New York, Feb 13, 2026, 16:47 EST — After-hours
Norwegian Cruise Line Holdings Ltd shares dropped roughly 7.5% Friday, settling at $21.49 after hours. During the session, the stock fell as low as $21.08. About 41 million shares changed hands.
The timing couldn’t be trickier—a leadership shakeup combined with a new downgrade, just as investors are still puzzling over whether cruise lines are actually sticking to their pricing, or letting it slip through subtle promotional deals.
Why does it matter right now? “Yield” has become the battleground, and the market usually reacts harshly if it senses that demand is being juiced with discounts. If there’s a shakeup at the top, that skittishness only gets sharper.
The board tapped director John W. Chidsey, 63, as its new president and CEO, effective right away, according to Thursday’s regulatory filing. Harry Sommer stepped down from both the CEO post and his board seat. The company said there was no dispute behind the change. With Sommer out, the board now counts eight directors, down from nine. (SEC)
Board chair Stella David, in a Thursday statement, called Chidsey “the right person to lead the Company through its next phase.” She highlighted his track record at Subway, and his earlier stints in top jobs at Burger King and PepsiCo. (Norwegian Cruise Line Holdings Ltd.)
The company is projecting fourth-quarter 2025 net yield to come in roughly at the midpoint of its earlier range. For the full year, it still sees core results tracking with guidance shared on Nov. 4. Chidsey said his focus is to “sharpen execution, improve performance.” (SEC)
Net yield, which tracks net revenue per capacity day after stripping out things like commissions and transportation, is a key metric for spotting pricing shifts early. It’s closely monitored by analysts. (Norwegian Cruise Line Holdings Ltd.)
JPMorgan moved Norwegian to neutral from overweight, trimming its price target down to $20 from $28. The bank pointed to weaker first-quarter net yield growth and more aggressive promotions as reasons behind the shift. Truist Securities’ C. Patrick Scholes commented there’s “not a particularly loud drumbeat” for change, but did highlight Norwegian’s underperformance compared to Royal Caribbean and Carnival over the past year. (Barron’s)
Norwegian is swapping top executives while grappling with rising fuel and maintenance bills and a dip in discretionary travel spend, Reuters said. The company held steady on its main annual outlook, keeping its earlier fourth-quarter net yield range of roughly 3.5% to 4%. (Reuters)
Still, where the stock goes from here hinges on the new CEO’s comments regarding 2026 pricing and costs. Should promotions ramp up or if expense pressures linger, the yield narrative could shift quickly.
Norwegian plans to post its Q4 and full-year 2025 results on March 2, with numbers out at 6:30 a.m. ET and the conference call set for 8:00 a.m. ET. Investors are watching booking trends, possible changes to yield forecasts, and what Chidsey highlights as short-term focus areas. (Norwegian Cruise Line Holdings Ltd.)
