Norwegian Cruise Line Tumbles After Q3 Revenue Miss

Norwegian Cruise Line Holdings (NCLH) shares dropped more than 10% on Tuesday after reporting third-quarter revenue of $2.94 billion, missing analyst expectations of $3.02 billion, according to FactSet.

Despite the revenue miss, the company beat on adjusted earnings, highlighting resilient demand and strong onboard spending trends.

Peer Cruise Stocks Also Decline

The disappointing results weighed on the broader cruise sector:

Royal Caribbean (RCL) fell roughly 4%
Carnival (CCL) also declined about 4%

The pullback reflects investor caution over pricing pressures, cost inflation, and slower post-summer booking momentum heading into 2026.

Sector Outlook

While cruise demand remains healthy, analysts noted that revenue softness could point to a normalization phase after two years of rapid recovery. Investors will watch upcoming reports from Royal Caribbean and Carnival for further signs of sector trends.