Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) reported first-quarter 2026 results on Monday, with shares trading lower after revenue missed expectations despite strong profit growth.

Earnings Miss, Profit Beats

Revenue rose 10% to $2.33 billion from $2.13 billion a year earlier, falling short of analyst estimates of $2.357 billion.

GAAP net income was $104.7 million, or 23 cents per diluted share, compared with a loss of $40.3 million, or 9 cents per share, a year earlier.

Adjusted EPS came in at 23 cents, beating analyst estimates of 14 cents and rising from 10 cents a year ago.

For the quarter, Adjusted EBITDA increased 18% to $532.9 million from $453.1 million, exceeding guidance of about $515 million.

Gross margin per Capacity Day rose 4.0%, while Net Yield declined 0.3% as reported and 1.0% in constant currency, outperforming guidance for a 1.6% decline.

Occupancy And Costs Improve

Passengers carried rose to 861,060 from 669,099, while Passenger Cruise Days increased to 6.6 million from 5.8 million.

Capacity Days rose to 6.4 million from 5.7 million, and occupancy improved to 103.8% from 101.5%.

Gross Cruise Costs per Capacity Day fell to about $287 from $297, while Adjusted ...