Norwegian Cruise line posts record Q1 revenue of $2.3B

Norwegian Cruise Line Holdings (NYSE:NCLH) reported total revenue of $2.3 billion for the first quarter of 2026, a 10% increase over the prior year, as demand for luxury sea travel continues to show resilience.

The company posted GAAP net income of $104.7 million, or $0.23 per diluted share, while Adjusted EBITDA climbed 18% to $533 million, reflecting a continued push toward operational efficiency and the successful delivery of its newest vessel, the Norwegian Luna.

While the quarterly results met internal expectations, management adjusted its trajectory for the remainder of the year.

Citing a complex combination of geopolitical booking headwinds and higher-than-anticipated fuel prices, the company lowered its full-year 2026 guidance.

Norwegian now expects adjusted EPS to range between $1.45 and $1.79, with adjusted EBITDA projected at $2.48 billion to $2.64 billion.

To combat these macroeconomic pressures, Norwegian announced a new $125 million annualized SG&A run-rate savings program.

This efficiency drive is part of a broader effort to streamline the corporate structure and offset inflationary spikes in the supply chain.

The company ended the quarter with a net leverage ratio of 5.3x and total liquidity of $1.6 billion, providing a buffer as it navigates the current volatility in global travel markets.