Cruise company Norwegian Cruise Line (NYSE: NCLH) will be reporting earnings tomorrow before the bell. Here’s what investors should know.

Norwegian Cruise Line met analysts’ revenue expectations last quarter, reporting revenues of $2.11 billion, up 6.2% year on year. It was a satisfactory quarter for the company, with a solid beat of analysts’ EPS estimates. It reported 5.88 million passenger cruise days, flat year on year.

Is Norwegian Cruise Line a buy or sell going into earnings? Read our full analysis here, it’s free.

This quarter, analysts are expecting Norwegian Cruise Line’s revenue to decline 2.1% year on year to $2.15 billion, a reversal from the 20.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.09 per share.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Norwegian Cruise Line has missed Wall Street’s revenue estimates twice over the last two years.

Looking at Norwegian Cruise Line’s peers in the travel and vacation providers segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Carnival delivered year-on-year revenue growth of 7.5%, beating analysts’ expectations by 0.9%, and United Airlines reported revenues up 5.4%, topping estimates by 0.6%. Carnival traded up 1.1% following the results while United Airlines’s stock price was unchanged.

Read our full analysis of Carnival’s results here and United Airlines’s results here.

Questions about potential tariffs and corporate tax changes have caused much volatility in 2025. While some of the travel and vacation providers stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 5.8% on average over the last month. Norwegian Cruise Line is down 8% during the same time and is heading into earnings with an average analyst price target of $26.96 (compared to the current share price of $17.45).

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