Norwegian Cruise Line Q2 2026: EPS beats, but yield outlook darkens
NCLH beat on the bottom line but cut the top-line outlook: Q2 GAAP EPS of $0.48 topped the $0.3988 consensus, and Adjusted EBITDA of $666 million beat guidance. Revenue rose 4.9% to $2.64 billion, yet net yield fell and management now guides full-year net yield down about 5%. Read this as a cost-driven quarter inside a still-unfinished turnaround. Our view: Neutral.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $0.48 came in about 20.4% above the $0.3988 consensus estimate and matched Adjusted EPS, so there were no big one-off adjustments flattering the number. Net income was $222.6 million versus $30.0 million a year ago, but operating income actually fell to $363.3 million from $423.8 million. The bottom line was helped by non-operating items: a $137.4 million net non-operating expense this year versus $393.2 million last year.
Revenue of $2.64 billion rose 4.9% from $2.52 billion a year ago, which the company attributes to increased Capacity Days rather than better pricing. Gross margin slipped to 39.9% from 42.1%, and gross margin per Capacity Day fell 11.6%. In plain terms, there were more cabins to sell, but each one earned less.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.