Norwegian Q3 2026: cost beat, pricing still shrinking
Norwegian Cruise Line Holdings beat on both lines in Q3 2026 — $1.07 GAAP EPS against $0.96 consensus — mostly by spending less per berth and selling more onboard, not by charging more. Revenue of $2.95 billion was flat year over year while capacity grew 5.4%, so per-unit pricing fell. Read the beat as a cost story, not a demand story.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $1.07 beat the $0.96 consensus by $0.11, and adjusted EPS of $1.12 beat the $0.90 guidance by $0.22. But adjusted EPS was $1.20 a year ago, so the underlying per-share number fell 6.7%. The GAAP gain over last year's $0.86 is flattered by $154.5 million of debt extinguishment charges that hit the 2025 quarter.
Revenue came in at $2.95 billion, up 0.3% from $2.94 billion a year ago. That flat line hides a bigger fleet: capacity days rose 5.4%, so every added berth was sold at a lower price. Onboard and other revenue of $1.00 billion now covers 34.0% of the top line, while passenger ticket revenue of $1.95 billion actually fell 5.1%.
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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 2026-11-03
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