NCLH · 10-Q · 2026Q3 · Full report
Gross Margin Drivers
Norwegian Cruise Line Holdings Ltd. · 2026-10-29 · Importance 38 · Surprise 40 · No source text
Third-quarter 2026 GAAP gross margin fell 12.2% to $1.013 billion from $1.154 billion, while Adjusted Gross Margin was nearly flat at $2.163 billion versus $2.194 billion. Gross margin per Capacity Day declined to $149.67 from $179.77, and Net Yield declined 6.5% to $319.65 from $341.89. Operating income decreased to $624.3 million from $749.4 million, and Adjusted EBITDA declined 8.1% to $936.8 million from $1.019 billion. Total cruise operating expense increased 7.3%, primarily due to new-ship deliveries, while revenue per Capacity Day weakened with lower ticket pricing.
Key facts
- Third-quarter 2026 gross margin decreased 12.2% to $1.0 billion from $1.2 billion; Adjusted Gross Margin was comparable at $2.2 billion. source
- Third-quarter 2026 Adjusted Gross Margin was $2,162.908 million, compared with $2,194.159 million in 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| margin | negative | realized | — | Third-quarter 2026 gross margin decreased 12.2% to $1.0 billion from $1.2 billion; Adjusted Gross Margin was comparable at $2.2 billion. |
| margin | negative | realized | — | Third-quarter 2026 Adjusted Gross Margin was $2,162.908 million, compared with $2,194.159 million in 2025. |