Norwegian Cruise Line Holdings Ltd. (NCLH) Q3 2026 Earnings Call

Concluded Oct 29, 2026

Oct 29, 2026

Revenue $2.95B +0.3% YoY

Diluted EPS $1.07 +24.4% YoY

Gross margin · derived Q4 43.4% -3.7 pp YoY

Net income $491.46M +17.2% YoY

Executive readout · one minute

What the filings say

8-K earnings release · filed Oct 29, 2026: Norwegian Cruise Line Holdings Ltd. reported third-quarter performance above guidance, posting $491 million of GAAP net income and $937 million of Adjusted EBITDA. It raised 2026 Adjusted EBITDA guidance to approximately $2.55 billion and Adjusted EPS to approximately $1.70.
10-Q report · filed Oct 29, 2026: NCLC generated $2.9 billion of revenue and $491.5 million of net income for the three months ended September 30, 2026, with diluted EPS of $1.07; its next 12 months booked position improved modestly but remained below its optimal range.

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Forward guidance

14 guided metrics

Management's latest ranges and targets are included below.

Research coverage

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Presentation 30 pages 8-K earnings release Filed Oct 29, 2026 10-Q report Filed Oct 29, 2026 Company webcastOpen the original investor-relations page

From the 8-K filed Oct 29, 2026.

Metric	Period	Guided	Basis
Occupancy table Fourth Quarter 2026	Fourth Quarter 2026	100%	—
Occupancy table Lowered Full Year 2026	Full Year 2026	103.2%	—
Adjusted EBITDA table Raised Full Year 2026	Full Year 2026	$2.55B	Non-GAAP
Adjusted EBITDA table Fourth Quarter 2026	Fourth Quarter 2026	$414M	Non-GAAP
Adjusted Net Income table Fourth Quarter 2026	Fourth Quarter 2026	$-55M	Non-GAAP
Adjusted Net Income table Raised Full Year 2026	Full Year 2026	$789M	Non-GAAP
Depreciation and Amortization table Fourth Quarter 2026	Fourth Quarter 2026	$280M	—
Depreciation and Amortization table Full Year 2026	Full Year 2026	$1.08B	—
Interest Expense, net table Full Year 2026	Full Year 2026	$695M	—
Interest Expense, net table Fourth Quarter 2026	Fourth Quarter 2026	$188M	—
Effect of a 1% change in Net Yield on Adjusted EBITDA table Fourth Quarter 2026	Fourth Quarter 2026	$17M	Non-GAAP
Effect of a 1% change in Net Yield on Adjusted EBITDA table Full Year 2026	Full Year 2026	$76M	Non-GAAP
Adjusted Operational EBITDA Margin Raised full year 2026	full year 2026	33.7%	Non-GAAP
Adjusted Operational EBITDA margin Q4 2026	Q4 2026	25%	Non-GAAP

How the reported period landed and where the business moved.

Passenger$1.95B -5.1% YoY

Onboard and Other$1.00B +12.7% YoY