Investing.com -- Barclays expects Royal Caribbean (NYSE: RCL ) to post a strong second-quarter earnings report, forecasting both a beat and a raise, while it sees Norwegian Cruise Line (NYSE: NCLH ) Holdings delivering a more subdued update.

“For RCL, we’re looking for a 2Q beat, maintained 2H yield guidance, and FY EPS guidance raise commensurate with the 2Q beat,” Barclays analysts wrote in a note to clients.

The bank anticipates EPS of $4.13 for the quarter, above the $4.05 consensus, driven by stronger-than-expected yields and in-line costs. Yield growth is forecast at +5.3% year-over-year on an FX-neutral basis, exceeding guidance and consensus of around 4.5% and 4.8%, respectively.

Barclays also raised its full-year EPS forecast for RCL to $15.32, noting that “positive call-outs on close-in demand/onboard spend” are expected. Looking to 2026 and 2027, the firm projects RCL earnings of $17.89 and $20.62, respectively.

In contrast, NCLH is expected to deliver a more modest 2Q beat, with a “slightly more downbeat 2H outlook.”

Barclays expects 3Q yield growth of just +1.1% FXN, well below consensus at +2.1%, citing “a well-known 3Q European demand issue that we don’t think ultimately recovered.”

While full-year EPS remains largely unchanged, the firm anticipates a trimming of the top end of guidance.

Despite weaker near-term trends, Barclays sees upside for NCLH in 2026. “Looking into 2026, NCLH’s operating setup should improve markedly,” analysts wrote, driven by easier comps and new private island capacity. EPS for 2026 is forecast at $2.51, slightly ahead of consensus.

While Barclays says the “tactical setup for the group [is] not optimal,” it believes the medium-term bull case remains “fully intact.”