---
schema_version: "secwatch.filing_event.v1"
accession: "0001171843-26-002956"
form_type: "8-K"
ticker: null
cik: "0001318742"
company_name: "NCL CORP Ltd."
filed_at: "2026-05-04T23:59:59+00:00"
generated_at: "2026-05-14T23:50:35.403103+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# NCLH Q1 revenue +10% to $2.3B, Adj. EBITDA $533M beats guide; full-year outlook cut

## Summary
- GAAP net income $104.7M vs loss of $40.3M YoY; Adj. EPS $0.23, beating guidance of ~$0.16.
- Full-year 2026 Adj. EPS guidance lowered to $1.45-$1.79; Net Yield expected down 3-5% due to Middle East disruptions.
- Adj. EBITDA $533M (+18% YoY) exceeded guidance of ~$515M; Net Cruise Cost ex-fuel per Capacity Day down 0.2%.
- SG&A savings initiatives to generate ~$125M in annualized run-rate savings; fuel price net of hedges $651/ton.
- Board refreshed with 5 new independent directors effective March 31, 2026.

## SEC filing metadata
- accession: 0001171843-26-002956
- form_type: 8-K
- cik: 0001318742
- company_name: NCL CORP Ltd.
- filed_at: 2026-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1318742/000117184326002956/0001171843-26-002956-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1318742/000117184326002956/f8k_050426.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001171843-26-002956
- JSON: https://secwatch.observer/filing/0001171843-26-002956.json
- Plain text: https://secwatch.observer/filing/0001171843-26-002956.txt

## Key facts
- Earnings Releases
  NCL CORP Ltd. reported first quarter ended March 31, 2026 results: revenue $2.3 billion, net income $104.7 million, EPS $0.23. Guidance lowered.
  - Period: first quarter ended March 31, 2026
  - Revenue: $2.3 billion
  - Net income: $104.7 million
  - EPS: $0.23
  - Guidance: lowered
  - Result: reported results
  source text: financial results for the first quarter ended March 31, 2026 and provided guidance for the second quarter and full year 2026. Highlights First quarter total revenue grew 10% to $2.3 billion. GAAP net income was $105 million, with EPS of $0.23. Delivered Adjusted EBITDA 1 of $533 million in first quarter 2026, exceeding guidance, and representing an increase of 18%
  evidence_url: https://www.sec.gov/Archives/edgar/data/1318742/000117184326002956/0001171843-26-002956-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.