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Sentiment · FY2026 Q2
As of FY2026 Q1, the Tellvest earnings-call sentiment score for Norwegian Cruise Line Holdings (NCLH) is 6/10.
Norwegian Cruise Line delivered a first quarter that beat its own guidance, with net yield down 1%, Adjusted Net Cruise Cost Ex Fuel of $168 declining 1%, and Adjusted EBITDA of $533 million all ahead of plan, yet the story was the sharply lowered full-year outlook: net yields now expected to decline 3%-5% and adjusted EPS cut to $1.45-$1.79 from roughly $2.38. New CEO John Chidsey attributed the revision to internal marketing and revenue-management missteps that left the company behind its booking curve, compounded by Middle East-related pressure on European sailings (about 26% of Q2 and 38% of Q3 deployment) and softer domestic demand. Management moved decisively on cost, identifying $125 million of annualized SG&A savings and bringing cumulative savings toward $400 million, while framing the revenue fix as a multi-quarter rebuild that should show green shoots in 2027. With CapEx set to decline by nearly $1 billion per year and no major debt maturities until 2030, the company emphasized a path to deleveraging even as year-end net leverage sits in the high fives.
Scored from Norwegian Cruise Line Holdings’s FY2026 Q1 earnings call. The newest quarter is available with Tellvest Pro.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.11B | +6.2% | $0.49 | +296.0% | 10.2% | 12.1% | $156M |
| FY2025 Q1 | $2.13B | -2.9% | $-0.09 | -326.6% | 9.4% | -1.9% | $-846M |
| FY2025 Q2 | $2.52B | +6.1% | $0.07 | -79.1% | 16.8% | 1.2% |
| $381M |
| FY2025 Q3 | $2.94B | +4.7% | $0.86 | -9.5% | 25.5% | 14.3% | $-727M |
| FY2025 Q4 | $2.24B | +6.4% | $0.03 | -93.9% | 8.3% | 0.6% | $21M |
| FY2026 Q1 | $2.33B | +9.6% | $0.23 | +351.9% | 10.0% | 4.5% | $-625M |
| FY2026 Q2 | $2.64B | +4.9% | $0.48 | +617.5% | 13.8% | 8.4% | $178M |