NCLH US S&P 500Russell 1000 Earnings call
Norwegian Cruise Line Holdings (NCLH) · Q2 2026 results and valuation
Share price: $18.82 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 30 Jul 2026 and 4 May 2026
Net income up 112.6% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+112.6%
Net income vs Q1 2026
Outlook given
Net income 222.6M vs 104.7M
Revenue +13.3%
Against the same quarter last year (Q2 2025) it is +642.0%, so it is not just seasonal.
2 · How management spoke
Restrained
Less upbeat than 69% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Guidance
NCLH expects cost actions to benefit the business over time by supporting both margin expansion and free cash flow as the top line recovers.
Valuation
Is Norwegian Cruise Line Holdings undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$18.82
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+21.7% for 10 yrs
Fair value / share
$-11.71
Buy below
$-8.78
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Guidance
NCLH expects revenue to improve in the second half of 2027 as the booking curve better reflects changes.
Source quote
“As the year progresses and particularly as we move into the second half of 2027, we expect to see improvement as the booking curve better reflects the changes...”
-
Guidance
The company expects adjusted EBITDA of approximately the figure stated because softer top line performance was partially offset by better cost performance.
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Top line grew 5%, driven by increased capacity days, while we lowered unit cost 0.5%, leading to profitability ahead of guidance.”
“I'm going to talk with you today about actions underway and why I am confident in our pathway to revenue recovery, which combined with our cost control capabilities, will drive...”
“Last quarter, we reduced that outlook to approximately flat, and we are now reducing our guidance again to a year-over-year decline of approximately 25 basis points.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.64B | 2.33B | +13.3% | 2.52B | +4.9% |
| Gross profit | 1.05B | 953.3M | +10.5% | 1.06B | −0.7% |
| Operating income | 363.3M | 232.9M | +56.0% | 423.8M | −14.3% |
| Net income | 222.6M | 104.7M | +112.6% | 30.0M | +642.0% |
| EPS | 0.48 | 0.23 | +108.7% | 0.07 | +585.7% |
| P/E today 9.0 | 12.8 | 15.1 | −2.3 | 13.9 | −1.1 |
Topics
Most discussed now
- A reconciliation to the most directly comparable GAAP financial measure and other associated disclosures are contained in Norwegian Cruise…
- At a high level, Norwegian Cruise Line delivered solid second quarter results.
- Successful turnarounds are never linear and take time to demonstrate tangible performance improvements, which translates into financial…
- Starting with full year net yield, Norwegian Cruise Line now expects to be at the low end of its guidance range with...
- This reflects the softer demand environment I just mentioned as well as the fact that many of the changes Norwegian Cruise Line...
Faded since Q1 2026
- Fading My key focus is on driving sustainable improvement at NCLH, and that starts with disciplined execution, operational rigor, and a...
- Fading I've spent a meaningful amount of time meeting with various stakeholders, including shareholders, travel partners, guests, and team members…
- Fading Adjusted net income for the quarter benefited from below-the-line foreign currency exchange and was $108 million or an adjusted...
- Fading Norwegian Cruise Line's outlook reflects an extremely challenging backdrop for the balance of the year.
Latest announcements
Official filings, newest first.
- Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change; Shareholder vote results · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; Director or officer change; Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Other events · SEC 8-K