Norwegian Cruise Line Holdings (NCLH) Operating Margin (2012 - 2026)
Norwegian Cruise Line Holdings' (NCLH) quarterly Operating Margin came in at 9.99% in Q1 2026, up 55.0% year-on-year from 6.45% in Q1 2025, and up 117.12% quarter-over-quarter from 58.36% in Q4 2025.
Norwegian Cruise Line Holdings (NCLH) Operating Margin (2012 - 2026) Analysis & Trends
Norwegian Cruise Line Holdings has disclosed Operating Margin across 15 years of filings, most recently posting 9.99% for Q1 2026.
- Operating Margin for Q1 2026 came in at 9.99%, up 55.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 0.96% (down 1442.0% YoY), and the FY2025 annual result was 0.65%, down 1481.0% from the prior year.
- Operating Margin came in at 9.99% for Q1 2026 at Norwegian Cruise Line Holdings, up from 58.36% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 25.51% in Q3 2025 to a low of 131.96% in Q1 2022.
- The 5-year median for Operating Margin is 9.97% (2024), against an average of 5.47%.
- Across the five-year window, Operating Margin surged 1829597 bps in 2022 and tumbled 6854 bps in 2025, its largest moves.
- Norwegian Cruise Line Holdings' Operating Margin stood at 18.5% in 2022, then soared by 134 bps to 6.26% in 2023, then jumped by 63 bps to 10.18% in 2024, then slumped by 673 bps to 58.36% in 2025, then jumped by 117 bps to 9.99% in 2026.
- The last three Operating Margin figures came in at 9.99% (Q1 2026), 58.36% (Q4 2025), and 25.51% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 131.01 Bn | 114.99 Bn | 3.46 Bn | 22.98% |
| 2 | Airbnb | 79.86 Bn | 67.85 Bn | 2.10 Bn | 3.21% |
| 3 | Royal Caribbean Cruises | 75.60 Bn | 75.08 Bn | 2.21 Bn | 26.10% |
| 4 | Carnival | 37.80 Bn | 36.39 Bn | - | 9.85% |
| 5 | Expedia | 27.88 Bn | 22.09 Bn | 3.05 Bn | 7.33% |
| 6 | Norwegian Cruise Line Holdings | 8.56 Bn | 8.38 Bn | 953.34 Mn | 9.99% |
| 7 | Global Business Travel | 4.79 Bn | 4.35 Bn | 714.00 Mn | 0.36% |
| 8 | Travel & Leisure | 4.51 Bn | 4.25 Bn | 926.00 Mn | 16.55% |
| 9 | Trip.com | 4.42 Bn | -788.25 Mn | 1.74 Bn | 16.49% |
| 10 | MakeMyTrip | 2.12 Bn | 1.35 Bn | - | 16.11% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 9.99% |
| Dec 31, 2025 | -58.36% |
| Sep 30, 2025 | 25.51% |
| Jun 30, 2025 | 16.84% |
| Mar 31, 2025 | 9.44% |
| Dec 31, 2024 | 10.18% |
| Sep 30, 2024 | 24.63% |
| Jun 30, 2024 | 14.40% |
| Mar 31, 2024 | 9.97% |
| Dec 31, 2023 | 6.26% |
| Sep 30, 2023 | 20.64% |
| Jun 30, 2023 | 12.36% |
| Mar 31, 2023 | 0.59% |
| Dec 31, 2022 | -18.50% |
| Sep 30, 2022 | -11.47% |
| Jun 30, 2022 | -33.42% |
| Mar 31, 2022 | -131.96% |
| Dec 31, 2021 | -140.92% |
| Sep 30, 2021 | -450.16% |
| Jun 30, 2021 | -13,853.11% |