Norwegian Cruise Line shares plunged 7.8% in premarket trading after the cruise operator reported fourth-quarter earnings that beat expectations but revenue that missed estimates. The company posted adjusted earnings per share of $0.28, exceeding the $0.26 analyst consensus, while revenue of $2.2 billion fell short of the $2.34 billion forecast.

For fiscal 2026, Norwegian guided to adjusted EPS of $2.38, below the $2.60 analyst consensus, sending investors fleeing. The company expects full-year adjusted EBITDA of approximately $2.95 billion and adjusted net income of roughly $1.12 billion. CEO John W. Chidsey acknowledged execution challenges while stepping into his new role, noting that cross-functional alignment had fallen short.

Norwegian projects first-quarter 2026 adjusted EPS of $0.16 and adjusted EBITDA of around $515 million. The company anticipates net yield on a constant currency basis to decline approximately 1.6% versus 2025, primarily due to challenges absorbing a 40% year-over-year increase in Caribbean capacity. Despite the weak guidance, full-year 2025 results showed strength with total revenue of $9.8 billion, up 3.7% year-over-year, and adjusted EPS increasing 19% to $2.11.