Filing Flows › Norwegian Cruise Line Holdings (NCLH) › Q3 2026
Norwegian Cruise Line Holdings (NCLH) Q3 2026 earnings results (third quarter 2026)
10-Q filed Oct 29, 2026
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.9B for the third quarter 2026 (Q3 2026), +0.3% from a year earlier and +12% from the quarter before. Operating margin was 21.2%, net earnings $491M (16.7% of revenue).
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 follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.9B | +12% | +0.3% |
| Operating profit | $624M | +72% | -17% |
| Net earnings | $491M | +121% | +17% |
| Operating cash flow | $292M | -51% | +24% |
What changed
Revenue was $2.9B in Q3 2026, roughly flat year over year and up 12% from the previous quarter. Passenger ticket was the largest line at 66% of revenue. Onboard and other added $0.11B year over year (up 13%), 1310% of the total change. Passenger ticket declined 5%.
Operating profit was $0.62B, a 21.2% margin (down 4.3 points year over year). Operating profit fell $0.13B even though revenue rose $0.01B versus Q3 2025, so costs grew faster than sales. Total costs grew 6% against flat revenue. The fastest-growing cost line was Other operating costs (+15%). Net earnings were $0.49B, up 17% year over year. The effective tax rate was -1.4%.
Operating cash flow was $0.29B (up 24% year over year), 59% of net earnings. Non-cash charges added back $0.31B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.53B. Capital expenditures of $0.40B exceeded it, leaving free cash flow of −$0.11B.
Questions
What was Norwegian Cruise Line Holdings' revenue in the third quarter 2026?
Norwegian Cruise Line Holdings (NCLH) reported revenue of $2.9B for the third quarter 2026 (Q3 2026), +0.3% from a year earlier and +12% from the quarter before.
Was Norwegian Cruise Line Holdings profitable in the third quarter 2026?
Operating profit was $624M (21.2% of revenue) and net earnings $491M.