Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) on Monday reported fourth-quarter results that topped earnings expectations but missed on revenue and included a cut to its full-year 2026 adjusted profit outlook.

Fourth-quarter total revenue was $2.244 billion, up 6% from $2.109 billion a year earlier, but below the $2.347 billion analyst estimate. GAAP net income was $14.3 million, with GAAP EPS of 3 cents. Adjusted EPS increased to 28 cents from 19 cents and beat the 26-cent analyst estimate.

"The addition of Norwegian Aqua and Oceania Allura to our fleet, coupled with solid demand across our portfolio and continued disciplined cost execution, resulted in strong earnings growth in 2025, with Adjusted EBITDA increasing 11% and Adjusted EPS increasing 19% over prior year," commented Mark A. Kempa, Executive Vice President and Chief Financial Officer.

NCLH guided to full-year 2026 adjusted EPS of $2.38, down from prior guidance of $2.45 and below the $2.55 analyst estimate. It forecast full-year adjusted EBITDA of about $2.95 billion and said net leverage is expected to end the year at ~5.2x.

For the first quarter, it guided to adjusted EPS of about 16 cents, above the 13 cents analyst estimate, and adjusted EBITDA of about $515 million.

Norwegian Cruise shares dipped 3.7% to $21.36 in pre-market trading.

These analysts made changes to their price targets on Norwegian Cruise following earnings announcement.

• B of A Securities analyst Andrew Didora maintained the stock with a Neutral and lowered the price target from $30 to $27.
• Mizuho analyst Ben Chaiken maintained the stock with an Outperform rating and cut the price target from $32 to $28.

Considering buying NCLH stock? Here’s what analysts think:

Photo via Shutterstock