Norwegian Cruise Line Holdings Reports Second Quarter 2026 Financial Results

Posted on 31 July, 2026 by Spacejunkie2

Norwegian Bliss photo credit Dave Jones / Spacejunkie – https://flic.kr/ps/GkiQt

Norwegian Cruise Line Holdings today reported financial results for the second quarter ended June 30, 2026 and provided guidance for the third quarter and full year 2026.

Highlights

Second quarter total revenue grew 4.9% to $2.6 billion. GAAP net income was $223 million with EPS of $0.48.
Delivered better-than-expected second quarter profitability, with Adjusted EBITDA1 of $666 million, Adjusted Net Income of $222 million and Adjusted EPS of $0.48, each exceeding guidance.
Company now expects full year 2026 Adjusted EPS to be approximately $1.50.
Advanced the Company’s global business sourcing strategy through the consolidation of technology vendors as well as other salary and benefit savings, generating an additional ~$100 million of expected annualized run-rate savings, primarily from capital expenditures and SG&A.
Announced the grand opening of Great Tides Waterpark on September 4, 2026, at the Company’s private island, Great Stirrup Cay. Spanning nearly six acres, Great Tides Waterpark will deliver a bold, family-friendly adventure across immersive attractions for all ages.
Entered into a memorandum of agreement in July 2026 for the sale of Oceania Sirena. Oceania Cruises expects to continue operating Oceania Sirena through spring 2028 pursuant to a charter agreement. The transactions are expected to close during the third quarter of 2026.
Prior to quarter-end, the Company elected to settle the 1.125% Exchangeable Senior Notes due 2027, and the 2.50% Exchangeable Senior Notes due 2027, in cash. The elections are expected to reduce the diluted weighted-average shares outstanding in full year 2026 by 4 million shares, relative to guidance previously issued on May 4, 2026.
“Norwegian Cruise Line Holdings delivered a solid second quarter with profitability ahead of guidance. At the same time, we continued to advance our strategic priorities to strengthen the business for the long term,” said John W. Chidsey, Chairperson and Chief Executive Officer of Norwegian Cruise Line Holdings.

“We are executing with urgency on our priorities including sharpening our brand positioning and marketing execution, strengthening our revenue management and pricing capabilities, driving meaningful cost efficiencies, including an additional $100 million of savings, and ensuring we have the right team in place to rebuild commercial momentum over time. While we are confident in the strength of our brands and the long-term benefits of the actions underway, we are still in the early stages of our turnaround. Our leadership team is united and focused on delivering sustainable growth and long-term value creation.”

Second Quarter 2026 Highlights

Generated total revenue of $2.6 billion, a 4.9% increase compared to the second quarter of 2025, driven by increased Capacity Days. GAAP net income was $223 million compared to $30 million in the prior year, with EPS of $0.48.
Gross margin per Capacity Day decreased 11.6% versus 2025 on an as reported basis and decreased 12.3% on a Constant Currency basis. Net Yield decreased approximately 2.1% on an as reported basis and 2.6% on a Constant Currency basis, better than guidance of a decline of 3.6%.
Gross Cruise Costs per Capacity Day were approximately $304, compared to $306 in the prior year. Adjusted Net Cruise Cost excluding Fuel per Capacity Day was approximately $164 on an as reported basis and $163 on a Constant Currency basis. Compared to 2025, this metric was essentially flat on an as reported basis and decreased 0.5% on a Constant Currency basis, 150 basis points better than guidance.
Adjusted EBITDA declined 4.1% to $666 million, compared to $694 million in 2025, above guidance of $632 million. Adjusted EPS decreased 6.6% to $0.48, above guidance of $0.38.
2026 Full Year Outlook

The Company said it continues to execute on the cost front, identifying $100 million of annualized savings, in addition to the $125 million of annualized savings announced last quarter. The Company has also taken actions to strengthen its execution, including the addition of key leadership within marketing, revenue management and other key areas at Norwegian Cruise Line. The benefits of these changes are expected to be realized over time and will have a limited impact on 2026 financial results as the Company navigates through its execution challenges, which are impacting its demand generation and revenue outlook. As a result, the Company is updating its full year 2026 guidance. A summary of the updated full year guidance is provided below:

2026 full year Net Yield on a Constant Currency basis is expected to be down approximately 5% versus 2025.
2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to be down approximately 0.25% on a Constant Currency basis versus 2025, reflecting better-than-previously-guided performance driven by ongoing savings.
2026 full year Adjusted EBITDA is expected to be approximately $2.5 billion.
Adjusted Operational EBITDA Margin for the full year 2026 is expected to be 33.2%.
Full year Adjusted Net Income is expected to be approximately $700 million. Adjusted EPS is expected to be approximately $1.50.
Q3 2026 Outlook

Q3 2026 Net Yield on a Constant Currency basis is expected to decline 8.9% versus 2025.
Q3 2026 Adjusted Net Cruise Cost excluding Fuel per Capacity Day is expected to decline 0.9% on a Constant Currency basis versus 2025.
Q3 2026 Adjusted EBITDA is expected to be $874 million and Adjusted Operational EBITDA Margin for the quarter is expected to be 41.2%.

Booking Environment Update

The Company remains below its optimal booked position for the next 12 months, as it continues to experience pressure from softer demand at its Norwegian Cruise Line brand related to Company-specific execution challenges, as well as the ongoing conflict in the Middle East. As we look ahead, the full amenities at the Company’s private island, Great Stirrup Cay, will be open to the public beginning September 4, including the pier and the new Great Tides Waterpark, the Great Life Lagoon, and the nearby Splash Harbor, which we expect will improve demand to Caribbean itineraries over time.

Liquidity and Financial Position

The Company is committed to optimizing its balance sheet and reducing Net Leverage. As of June 30, 2026, the Company had total debt of $15.0 billion and Net Debt of $14.8 billion. Net Leverage ended the quarter at 5.3x.

As of June 30, 2026, liquidity was $1.5 billion, including approximately $218 million of cash and cash equivalents and $1.3 billion of availability under our Revolving Loan Facility.

“While the demand environment remains pressured at our Norwegian Cruise Line brand, we continue to execute on disciplined cost and sourcing initiatives, and have identified an additional $100 million of expected annualized run-rate savings primarily related to technology vendors,” said Mark A. Kempa, Executive Vice President and Chief Financial Officer of Norwegian Cruise Line Holdings Ltd. “We remain disciplined in managing our cost structure and over the past three years we have identified over $500 million in savings. These actions will help support future margin expansion and strengthen our financial flexibility as we continue to position the Company for long-term profitable growth.”

Outlook and Guidance

In addition to announcing the results for the second quarter of 2026, the Company also provided guidance for the third quarter and full year 2026, along with accompanying sensitivities, subject to changes in the broad macroeconomic environment. The Company does not provide certain estimated future results on a GAAP basis because the Company is unable to predict, with reasonable certainty, the future movement of foreign exchange rates or the future impact of certain gains and charges. These items are uncertain and will depend on several factors, including industry conditions, and could be material to the Company’s results computed in accordance with GAAP. The Company has not provided reconciliations between the Company’s 2026 guidance and the most directly comparable GAAP measures because it would be too difficult to prepare a reliable U.S. GAAP quantitative reconciliation without unreasonable effort.

Royal Caribbean 2026 Q2 Results Strong; Company Raises Full Year Guidance

Posted on 29 July, 2026 by Spacejunkie2

Royal Caribbean 2026 Q2 Results Strong; Company Raises Full Year Guidance

Royal Caribbean Group (NYSE: RCL) today reported second quarter Earnings per Share (“EPS”) of $4.20 and Adjusted EPS of $4.21.

These results were better than the company’s guidance, driven by strong close-in demand, lower costs, and favorable performance from joint ventures, the company said in a press release.

The company now expects full year Adjusted EPS to be in the range of $17.73 to $17.87.

The increase in earnings expectations reflects the stronger-than-expected second quarter performance and an improved outlook for the remainder of the year. This outlook incorporates a modest booking impact for select itineraries primarily due to prolonged geopolitical activity.

“The strong second quarter performance demonstrates the continued strength of our brands, the appeal of our vacation experiences, and the momentum in our business,” said Jason Liberty, Chairman and CEO, Royal Caribbean Group. “We expect another year of approximately double-digit growth in revenue and earnings, driven by consumers’ preference for our leading brands and supported by our strong booked position, leading margin profile, and fortified balance sheet.”

“We continue to expand, elevate and differentiate our portfolio of vacation experiences,” Liberty added. “Legend of the Seas, which launched earlier this month as the third ship in our Icon class, is part of a platform that is reshaping the cruising experience and delivering exceptional returns. Its successful debut represents another important milestone in the execution of our innovation pipeline as we continue to redefine the vacation experience. At the same time, we are deepening guest engagement through our loyalty and technology platforms – strengthening our relationships with guests, increasing repeat rates, and positioning us to capture a greater share of the growing $2 trillion global vacation market.”

Second Quarter 2026:
• Total revenue was $4.8 billion, a 6% increase year over year. Load factor in the second quarter was 110%.
• Gross Margin Yields decreased 5.6% as-reported. Net Yields increased 1.9% as-reported and 1.2% in Constant Currency.
• Gross Cruise Costs per Available Passenger Cruise Days (“APCD”) increased 4.5% as-reported. Net Cruise Costs (“NCC”), excluding Fuel, per APCD increased 4.4% as-reported and 3.9% in Constant Currency.
• Net Income was $1.1 billion or $4.20 per share, Adjusted Net Income was $1.1 billion or $4.21 per share, and Adjusted EBITDA was $1.8 billion.

Full Year 2026 Outlook:
• Revenue is expected to grow 9% year over year. Net Yields are expected to increase 2.35% to 2.85% as-reported and 1.75% to 2.25% in Constant Currency.
• NCC, excluding Fuel, per APCD are expected to increase approximately 0.4% as-reported and be approximately flat in Constant Currency.
• Adjusted EPS is expected to be in the range of $17.73 to $17.87, representing 14% year over year growth, and a 23% CAGR over the first two years of the company’s Perfecta program, which targets a 20% earnings CAGR from 2024 to 2027 and ROIC in the high teens by 2027.

Second Quarter 2026 Results

Net Income for the second quarter of 2026 was $1.1 billion or $4.20 per share compared to Net Income of $1.2 billion or $4.41 per share for the same period in the prior year. Adjusted Net Income was $1.1 billion or $4.21 per share for the second quarter of 2026 compared to Adjusted Net Income of $1.2 billion or $4.38 per share for the same period in the prior year. The company also reported total revenues of $4.8 billion and Adjusted EBITDA of $1.8 billion.

Capacity for the second quarter was up 5% year over year and the company delivered memorable vacations to 2.4 million guests, a 6% increase year over year. Total revenue increased 6% year over year. Gross Margin Yields decreased 5.6% as-reported, and Net Yields increased 1.9% as-reported (1.2% in Constant Currency), when compared to the second quarter of 2025. Load factor for the quarter was 110%. Net Yield growth exceeded the company’s guidance primarily driven by better than expected close-in demand.

Gross Cruise Costs per APCD increased 4.5% as-reported, compared to the second quarter of 2025. NCC, excluding Fuel, per APCD increased 4.4% as-reported (and 3.9% in Constant Currency), when compared to the second quarter of 2025. The better-than-expected cost performance in the second quarter was primarily driven by favorable timing of expenses.

Update on Bookings and Onboard Revenue

The overall demand environment remains strong, supported by consumers’ continued preference for the company’s differentiated experiences. Since the last earnings call, the company has experienced a modest, near-term impact on bookings for select itineraries, primarily due to prolonged geopolitical activity. The company remains booked at record prices, booking volumes are above last year’s levels, and load factors remain robust across its vacation portfolio. The company continues to benefit from strong guest engagement and demand for onboard and destination experiences, supported by ongoing enhancements to its product offerings and more targeted pre-cruise engagement.

“Consumer demand for our vacation experiences is strong, and guests continue to demonstrate a desire to spend on memorable experiences with us,” said Naftali Holtz, Chief Financial Officer, Royal Caribbean Group. “As we build a broader vacation platform, we are giving guests more reasons to vacation with Royal Caribbean across more occasions, while reinforcing our ability to drive higher engagement and spend over time. While still very early, booking trends for 2027 are encouraging and pacing ahead of historical levels, including for itineraries where demand was impacted by geopolitical developments this year.”

Third Quarter 2026

Net Yields are expected to be approximately flat as-reported and in Constant Currency as compared to 2025, reflecting continued healthy demand and pricing at record levels leading to expected total revenue growth of 8%.

NCC, excluding Fuel, per APCD, is expected to decrease 1.7% to 1.2% as-reported and 1.6% to 1.1% in Constant Currency as compared to 2025.
Based on current fuel pricing, interest rates, currency exchange rates and the factors detailed above, the company expects third quarter Adjusted EPS to be in the range of $6.26 to $6.36.

Viking Announces CEO Transition and Reports First Quarter Results

Posted on 15 May, 2026 by Spacejunkie2

Viking Announces CEO Transition and Reports First Quarter Results

Viking Holdings today announced that its Board of Directors has appointed Leah Talactac, President and Chief Financial Officer, as Chief Executive Officer.

Torstein Hagen, Chairman and CEO, has been appointed as Executive Chairman and will continue to serve as Chairman of Viking’s Board of Directors, according to a press release.

The company also announced that Linh Banh, Executive Vice President of Finance, has been appointed as CFO.

Since joining Viking in 2006, Viking said Talactac has been a key leader on the executive team. Alongside Hagen, she led Viking’s initial public offering in 2024, which was the largest offering on the NYSE that year, and she was appointed President in January 2025 while retaining her responsibilities as CFO. Starting today, Talactac will report to the Board of Directors and continue to lead Viking’s executive committee.

As Executive Chairman, Hagen will focus on long term strategy and continue to support Talactac in her role as CEO.

“This leadership transition reflects the strength and depth of Viking’s management team and the succession planning we have built over many years,” said Hagen. “Leah’s appointment as CEO is a natural next step, and the Board and I have full confidence in her ability to lead Viking with the same continuity, discipline and vision that have guided us since Viking was founded. On behalf of the entire Viking family, we congratulate Leah, and I look forward to partnering closely with her and the Board as she guides Viking forward in this next chapter.”

“I am honored by this appointment and deeply grateful for the trust of the Board and Tor,” said Talactac. “Tor and our entire executive team have built a phenomenal company over the last 29 years, and I am delighted to lead Viking as we continue to deliver meaningful experiences for our guests and execute our long-term strategy. I also want to take a moment to congratulate Linh on her new appointment as CFO. Linh is a trusted leader within Viking, and her financial stewardship will ensure a smooth transition.”

Q1 Results

The company also reported financial results for the first quarter ended March 31, 2026, and provided an update on operating capacity and bookings.

Key Highlights

Total revenue was $1,053.7 million for the first quarter of 2026, an increase of 17.5% compared to the same period in 2025.
Gross margin increased 21.2% and Adjusted Gross Margin increased 16.9% compared to the same period in 2025.
Net Yield was $596, an increase of 9.5% compared to the same period in 2025.
Adjusted EBITDA was $104.8 million, an increase of 43.9% compared to the same period in 2025.
Diluted EPS was $(0.12) and Adjusted EPS was $(0.11).
Net Leverage improved from 1.1x as of December 31, 2025 to 1.0x as of March 31, 2026.
As of May 3, 2026, for its Core Products, Viking had sold 92% of its Capacity Passenger Cruise Days for the 2026 season and 38% of its Capacity Passenger Cruise Days for the 2027 season.

“2026 is off to a strong start and we are very pleased with our first‑quarter results. Total revenue for the quarter grew 17.5% driving a 43.9% year-over-year increase in Adjusted EBITDA, underscoring the demand for our product and our operational discipline,” said Mr. Hagen. “Moreover, we are already 92% booked for 2026 which positions us very well for the remainder of the year. During the quarter, we also continued to make progress increasing our fleet and destination-focused offerings, further enhancing the experiences and value we offer our guests. As we look ahead, we remain focused on delivering on the strong demand while continuing to invest in our future and generate sustainable, profitable growth.”

First Quarter 2026 Consolidated Results

During the first quarter of 2026, Capacity PCDs increased by 6.6% over the same period in 2025. This year-over-year increase was mainly driven by the growth of the company’s fleet, which included one additional ocean ship. Occupancy for the first quarter of 2026 was 94.7%.

Total revenue for the first quarter of 2026 was $1,053.7 million, an increase of $156.6 million, or 17.5%, over the same period in 2025 mainly driven by increased Capacity PCDs and higher revenue per PCD in 2026 compared to 2025.

Gross margin for the first quarter of 2026 was $297.6 million, an increase of $52.1 million, or 21.2%, over the same period in 2025 and Adjusted Gross Margin for the first quarter of 2026 was $717.2 million, an increase of $103.9 million, or 16.9%, over the same period in 2025. Net Yield was $596 for the first quarter of 2025, up 9.5% year-over-year.

For the first quarter of 2026, vessel operating expenses were $357.5 million and vessel operating expenses excluding fuel were $316.1 million. Compared to the same period in 2025, vessel operating expenses increased $47.6 million, or 15.4%, and vessel operating expenses excluding fuel increased $47.9 million, or 17.9%, mainly driven by timing of maintenance and repair costs and the increase in the size of the company’s fleet in 2026 compared to 2025.

Net loss for the first quarter of 2026 improved to $54.2 million compared to a loss of $105.5 million for the same period in 2025. Adjusted Net Loss attributable to Viking Holdings Ltd for the first quarter of 2026 improved to $49.2 million compared to a loss of $105.5 million for the same period in 2025.

Adjusted EBITDA was $104.8 million, an increase of $32.0 million, or 43.9%, over the same period in 2025. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs and higher revenue per PCD.

Diluted EPS was $(0.12) and Adjusted EPS was $(0.11) for the first quarter of 2026, compared to Diluted EPS and Adjusted EPS of $(0.24) for the same period in 2025.

Our first quarter results reflect the seasonality of our business. While our ocean, expedition and Mississippi products operate year-round, the primary cruising season for our river product is from April to October.

“We are very encouraged by the financial results of the first quarter. Increasing capacity together with Net Yield improves our profitability and further strengthens our market leadership,” said Banh. “In this dynamic macroeconomic environment, we remain focused on delivering superior experiences, optimizing revenue and maintaining disciplined cost management, while prudently investing to support long‑term growth.”

Update on Operating Capacity and Bookings

For the company’s core products, operating capacity is 7% higher for the 2026 season compared to the 2025 season and 15% higher for the 2027 season compared to the 2026 season.

As of May 3, 2026, for the company’s core products, it had sold 92% of our Capacity PCDs for the 2026 season and 38% for the 2027 season. Viking said it had $6,225 million of Advance Bookings for the 2026 season, 13% higher than the 2025 season at the same point in time; and said it had $3,403 million of Advance Bookings for the 2027 season, 31% higher than the 2026 season at the same point in time.

Advance Bookings per PCD for the 2026 season was $842, 5.5% higher than the 2025 season at the same point in time, and Advance Bookings per PCD for the 2027 season was $986, 11.0% higher than the 2026 season at the same point in time.

“With 2026 mostly booked, our focus has shifted to the 2027 season, which is off to a great start. Capacity for our Core Products is increasing by 15%, and is already 38% booked, with Advance Bookings 31% ahead of last year,” said Talactac. “Our booked positions for 2026 and 2027 demonstrate the resilience of our loyal customer base and the sustained demand for our product reflecting that travel remains a priority for our customers. These results also underscore the effectiveness of our strategic initiatives including an extended booking window, targeted direct marketing, a broader itinerary offering and a compelling value proposition.”