Norwegian Cruise Line Holdings (NCLH) just posted what should have been good news with strong third-quarter earnings, record revenue, and a healthy booking outlook heading into 2026. But Wall Street and loyal cruisers aren’t exactly celebrating.
Despite the positive financials, the company’s stock has slipped roughly 23% year-to-date, hovering around $19 a share. And behind the numbers, there’s growing tension between cost-cutting and customer satisfaction from loyal Norwegian cruisers.
This all comes at a delicate time for Norwegian Cruise Line. Back in August, the cruise line’s CEO, Harry Herrera, abruptly left the company. Investors and cruisers alike have wondered what direction the company will take next.
While Norwegian’s new leadership aims to reassure Wall Street with steady profits, NCL guests say they’re paying more and getting less.
In the eyes of many cruisers, these rapid changes have started to chip away at their trust in Norwegian Cruise Line. Frequent guests say the cruise line once felt transparent and consistent, but that no longer seems to be the case.
However, the string of policy changes, from dining room fees to drink package exclusions, has created uncertainty about the brand’s future. As Norwegian Cruise Line focuses on trimming costs and rebranding its onboard offerings, some loyal travelers worry that Norwegian is prioritizing short-term savings over long-term guest confidence.
NCL’s strong financial quarter didn’t move the needle
Norwegian Cruise Line Holdings just wrapped up a record-breaking third quarter, posting $2.9 billion in revenue. This is the highest in company history and a 5% increase from last year.
Despite the strong numbers, Wall Street wasn’t impressed. The cruise line’s revenue once again missed analyst expectations for the third straight quarter, and profits slipped from $474.9 million in 2024 to $419.3 million this year.
The company earned $1.20 per share, slightly better than expected, but investors focused on what came next: Norwegian lowered its full-year outlook for profitability.
The company trimmed its forecast for net yield growth, a key measure of how much profit it earns per passenger berth, from 2.5% down to 2.3% – 2.4% (when accounting for currency changes).
Following the announcement, NCL’s shares tumbled to a four-month low. The drop highlights a growing concern among investors that Norwegian’s strong bookings and full ships may not be enough to offset its rising costs for food, fuel, and labor.
In other words, the company is making more money than before, but spending more to do it. And as Norwegian looks to tighten costs at sea, some of those savings appear to be coming from the passenger experience itself with new onboard fees and reduced perks.
Loyal Norwegian cruisers are frustrated by recent changes
Norwegian’s tumbling stock comes during a time of numerous cost-saving measures that have left many passengers frustrated. In recent months, the company has made several noticeable changes across its ships and operations.
One of the most talked-about changes is a new $5 fee for additional entrées in the main dining room, which is a first for a major cruise line. Passengers can still order one entrée for free, but anyone wanting a second, third, or fourth dish will now pay out of pocket.
Room service has also been scaled back with tighter limits for what guests can order. While the delivery fee remains in place, guests can only order one hot item and one cold item (bento box) per delivery.
And perhaps most controversial of all, guests can no longer use their drink package at Norwegian’s private island, Great Stirrup Cay. If guests want to enjoy unlimited beverages while ashore, they’ll need to pay out of pocket or purchase a separate island drink package.
Meanwhile, Norwegian is in the middle of another branding overhaul. In early November 2025, the cruise line scrapped its recently introduced “More at Sea” program to revive its old “Free at Sea” promotion.
Some cruisers say the latest announcement feels more like a marketing shift than actual change in value. For instance, cruisers on longer sailings will lose one specialty dining credit and have reduced internet access.
These changes might make financial sense on paper, as fewer freebies mean tighter control of food and beverage costs. However, longtime cruisers are frustrated by the company’s recent updates. Frequent cruisers, especially Latitudes members, say the cruise line feels less premium with more nickel-and-diming than ever before.
Former CEO departs as NCL struggles to compete with rivals
The timing of these changes coincides with a major leadership transition at Norwegian Cruise Line. After Herrera’s sudden exit over the summer, a new CEO stepped in with the promise of operational efficiency and financial discipline. However, leadership shake-ups often lead to turbulence, both internally and externally.
The cruise industry has long been a balancing act between profitability and guest experience. Royal Caribbean and Carnival Cruise Line are both reporting strong quarters as well, yet Norwegian’s stock continues to underperform its peers.
While analysts point to rising costs and trimmed guidance as key concerns, some travel-industry observers also note growing guest frustration over onboard changes.
From a financial standpoint, Norwegian’s fundamentals remain sound. Demand for cruising hasn’t wavered, and its ships are booked well into next year. But the company is clearly tightening the purse strings in small, noticeable ways. And there’s no denying this can change how customers perceive value, reputation, and trust.
