Royal Caribbean and NCLH both beat Q3 forecasts and raised 2026 guidance, but Royal Caribbean's net yields rose 0.9% while Norwegian's fell 6.5%.
Cover image: Royal Caribbean's Navigator of the Seas off Avalon, California (January 2026 file photo) — photo by Oreocooke, CC0, via Wikimedia Commons.
Royal Caribbean Group and Norwegian Cruise Line Holdings (NCLH) both beat their own third-quarter forecasts last week and raised 2026 guidance, but their pricing moved in opposite directions. Royal Caribbean's Q3 2026 results, released on 27 October, showed net yields up 0.9 per cent. At NCLH, which reported on 29 October, net yield fell 6.5 per cent, though by less than it had guided.
For cruise sellers, that gap matters more than the beats. Royal Caribbean says 2027 bookings are pacing ahead of historical levels at higher rates, while NCLH expects only 1 to 2 per cent yield growth next year. Royal Caribbean has also based Navigator of the Seas in Singapore until October 2027, and Cruise Mummy, citing emails to booked guests, reports that Labadee calls are cancelled through at least April 2028.
What did Royal Caribbean's Q3 2026 results show?
Adjusted EPS was $6.57, up from $5.75 a year earlier, on revenue of $5.6 billion. The company credited close-in demand in Europe and the Caribbean, plus costs that slipped into the fourth quarter.
Despite higher fuel costs, full-year adjusted EPS guidance rose to $17.85 to $17.95, from the $17.73 to $17.87 set after the second quarter. Bookings for 2027 sailings taken since the July call are up in the high teens. Jefferies said the group's target of a "$20-handle" EPS in 2027 looked conservative, Cruise Industry News reported.
How did Norwegian Cruise Line's Q3 2026 compare?
NCLH's adjusted EPS of $1.12 beat its $0.90 forecast on flat revenue of $2.9 billion. Net yield fell 6.7 per cent in constant currency, against guidance of an 8.9 per cent decline.
On our calculation, ticket revenue fell 5.1 per cent year on year while onboard and other revenue rose 12.7 per cent. Onboard spending is the second leg of how cruise lines make money, and at NCLH "onboard and other" revenue supplied 34 per cent of the quarter's total.
Full-year guidance rose to adjusted EPS of about $1.70, from about $1.50 in July, but the fourth quarter still points to an adjusted loss of about $0.12 a share. Chief executive John Chidsey expects "a meaningful acceleration in the back half" of 2027.
NCLH found about $100 million of extra run-rate savings, phasing in through 2028, partly from "tactical changes in promotional offerings". It sold Oceania Sirena, agreed to sell Oceania Insignia and named Meghan Montana chief financial officer from 1 January 2027.
| Q3 2026 | Royal Caribbean Group | NCLH |
|---|---|---|
| Adjusted EPS | $6.57 | $1.12 |
| Total revenue | $5.6bn (+9%) | $2.9bn (flat) |
| Net yield, as reported | +0.9% | −6.5% |
| Occupancy, as each company reports it | 112.4% | 106.5% |
| Fuel per tonne, net of hedges | $778 | $819 |
| Share of 2027 fuel hedged | 53% | About 42% |
| 2026 adjusted EPS guidance | $17.85 to $17.95 | About $1.70 |
| Q4 2026 adjusted EPS guidance | $3.48 to $3.58 | About −$0.12 |
Source: company results releases filed with the US SEC. NCLH revenue change is our calculation.
How much is fuel costing the cruise lines?
NCLH paid $819 a tonne net of hedges in the quarter, against $744 a year earlier. Royal Caribbean's fuel bill rose 16.8 per cent to $347 million, on our calculation.
William Blair said Royal Caribbean's full-year fuel expense is running 15 per cent above its original forecast, Cruise Industry News reported.
Where will Navigator of the Seas sail from Singapore?
Navigator of the Seas has arrived in Singapore for a debut season running through October 2027, Cruise Industry News reported on 1 November. It offers two- to five-night trips to Penang, Phuket and Langkawi, a 10-night Thailand and Vietnam voyage and 12-night sailings between Singapore and Tokyo.
Quantum of the Seas follows from October 2027 to March 2028. Elsewhere in Asia-Pacific, Carnival Cruise Line will withdraw two of its four Australia-based ships in March 2028.
Is Royal Caribbean still visiting Labadee?
Royal Caribbean is cancelling all planned calls at Labadee, its private destination in northern Haiti, through at least April 2028 on nine ships, according to Cruise Mummy, which reported the notification emails sent to booked guests. On Allure of the Seas' 18 July 2027 sailing from Miami, Nassau replaces Labadee.
In July a spokesperson told Fox News Digital the suspension ran through June 2027 "as we continue to evaluate conditions in Haiti", Cruise Industry News reported. Royal Caribbean's quarterly release does not mention Labadee.
Frequently asked questions
Did Royal Caribbean beat expectations in Q3 2026?
Yes. Royal Caribbean reported third-quarter adjusted EPS of $6.57, above its own guidance, on revenue of $5.6 billion, up 9 per cent, with net yields up 0.9 per cent. It raised its full-year adjusted EPS guidance again, to $17.85 to $17.95.
How far did Norwegian Cruise Line's net yield fall in Q3 2026?
NCLH's net yield fell 6.5 per cent as reported and 6.7 per cent in constant currency, better than the 8.9 per cent decline it had guided to. It raised its 2026 adjusted EPS forecast to about $1.70 and expects 1 to 2 per cent yield growth in 2027.
How long will Navigator of the Seas sail from Singapore?
Navigator of the Seas will sail from Singapore through October 2027, according to Cruise Industry News, on short trips to Penang, Phuket and Langkawi plus longer voyages to Vietnam and Tokyo. Quantum of the Seas takes over in Singapore from October 2027 to March 2028.
Is Royal Caribbean cancelling Labadee cruise calls?
Yes. Cruise Mummy, reporting notification emails sent to booked guests, says Royal Caribbean has cancelled all planned Labadee visits through at least April 2028 on nine ships. In July a company spokesperson had put the suspension through June 2027, Cruise Industry News reported.
Sources
- Royal Caribbean Group, Q3 2026 results release
- Norwegian Cruise Line Holdings, Q3 2026 results release
- NCLH, Form 8-K on CFO succession
- Cruise Industry News, Analysts see upside in Royal Caribbean's $20 EPS target
- Cruise Industry News, Navigator of the Seas debuts in Singapore
- Cruise Industry News, Royal Caribbean cancels Labadee visits through 2027
- Cruise Mummy, Royal Caribbean cancels Labadee visits through April 2028
