Norwegian Cruise Line Holdings Ltd 10-Q for FY2026 Q2

Norwegian Cruise Line Holdings Ltd. (NCLH)

10-Q 2026-08-03 For: 2026-06-30

Added on August 03, 2026

About this 10-Q

Norwegian Cruise Line Holdings Ltd filed this 10-Q on August 3, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.64B; up 4.9% from $2.52B a year earlier
Net income: $222.55M; up 642.0% from net income of $29.99M a year earlier
Diluted EPS: $0.48; up 585.7% from $0.07 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Bermuda		98-0691007
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

7665 Corporate Center Drive, Miami, Florida 33126		33126
(Address of principal executive offices)		(zip code)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Ordinary shares, par value $0.001 per share		NCLH		The New York Stock Exchange


Large accelerated filer ⌧	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☐
Emerging growth company ☐


		Page
PART I. FINANCIAL INFORMATION

Item 1.	Financial Statements	3

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40

Item 4.	Controls and Procedures	41

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	41

Item 1A.	Risk Factors	42

Item 5.	Other Information	43

Item 6.	Exhibits	44

SIGNATURES		45


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Revenue
Passenger ticket	$	1,729,838	$	1,708,985	$	3,272,159	$	3,127,669
Onboard and other		910,706		808,512		1,699,606		1,517,381
Total revenue		2,640,544		2,517,497		4,971,765		4,645,050
Cruise operating expense
Commissions, transportation and other		484,668		487,835		882,273		883,178
Onboard and other		191,446		187,684		343,314		326,542
Payroll and related		394,573		346,133		774,789		680,637
Fuel		219,384		157,377		388,310		332,391
Food		87,322		81,323		168,004		156,911
Other		209,415		196,495		407,999		381,126
Total cruise operating expense		1,586,808		1,456,847		2,964,689		2,760,785
Other operating expense
Marketing, general and administrative		419,204		393,054		878,885		784,430
Depreciation and amortization		271,205		243,760		531,921		475,057
Total other operating expense		690,409		636,814		1,410,806		1,259,487
Operating income		363,327		423,836		596,270		624,778
Non-operating income (expense)
Interest expense, net		(170,887)		(236,782)		(336,874)		(454,654)
Other income (expense), net		33,517		(156,425)		74,220		(180,930)
Total non-operating income (expense)		(137,370)		(393,207)		(262,654)		(635,584)
Net income (loss) before income taxes		225,957		30,629		333,616		(10,806)
Income tax benefit (expense)		(3,404)		(637)		(6,397)		503
Net income (loss)	$	222,553	$	29,992	$	327,219	$	(10,303)
Weighted-average shares outstanding
Basic		459,133,954		446,586,784		457,901,116		443,882,011
Diluted		463,932,441		448,033,138		465,388,927		443,882,011
Earnings (loss) per share
Basic	$	0.48	$	0.07	$	0.71	$	(0.02)
Diluted	$	0.48	$	0.07	$	0.71	$	(0.02)


	June 30,		December 31,
	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	218,100	$	209,893
Accounts receivable, net		276,958		291,659
Inventories		161,296		138,181
Prepaid expenses and other assets		609,704		498,808
Total current assets		1,266,058		1,138,541
Property and equipment, net		20,437,529		19,068,807
Goodwill		135,764		135,764
Trade names		500,525		500,525
Other long-term assets		1,671,834		1,697,764
Total assets	$	24,011,710	$	22,541,401
Liabilities and shareholders’ equity
Current liabilities:
Current portion of long-term debt	$	1,141,370	$	875,899
Accounts payable		233,063		169,655
Accrued expenses and other liabilities		1,295,295		1,206,430
Advance ticket sales		3,651,201		3,200,593
Total current liabilities		6,320,929		5,452,577
Long-term debt		13,893,415		13,730,277
Other long-term liabilities		1,224,500		1,148,659
Total liabilities		21,438,844		20,331,513
Commitments and contingencies (Note 10)
Shareholders’ equity:
Ordinary shares, $0.001 par value; 980,000,000 shares authorized; 459,158,514 shares issued and outstanding at June 30, 2026 and 455,257,489 shares issued and outstanding at December 31, 2025		459		455
Additional paid-in capital		8,243,394		8,227,432
Accumulated other comprehensive income (loss)		(431,572)		(451,365)
Accumulated deficit		(5,239,415)		(5,566,634)
Total shareholders’ equity		2,572,866		2,209,888
Total liabilities and shareholders’ equity	$	24,011,710	$	22,541,401


	Three Months Ended June 30, 2026
					Accumulated
			Additional		Other				Total
	Ordinary		Paid-in		Comprehensive		Accumulated		Shareholders’
	Shares		Capital		Income (Loss)		Deficit		Equity
Balance, March 31, 2026	$	459	$	8,220,727	$	(327,772)	$	(5,461,968)	$	2,431,446
Share-based compensation		—		22,734		—		—		22,734
Net share settlement of restricted share units		—		(67)		—		—		(67)
Other comprehensive loss, net		—		—		(103,800)		—		(103,800)
Net income		—		—		—		222,553		222,553
Balance, June 30, 2026	$	459	$	8,243,394	$	(431,572)	$	(5,239,415)	$	2,572,866

	Six Months Ended June 30, 2026
					Accumulated
			Additional		Other				Total
	Ordinary		Paid-in		Comprehensive		Accumulated		Shareholders’
	Shares		Capital		Income (Loss)		Deficit		Equity
Balance, December 31, 2025	$	455	$	8,227,432	$	(451,365)	$	(5,566,634)	$	2,209,888
Share-based compensation		—		46,099		—		—		46,099
Issuance of shares under employee-related plans		4		(4)		—		—		—
Net share settlement of restricted share units		—		(30,122)		—		—		(30,122)
Other		—		(11)		—		—		(11)
Other comprehensive income, net		—		—		19,793		—		19,793
Net income		—		—		—		327,219		327,219
Balance, June 30, 2026	$	459	$	8,243,394	$	(431,572)	$	(5,239,415)	$	2,572,866


		Three Months Ended June 30, 2025
						Accumulated
				Additional		Other						Total
		Ordinary		Paid-in		Comprehensive			Accumulated			Shareholders’
		Shares		Capital		Income (Loss)			Deficit			Equity
Balance, March 31, 2025		$	443	$	7,918,391	$	(472,125)		$	(6,030,175)		$	1,416,534
Share-based compensation			—		25,899		—			—			25,899
Common share issuance proceeds, net			4		63,992		—			—			63,996
Common share issuance for NCLC exchangeable notes			—		13		—			—			13
Other comprehensive income, net			—		—		33,136			—			33,136
Net income			—		—		—			29,992			29,992
Balance, June 30, 2025		$	447	$	8,008,295	$	(438,989)		$	(6,000,183)		$	1,569,570

		Six Months Ended June 30, 2025
						Accumulated
				Additional		Other						Total
		Ordinary		Paid-in		Comprehensive			Accumulated			Shareholders’
		Shares		Capital		Income (Loss)			Deficit			Equity
Balance, December 31, 2024		$	440	$	7,921,918	$	(507,039)		$	(5,989,880)		$	1,425,439
Share-based compensation			—		46,180		—			—			46,180
Issuance of shares under employee-related plans			3		(3)		—			—			—
Common share issuance proceeds, net			4		63,992		—			—			63,996
Common share issuance for NCLC exchangeable notes			—		13		—			—			13
Net share settlement of restricted share units			—		(23,805)		—			—			(23,805)
Other comprehensive income, net			—		—		68,050			—			68,050
Net loss			—		—		—			(10,303)			(10,303)
Balance, June 30, 2025		$	447	$	8,008,295	$	(438,989)		$	(6,000,183)		$	1,569,570


		Balance Sheet location		June 30, 2026		December 31, 2025
Operating leases
Right-of-use assets		Other long-term assets		$	1,101,765	$	1,089,709
Current operating lease liabilities		Accrued expenses and other liabilities			35,578		32,064
Non-current operating lease liabilities		Other long-term liabilities			908,456		897,899


	Six Months Ended June 30, 2026
						Change
	Accumulated		Change			Related to
	Other		Related to			Shipboard
	Comprehensive		Cash Flow			Retirement
	Income (Loss)		Hedges			Plan
Accumulated other comprehensive income (loss) at beginning of period	$	(451,365)	$	(457,603)		$	6,238
Current period other comprehensive income before reclassifications		55,946		55,946			—
Amounts reclassified into earnings		(36,153)		(36,238)	(1)		85	(2)
Accumulated other comprehensive income (loss) at end of period	$	(431,572)	$	(437,895)	(3)	$	6,323


					Unamortized
		Principal			Deferred			Net Carrying			Fair Value
		Amount			Financing Fees			Amount			Amount			Leveling
2027 1.125% Exchangeable Notes (1)		$	192,037		$	(626)		$	191,411		$	188,400		Level 2
2027 2.5% Exchangeable Notes (1)			24,138			(87)			24,051			23,854		Level 2
2030 0.875% Exchangeable Notes			353,876			(2,520)			351,356			371,191		Level 2
2030 0.750% Exchangeable Notes			1,407,000			(22,754)			1,384,246			1,304,753		Level 2


Year		Amount
Remainder of 2026		$	477,842
2027			1,105,695
2028			1,340,922
2029			1,364,816
2030			3,949,587
2031			1,865,359
Thereafter			5,363,524
Total		$	15,467,745


				Assets						Liabilities
				June 30,			December 31,			June 30,			December 31,
		Balance Sheet Location		2026			2025			2026			2025
Derivative Contracts Designated as Hedging Instruments

Fuel contracts
		Prepaid expenses and other assets		$	43,032		$	—		$	716		$	—
		Other long-term assets			9,088			—			1,385			—
		Accrued expenses and other liabilities			—			116			—			16,302
		Other long-term liabilities			1,789			—			2,527			7,829
Foreign currency contracts
		Prepaid expenses and other assets			8,292			33,307			—			—
		Accrued expenses and other liabilities			—			—			36,642			2,434
		Other long-term liabilities			—			—			11,270			—
Total derivatives designated as hedging instruments				$	62,201		$	33,423		$	52,540		$	26,565

Derivative Contracts Not Designated as Hedging Instruments

Fuel contracts
		Prepaid expenses and other assets		$	3,531		$	—		$	—		$	—
		Other long-term assets			46			—			—			—
		Accrued expenses and other liabilities			—			—			—			1,024
		Other long-term liabilities			22			—			—			114
Foreign currency contracts
		Other long-term assets			292			—			—			—
		Accrued expenses and other liabilities			—			—			8,574			594
		Other long-term liabilities			—			—			312			—
Total derivatives not designated as hedging instruments				$	3,891		$	—		$	8,886		$	1,732
Total derivatives				$	66,092		$	33,423		$	61,426		$	28,297


					Gross						Gross
		Gross			Amounts			Total Net			Amounts
June 30, 2026		Amounts			Offset			Amounts			Not Offset			Net Amounts
Assets		$	64,281		$	(2,101)		$	62,180		$	(8,584)		$	53,596
Liabilities			59,325			(1,811)			57,514			(56,798)			716


					Location of Gain
					(Loss) Reclassified
					from Accumulated	Amount of Gain (Loss) Reclassified
	Amount of Gain (Loss)				Other Comprehensive	from Accumulated Other
	Recognized in Other				Income (Loss) into	Comprehensive Income
Derivatives	Comprehensive Loss				Income (Expense)	(Loss) into Income (Expense)
	Three Months		Three Months			Three Months		Three Months
	Ended		Ended			Ended		Ended
	June 30, 2026		June 30, 2025			June 30, 2026		June 30, 2025
Fuel contracts	$	(31,543)	$	(27,268)	Fuel	$	33,694	$	(6,147)
Fuel contracts		—		—	Other income (expense), net		5,096		(777)
Foreign currency contracts		(37,650)		49,344	Depreciation and amortization		(4,141)		(4,120)
Total gain (loss) recognized in other comprehensive income (loss)	$	(69,193)	$	22,076		$	34,649	$	(11,044)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Coupon interest	$	4,103	$	8,567	$	8,148	$	20,805
Amortization of deferred financing fees		1,723		2,340		3,426		4,821
Total	$	5,826	$	10,907	$	11,574	$	25,626


Dividend yield		—%
Expected share price volatility		54.77%
Risk-free interest rate		3.96%
Expected term		3.77 years


		Number of		Weighted-			Number of		Weighted-			Number of		Weighted-
		Time-Based		Average Grant			Performance-		Average Grant			Market-		Average Grant
		Awards		Date Fair Value			Based Awards		Date Fair Value			Based Awards		Date Fair Value
Non-vested as of January 1, 2026		8,537,656		$	19.95		2,521,536		$	19.97		—		$	—
Granted		6,190,325			20.07		1,304,731	(1)		21.02		2,345,276	(1)		24.24
Vested		(4,550,524)			19.04		(579,244)			18.00		—			—
Forfeited or expired		(871,610)			20.38		(305,558)			18.36		—			—
Non-vested as of June 30, 2026		9,305,847			20.44		2,941,465			20.99		2,345,276			24.24


		Six Months Ended June 30, 2026									Six Months Ended June 30, 2025
					Depreciation									Depreciation
					and			Other Income						and		Other Income
		Fuel			Amortization			(Expense), net			Fuel			Amortization		(Expense), net
Total amounts of income and expense line items presented in the consolidated statements of operations in which the effects of cash flow hedges are recorded		$	388,310		$	531,921		$	74,220		$	332,391		$	475,057	$	(180,930)

Amount of gain (loss) reclassified from accumulated other comprehensive income (loss) into income
Fuel contracts			38,701			—			—			(5,857)			—		—
Foreign currency contracts			—			(8,264)			—			—			(8,239)		—

Amount of loss reclassified from accumulated other comprehensive income (loss) into income as a result that a forecasted transaction is no longer probable of occurring
Fuel contracts			—			—			5,801			—			—		(1,021)


Year	Brand	Class	Ship Name	Gross Tons⁽¹⁾	Berths⁽¹⁾	Status
2026	Regent Seven Seas Cruises	Prestige Class 1	Seven Seas Prestige	~77,000	~822	Contract effective / financed⁽³⁾
2027	Norwegian Cruise Line	Next Gen "Methanol-Ready⁽²⁾"Prima Class 5	Norwegian Aura	~170,000	~3,880	Contract effective / financed⁽³⁾
2027	Oceania Cruises	Sonata Class 1	Oceania Sonata	~86,000	~1,390	Contract effective / financed⁽³⁾
2028	Norwegian Cruise Line	Next Gen "Methanol-Ready⁽²⁾"Prima Class 6	To come	~170,000	~3,880	Contract effective / financed⁽³⁾
2029	Oceania Cruises	Sonata Class 2	Oceania Arietta	~86,000	~1,390	Contract effective / financed⁽³⁾
2030	Norwegian Cruise Line	New Class 1	To come	~227,000	~5,000	Contract effective / financed⁽³⁾
2030	Regent Seven Seas Cruises	Prestige Class 2	To come	~77,000	~822	Contract effective / financed⁽³⁾
2032	Oceania Cruises	Sonata Class 3	To come	~86,000	~1,390	Contract effective, but not yet financed
2032	Norwegian Cruise Line	New Class 2	To come	~227,000	~5,000	Contract effective / financed⁽³⁾
2033	Regent Seven Seas Cruises	Prestige Class 3	To come	~77,000	~822	Contract will be effective upon financing
2034	Norwegian Cruise Line	New Class 3	To come	~227,000	~5,000	Contract effective / financing is being negotiated
2035	Oceania Cruises	Sonata Class 4	To come	~86,000	~1,390	Contract effective, but not yet financed
2036	Norwegian Cruise Line	New Class 4	To come	~227,000	~5,000	Contract effective / financing is being negotiated
2036	Regent Seven Seas Cruises	Prestige Class 4	To come	~77,000	~822	Contract will be effective upon financing
2037	Oceania Cruises	Sonata Class 5	To come	~86,000	~1,390	Contract will be effective upon financing
2037	Norwegian Cruise Line	New Class 5	To come	~227,000	~5,000	Contract will be effective upon financing


		Remainder of
		2026			2027			2028			2029			2030			2031			Thereafter			Total
Long-term debt (1)		$	792,057		$	1,702,053		$	1,894,473		$	1,855,675		$	4,323,725		$	2,159,171		$	5,731,550		$	18,458,704
Ship construction contracts (2)			1,004,238			2,473,240			1,467,973			1,276,800			3,238,843			203,123			8,984,137			18,648,354
Total		$	1,796,295		$	4,175,293		$	3,362,446		$	3,132,475		$	7,562,568		$	2,362,294		$	14,715,687		$	37,107,058

3.1		Memorandum of Association of Norwegian Cruise Line Holdings Ltd. (incorporated herein by reference to Exhibit 3.1 to Amendment No. 5 to Norwegian Cruise Line Holdings Ltd.’s Registration Statement on Form S-1 filed on January 8, 2013 (File No. 333-175579)).

3.2		Memorandum of Increase of Share Capital of Norwegian Cruise Line Holdings Ltd. (incorporated herein by reference to Exhibit 3.1 to Norwegian Cruise Line Holdings Ltd.’s Form 8-K filed on May 21, 2021 (File No. 001-35784)).

3.3		Amended and Restated Bye-Laws of Norwegian Cruise Line Holdings Ltd., effective as of June 13, 2019 (incorporated herein by reference to Exhibit 3.2 to Norwegian Cruise Line Holdings Ltd.’s Form 8-K filed on June 14, 2019 (File No. 001-35784)).

10.1		Norwegian Cruise Line Holdings Ltd. Amended and Restated 2013 Performance Incentive Plan (incorporated herein by reference to Exhibit 10.1 to Norwegian Cruise Line Holdings Ltd.’s Form 8-K filed on June 16, 2026 (File No. 001-35784)).***†

10.2*		Directors’ Compensation Policy (effective May 7, 2026).***

31.1*		Certification of the President and Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
31.2*		Certification of the Executive Vice President and Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934.
32.1**		Certifications of the President and Chief Executive Officer and the Executive Vice President and Chief Financial Officer pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code.


101*		The following unaudited consolidated financial statements from Norwegian Cruise Line Holdings Ltd.’s Quarterly Report on Form 10‑Q for the quarterly period ended June 30, 2026, formatted in Inline XBRL:

		(i) the Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025;

		(ii) the Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025;

		(iii) the Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025;

		(iv) the Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025;

		(v) the Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June 30, 2026 and 2025; and

		(vi) the Notes to the Consolidated Financial Statements.

104*		The cover page from Norwegian Cruise Line Holdings Ltd.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, formatted in Inline XBRL and included in the interactive data files submitted as Exhibit 101.


	NORWEGIAN CRUISE LINE HOLDINGS LTD.
	(Registrant)

	By:	/s/ JOHN W. CHIDSEY
	Name:	John W. Chidsey
	Title:	President and Chief Executive Officer
		(Principal Executive Officer)

	By:	/s/ MARK A. KEMPA
	Name:	Mark A. Kempa
	Title:	Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)


Dated: August 3, 2026


Cash Compensation
Annual Cash Retainer		$	100,000
Annual Chairperson Retainer		$	225,000
Annual Lead Independent Director Retainer		$	50,000
Annual Audit Committee Chairperson Retainer		$	40,000
Annual Compensation Committee Chairperson Retainer		$	40,000
Annual Nominating and Governance Committee Chairperson Retainer		$	40,000
Annual Technology, Environmental, Safety and Security (“TESS”) Chairperson Retainer		$	40,000
Annual Audit Committee Member Retainer		$	20,000
Annual Compensation Committee Member Retainer		$	20,000
Annual Nominating and Governance Committee Member Retainer		$	20,000
Annual TESS Committee Member Retainer		$	20,000

Equity Compensation
Annual Equity Award		$	200,000