smaller than the 8.9% reduction previously anticipated by the company.
John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings, said the group was continuing to improve operating efficiency, strengthen its commercial capabilities and implement its turnaround strategy.
Norwegian raises annual guidance and outlines fleet transactions
Following the third-quarter results, Norwegian Cruise Line Holdings increased its full-year 2026 Adjusted EBITDA forecast to approximately $2.55 billion and its adjusted earnings-per-share forecast to $1.70.
The group also announced approximately $100 million in additional annualised savings associated with guest and crew air travel optimisation and changes to promotional offerings. These savings are expected to be phased in through 2028.
As of 30 September 2026, NCLH reported total debt of approximately $15.1 billion and net debt of $14.8 billion, with net leverage standing at 5.5 times. On 15 October, the company completed the issuance of $950 million in senior notes due in 2031, strengthening its liquidity position alongside an increase in its revolving credit facility.
The company also confirmed two transactions involving its Oceania Cruises fleet. It completed the sale of Oceania Sirena, entering into a charter agreement that will allow the vessel to remain in operation through spring 2028.
Separately, NCLH entered into a memorandum of agreement for the sale of Oceania Insignia, with delivery to the buyer expected in September 2027.
Looking ahead, the company expects Net Yield growth of 1% to 2% in 2027, with stronger performance anticipated during the second half of the year. Its forward booking position has improved modestly but remains below the group’s targeted range.
Norwegian Cruise Line Holdings operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, with a combined fleet of 33 vessels and approximately 72,000 berths, excluding two ships under long-term charter to third parties.
