Filing Flows › Norwegian Cruise Line Holdings (NCLH) › Q3 2026 › vs Q3 2025
Norwegian Cruise Line Holdings (NCLH) Q3 2026 vs Q3 2025 (year over year)
Norwegian Cruise Line Holdings's revenue rose $8.6M (+0.3%) from $2.9B in Q3 2025 to $2.9B in Q3 2026. The biggest changes: Onboard and other +$113M (+13%); Passenger ticket −$104M (-5%). Operating margin 21.2% against 25.5% (-4.3 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 21.2% | 25.5% | -4.3 pts |
| Net margin | 16.7% | 14.3% | +2.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Passenger ticket | $1.9B | $2.0B | −$104M | -5% |
| Onboard and other | $1.0B | $888M | $113M | +13% |
| Revenue | $2.9B | $2.9B | $8.6M | +0.3% |
| Operating profit | $624M | $749M | −$125M | -17% |
| Costs & expenses | $2.3B | $2.2B | $134M | +6% |
| Pre-tax earnings | $485M | $434M | $51.0M | +12% |
| Other expense, net | $140M | $316M | −$176M | -56% |
| Cost of revenue | $1.7B | $1.6B | $113M | +7% |
| SG&A | $367M | $383M | −$15.9M | -4% |
| Other operating costs | $288M | $251M | $36.9M | +15% |
| Income tax benefit | $6.8M | −$14.3M | $21.2M | — |
| Net earnings | $491M | $419M | $72.2M | +17% |
| Operating cash sources | $823M | $711M | $113M | +16% |
| Depreciation & amortization | $310M | $273M | $37.6M | +14% |
| Share-based compensation | $21.3M | $18.4M | $2.9M | +16% |
| Working capital & other | $531M | $474M | $56.9M | +12% |
| Operating cash flow | $292M | $237M | $55.8M | +24% |
| Capital expenditures | $398M | $963M | −$565M | -59% |
| Negative free cash flow (OCF − capex) | $105M | $727M | −$621M | -85% |
Questions
How much did Norwegian Cruise Line Holdings's revenue grow year over year in Q3 2026?
Norwegian Cruise Line Holdings's revenue rose $8.6M (+0.3%) from $2.9B in Q3 2025 to $2.9B in Q3 2026.
What drove Norwegian Cruise Line Holdings's revenue change in Q3 2026?
Onboard and other +$113M (+13%); Passenger ticket −$104M (-5%).