Strong Q1 beat is overshadowed by significant FY2026 guidance reduction. Watch Q2 booking trends and management commentary on demand recovery in Europe. Net Leverage at 5.3x and high capex profile add risk. Monitor peer cruise stocks (CCL, RCL) for sector-wide read-through.
Price Chart
Executive Summary
NCLH reported Q1 2026 GAAP EPS of $0.23, beating $0.14 consensus by 64%, with revenue of $2.33B (+10% YoY) slightly below $2.36B estimate. However, the company lowered full year 2026 guidance, citing Middle East disruptions and softer European demand, with Adjusted EPS now expected at $1.45-$1.79 and Net Yield declining 3%-5% on a constant currency basis.
Key Financial Metrics
Key Facts
- Q1 GAAP EPS $0.23 vs $0.14 consensus (+64% beat)
- Q1 revenue $2.33B (+10% YoY), slightly below $2.36B consensus
- Adjusted EBITDA $533M exceeded guidance of ~$515M
- Full year 2026 Adjusted EPS guidance lowered to $1.45-$1.79 (from prior undisclosed level)
- Net Yield expected to decline 3%-5% on constant currency basis for FY2026
- Geopolitical headwinds (Middle East) impacting European bookings and fuel costs
- Targeted SG&A savings of $125M annualized run-rate announced
Financial Impact
EPS beat by $0.09 but full year guidance cut by undisclosed amount; Net Yield decline of 3%-5% vs 2025
Risk Factors
- Geopolitical tensions in Middle East further dampening European demand
- Fuel price volatility (FY2026 fuel guidance $782/metric ton, up from $651 Q1)
- High net leverage (5.3x) and $15.2B debt burden
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3286517 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 30, 2026 9w ago | 8-K | $18.72 $16.65 | ▲ +11.06% | ▲ +15.02% | $15.14 (+19.12%) |
Jul 30, 2026 9w ago | Press Release | $18.72 $16.65 | ▲ +11.06% | ▲ +15.02% | $15.14 (+19.12%) |
Jun 16, 2026 15w ago | 8-K | $19.83 $19.61 | ▼ −1.11% | ▼ −2.43% | $15.14 (−23.65%) |
Jun 8, 2026 16w ago | Press Release | $18.55 $19.26 | ▲ +3.83% | ▲ +2.20% | $15.14 (−18.38%) |
May 26, 2026 18w ago | Insider Cluster | $18.16 $21.01 | ▲ +15.71% | ▲ +18.00% | $15.14 (−16.62%) |
May 21, 2026 19w ago | Insider Cluster | $16.29 $20.04 | ▲ +23.03% | ▲ +23.20% | $15.14 (−7.05%) |
May 19, 2026 19w ago | Insider Cluster | $16.03 $19.83 | ▲ +23.71% | ▲ +23.75% | $15.14 (−5.55%) |
May 7, 2026 21w ago | Insider Cluster | $17.23 $18.15 | ▲ +5.35% | ▲ +2.22% | $15.14 (−12.12%) |
May 4, 2026 21w ago | 8-K | $17.19 $18.06 | ▼ −5.07% | ▲ +0.58% | $15.14 (+11.92%) |
May 4, 2026 21w ago | Press Release | $17.19 $18.06 | ▲ +5.07% | ▼ −0.58% | $15.14 (−11.92%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access