Norwegian Cruise Line Holdings Ltd. (NCLH) SEC Filings & Earnings Calls
EquiReason read 17 Norwegian Cruise Line Holdings Ltd. SEC filings in the last 12 months. Latest: 8-K on 2026-10-15 — NCL Corporation Ltd. issued new notes and redeemed existing 2028 Notes, refinancing debt with a new indenture and credit agreement amendment..
Source: SEC EDGAR filings · figures as of 2026-06-30 · read by EquiReason
- Market cap
- 6.9B
- P/E TTM
- 9.1
- Dividend yield
- —
- 52-week
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- Next earnings
- 29 Oct, in 5 days
Every filing, read
last 12 months · SECWhat happened, the numbers inside, guidance and risks. The original is one click away.
15 Oct 20268-K · 1.01, 1.02, 2.03, 8.01NCL Corporation Ltd. issued new notes and redeemed existing 2028 Notes, refinancing debt with a new indenture and credit agreement amendment.open
Risks flagged
Increased leverage from new notes issuance, though offset by redemption of existing debt.
“New indenture and credit agreement amendment increase total debt obligations.”
30 Sep 20268-K · 7.01NCLH expects Q3 2026 results to exceed prior guidance, reaffirms FY2026 guidance, and provides FY2027 net interest expense guidance of $860-$880M.open
Guidance
FY2026 guidance reaffirmed; FY2027 net interest expense $860-$880M
Q3 expected to exceed guidance; FY2026 reaffirmed; FY2027 net interest expense guided.
3 Aug 202610-QQ2 2026 net income of $222.6M vs $30.0M in Q2 2025, a significant improvement, but adjusted operating income declined 12.4% YoY due to higher fuel costs.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q2-2026 | $2.64B | +5% y/y |
| Net income · Q2-2026 | $223M | +642% y/y |
| Adjusted operating income · Q2-2026 | $394M | -12% y/y |
| Fuel expense · Q2-2026 | $219M | +39% y/y |
| Diluted EPS · Q2-2026 | $0.48 | +586% y/y |
| Contract liabilities (advance ticket sales) · Q2-2026 | $2.80B | +22% y/y |
| Liquidity · Q2-2026 | $1.50B | |
| Total long-term debt · Q2-2026 | $15.47B | |
| Ship construction contract payments (minimum annual) · Q2-2026 | $18.65B |
Risks flagged
Fuel Cost Volatility
“Fuel $219,384 (Q2 2026) vs $157,377 (Q2 2025)”
Demand Pressure at Norwegian Cruise Line
“The Company remains below its optimal booked position for the next 12 months, as it continues to experience pressure from softer demand at Norwegian Cruise Line related to Company-specific execution challenges” · word for word
Geopolitical Risk (Middle East)
“the ongoing conflict in the Middle East” · word for word
Litigation Risk (Helms-Burton Act)
“the court entered a final judgment of approximately $112.9 million” · word for word
High Capital Commitments
“Total minimum annual payments $18,648,354 (in thousands) as of June 30, 2026”
30 Jul 20268-K · 2.02Total Revenue $2.60B (+5% y/y); GAAP Net Income $223M (+643% y/y); Adjusted EBITDA $666M (-4% y/y); Guidance: Full year adjusted EPS guidance cut to ~$1.50; net yield expected down ~5%earningsopen
Figures in the filing · each found in the filing text
| Total Revenue · Consolidated · Q2-2026 | $2.60B | +5% y/y |
| GAAP Net Income · Consolidated · Q2-2026 | $223M | +643% y/y |
| Adjusted EBITDA · Consolidated · Q2-2026 | $666M | -4% y/y |
| Adjusted EPS · Consolidated · Q2-2026 | $0.48 | -7% y/y |
| Full Year 2026 Adjusted EPS Guidance · Consolidated · FY2026 | $1.50 | |
| Net Leverage · Consolidated · Q2-2026 | $5.30 |
Guidance
Full year adjusted EPS guidance cut to ~$1.50; net yield expected down ~5%
Guidance cut due to demand pressure from execution challenges and Middle East conflict; cost savings partially offset.
Risks flagged
Company-specific execution challenges at Norwegian Cruise Line brand impacting demand and revenue.
“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.” · word for word
Middle East conflict continues to pressure demand for itineraries.
“Ongoing conflict in the Middle East impacting demand.”
High net leverage at 5.3x with $14.8B net debt.
“Net Leverage ended the quarter at 5.3x; total debt of $15.0 billion and Net Debt of $14.8 billion.” · word for word
16 Jun 20268-K · 5.02, 5.07Reported the departure of a director or principal officer (CEO/CFO change); submitted matters to a vote of security holdersopen
Risks flagged
Potential dilution from increased share reserve for equity awards.
“increase the number of the Company’s ordinary shares that may be delivered ... by an additional 8,807,000 shares”
4 May 20268-K · 2.02Total revenue $2.30B (+10% y/y); GAAP net income $105M; Adjusted EBITDA $533M (+18% y/y); Guidance: FY2026 adj EPS $1.45-$1.79, net yield -3% to -5%, adj EBITDA $2.48B-$2.64Bearningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q1-2026 | $2.30B | +10% y/y |
| GAAP net income · Q1-2026 | $105M | |
| Adjusted EBITDA · Q1-2026 | $533M | +18% y/y |
| Adjusted EPS · Q1-2026 | $0.23 | +121% y/y |
| Net leverage · Q1-2026 | $5.30 | |
| Total debt · Q1-2026 | $15.20B |
Guidance
FY2026 adj EPS $1.45-$1.79, net yield -3% to -5%, adj EBITDA $2.48B-$2.64B
Lowered full-year guidance due to Middle East disruptions and softer demand; cost savings partially offsetting
Risks flagged
Geopolitical headwinds from Middle East conflict impacting bookings
“headwinds related to disruptions in the Middle East, including higher fuel expense and signs of softer demand as consumers reevaluate travel plans, particularly to Europe” · word for word
High leverage at 5.3x net debt/EBITDA
“Net Leverage ended the quarter at 5.3x” · word for word
Below optimal booking range
“The Company remains below its optimal booking range following certain execution missteps” · word for word
4 May 202610-QTotal Revenue $2.33B (+10% y/y); Net Income (Loss) $105M; Adjusted Operating Income $272M (+23% y/y)open
Figures in the filing · each found in the filing text
| Total Revenue · Q1-2026 | $2.33B | +10% y/y |
| Net Income (Loss) · Q1-2026 | $105M | |
| Adjusted Operating Income · Q1-2026 | $272M | +23% y/y |
| Fuel Expense · Q1-2026 | $169M | -4% y/y |
| Liquidity · 2026-03-31 | $1.60B | |
| Contract Liabilities (Advance Ticket Sales) · 2026-03-31 | $2.80B | |
| Berths · 2026-03-31 | 75,000 | |
| Ships on Order · 2026-03-31 | 16 |
Guidance
No formal guidance provided. Demand commentary is cautious (below optimal booking range, geopolitical headwinds), but margin is improving (cost savings program) and capex is increasing (newbuild pipeline).
Risks flagged
Geopolitical Demand Risk
“Recent events related to the conflict in the Middle East have impacted bookings across all three brands, especially in Europe during the summer season.” · word for word
Execution Risk
“The Company remains below its optimal booking range following certain execution missteps” · word for word
Fuel Price Volatility
“Fuel is approximately 51% hedged for 2026” · word for word
Debt Maturity Wall
“Total debt principal repayments $15.6B through 2030+; $718M due remainder of 2026, $1.1B in 2027”
Litigation Risk (Helms-Burton)
“Supreme Court granted certiorari; oral argument held Feb 2026; no liability recorded but reasonably possible loss.”
30 Apr 2026DEF 14AProxy statement disclosing executive compensation, board refreshment, and shareholder proposals.open
Figures in the filing · each found in the filing text
| Total Revenue · FY2025 | $9.80B | |
| GAAP Net Income · FY2025 | $423M | |
| GAAP EPS · FY2025 | $0.92 | |
| Adjusted EBITDA · FY2025 | $2.73B | +11% y/y |
| Adjusted EPS · FY2025 | $2.11 | +19% y/y |
| Adjusted EPS (for incentive purposes) · FY2025 | $2.12 | |
| Greenhouse Gas Intensity Reduction · FY2025 | 7.3% | |
| Fleet Average USPHS Inspection Score · FY2025 | $97.40 | |
| Average Booked Position · FY2025 | 65.1% | |
| Adjusted EPS Growth vs S&P 500 · FY2025 | 87.0% |
Risks flagged
Fuel cost sensitivity
“Adjusted EPS for incentive purposes is adjusted for fuel rates, indicating management considers fuel a material variable.”
Foreign exchange exposure
“Adjusted EPS for incentive purposes is adjusted for foreign exchange rates, indicating management considers FX a material variable.”
27 Mar 20268-K · 5.02Reported the departure of a director or principal officer (CEO/CFO change); filed financial statements and exhibits with this reportopen
Risks flagged
Leadership transition risk, though new CEO is already in place.
“Departure of directors and new CEO agreement.”
27 Mar 20268-K · 1.01, 5.02, 7.01Elliott Investment Management, NCLH's largest investor, enters cooperation agreement; five new independent directors appointed, board refreshed, CEO becomes Chairman. Standstill and voting commitments. Signals governance improvement and valopen
Risks flagged
Potential for further activist pressure if performance targets not met.
“Elliott agreed to standstill and voting commitments, but future actions depend on performance.”
2 Mar 20268-K · 2.02Total revenue $9.80B (+4% y/y); adjusted EBITDA $2.73B (+11% y/y); adjusted EPS $2.11 (+19% y/y); Guidance: FY2026 Adj. EBITDA ~$2.95B; Adj. EPS $2.38earningsopen
Figures in the filing · each found in the filing text
| total revenue · FY2025 | $9.80B | +4% y/y |
| adjusted EBITDA · FY2025 | $2.73B | +11% y/y |
| adjusted EPS · FY2025 | $2.11 | +19% y/y |
| net yield · FY2025 | 2.3% | |
| occupancy · Q4-2025 | 101.8% | |
| adjusted net cruise cost excluding fuel per capacity day · FY2025 | $162.00 | +1% y/y |
Guidance
FY2026 Adj. EBITDA ~$2.95B; Adj. EPS $2.38
FY2026 guidance: Adj. EBITDA ~$2.95B (vs $2.73B in FY2025), Adj. EPS $2.38; Q1 Net Yield decline expected.
Risks flagged
Q1 2026 Net Yield decline due to Caribbean capacity absorption and commercial missteps.
“Q1 2026 Net Yield expected to decline ~1.6% due to 40% YoY capacity increase in Caribbean.”
2 Mar 202610-KTotal revenue $9.83B (+4% y/y); Net income $423M (-54% y/y); Adjusted Net Income $1.04B (+15% y/y)open
Figures in the filing · each found in the filing text
| Total revenue · FY2025 | $9.83B | +4% y/y |
| Net income · FY2025 | $423M | -54% y/y |
| Adjusted Net Income · FY2025 | $1.04B | +15% y/y |
| Adjusted EBITDA · FY2025 | $2.73B | +11% y/y |
| Capacity Days · FY2025 | 24,433,624 | +4% y/y |
| Occupancy Percentage · FY2025 | 103.5% | |
| Net Yield per Capacity Day · FY2025 | $301.10 | +2% y/y |
| Adjusted EPS · FY2025 | $2.11 | +19% y/y |
Risks flagged
Debt extinguishment losses
“Losses on extinguishments and modifications of debt $272.5 million in 2025 compared to $29.2 million in 2024” · word for word
Foreign currency exposure
“Net foreign currency adjustments on euro-denominated debt $135.4 million loss in 2025 vs $25.8 million gain in 2024” · word for word
Regulatory compliance costs
“Compliance with such laws and regulations has resulted in increased costs to our Company and is expected to entail significant expenses” · word for word
12 Feb 20268-K · 2.02, 5.02Guidance: Q4 2025 Net Yield around midpoint of previously disclosed range.earningsopen
Guidance
Q4 2025 Net Yield around midpoint of previously disclosed range.
Q4 results expected in line with prior guidance; no new full-year guidance provided.
Risks flagged
CEO departure and appointment may signal strategic shift or operational challenges.
“Mr. Harry Sommer... departed the Company and resigned from the Board of Directors... as part of a strategic leadership change.”
4 Nov 202510-QNCLH reported Q3 2025 results with revenue growth but net income decline.earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q3-2025 | $3M | +5% y/y |
| Net income · Q3-2025 | $419295.00 | -12% y/y |
| Adjusted operating income · Q3-2025 | $768420.00 | +8% y/y |
| Fuel expense · Q3-2025 | $175913.00 | +7% y/y |
| Liquidity · 2025-09-30 | $1.80B | |
| Berths · 2025-09-30 | 71,300 | |
| Contract liabilities (advance ticket sales) · 2025-09-30 | $2.30B |
Risks flagged
Fuel cost volatility
“Fuel expense increased to $175,913 for Q3 2025 from $164,934 in Q3 2024.”
Litigation risk (Helms-Burton Act)
“On October 3, 2025, the plaintiff’s Petition for Writ of Certiorari was granted by the Supreme Court of the United States, and we expect the case to be argued in early 2026.” · word for word
Debt refinancing risk
“We will continue to pursue various opportunities to optimize our liquidity, refinance future debt maturities to reduce interest expense and/or extend the maturity dates associated with our existing indebtedness.” · word for word
4 Nov 20258-K · 2.02Total revenue $2.90B (+5% y/y); GAAP net income $419M (-12% y/y); Adjusted EBITDA $1.02B (+9% y/y); Guidance: Adjusted EPS guidance raised to $2.10 from $2.05earningsopen
Figures in the filing · each found in the filing text
| Total revenue · Q3-2025 | $2.90B | +5% y/y |
| GAAP net income · Q3-2025 | $419M | -12% y/y |
| Adjusted EBITDA · Q3-2025 | $1.02B | +9% y/y |
| Adjusted EPS · Q3-2025 | $1.20 | +17% y/y |
| Occupancy · Q3-2025 | 106.4% | |
| Total debt · Q3-2025 | $14.50B | |
| Net Leverage · Q3-2025 | $5.40 |
Guidance
Adjusted EPS guidance raised to $2.10 from $2.05
Full year 2025 Adjusted EPS guidance raised; EBITDA and net income reaffirmed; Net Leverage guidance slightly higher at ~5.3x.
Risks flagged
High debt levels (Net Leverage 5.4x) and GAAP net income decline due to non-cash items; refinancing risk mitigated by recent transactions.
“Total debt $14.5B; Net Leverage 5.4x; GAAP net income down 11.7% YoY.”
Norwegian Cruise Line Holdings Ltd. — questions
- What did Norwegian Cruise Line Holdings Ltd. file recently?
- 17 SEC filings in the last 12 months. Latest: 8-K on 2026-10-15 — NCL Corporation Ltd. issued new notes and redeemed existing 2028 Notes, refinancing debt with a new indenture and credit agreement amendment.
Every figure on this page comes from Norwegian Cruise Line Holdings Ltd.'s own SEC filings — see them on SEC EDGAR. Price data is licensed and shown only inside the product.
How these figures are read: methodology · EquiReason.