NCLH · 10-Q · 2026Q3 · Full report
Operating Expense Trends
Norwegian Cruise Line Holdings Ltd. · 2026-10-29 · Importance 34 · Surprise 14 · Contradicted
Third-quarter 2026 total cruise operating expense increased 7.3% year over year to $1.668 billion, primarily because of new-ship deliveries. Marketing, general and administrative expense decreased to $367.1 million from $383.0 million in the quarter, but increased to $1.246 billion from $1.167 billion for the first nine months, a 6.7% rise. Nine-month total cruise operating expense rose 7.3% to $4.632 billion, and total other operating expense increased 9.1%, reflecting higher depreciation and amortization associated with new ships and ship improvements as well as the Oceania Sirena disposal loss.
Key facts
- Third-quarter 2026 operating income was $624.3 million, compared with $749.4 million in the third quarter of 2025. source
- Third-quarter 2026 Adjusted EBITDA decreased 8.1% to $936.8 million from $1.0 billion. source
- Third-quarter 2026 total cruise operating expense was $1,667.668 million, compared with $1,554.859 million in 2025. source
- Third-quarter 2026 payroll and related expense was $390.315 million, compared with $355.396 million in 2025. source
- Third-quarter 2026 marketing, general and administrative expense was $367.118 million, compared with $383.002 million in 2025. source
- Third-quarter 2026 total cruise operating expense increased 7.3%, primarily due to delivery of new ships. source
- Nine-month 2026 total cruise operating expense increased 7.3%, primarily related to delivery of new ships. source
- Third-quarter 2026 food expense was $92.043 million, compared with $81.866 million in 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | -4.3% | Third-quarter 2026 operating income was $624.3 million, compared with $749.4 million in the third quarter of 2025. |
| operating_income | negative | realized | -2.1% | Third-quarter 2026 Adjusted EBITDA decreased 8.1% to $936.8 million from $1.0 billion. |
| operating_income | positive | realized | +0.5% | Third-quarter 2026 marketing, general and administrative expense was $367.118 million, compared with $383.002 million in 2025. |
| operating_income | negative | realized | -0.3% | Third-quarter 2026 food expense was $92.043 million, compared with $81.866 million in 2025. |
| operating_income | negative | realized | — | Third-quarter 2026 total cruise operating expense increased 7.3%, primarily due to delivery of new ships. |
| operating_income | negative | realized | — | Nine-month 2026 total cruise operating expense increased 7.3%, primarily related to delivery of new ships. |