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Carnival vs Norwegian Cruise Line Holdings: CCL and NCLH compared
Carnival is the larger company: $8.4B of revenue in its latest quarter (Q3 FY26) against $2.9B for Norwegian Cruise Line Holdings (Q3 2026). Carnival is growing faster (+4% against +0.3% a year earlier). Carnival is more profitable, with an operating margin of 26.3% against 21.2%.
Where the money goes: CCL and NCLH
Carnival (CCL) · Q3 FY26
Carnival, Q3 FY26: revenue $8.4B (+4% year over year), operating margin 26.3%, net earnings $1.9B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
Norwegian Cruise Line Holdings (NCLH) · Q3 2026
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.
| Carnival (CCL) | Norwegian Cruise Line Holdings (NCLH) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 2026 |
| Revenue | $8.4B | $2.9B |
| Revenue growth, Y/Y | +4% | +0.3% |
| Operating margin | 26.3% | 21.2% |
| Net earnings | $1.9B | $491M |
| Net margin | 22.8% | 16.7% |
| Operating cash flow | $1.4B | $292M |
| Free cash flow | $712M | — |
| Market value | $40.5B | $8.2B |
| P/E | 12.8× | 9.6× |
| Analysts’ mean target | $33.49 | $19.57 |
Where the revenue comes from
Carnival
- North America Segment: $5.5B (66%)
- Europe Segment: $2.6B (31%)
- Tour and Other: $191M (2%)
- Cruise Support: $96.0M (1%)
Norwegian Cruise Line Holdings
- Passenger ticket: $1.9B (66%)
- Onboard and other: $1.0B (34%)
Questions
Which is bigger, Carnival or Norwegian Cruise Line Holdings?
Carnival is the larger company: $8.4B of revenue in its latest quarter (Q3 FY26) against $2.9B for Norwegian Cruise Line Holdings (Q3 2026).
Is Carnival or Norwegian Cruise Line Holdings growing faster?
Carnival is growing faster (+4% against +0.3% a year earlier).
Which is more profitable, Carnival or Norwegian Cruise Line Holdings?
Carnival is more profitable, with an operating margin of 26.3% against 21.2%.
More: Carnival earnings · how Carnival makes money · Norwegian Cruise Line Holdings earnings · how Norwegian Cruise Line Holdings makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Sep 29, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.