Norwegian Cruise Line Holdings beats third-quarter profit estimate and raises 2026 forecast

Norwegian Cruise Line Holdings reported third-quarter earnings of $1.12 a share, $0.16 more than expected. Revenue came in at $2.95 billion, against $2.94 billion expected.

The company raised its full-year 2026 forecast. It now expects Adjusted EBITDA, a measure of earnings before interest, tax, depreciation and amortization, of about $2.55 billion. It expects Adjusted EPS, earnings per share on the same basis, of about $1.70. For the fourth quarter alone, it expects Adjusted EBITDA of about $414 million.

The company expects Net Yield growth of 1% to 2% in 2027, with a meaningful acceleration in the second half of the year. John W. Chidsey, chairperson and chief executive, said the company is seeing early signs of progress.

The results confirm what the company flagged in an early notice of results on September 30, and the beat carried through to the bottom line. The 2027 outlook is the first full-year framework of its kind, and it sits alongside a net interest expense range the company gave in September. In October the company completed $950 million of senior notes due 2031 and upsized its revolving loan facility, a credit line. That refinancing now appears to be balance sheet work done ahead of a higher forecast, rather than a stand-alone move to shore up cash. A change in chief financial officer, disclosed days before this report, sits alongside the results without disrupting the raised forecast.