Filing Flows › Norwegian Cruise Line Holdings (NCLH) › Q2 2026 › vs Q1 2026
Norwegian Cruise Line Holdings (NCLH) Q2 2026 vs Q1 2026 (quarter over quarter)
Norwegian Cruise Line Holdings's revenue rose $309M (+13%) from $2.3B in Q1 2026 to $2.6B in Q2 2026. The biggest changes: Passenger ticket +$188M (+12%); Onboard and other +$122M (+15%). Operating margin 13.8% against 10.0% (+3.8 pts).
Norwegian Cruise Line Holdings, Q2 2026: revenue $2.6B (+5% year over year), operating margin 13.8%, net earnings $223M, operating cash flow $603M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 13.8% | 10.0% | +3.8 pts |
| Net margin | 8.4% | 4.5% | +3.9 pts |
| Free cash flow margin | 5.5% | -26.8% | +32.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Passenger ticket | $1.7B | $1.5B | $188M | +12% |
| Onboard and other | $911M | $789M | $122M | +15% |
| Revenue | $2.6B | $2.3B | $309M | +13% |
| Operating profit | $363M | $233M | $130M | +56% |
| Costs & expenses | $2.3B | $2.1B | $179M | +9% |
| Pre-tax earnings | $226M | $108M | $118M | +110% |
| Other expense, net | $137M | $125M | $12.1M | +10% |
| Cost of revenue | $1.6B | $1.4B | $209M | +15% |
| SG&A | $419M | $460M | −$40.5M | -9% |
| Other operating costs | $271M | $261M | $10.5M | +4% |
| Net earnings | $223M | $105M | $118M | +113% |
| Income tax | $3.4M | $3.0M | $411K | +14% |
| Depreciation & amortization | $294M | $281M | $12.7M | +4% |
| Share-based compensation | $22.7M | $23.4M | −$631K | -3% |
| Working capital & other | $63.3M | $402M | −$339M | -84% |
| Operating cash flow | $603M | $811M | −$209M | -26% |
| Free cash flow (OCF − capex) | $145M | −$625M | $770M | — |
| Capital expenditures | $458M | $1.4B | −$979M | -68% |
Questions
How much did Norwegian Cruise Line Holdings's revenue grow quarter over quarter in Q2 2026?
Norwegian Cruise Line Holdings's revenue rose $309M (+13%) from $2.3B in Q1 2026 to $2.6B in Q2 2026.
What drove Norwegian Cruise Line Holdings's revenue change in Q2 2026?
Passenger ticket +$188M (+12%); Onboard and other +$122M (+15%).