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NCLH · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
Revenue grew 4.9% y/y to $2.64B, operating margin 13.8% vs 16.8%, net income $223M (+642.0% y/y).
Net income (loss)
$223M
up 642% y/y
Total revenue
$2,641M
up 4.9% y/y
Operating income
$363M
down 14.3% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Passenger ticket | $1,730 · +1.2% |
| Onboard and other | $911 · +12.6% |
| Total revenue | $2,641 · +4.9% |
| Commissions, transportation and other | $485 · −0.6% |
| Onboard and other | $191 · +2.0% |
| Payroll and related | $395 · +14.0% |
| Fuel | $219 · +39.4% |
| Food | $87.3 · +7.4% |
| Other | $209 · +6.6% |
| Marketing, general and administrative | $419 · +6.7% |
| Depreciation and amortization | $271 · +11.3% |
| Operating income | $363 · −14.3% · 13.8% margin |
| Interest expense, net | $171 · −27.8% |
| Other income (expense), net | $33.5 · vs −$156 |
| Net income (loss) before income taxes | $226 · +638% |
| Income tax benefit (expense) | $3.4 · +434% · 1.5% effective rate |
| Net income (loss) | $223 · +642% · $0.48/sh · 8.4% margin |
Verdict: revenue grew 4.9% y/y to $2.64B, operating margin 13.8% vs 16.8%, net income $223M (+642.0% y/y).
The company now expects full year 2026 Adjusted EPS to be approximately $1.50.
Source and notation
Source: Norwegian Cruise Line press release, 8-K EX-99.1 of 07/30/2026 (SEC EDGAR). Every figure was matched against the income statement in the release and checked against SEC XBRL.
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Chart: “NCLH Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/nclh/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/nclh/q2-2026"><img src="https://whoreportstoday.com/t/nclh/q2-2026/sankey.png" alt="NCLH Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/nclh/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/nclh/q2-2026">NCLH Q2 2026 earnings chart (Who Reports Today)</a>
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- Adjusted EBITDA was $666 million, and adjusted EPS was $0.48.
- Operating income was $363M, a 13.8% margin vs 16.8% a year earlier.
- The effective tax rate was 1.5% vs 2.1% a year earlier.
- Diluted EPS was $0.48 vs $0.07 a year earlier.
What distorts the picture in this report and what to watch beyond the headlines.
NCLH — a Bermuda-incorporated cruise company that operates the Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises brands, with itineraries worldwide.
It earns money from cruise fares and onboard spending; the three brands are combined into one reportable segment. · Source: annual report (Form 10-K, SEC)
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