Norwegian Cruise Line Holdings reported first-quarter 2026 revenue of $2.3 billion, up 10% from a year earlier, as higher capacity days boosted sales. Net income rose to $104.7 million from a loss of $40.3 million in the prior-year quarter, while diluted earnings per share increased to $0.23 from a loss of $0.09.
Adjusted EBITDA climbed 18% to $533 million from $453 million, beating the company’s roughly $515 million target. Adjusted net income more than doubled to $108 million, and adjusted EPS rose to $0.23 from $0.10, an increase of $0.13.
Operating costs moved lower in several areas. Gross cruise costs per capacity day fell to about $287 from $297 a year ago. Adjusted net cruise cost excluding fuel was about $169 per capacity day, down 0.2% on an as-reported basis and 1.0% on a constant-currency basis versus last year, and better than the company’s guidance. Fuel expense in the quarter was $169 million, and fuel price per metric ton, net of hedges, declined to $651 from $687.
Revenue performance was mixed. Gross margin per capacity day increased 4.0% year over year on an as-reported basis and 2.6% on a constant-currency basis, but net yield slipped 0.3% as reported and 1.0% constant currency.
The company also cut its full-year 2026 outlook. Adjusted EPS is now expected to be $1.45 to $1.79, down from prior expectations implied by earlier guidance, and adjusted EBITDA is projected at $2.48 billion to $2.64 billion. Full-year net yield is now expected to fall 3% to 5% on a constant-currency basis, while adjusted net cruise cost excluding fuel is expected to be roughly flat versus 2025.
For the second quarter, the company expects adjusted EBITDA of about $632 million, adjusted EPS of about $0.38, and net yield to decline 3.6% on a constant-currency basis. Adjusted net cruise cost excluding fuel is expected to rise about 1.0% constant currency.
At quarter-end, total debt stood at $15.2 billion and net debt at $15.0 billion. Liquidity was $1.6 billion, including about $185 million in cash and $1.4 billion available under its revolving credit facility. Net leverage finished the quarter at 5.3x.
The company said it executed initiatives expected to generate about $125 million in annualized SG&A savings. It also took delivery of Norwegian Luna during the quarter and appointed five new independent directors effective March 31, 2026. Following these announcements, the company's shares moved 0.49%, and are now trading at a price of $18.51. Check out the company's full 8-K submission here.
