Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) shares declined more than 9% intra-day Monday after the company reported fourth-quarter revenue below Wall Street expectations and issued softer-than-anticipated guidance for 2026.
The cruise operator generated fourth-quarter revenue of $2.24 billion, missing the $2.35 billion analyst estimate. Adjusted earnings per share were $0.28, slightly above the consensus forecast of $0.26. Net income for the quarter totaled $14.3 million.
For the first quarter of 2026, the company projected adjusted earnings per share of $0.16 and adjusted EBITDA of $515 million. Full-year 2026 adjusted earnings per share are expected to reach $2.38.
Norwegian stated that it is entering 2026 slightly below its optimal booking range amid a pressured macro backdrop. Demand has been particularly robust across its luxury brands, which benefit from longer booking windows.
For 2026, adjusted net cruise cost excluding fuel per capacity day is projected to increase 0.9% on a constant currency basis. In the first quarter, the metric is expected to decline 0.8% on a constant currency basis.
