NCLH Q3 10-Q: Net Income $491.5M, Adjusted EPS $1.12, Guidance Raised to ~$1.70
NCLH sits 33% above its 52-week low of $13.631 on elevated volume (3.7× avg).
Summary
NCLH's Q3 10-Q confirms $491.5 million of net income and $1.12 Adjusted EPS, with full-year guidance raised to ~$1.70, but operating income and Adjusted EBITDA fell year over year as pricing softened.
Key Events · Earnings and Guidance · NCLH
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Q3 Earnings Detail Confirmed
Net income of $491.5 million and diluted EPS of $1.07; Adjusted Net Income $513.8 million and Adjusted EPS $1.12, versus $595.8 million and $1.20 a year earlier.
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Operating Profit and Yield Decline
Operating income fell to $624.3 million from $749.4 million and Adjusted EBITDA dropped 8.1% to $936.8 million; Net Yield declined to $319.65 from $341.89 per Capacity Day on lower ticket pricing.
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Cost Savings Programs Expanded
Targets $125 million of annualized MG&A savings, plus roughly $100 million of additional run-rate savings from vendor consolidation and another ~$100 million identified in Q3 2026 from air optimization and promotional changes.
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Bookings Below Optimal Range
The next-12-month booked position improved modestly but remains below its optimal range; 2027 pricing is ahead of last year while the first-half booked position trails the prior year.
Analysis · NCLH · Energy & Transportation
The 10-Q puts hard numbers behind the same-day earnings release: Q3 net income of $491.5 million ($1.07 per share) and Adjusted EPS of $1.12, with full-year 2026 Adjusted EPS guidance raised to ~$1.70. The catch is quality of earnings — operating income fell to $624.3 million from $749.4 million and Adjusted EBITDA dropped 8.1% to $936.8 million, with Net Yield down to $319.65 from $341.89 per Capacity Day. Management is leaning on cost cuts ($125 million targeted MG&A savings plus roughly $200 million of additional run-rate savings identified) and fleet optimization (Oceania Sirena sold, Oceania Insignia sale agreed for a September 2027 close) to offset softer pricing. Liquidity of ~$1.4 billion, including $256.5 million of cash and $1.1 billion undrawn on the revolver, and no going-concern doubt keep the balance sheet story intact.
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At the time of this filing, NCLH was trading at $18.13 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $8.4B. The 52-week trading range was $13.63 to $25.13. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.