Norwegian Cruise Line (NCLH) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue rose 4.9% year-over-year to $2.64 billion, with net income of $223 million and EPS of $0.48, both exceeding guidance.

• Adjusted EBITDA was $666 million, above guidance, with Adjusted Net Income of $222 million and Adjusted EPS of $0.48.

• Leadership changes, new commercial capabilities, and strategic initiatives delivered $225 million in annualized savings over the past two quarters.

• Enhanced guest experience with new attractions at Great Stirrup Cay, including the Great Tides Water Park opening September 2026.

• Settled 2027 Exchangeable Senior Notes in cash, reducing diluted share count by 4 million for 2026.

Financial highlights

• Q2 Net Yield declined 2.6% year-over-year, outperforming guidance; Adjusted Net Cruise Cost ex. Fuel at $163.82, down 0.5%.

• Adjusted EBITDA of $666 million, Adjusted Net Income of $222 million, and Adjusted EPS of $0.48.

• Gross Cruise Cost per Capacity Day for Q2 2026 was $304.41; Gross margin per Capacity Day was $122.03.

• Occupancy for Q2 was 102.4%, with 906,689 passengers carried.

• Liquidity at quarter-end was $1.5 billion, including $218 million in cash and $1.3 billion available under the revolver.

Outlook and guidance

• Full-year 2026 Adjusted EPS expected at $1.50, Adjusted Net Income at $700 million, and Adjusted EBITDA at $2.5 billion.

• Net Yield for 2026 projected to decline ~5% year-over-year; Adjusted Net Cruise Cost ex. Fuel per Capacity Day to decrease 0.25%.

• Q3 2026 Net Yield expected to decline 8.9% with 104% occupancy; Adjusted EBITDA forecast at $874 million.

• Booking environment remains below optimal, pressured by demand challenges and Middle East conflict.

• First half of 2027 expected to remain pressured, with improvement anticipated in the second half as new strategies take effect.