Filing Flows › Norwegian Cruise Line Holdings (NCLH) › Q3 2026 › vs Q2 2026
Norwegian Cruise Line Holdings (NCLH) Q3 2026 vs Q2 2026 (quarter over quarter)
Norwegian Cruise Line Holdings's revenue rose $306M (+12%) from $2.6B in Q2 2026 to $2.9B in Q3 2026. The biggest changes: Passenger ticket +$216M (+12%); Onboard and other +$90.4M (+10%). Operating margin 21.2% against 13.8% (+7.4 pts).
Norwegian Cruise Line Holdings, Q3 2026: revenue $2.9B (+0.3% year over year), operating margin 21.2%, net earnings $491M, operating cash flow $292M. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 21.2% | 13.8% | +7.4 pts |
| Net margin | 16.7% | 8.4% | +8.2 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Passenger ticket | $1.9B | $1.7B | $216M | +12% |
| Onboard and other | $1.0B | $911M | $90.4M | +10% |
| Revenue | $2.9B | $2.6B | $306M | +12% |
| Operating profit | $624M | $363M | $261M | +72% |
| Costs & expenses | $2.3B | $2.3B | $45.3M | +2% |
| Pre-tax earnings | $485M | $226M | $259M | +114% |
| Other expense, net | $140M | $137M | $2.3M | +2% |
| Cost of revenue | $1.7B | $1.6B | $80.9M | +5% |
| SG&A | $367M | $419M | −$52.1M | -12% |
| Other operating costs | $288M | $271M | $16.5M | +6% |
| Income tax benefit | $6.8M | −$3.4M | $10.2M | — |
| Net earnings | $491M | $223M | $269M | +121% |
| Operating cash sources | $823M | $539M | $284M | +53% |
| Depreciation & amortization | $310M | $294M | $16.3M | +6% |
| Share-based compensation | $21.3M | $22.7M | −$1.4M | -6% |
| Working capital & other | $531M | −$63.3M | $594M | — |
| Operating cash flow | $292M | $603M | −$310M | -51% |
| Capital expenditures | $398M | $458M | −$60.0M | -13% |
| Negative free cash flow (OCF − capex) | $105M | −$145M | $250M | — |
Questions
How much did Norwegian Cruise Line Holdings's revenue grow quarter over quarter in Q3 2026?
Norwegian Cruise Line Holdings's revenue rose $306M (+12%) from $2.6B in Q2 2026 to $2.9B in Q3 2026.
What drove Norwegian Cruise Line Holdings's revenue change in Q3 2026?
Passenger ticket +$216M (+12%); Onboard and other +$90.4M (+10%).