Filing Flows › Norwegian Cruise Line Holdings (NCLH) › Q2 2026 › vs Q2 2025
Norwegian Cruise Line Holdings (NCLH) Q2 2026 vs Q2 2025 (year over year)
Norwegian Cruise Line Holdings's revenue rose $123M (+5%) from $2.5B in Q2 2025 to $2.6B in Q2 2026. The biggest changes: Onboard and other +$102M (+13%); Passenger ticket +$20.9M (+1%). Operating margin 13.8% against 16.8% (-3.1 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 13.8% | 16.8% | -3.1 pts |
| Net margin | 8.4% | 1.2% | +7.2 pts |
| Free cash flow margin | 5.5% | 15.1% | -9.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Passenger ticket | $1.7B | $1.7B | $20.9M | +1% |
| Onboard and other | $911M | $809M | $102M | +13% |
| Revenue | $2.6B | $2.5B | $123M | +5% |
| Operating profit | $363M | $424M | −$60.5M | -14% |
| Costs & expenses | $2.3B | $2.1B | $184M | +9% |
| Pre-tax earnings | $226M | $30.6M | $195M | +638% |
| Other expense, net | $137M | $393M | −$256M | -65% |
| Cost of revenue | $1.6B | $1.5B | $130M | +9% |
| SG&A | $419M | $393M | $26.1M | +7% |
| Other operating costs | $271M | $244M | $27.4M | +11% |
| Net earnings | $223M | $30.0M | $193M | +642% |
| Income tax | $3.4M | $637K | $2.8M | +434% |
| Depreciation & amortization | $294M | $264M | $29.6M | +11% |
| Share-based compensation | $22.7M | $25.9M | −$3.2M | -12% |
| Working capital & other | $63.3M | $395M | −$331M | -84% |
| Operating cash flow | $603M | $715M | −$112M | -16% |
| Free cash flow (OCF − capex) | $145M | $381M | −$236M | -62% |
| Capital expenditures | $458M | $334M | $124M | +37% |
Questions
How much did Norwegian Cruise Line Holdings's revenue grow year over year in Q2 2026?
Norwegian Cruise Line Holdings's revenue rose $123M (+5%) from $2.5B in Q2 2025 to $2.6B in Q2 2026.
What drove Norwegian Cruise Line Holdings's revenue change in Q2 2026?
Onboard and other +$102M (+13%); Passenger ticket +$20.9M (+1%).