Norwegian Cruise Line
Runs Norwegian, Oceania and Regent cruises across contemporary, premium and luxury markets.
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Profile
Operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises across contemporary, premium and luxury cruising. Revenue comes from fares and onboard purchases, while a U.S.-weighted guest base supports worldwide itineraries and all three brands are combined into one reportable segment.
Operates three cruise brands across distinct price tiers: Norwegian Cruise Line offers contemporary vacations centered on flexible dining, entertainment and guest choice; Oceania Cruises emphasizes culinary and destination-focused premium voyages; Regent Seven Seas Cruises provides all-suite, inclusive luxury sailings. Ships serve itineraries across the Americas, Europe, Asia-Pacific, Africa and other international destinations.
Generates revenue from cruise fares and onboard spending on beverages, casinos, excursions, specialty dining, retail, spas and connectivity. Reservations are sourced primarily from U.S. guests even as ships deploy worldwide. Results depend on pricing and occupancy, onboard purchases, fuel and labor costs, port access, and timely delivery and financing of new ships. Maritime, environmental, health and consumer-protection rules govern fleet operations, and all three brands are aggregated into one reportable segment.
Company facts
Categories
Key statistics
Year to date −26.9% · Average volume (30d) 14.7M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 18, 2026 | Canaccord Genuity | Target | $45 | |||
| Aug 18, 2026 | UBS | Reiterate | Neutral | $17 | $20 | |
| Aug 18, 2026 | Mizuho Securities | Target | $22 | $17 | ||
| Aug 18, 2026 | Mizuho | Downgrade | Outperform | Neutral | ||
| Aug 4, 2026 | Susquehanna | Reiterate | Neutral | $15 | $17 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.41 | $0.48 | +16.6% | $2.65B | $2.64B | −0.2% | −9.78% |
| May 4, 2026Q1 FY26 | $0.15 | $0.23 | +53.3% | $2.36B | $2.33B | −1.1% | −1.51% |
| Mar 2, 2026Q4 FY25 | $0.26 | $0.28 | +5.8% | $2.34B | $2.24B | −4.2% | −4.10% |
| Nov 4, 2025Q3 FY25 | $1.16 | $1.20 | +3.4% | $2.34B | $2.94B | +25.4% | −0.96% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.13B | $2.52B | $2.94B | $2.24B | $2.33B | $2.64B | |
| Gross profit | $823.6M | $1.06B | $1.38B | $920.9M | $953.3M | $1.05B | |
| Operating income | $200.9M | $423.8M | $749.4M | $186.6M | $232.9M | $363.3M | |
| Net income | −$40.3M | $30.0M | $419.3M | $14.3M | $104.7M | $222.6M | |
| Diluted EPS | −$0.09 | $0.07 | $0.86 | $0.03 | $0.23 | $0.48 | |
| Gross margin | 38.7% | 42.1% | 47.1% | 41.0% | 40.9% | 39.9% | |
| Operating margin | 9.4% | 16.8% | 25.5% | 8.3% | 10.0% | 13.8% |
Fiscal years (4-quarter sums)FY21 $648.0M · FY22 $4.84B · FY23 $8.55B · FY24 $9.48B · FY25 $9.83B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $218.1M · Total debt $15.03B · Total assets $24.01B · Shareholders' equity $2.57B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 459.11M · Float 455.28M · 99.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Vanguard Capital Management LLC | 29.97M | 6.53% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 29.34M | 6.39% | 13F | Aug 7, 2026 |
| UBS Group AG | 23.33M | 5.08% | 13F | Aug 13, 2026 |
| Goldman Sachs Group Inc | 18.91M | 4.12% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 18.67M | 4.07% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 22, 2026 | John Chidsey | director, officer: President and CEO | +153,000 | $16.37 |
| May 20, 2026 | Jonathan Z. Cohen | director | +30,000 | $15.83 |
| May 18, 2026 | Jose E. Cil | director | +5,000 | $15.25 |
| May 19, 2026 | Jose E. Cil | director | +10,000 | $14.91 |
| May 11, 2026 | Brian P. MacDonald | director | +15,000 | $16.54 |
Peers
- Carnival
Largest cruise portfolio across contemporary, premium, and luxury brands
- Royal Caribbean Group
Large cruise rival across contemporary, premium, and luxury sailing
- Viking
Premium and luxury ocean peer named against Oceania and Regent
- Walt Disney
Family cruise and parks/resorts substitute for leisure vacation spend
- Marriott International
Global hotel and resort substitute with loyalty and lodging scale
- Hilton
Large hotel and resort substitute with Hilton Honors distribution
- MGM Resorts International
Casino-resort alternative for destination leisure and onboard spend
- Travel + Leisure
Vacation-ownership alternative competing for repeat leisure trips
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Norwegian Cruise Line | $16.72 | +0.35% | $7.64B | 10.4 | 12.7 | 0.8 | +4.9% |
| Carnival | $24.88 | +0.50% | $33.91B | 11.2 | 10.6 | 1.2 | +5.3% |
| Royal Caribbean Group | $279.95 | +0.17% | $74.94B | 17.3 | 14.8 | 4.0 | +6.5% |
| Viking | $88.87 | +0.42% | $39.31B | 29.3 | 24.3 | 5.6 | +16.5% |
| Walt Disney | $108.09 | −0.01% | $187.72B | 22.3 | 14.6 | 1.9 | +7.1% |
| Marriott International | $351.16 | +0.01% | $91.55B | 36.7 | 28.6 | 3.4 | +4.9% |
| Hilton | $321.53 | −0.16% | $72.44B | 47.3 | 33.6 | 5.8 | +6.5% |
| MGM Resorts International | $42.20 | −0.13% | $10.64B | 25.6 | 25.7 | 0.6 | +1.1% |
| Travel + Leisure | $71.21 | −0.04% | $4.36B | 19.5 | 8.6 | 1.1 | +4.4% |
| Median | 24.0 | 19.6 | 2.7 | +5.9% |