Shares of Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) declined about 10% on Thursday after the company released fourth-quarter results that missed revenue estimates and provided 2026 guidance that investors found disappointing.
For the quarter, Norwegian reported revenue of $2.24 billion, below the Wall Street consensus of $2.35 billion. Adjusted earnings per share were $0.28, a modest beat versus the $0.26 estimate. Net income for the period was $14.3 million.
Looking ahead, the company provided preliminary expectations for 2026. For the first quarter of fiscal 2026, Norwegian Cruise Line forecast adjusted earnings per share of $0.16 and adjusted EBITDA of $515 million. For the full year, management projected adjusted earnings per share of $2.38.
Management said the company is entering 2026 slightly below its optimal booking range, calling out a pressured backdrop for bookings overall. The firm also noted that demand has been particularly strong across its luxury brands, which the company said benefit from longer booking curves.
On costs, Norwegian expects adjusted net cruise cost excluding fuel per capacity day to increase 0.9% for 2026 on a constant currency basis. For the first quarter, that same metric is projected to decline 0.8% on a constant currency basis.
Analysts reacted to the guidance. Truist analysts wrote: "NCLH would still be under pressure given the weak 2026 guide. Interestingly, 1Q earnings guide is modestly ahead of the Street which implies further issues in 2Q-4Q26 vs. Street expectations. When we met with management last month they insisted that 2Q-4Q were going as previously expected, however today’s guide implies otherwise."
Separately, Gordon Haskett analysts observed that board nominations are due in twelve days. The firm highlighted a new slide in the company’s investor presentation titled "PROVEN LEADERSHIP ACROSS CRUISE, TRAVEL AND GLOBAL BRANDS," interpreting the slide as an indication of pressure from activist investor Elliott Management.
The combination of a revenue shortfall, cautious commentary on bookings, and guidance that suggests strain later in the year contributed to the stock’s weakness on the day.
What to watch next
- Booking trends across the core and luxury brands, and whether luxury demand continues to outpace other segments.
- Quarterly progression of adjusted net cruise cost excluding fuel per capacity day, particularly into the spring and summer booking windows.
- Board developments and any signs of increased activist engagement tied to upcoming nominations.