Norwegian Cruise Line Holdings (NCLH) Gross Margin (2012 - 2026)
Norwegian Cruise Line Holdings (NCLH) posted Gross Margin of 40.89% for Q1 2026, little changed sequentially from 41.03% in Q4 2025, and up 218.0% YoY from 12.86% in Q1 2025.
Norwegian Cruise Line Holdings (NCLH) Gross Margin (2012 - 2026) Analysis & Trends
Norwegian Cruise Line Holdings has reported Gross Margin for 15 years, with the latest figure at 40.89% in Q1 2026.
- Quarterly Gross Margin rose 218.0% year-over-year to 40.89% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 43.05% (up 258.0% YoY) and the FY2025 annual result came in at 42.62%, up 263.0% from the prior year.
- Gross Margin was little changed at 40.89% in Q1 2026 per NCLH's latest filing, from 41.03% in the prior quarter.
- Over five years, Gross Margin peaked at 47.08% in Q3 2025 and troughed at 40.9% in Q1 2022.
- A 5-year average of 30.71% and a median of 38.01% in 2024 frame the typical range for Gross Margin.
- The sharpest annual moves came in 2022 and 2024: Gross Margin surged 633829 bps in 2022, then jumped 142 bps in 2024.
- Over 5 years, Gross Margin stood at 19.73% in 2022, then jumped by 70 bps to 33.46% in 2023, then grew by 14 bps to 38.01% in 2024, then advanced by 8 bps to 41.03% in 2025, then dropped by 0 bps to 40.89% in 2026.
- According to Business Quant data, Gross Margin over the past three periods registered 40.89%, 41.03%, and 47.08% for Q1 2026, Q4 2025, and Q3 2025 respectively.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 157.57 Bn | 140.36 Bn | 4.98 Bn | 67.75% |
| 2 | Airbnb | 106.28 Bn | 94.21 Bn | 2.98 Bn | 82.46% |
| 3 | Royal Caribbean Cruises | 80.63 Bn | 79.71 Bn | 2.29 Bn | 47.29% |
| 4 | Viking Holdings | 44.40 Bn | 40.59 Bn | 713.43 Mn | 41.37% |
| 5 | Expedia | 38.38 Bn | 31.25 Bn | 3.91 Bn | 90.66% |
| 6 | Carnival | 38.16 Bn | 35.92 Bn | - | - |
| 7 | Trip.com | 29.11 Bn | 17.42 Bn | 1.86 Bn | 79.12% |
| 8 | Norwegian Cruise Line Holdings | 8.33 Bn | 8.12 Bn | 1.05 Bn | 39.91% |
| 9 | MakeMyTrip | 5.81 Bn | 5.03 Bn | 212.91 Mn | 74.55% |
| 10 | Global Business Travel | 4.86 Bn | 4.34 Bn | 514.00 Mn | 59.08% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 39.91% |
| Mar 31, 2026 | 40.89% |
| Dec 31, 2025 | 41.03% |
| Sep 30, 2025 | 47.08% |
| Jun 30, 2025 | 42.13% |
| Mar 31, 2025 | 38.71% |
| Dec 31, 2024 | 38.01% |
| Sep 30, 2024 | 45.17% |
| Jun 30, 2024 | 38.68% |
| Mar 31, 2024 | 36.68% |
| Dec 31, 2023 | 33.46% |
| Sep 30, 2023 | 41.53% |
| Jun 30, 2023 | 37.27% |
| Mar 31, 2023 | 29.72% |
| Dec 31, 2022 | 19.73% |
| Sep 30, 2022 | 23.31% |
| Jun 30, 2022 | 9.59% |
| Mar 31, 2022 | -40.90% |
| Dec 31, 2021 | -47.24% |
| Sep 30, 2021 | -187.27% |