Norwegian Cruise Line Holdings (NCLH) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Norwegian Cruise Line Holdings published the results on October 29, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Norwegian Cruise Line Holdings reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted EPS, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Q3 2026 depreciation and amortization includes a $17 million loss on the sale of Oceania Sirena, which Norwegian excludes from Adjusted EPS. Q3 2025 interest expense included $154.5 million of losses on debt extinguishment and modification.
• Diluted share counts differ between the periods because of the 2030 exchangeable notes: 460.4 million diluted shares in Q3 2026, against 495.7 million a year earlier, when the notes were dilutive.

Source: Norwegian Cruise Line Holdings Q3 2026 results, October 29, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Norwegian Cruise Line Holdings splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Norwegian Cruise Line Holdings's Passenger ticket revenue was $1.9 billion in Q3 2026, down 5% from $2.0 billion in Q3 2025, 66% of total revenue.
• Norwegian Cruise Line Holdings's Onboard and other revenue was $1.0 billion in Q3 2026, up 13% from $888 million in Q3 2025, 34% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Norwegian Cruise Line Holdings said:

“Q4 2026 Net Yield on a Constant Currency basis remains unchanged from prior guidance, declining ~6.5%.”

“Q4 2026 Adjusted EBITDA is expected to be $414 million and Adjusted Operational EBITDA margin for the quarter is expected to be 25.0%.”

“2026 full year Adjusted EBITDA is expected to be approximately $2.55 billion.”

“Adjusted EPS is expected to be approximately $1.70.”

Source: Norwegian Cruise Line Holdings Q3 2026 release, Oct 29, 2026.

This is the company's own guidance as of Oct 29, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the NCLH forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and GAAP diluted EPS, each as first reported in that quarter's release. Norwegian's revenue is seasonal and has historically been strongest in the Northern Hemisphere's summer months, which fall in the third quarter.

We do not hold a confirmed date for Norwegian Cruise Line Holdings's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 29, 2026

Norwegian Cruise Line Holdings operates three brands, Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises, with 33 ships and about 72,000 berths. Its Q3 2026 revenue of $2.9 billion splits into passenger ticket revenue, $1,946 million (accommodations, some meals and entertainment, taxes and fees, and air and land transport bought through Norwegian), and onboard and other revenue, $1,001 million (casino, beverages, shore excursions, specialty dining, spa, Wi-Fi and ship charters). (Norwegian Cruise Line Holdings Q3 2026 release, Oct 29, 2026; Norwegian Cruise Line Holdings Form 10-Q, Q3 2026, Oct 29, 2026)

Norwegian's revenue was flat because more capacity met lower prices. The 10-Q says Capacity Days rose with new ship deliveries while revenue per Capacity Day fell on a decline in ticket pricing. Capacity Days were 6,766,454 against 6,417,724; passenger ticket revenue fell 5% and onboard and other revenue rose 13%. Net Yield fell 6.5% as reported, about 220 basis points better than the guided 8.9% decline. (Norwegian Cruise Line Holdings Form 10-Q, Q3 2026, Oct 29, 2026; Norwegian Cruise Line Holdings Q3 2026 release, Oct 29, 2026)

Norwegian's ships sailed full: occupancy was 106.5%, against 106.4% a year earlier, and 983,214 passengers were carried. A figure above 100% means some cabins held three or more guests. Norwegian said results beat guidance mainly on stronger-than-expected close-in demand and onboard spending. (Norwegian Cruise Line Holdings Form 10-Q, Q3 2026, Oct 29, 2026; Norwegian Cruise Line Holdings Q3 2026 release, Oct 29, 2026)

By destination, North America (the U.S., the Caribbean, Canada and Mexico) brought in $1,673 million in the quarter and Europe $1,258 million, while Asia-Pacific fell to $12 million from $125 million. Norwegian says revenue from U.S.-sourced guests has been about 84% of total revenue over the past three fiscal years. (Norwegian Cruise Line Holdings Form 10-Q, Q3 2026, Oct 29, 2026)

Norwegian's GAAP diluted EPS was $1.07 and Adjusted EPS $1.12, beating Norwegian's own guidance of $0.90 by $0.22. Adjusted Net Income of $513.8 million adds back non-cash share-based compensation, restructuring costs and a $17 million loss on the sale of Oceania Sirena, and removes a $20 million foreign currency gain on euro-denominated debt. (Norwegian Cruise Line Holdings Q3 2026 release, Oct 29, 2026; Norwegian Cruise Line Holdings Form 10-Q, Q3 2026, Oct 29, 2026)

Norwegian's GAAP EPS rose while Adjusted EPS fell from $1.20 because the year-ago quarter carried $154.5 million of losses on debt extinguishment and modification, which GAAP counts and Adjusted EPS excludes. Net interest expense fell to $170.5 million from $328.8 million. Operating income dropped to $624.3 million from $749.4 million as cruise operating expense rose 7.3%, mainly with new ships. (Norwegian Cruise Line Holdings Q3 2026 release, Oct 29, 2026; Norwegian Cruise Line Holdings Form 10-Q, Q3 2026, Oct 29, 2026)

Norwegian's diluted weighted-average share count fell to 460,423,326 from 495,727,378, because the 2030 exchangeable notes added shares a year earlier. Fuel expense was $196 million, with the price per metric ton net of hedges up to $819 from $744. (Norwegian Cruise Line Holdings Q3 2026 release, Oct 29, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Norwegian Cruise Line Holdings gives quarterly and full-year guidance in its release, with sensitivities. For Q4 2026 it expects Net Yield down about 6.5% in constant currency, Adjusted EBITDA of $414 million and an Adjusted EPS loss of about $0.12. For full-year 2026 it raised guidance to Adjusted EBITDA of about $2.55 billion and Adjusted EPS of about $1.70, with Net Yield down about 4.4% in constant currency. (Norwegian Cruise Line Holdings Q3 2026 release, Oct 29, 2026)

For 2027 Norwegian expects Net Yield growth of 1% to 2%, with a meaningful acceleration in the second half. It said pricing for the first half of 2027 is ahead of the same point last year while the booked position is below it, and that its booked position for the next 12 months remains below its optimal range. Norwegian does not give GAAP guidance. (Norwegian Cruise Line Holdings Q3 2026 release, Oct 29, 2026)

A consensus figure is the average of the models published by the analysts who cover Norwegian Cruise Line Holdings, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Norwegian Cruise Line Holdings's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning NCLH is on is NCLH a buy or a sell?, what analysts expect next is on the NCLH forecast, and what the company does is on the Norwegian Cruise Line Holdings (NCLH) stock page.

Every number on this page can be traced to a document Norwegian Cruise Line Holdings published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.