Norwegian Cruise Line (1NC) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 06, 2026

Before Open (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

0.13

Last Year’s EPS

0.06

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 12 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Mar 02, 2026|

% Change Since:

Earnings Call Sentiment|Neutral

The call presented a mix of clear operational and financial progress (Q4 and FY2025 EBITDA, margin and EPS gains, cost discipline, strong luxury bookings, strategic fleet orders, and positive early results from Great Stirrup Cay) alongside meaningful near-term challenges driven by execution missteps, a premature 40% capacity increase in the Caribbean, behind-curve bookings, and revised 2026 top-line guidance (Q1 yield decline and full-year yields roughly flat). Management has refreshed leadership, is prioritizing revenue management and technology investment, and expects cost discipline to continue, but acknowledged that meaningful top-line recovery will take time to materialize given booking lead times. On balance, positive historical results and structural fixes are counterbalanced by material short-term execution and guidance headwinds, so the overall tone is cautious and focused on a multi-quarter turnaround.

Company Guidance

Management guided 2026 net yields to be down ~1.6% in Q1, stabilize and modestly improve by ~0.6% in the balance of the year (bringing full-year net yields to approximately flat), with Q1 adjusted net cruise cost excluding fuel down ~0.8%, unit costs up ~1.4% over the remaining nine months and ~0.9% for the full year; first-quarter adjusted operational EBITDA margin is expected to be ~29.1% (versus 28.4% in 2025) with Q1 adjusted EBITDA of ~$515M, full-year adjusted EBITDA of ~$2.95B (up ~8%), Q1 adjusted EPS of ~$0.16 and full-year adjusted EPS of ~$2.38 (up ~13%), while net leverage is expected to remain roughly flat at ~5.2x (temporarily ~+0.25 turn from deliveries of Norwegian Luna and Seven Seas Prestige), fuel is ~51% hedged for 2026 (27% for 2027), and the company reiterated its $300M+ cost-savings program and the expectation that cost discipline will keep unit cost growth well below inflation.

Fourth Quarter Outperformance and Strong Q4 Metrics

Q4 net yields grew 3.8%; adjusted net cruise cost ex fuel per capacity day was $158 (up only 0.2%); adjusted EBITDA for the quarter was $564,000,000; adjusted net income was $130,000,000 and adjusted EPS was $0.28 (note: excludes an ~ $95,000,000 / $0.20 IT-related write-off).

Full-Year 2025 Financial Improvement

FY2025 net yields rose 2.4%; adjusted EBITDA increased 11% to $2,730,000,000; adjusted operational EBITDA margin improved 160 basis points to 37.1%; adjusted EPS increased 19% to $2.11; unit costs (adjusted net cruise cost ex fuel per capacity day) rose only 0.7%—well below inflation.

Sustained Cost Discipline and Savings Program

Company delivered nearly three consecutive years of sub-inflationary unit cost growth and is progressing on a $300,000,000+ savings target; 2026 full-year unit cost growth guidance ~0.9% (well below inflation) and Q1 unit cost expected to decline ~0.8%.

Luxury Portfolio Strength and Booking Momentum

Oceania Sonata launch booking day exceeded the prior Oceania Laura launch by 45%; Regent (luxury) January bookings were up 20% year-over-year, indicating strong demand in the luxury segment.

Strategic Fleet Investment and Future Growth Capacity

Announced new ship orders across all three brands and now have 17 ships on order slots through 2037; management notes modest initial capital outlays on these orders with no material near-term leverage impact expected from the orders themselves.

Great Stirrup Cay Enhancements and Early Positive Guest Feedback

Opened a new pier, expanded pool, and enhanced amenities on Great Stirrup Cay with strong early guest satisfaction; Great Tides Waterpark slated to open later this summer, expected to further strengthen demand into 2027 and monetize private-destination strategy.

Fuel Hedging and Lower Fuel Consumption Trend

Approximately 51% of 2026 fuel hedged (27% hedged for 2027); management expects continued control over fuel consumption with implied forecast showing lower fuel consumption per capacity day (2025 down ~6% y/y; 2026 implied down ~3%).

Leadership Refresh and Focus on Revenue/Technology

New CEO (John Chidze) and an essentially refreshed executive team in critical functions; management has prioritized investments in revenue management and customer-facing technology to drive future yield improvement.

Norwegian Cruise Line (DE:1NC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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DE:1NC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 06, 2026	2026 (Q1)	0.13 / -	0.06	―	―	―
Mar 02, 2026	2025 (Q4)	0.23 / 0.24	0.222	7.69% (+0.02)
Nov 04, 2025	2025 (Q3)	0.99 / 1.03	0.847	21.21% (+0.18)
Jul 31, 2025	2025 (Q2)	0.44 / 0.44	0.342	27.50% (+0.09)
Apr 30, 2025	2025 (Q1)	0.08 / 0.06	0.137	-56.25% (-0.08)
Feb 27, 2025	2024 (Q4)	0.09 / 0.22	-0.154	244.44% (+0.38)
Oct 31, 2024	2024 (Q3)	0.81 / 0.85	0.65	30.26% (+0.20)
Jul 31, 2024	2024 (Q2)	0.29 / 0.34	0.257	33.33% (+0.09)
May 01, 2024	2024 (Q1)	0.08 / 0.14	-0.257	153.33% (+0.39)
Feb 27, 2024	2023 (Q4)	-0.10 / -0.15	-0.89	82.69% (+0.74)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

DE:1NC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 04, 2025	€19.38	€16.46	-15.07%
Jul 31, 2025	€20.27	€22.18	+9.45%
Apr 30, 2025	€15.24	€14.05	-7.79%
Feb 27, 2025	€23.99	€22.75	-5.17%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.