NCLH

Norwegian Cruise Line HoldingsNYSE · Hotels, Resorts & Cruise Lines · Consumer Discretionary

Previous close

17.57

Change

−0.65 / −3.57%

FinDog View

Neutral

52-Week Range ?

13.63 – 25.13

P/E (TTM) ?

11.0

Forward P/E ?

10.5

Based on consensus earnings for the next 12 months

Market Cap

$8.0B

+19.85%

S&P 500 −0.91% over same period

Volume / Avg Volume

28.3M / 23.4M

1.21× average

Latest earnings analysisFY2026 Q2Reported 2026-07-30

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.

Read the full analysis →

Revenue$2.64BYoY +4.90%

EPS (non-GAAP)$0.48Beatest. $0.40

Next-day move−1.01%

Price History

Closing price · USD1M 6M 1Y 5Y

Historical P/E

Close ÷ trailing four-quarter EPS · Period median 14.61M 6M 1Y 5Y

Recent Earnings

Click to read the FinDog analysis

Period	Reported	Revenue	EPS Actual / Est.	Next-Day Move	Analysis
FY2026 Q2 Quarter ended 2026-06	2026-07-30	$2.6B	0.48 / 0.40	−1.01%	Read analysis →
FY2026 Q1 Quarter ended 2026-03	2026-05-04	$2.3B	0.23 / 0.15	−1.51%	Pending
FY2025 Q4 Quarter ended 2025-12	2026-02-12	$9.8B	0.28 / 0.27	−7.57%	Pending
FY2025 Q3 Quarter ended 2025-09	2025-11-04	$2.9B	1.20 / 1.18	−0.96%	Pending
FY2025 Q2 Quarter ended 2025-06	2025-07-31	$2.5B	0.51 / —	−4.15%	Pending
FY2025 Q1 Quarter ended 2025-03	2025-05-05	$2.1B	-0.09 / —	−0.58%	Pending

Next Earnings

Date and consensus from the earnings calendar; the analysis is generated automatically after the releaseEarnings Calendar →

Report date

2027-03-01

in 120 days · After hours

Consensus EPS

$-0.10

Last quarter EPS $0.48

Avg. next-day move over the last 6 reports

±2.6%

Decision Panel

Trends · Valuation · Earnings reaction · Guidance credibility — all from company filings and market data

Valuation

P/E is at percentile 18 of its 5-year rangeCheap

5-year range 9.1 – 48.3 · Median 16.9

No buybacks or dividends in the last four quarters

P/E (TTM)

11.0

P/B

3.2

P/S

0.8

PEG

0.24

Earnings Reaction

Over the last 6 reports, the stock moved ±2.6% on average on the first trading day after, rising 0 times

Most recent −1.01%

Volatility & Correlation

1-year beta 1.99 · Correlation with S&P 500 0.45High beta

Annualized volatility 56% vs. 13% for the S&P 500

Insider Trading

View all →

Last 90 days · Open-market buys and sells by officers and directors · Amounts in USD millions

No open-market buys or sells by officers or directors in the last 90 days.

Multi-Quarter Financial Trends

View all quarters →

Last 12 quarters · As reported by the company

Quarter	Revenue ($B)	YoY	Gross Margin	Operating Income ($B)	Net Income ($B)	Free Cash Flow ($B)	EPS
FY2026 Q3	2.95	+0.3%	43.4%	0.62	0.49	-0.11	1.07
FY2026 Q2	2.64	+4.9%	39.9%	0.36	0.22	0.14	0.48
FY2026 Q1	2.33	+9.6%	40.9%	0.23	0.10	-0.63	0.23
FY2025 Q4	2.24	+6.4%	41.0%	0.19	0.01	0.02	0.08
FY2025 Q3	2.94	+4.7%	47.1%	0.75	0.42	-0.73	0.86
FY2025 Q2	2.52	+6.1%	42.1%	0.42	0.03	0.38	0.07
FY2025 Q1	2.13	−2.9%	38.7%	0.20	-0.04	-0.85	-0.09
FY2024 Q4	2.11	+6.2%	38.0%	0.21	0.25	0.16	0.55
FY2024 Q3	2.81	+10.7%	45.2%	0.69	0.47	-0.20	0.95
FY2024 Q2	2.37	+7.6%	38.7%	0.34	0.16	0.33	0.35
FY2024 Q1	2.19	+20.3%	36.7%	0.22	0.02	0.55	0.04
FY2023 Q4	1.99	+30.8%	33.5%	0.12	-0.11	-0.39	-0.14

Peers

Largest by market cap in the sector · Latest quarterView Consumer Discretionary sector →

Ticker	Company	Market Cap	P/E	Revenue YoY	Gross Margin	1M	View
NCLH	Norwegian Cruise Line Holdings	$8.0B	11.0	+0.3%	43.4%	+19.85%	Neutral
AMZN	Amazon	$2.58T	19.4	+12.1%	53.2%	−3.53%	Neutral	Compare
TSLA	Tesla, Inc.	$1.57T	495.1	−0.2%	19.6%	+12.68%	Neutral	Compare
HD	Home Depot (The)	$329B	23.3	+5.7%	33.7%	+15.72%	Neutral	Compare
MCD	McDonald's	$183B	21.1	+3.7%	90.4%	+11.77%	Neutral	Compare
TJX	TJX Companies	$157B	25.8	+5.4%	33.4%	+6.05%	Bullish	Compare
SBUX	Starbucks	$118B	59.0	−1.4%	—	+10.33%	Neutral	Compare
LOW	Lowe's	$118B	17.6	+8.3%	33.0%	+13.45%	Neutral	Compare
BKNG	Booking Holdings	$111B	15.7	+8.1%	—	−9.07%	Bullish	Compare

The View in One Line

Adjusted EPS $0.48 beat guidance and estimates, another $100M cost savings; but full-year net yield guided ~-5%, Q3 -8.9%, weak bookings, $15B debt and 5.3x leverage unchanged.

Updated 2026-10-30

View History

09-17Bearish → Neutral
Q2 adjusted EPS $0.48 beat guidance and consensus, but full-year net yield guided to about -5%, bookings soft, net leverage 5.3x; neutral.

ETFs holding it

Weights estimated at latest prices

Key Events

10-30M&A / Contracts
Norwegian Cruise Line Signs $5 Billion Credit Facilities for Two New Ships
On October 27, 2026, NCLH subsidiary NCLC signed credit facilities of up to about $2.5 billion each for two new ships, SACE-insured, with deliveries in 2034 and 2036.Source ↗
10-29Management Change
CFO Transition: Kempa to Advisor, Montana Named CFO
Mark Kempa steps down as CFO on Dec 31, 2026, becoming advisor; Meghan Montana succeeds him as CFO on Jan 1, 2027, with a $875,000 base salary.Source ↗
10-15Capital Actions
Norwegian Cruise Line issues $950 million senior notes and redeems old debt
On October 15, 2026, Norwegian Cruise Line's subsidiary issued $950 million of 8.750% senior notes, using net proceeds of about $941.7 million to redeem 2028 notes and repay borrowings.Source ↗
08-12Governance
Board Decides to Hold Annual Advisory Vote on Executive Compensation
On August 11, 2026, Norwegian Cruise Line's board decided that future advisory votes on executive compensation will be held annually until the next required vote before 2032.Source ↗
06-16Governance
Shareholders Approve 2013 Incentive Plan Amendment, Adding 8.807 Million Shares
Norwegian Cruise Line shareholders approved an amendment to the 2013 performance incentive plan, increasing shares available for issuance by 8.807 million to 56.816 million, with the plan extended to February 8, 2036.Source ↗
05-29Capital Actions
Norwegian Cruise Line Switches 2027 Exchangeable Notes to Cash Settlement
On May 29, 2026, Norwegian Cruise Line subsidiary NCLC fixed the settlement method of its 1.125% and 2.50% exchangeable senior notes to cash settlement, expected to reduce dilution by about 2 million shares in Q2 and about 4 million shares for the full year.Source ↗
03-27Management Change
NCLH Appoints Chidsey as President and CEO
Norwegian Cruise Line appointed John W. Chidsey as President and CEO on February 12, 2026, and signed an employment agreement on March 26 with an annual salary of $1.715 million and a grant of 2.1399 million restricted stock units.Source ↗
03-27Governance
Norwegian Cruise Line Reaches Agreement with Elliott, Appoints Four New Directors
On March 26, 2026, Norwegian Cruise Line reached a cooperation agreement with Elliott, appointing Jonathan Cohen, Alex Cruz, Brian MacDonald, and Kevin Lansberry as directors effective March 31.Source ↗

Key Financial Trends

Quarterly Revenue ($B)2.9

Gross Margin43.4%

Free Cash Flow ($B)-0.1