NCLH Norwegian Cruise Line Holdings margins

Relative Growth: Rel. Growth: 61

Relative Strength: Rel. Strength: 15

Relative Valuation: Rel. Valuation: 86

Relative Profitability: Rel. Profitability: 65

Gross margin

42.5%

Operating margin

15.1%

EBITDA margin

27.9%

Net margin

7.5%

At present, Norwegian Cruise Line Holdings reports a gross margin of 42.5%, an operating margin of 15.1%, an EBITDA margin of 27.9%, and a net margin of 7.5%. The strongest positive change was in EBITDA margin, higher by 3 percentage points. The strongest negative change was in operating margin, lower by 0.9 percentage points.

NCLH margin history

Gross, operating, EBITDA and net margin trends

Norwegian Cruise Line Holdings's margins averaged 40.23% gross, 14.72% operating, 25.02% EBITDA, and 6.06% net during the last 3 years. Currently all four current margins are above their three-year averages.

NCLH margin expansion

Year-over-year margin changes in percentage points

Gross margin expanded by 1.1 percentage points and EBITDA margin by 3 percentage points, but operating margin contracted by 0.9 percentage points.

Gross margin expansion

1.1pp

Operating margin expansion

-0.9pp

EBITDA margin expansion

3pp

Net margin expansion

0pp

NCLH Gross margin

Over the last 3 years, Norwegian Cruise Line Holdings's gross margin averaged 40.23%. Right now, Norwegian Cruise Line Holdings's current gross margin is 42.5%, which is 2.3 percentage points above its three-year average. During this period, gross margin reached a high of 43% in Mar 2026 and a low of 36% in Dec 2023.

NCLH Operating margin

Norwegian Cruise Line Holdings recorded an average operating margin of 14.72% across the last 3 years. Norwegian Cruise Line Holdings currently reports an operating margin of 15.1%, 0.4 percentage points above its three-year average. The highest operating margin for Norwegian Cruise Line Holdings was 16.4% in Sep 2025, while the lowest was 10.9% in Dec 2023.

NCLH EBITDA margin

Over the last 3 years, Norwegian Cruise Line Holdings recorded an average EBITDA margin of 25.02%. Norwegian Cruise Line Holdings's current EBITDA margin is 27.9% and is 2.9 percentage points above its three-year average. The highest EBITDA margin for Norwegian Cruise Line Holdings was 27.9% in Jun 2026, while the lowest was 20.7% in Dec 2023.

NCLH Net margin

Over the last 3 years, the average net margin for Norwegian Cruise Line Holdings was 6.06%. The current net margin stands at 7.5%, 1.4 percentage points above its three-year average. Norwegian Cruise Line Holdings's net margin ranged from a low of 1.9% in Dec 2023 to a high of 9.6% in Dec 2024.

NCLH margin group comparison

Margins compared with peer-group, industry and sector averages

Norwegian Cruise Line Holdings's gross margin of 42.5% is higher than the Consumer Cyclical sector average but lower than the industry average. Looking at the Consumer Cyclical sector average of 36.3%, Norwegian Cruise Line Holdings's gross margin is 17% higher.

NCLH margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Norwegian Cruise Line Holdings's gross margin?

The current gross margin for NCLH is 42.5% as of Jun 30, 2026.

What is Norwegian Cruise Line Holdings's operating margin?

For the period ending Jun 30, 2026, NCLH recorded an operating margin of 15.1%.

What is Norwegian Cruise Line Holdings's EBITDA margin?

As of Jun 30, 2026, NCLH has an EBITDA margin of 27.9%.

What is Norwegian Cruise Line Holdings's net margin?

The current net margin for NCLH is 7.5% as of Jun 30, 2026.

What are the average margins of NCLH?

Over the past 3 years, NCLH reported average margins of 40.2% gross, 14.7% operating, 25.0% EBITDA, and 6.1% net.

What are the highest historical margins of NCLH?

Across the 5-year period, NCLH posted its highest margins at 43% gross in Mar 2026, 16.4% operating in Sep 2025, 27.9% EBITDA in Jun 2026, and 9.6% net in Dec 2024.

What are the lowest historical margins of NCLH?

Across the 5-year period, NCLH posted its lowest margins at -148.2% gross in Dec 2021, -393.9% operating in Dec 2021, -257.7% EBITDA in Dec 2021, and -695.5% net in Dec 2021.