Japan Norwegian ship

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Norwegian slides after missing Q1 estimates as bookings and onboard spending cool

On the bright side, the cruise operator says tariffs are unlikely to drive up costs.

4/30/25 10:20AM

Norwegian Cruise Line shares dropped 10.8% Wednesday morning after the company missed first-quarter estimates. Adjusted earnings per share came in at $0.07, just below FactSet’s $0.09 estimate and the company’s own guidance of $0.08. Revenue also came in light at $2.12 billion, missing the $2.14 billion forecast as both ticket sales and onboard spending cooled.

The miss comes after a record-setting 2024 for Norwegian, marked by strong demand and high bookings that are now starting to ease. The results came a day after rival Royal Caribbean delivered a more upbeat report, topping Q1 estimates and raising its full-year guidance, which sent its shares up as much as 5% before they turned lower.

Looking ahead, Norwegian kept its full-year adjusted EPS outlook unchanged at $2.05, reflecting 13% growth year over year. The company also said it doesn’t expect tariffs — either proposed or already in place — to have a meaningful impact on costs.

Norwegian shares are now down about 40% year to date.

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