Norwegian Cruise Line Cuts 2026 Earnings Guide to About $1.50 a Share on Demand Weakness

Norwegian Cruise Line lowered its full-year adjusted earnings-per-share and adjusted EBITDA forecasts after reporting a second-quarter profit beat that masked underlying margin pressures. The operator guided for EPS of approximately $1.50 per share, below the consensus estimate of $1.67, and cut its adjusted EBITDA outlook to about $2.5 billion. Second-quarter adjusted EPS of $0.48 beat the $0.39 forecast, while revenue of $2.6 billion trailed the $2.64 billion estimate.

Management cited demand weakness at its flagship brand alongside a 2.1% year-over-year decline in net yield, prompting the company to outline an additional $100 million in expected annualized cost savings. For the third quarter, Norwegian Cruise Line guided for EPS of $0.90 in line with expectations, while forecasting a further 8.9% drop in net yields. The carrier operates at a net leverage ratio of 5.3 times and maintains $1.5 billion in liquidity.