NCL CORP Ltd.
NCL Corporation Ltd. (parent: Norwegian Cruise Line Holdings) filed an 8-K reporting Q3 2026 results. Total revenue was $2.947B, GAAP net income was $491M ($1.07 EPS), and Adjusted EPS of $1.12 beat guidance by $0.22. Full-year 2026 Adjusted EBITDA guidance was raised to ~$2.55B with Adjusted EPS of ~$1.70. The company also announced ~$100M in additional run-rate savings phasing in through 2028.
- Q3 Adjusted EPS of $1.12 beat guidance of $0.90 by $0.22; GAAP EPS was $1.07.
- Q3 Adjusted EBITDA of $937M exceeded guidance of $874M by $63M.
- Full-year 2026 Adjusted EBITDA guidance raised to ~$2.55B; Adjusted EPS raised to ~$1.70.
- Net Leverage ended Q3 at 5.5x with total debt of $15.1B and Net Debt of $14.8B.
- 2027 Net Yield growth expected at 1-2%, with meaningful acceleration in the second half.
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A $63M EBITDA beat and raised full-year guidance signal the turnaround is gaining traction, but 5.5x leverage and a guided Q4 loss keep the balance-sheet story front and center.
Cruise industry peers have also reported strong demand recovery; NCLH's Net Yield decline of 6.5% in Q3 and guided 4.4% full-year decline suggest pricing power still trails pre-pandemic levels despite occupancy of 103.2%.
Booked position for next 12 months remains below optimal range; Q4 2026 Adjusted Net Income guided to ~($55)M with Adjusted EPS of ~($0.12), indicating a loss quarter ahead. Net Leverage at 5.5x remains elevated.