Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) shares fell 7.8% in premarket trading after the company delivered stronger-than-expected fourth-quarter earnings but disappointed investors with weaker revenue and fiscal 2026 guidance that came in below market forecasts.
The cruise operator reported adjusted earnings per share of $0.28 for the fourth quarter, ahead of analyst expectations of $0.26. Revenue, however, totaled $2.2 billion, missing consensus estimates of $2.34 billion, although it still marked a 6% increase compared with the same period a year earlier.
Looking ahead, Norwegian forecast adjusted EPS of $2.38 for fiscal 2026, below analysts’ projections of $2.60. The company also expects full-year adjusted EBITDA of about $2.95 billion and adjusted net income of approximately $1.12 billion.
“The team delivered solid fourth quarter and full year 2025 results reflecting the strength of our award-winning brands, loyal guests and dedication of our team and crew members,” said President and Chief Executive Officer John W. Chidsey. “As I step into this new role my initial assessment is that our strategy is sound, but execution and cross-functional alignment have fallen short.”
For the first quarter of 2026, Norwegian projects adjusted EPS of roughly $0.16 and adjusted EBITDA of around $515 million. The company expects constant-currency net yield to decline by about 1.6% compared with 2025, mainly due to difficulties absorbing a 40% year-on-year increase in Caribbean capacity tied to misalignment between deployment levels and the Norwegian brand’s commercial strategy.
For the full 2026 fiscal year, constant-currency net yield is expected to remain broadly flat year over year. Norwegian also anticipates adjusted net cruise costs excluding fuel per capacity day to rise approximately 0.9% on a constant-currency basis, marking a third consecutive year of unit cost growth below inflation.
In fiscal 2025, Norwegian generated total revenue of $9.8 billion, representing a 3.7% year-on-year increase. Adjusted EPS rose 19% to $2.11, slightly exceeding company guidance of $2.10.