v3.26.3
Segment Information
 9 Months Ended
Aug. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The chief operating decision maker (“CODM”), who is our Chief Executive Officer, assesses performance and makes decisions to allocate resources based upon review of the results across all of our segments. The operating segments within each of our reportable segments have been aggregated based on the similarity of their economic and other characteristics, including geographic guest sourcing. Our four reportable segments are comprised of (1) North America cruise operations (“North America”), (2) Europe cruise operations (“Europe”), (3) Cruise Support and (4) Tour and Other.

Our Cruise Support segment includes our portfolio of leading port destinations and exclusive islands as well as other services, all of which are operated for the benefit of our cruise lines. Our Tour and Other segment represents the hotel and transportation operations of Holland America Princess Alaska Tours and other operations.

Our CODM uses adjusted operating income (loss) in assessing segment performance and determining how to allocate resources. This metric is used to review segment operating trends and monitor variances against the plan and prior year results. Resource allocation primarily occurs during the annual capital appropriation process.
The below tables include our calculation of adjusted operating income (loss), our significant segment expenses, and a reconciliation of adjusted operating income (loss) to income before income taxes:

Three Months Ended August 31, 2026
(in millions)North AmericaEuropeCruise SupportTour and OtherTotal
Total Revenues$5,543 $2,606 $96 $191 $8,435 
Cruise and tour operating expenses:
Commissions, transportation and other713 312 (37)(e)— 
Onboard and other722 165 15 — 
Payroll and related342 254 45 — 
Fuel403 210 2 — 
Food287 113 1 — 
Adjusted other operating (a)(b)639 301 35 104 
Total adjusted Cruise and tour operating expenses3,106 1,355 61 104 4,625 
Adjusted selling and administrative expense (c)471 257 92 4 825 
Adjusted depreciation and amortization expense (d)489 206 43 7 746 
Adjusted Operating Income (Loss)1,477 788 (100)75 2,240 
Gain (loss) on ship sales and impairments(2)
Restructuring expense(8)
Other(10)
Interest income17 
Interest expense, net of capitalized interest(285)
Debt extinguishment and modification costs(23)
Other income (expense), net10 
Income Before Income Taxes$1,939 
Capital Expenditures$445 $140 $105 $8 $698 

(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expense for our hotel and transportation operations and all other ship operating expenses.
(b)Excludes gain (loss) on ship sales and impairments.
(c)Excludes restructuring and other expenses that are not part of our core operating business.
(d)Excludes depreciation adjustment that is not an indication of future performance.
(e)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
Three Months Ended August 31, 2025
(in millions)North AmericaEuropeCruise SupportTour and OtherTotal
Total Revenues$5,348 $2,551 $74 $179 $8,153 
Cruise and tour operating expenses:
Commissions, transportation and other676 321 (25)(d)— 
Onboard and other705 167 12 — 
Payroll and related345 252 38 — 
Fuel295 155 0 — 
Food280 118 1 — 
Adjusted other operating (a)(b)634 288 25 97 
Total adjusted Cruise and tour operating expenses2,936 1,301 52 97 4,385 
Adjusted selling and administrative expense (c)436 244 88 4 773 
Depreciation and amortization expense461 196 53 7 717 
Adjusted Operating Income (Loss)1,515 810 (118)71 2,278 
Gain (loss) on ship sales and impairments0 
Restructuring expense(3)
Other(4)
Interest income15 
Interest expense, net of capitalized interest(317)
Debt extinguishment and modification costs(111)
Other income (expense), net0 
Income Before Income Taxes$1,860 
Capital Expenditures$320 $119 $205 $4 $648 

(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expenses for our hotel and transportation operations and all other ship operating expenses.
(b)Excludes gain (loss) on ship sales and impairments.
(c)Excludes restructuring and other expenses that are not part of our core operating business.
(d)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
Nine Months Ended August 31, 2026
(in millions)North AmericaEuropeCruise SupportTour and OtherTotal
Total Revenues$13,974 $6,797 $268 $224 $21,263 
Cruise and tour operating expenses:
Commissions, transportation and other1,688 1,057 (107)(e)— 
Onboard and other1,725 436 57 — 
Payroll and related1,097 796 130 — 
Fuel1,063 541 2 — 
Food829 340 3 — 
Adjusted other operating (a)(b)1,939 941 93 159 
Total adjusted Cruise and tour operating expenses8,342 4,111 178 159 12,790 
Adjusted selling and administrative expense (c)1,501 799 262 15 2,577 
Adjusted depreciation and amortization expense (d)1,426 603 114 21 2,164 
Adjusted Operating Income (Loss)2,705 1,284 (287)30 3,732 
Gain (loss) on ship sales and impairments(2)
Restructuring expense(8)
Other(43)
Interest income41 
Interest expense, net of capitalized interest(862)
Debt extinguishment and modification costs(23)
Other income (expense), net(60)
Income Before Income Taxes$2,774 
Capital Expenditures$1,244 $496 $363 $36 $2,139 

(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expenses for our hotel and transportation operations and all other ship operating expenses.
(b)Excludes gain (loss) on ship sales and impairments.
(c)Excludes restructuring and other expenses that are not part of our core operating business.
(d)Excludes depreciation adjustment that is not an indication of future performance.
(e)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
Nine Months Ended August 31, 2025
(in millions)North AmericaEuropeCruise SupportTour and OtherTotal
Total Revenues$13,469 $6,392 $219 $212 $20,292 
Cruise and tour operating expenses:
Commissions, transportation and other1,624 1,051 (72)(d)— 
Onboard and other1,703 413 37 — 
Payroll and related1,062 745 108 — 
Fuel924 458 1 — 
Food799 324 1 — 
Adjusted other operating (a)(b)1,902 845 67 144 
Total adjusted Cruise and tour operating expenses8,015 3,836 143 144 12,138 
Adjusted selling and administrative expense (c)1,427 743 251 13 2,434 
Depreciation and amortization expense1,345 552 148 19 2,064 
Adjusted Operating Income (Loss)2,681 1,261 (322)36 3,656 
Gain (loss) on ship sales and impairments101 
Restructuring expense(5)
Other(4)
Interest income34 
Interest expense, net of capitalized interest(1,034)
Debt extinguishment and modification costs(366)
Other income (expense), net(4)
Income Before Income Taxes$2,377 
Capital Expenditures$1,116 $397 $559 $34 $2,105 

(a)Represents other operating expenses, which include port costs that do not vary with guest head counts; repairs and maintenance, including minor improvements and dry-dock expenses; hotel costs; entertainment; freight and logistics; insurance premiums; tour and other expenses for our hotel and transportation operations and all other ship operating expenses.
(b)Excludes gain (loss) on ship sales and impairments.
(c)Excludes restructuring and other expenses that are not part of our core operating business.
(d)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.

Total assets were as follows:

(in millions)August 31, 2026November 30, 2025
North America$31,164 $31,400 
Europe16,087 16,030 
Cruise Support3,281 3,836 
Tour and Other439 421 
$50,971 $51,687