Filing Flows › Norwegian Cruise Line Holdings (NCLH) › Q2 2026
Norwegian Cruise Line Holdings (NCLH) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 3, 2026
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.6B for the second quarter 2026 (Q2 2026), +5% from a year earlier and +13% from the quarter before. Operating margin was 13.8%, net earnings $223M (8.4% of revenue).
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 follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.6B | +13% | +5% |
| Operating profit | $363M | +56% | -14% |
| Net earnings | $223M | +113% | +642% |
| Operating cash flow | $603M | -26% | -16% |
| Free cash flow | $145M | — | -62% |
What changed
Revenue was $2.6B in Q2 2026, up 5% year over year and up 13% from the previous quarter. Passenger ticket was the largest line at 66% of revenue. Onboard and other added $0.10B year over year (up 13%), 83% of the total change.
Operating profit was $0.36B, a 13.8% margin (down 3.1 points year over year). Operating profit fell $0.06B even though revenue rose $0.12B versus Q2 2025, so costs grew faster than sales. Total costs grew 9% against revenue growth of 5%. The fastest-growing cost line was Other operating costs (+11%). Net earnings were $0.22B, up 642% year over year. The effective tax rate was 1.5%.
Operating cash flow was $0.60B (down 16% year over year), 271% of net earnings. Non-cash charges added back $0.29B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items added $0.06B. Capital expenditures of $0.46B left free cash flow of $0.14B.
Questions
What was Norwegian Cruise Line Holdings' revenue in the second quarter 2026?
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.6B for the second quarter 2026 (Q2 2026), +5% from a year earlier and +13% from the quarter before.
Was Norwegian Cruise Line Holdings profitable in the second quarter 2026?
Operating profit was $363M (13.8% of revenue) and net earnings $223M.