Filing Flows › Norwegian Cruise Line Holdings (NCLH) › Q1 2026
Norwegian Cruise Line Holdings (NCLH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.3B for the first quarter 2026 (Q1 2026), +10% from a year earlier and +4% from the quarter before. Operating margin was 10.0%, net earnings $105M (4.5% of revenue).
Norwegian Cruise Line Holdings, Q1 2026: revenue $2.3B (+10% year over year), operating margin 10.0%, net earnings $105M, operating cash flow $811M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.3B | +4% | +10% |
| Operating profit | $233M | +25% | +16% |
| Net earnings | $105M | +634% | — |
| Operating cash flow | $811M | +77% | +19% |
What changed
Revenue was $2.3B in Q1 2026, up 10% year over year and up 4% from the previous quarter. Passenger ticket was the largest line at 66% of revenue. Passenger ticket added $0.12B year over year (up 9%), 61% of the total change.
Operating profit was $0.23B, a 10.0% margin (up 0.5 points year over year). Of the extra revenue versus Q1 2025, 16% reached operating profit, above the 9% margin then. Total costs grew 9% against revenue growth of 10%. The fastest-growing cost line was SG&A (+17%). Net earnings were $0.10B. The effective tax rate was 2.8%.
Operating cash flow was $0.81B (up 19% year over year), 775% of net earnings. Non-cash charges added back $0.28B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.40B. Capital expenditures of $1.4B exceeded it, leaving free cash flow of −$0.63B.
Questions
What was Norwegian Cruise Line Holdings' revenue in the first quarter 2026?
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.3B for the first quarter 2026 (Q1 2026), +10% from a year earlier and +4% from the quarter before.
Was Norwegian Cruise Line Holdings profitable in the first quarter 2026?
Operating profit was $233M (10.0% of revenue) and net earnings $105M.