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Segment Information | 6 Months Ended
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May 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 May 31, 2026
(in millions) | North America |  | Europe |  | Cruise Support |  | Tour and Other |  | Total
Total Revenues | $ | 4,412 |  |  | $ | 2,122 |  |  | $ | 95 |  |  | $ | 34 |  |  | $ | 6,663 |
Cruise and tour operating expenses: |  |  |  |  |  |  |  |  |
Commissions, transportation and other | 507 |  |  | 303 |  |  | (32) |  | (d) | — |  |  |
Onboard and other | 538 |  |  | 138 |  |  | 22 |  |  | — |  |  |
Payroll and related | 380 |  |  | 274 |  |  | 45 |  |  | — |  |  |
Fuel | 390 |  |  | 204 |  |  | 0 |  |  | — |  |  |
Food | 274 |  |  | 114 |  |  | 1 |  |  | — |  |  |
Other operating (a) | 694 |  |  | 302 |  |  | 30 |  |  | 42 |  |  |
Total Cruise and tour operating expenses | 2,784 |  |  | 1,334 |  |  | 65 |  |  | 42 |  |  | 4,225 |
Adjusted selling and administrative expense (b)(c) | 493 |  |  | 260 |  |  | 87 |  |  | 5 |  |  | 845 |
Depreciation and amortization expense | 477 |  |  | 203 |  |  | 37 |  |  | 7 |  |  | 723 |
Adjusted Operating Income (Loss) | 658 |  |  | 326 |  |  | (94) |  |  | (21) |  |  | 869 |
Restructuring expenses |  |  |  |  |  |  |  |  | (0 | )
Other |  |  |  |  |  |  |  |  | (17) |
Interest income |  |  |  |  |  |  |  |  | 12 |
Interest expense, net of capitalized interest |  |  |  |  |  |  |  |  | (285) |
Other income (expense), net |  |  |  |  |  |  |  |  | (23) |
Income Before Income Taxes |  |  |  |  |  |  |  |  | $ | 555 |
Capital Expenditures | $ | 535 |  |  | $ | 184 |  |  | $ | 145 |  |  | $ | 11 |  |  | $ | 875 |
(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 restructuring expenses. (c)Excludes certain one-time costs and other gains and losses 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.
| Three Months Ended May 31, 2025
(in millions) | North America |  | Europe |  | Cruise Support |  | Tour and Other |  | Total
Total Revenues | $ | 4,214 |  |  | $ | 2,011 |  |  | $ | 73 |  |  | $ | 31 |  |  | $ | 6,328 |
Cruise and tour operating expenses: |  |  |  |  |  |  |  |  |
Commissions, transportation and other | 491 |  |  | 310 |  |  | (21) |  | (d) | — |  |  |
Onboard and other | 526 |  |  | 133 |  |  | 13 |  |  | — |  |  |
Payroll and related | 358 |  |  | 246 |  |  | 36 |  |  | — |  |  |
Fuel | 310 |  |  | 157 |  |  | 0 |  |  | — |  |  |
Food | 262 |  |  | 109 |  |  | 0 |  |  | — |  |  |
Other operating (a)(b) | 697 |  |  | 310 |  |  | 17 |  |  | 32 |  |  |
Total Cruise and tour operating expenses | 2,644 |  |  | 1,265 |  |  | 46 |  |  | 32 |  |  | 3,987 |
Adjusted selling and administrative expense (c) | 470 |  |  | 248 |  |  | 90 |  |  | 5 |  |  | 814 |
Depreciation and amortization expense | 450 |  |  | 187 |  |  | 50 |  |  | 6 |  |  | 692 |
Adjusted Operating Income (Loss) | 650 |  |  | 311 |  |  | (113) |  |  | (12) |  |  | 835 |
Gains on ship sales and impairments |  |  |  |  |  |  |  |  | 101 |
Restructuring expenses |  |  |  |  |  |  |  |  | (2) |
Interest income |  |  |  |  |  |  |  |  | 12 |
Interest expense, net of capitalized interest |  |  |  |  |  |  |  |  | (341) |
Debt extinguishment and modification costs |  |  |  |  |  |  |  |  | (4) |
Other income (expense), net |  |  |  |  |  |  |  |  | (16) |
Income Before Income Taxes |  |  |  |  |  |  |  |  | $ | 585 |
Capital Expenditures | $ | 505 |  |  | $ | 158 |  |  | $ | 173 |  |  | $ | 14 |  |  | $ | 850 |
(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 gains on ship sales and impairments. (c)Excludes restructuring expenses. (d)Includes intercompany port fees, taxes and charges to our cruise segments related to our port destinations and exclusive islands, which eliminate in consolidation.
| Six Months Ended May 31, 2026
(in millions) | North America |  | Europe |  | Cruise Support |  | Tour and Other |  | Total
Total Revenues | $ | 8,431 |  |  | $ | 4,191 |  |  | $ | 172 |  |  | $ | 34 |  |  | $ | 12,828 |
Cruise and tour operating expenses: |  |  |  |  |  |  |  |  |
Commissions, transportation and other | 975 |  |  | 745 |  |  | (70) |  | (d) | — |  |  |
Onboard and other | 1,003 |  |  | 271 |  |  | 42 |  |  | — |  |  |
Payroll and related | 755 |  |  | 542 |  |  | 86 |  |  | — |  |  |
Fuel | 660 |  |  | 331 |  |  | 1 |  |  | — |  |  |
Food | 542 |  |  | 227 |  |  | 2 |  |  | — |  |  |
Other operating (a) | 1,300 |  |  | 640 |  |  | 58 |  |  | 55 |  |  |
Total Cruise and tour operating expenses | 5,236 |  |  | 2,756 |  |  | 118 |  |  | 55 |  |  | 8,165 |
Adjusted selling and administrative expense (b)(c) | 1,030 |  |  | 543 |  |  | 170 |  |  | 10 |  |  | 1,753 |
Depreciation and amortization expense | 937 |  |  | 397 |  |  | 71 |  |  | 14 |  |  | 1,419 |
Adjusted Operating Income (Loss) | 1,228 |  |  | 496 |  |  | (187) |  |  | (45) |  |  | 1,492 |
Restructuring expenses |  |  |  |  |  |  |  |  | (0 | )
Other |  |  |  |  |  |  |  |  | (34) |
Interest income |  |  |  |  |  |  |  |  | 24 |
Interest expense, net of capitalized interest |  |  |  |  |  |  |  |  | (577) |
Other income (expense), net |  |  |  |  |  |  |  |  | (70) |
Income Before Income Taxes |  |  |  |  |  |  |  |  | $ | 835 |
Capital Expenditures | $ | 799 |  |  | $ | 356 |  |  | $ | 258 |  |  | $ | 28 |  |  | $ | 1,441 |
(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 restructuring expenses. (c)Excludes certain one-time costs and other gains and losses 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.
| Six Months Ended May 31, 2025
(in millions) | North America |  | Europe |  | Cruise Support |  | Tour and Other |  | Total
Total Revenues | $ | 8,120 |  |  | $ | 3,841 |  |  | $ | 145 |  |  | $ | 33 |  |  | $ | 12,139 |
Cruise and tour operating expenses: |  |  |  |  |  |  |  |  |
Commissions, transportation and other | 948 |  |  | 729 |  |  | (47) |  | (d) | — |  |  |
Onboard and other | 999 |  |  | 246 |  |  | 25 |  |  | — |  |  |
Payroll and related | 717 |  |  | 493 |  |  | 70 |  |  | — |  |  |
Fuel | 629 |  |  | 303 |  |  | 1 |  |  | — |  |  |
Food | 519 |  |  | 206 |  |  | 0 |  |  | — |  |  |
Other operating (a)(b) | 1,268 |  |  | 557 |  |  | 42 |  |  | 47 |  |  |
Total Cruise and tour operating expenses | 5,080 |  |  | 2,536 |  |  | 91 |  |  | 47 |  |  | 7,753 |
Adjusted selling and administrative expense (c) | 991 |  |  | 499 |  |  | 163 |  |  | 9 |  |  | 1,661 |
Depreciation and amortization expense | 884 |  |  | 356 |  |  | 95 |  |  | 12 |  |  | 1,346 |
Adjusted Operating Income (Loss) | 1,166 |  |  | 451 |  |  | (204) |  |  | (34) |  |  | 1,378 |
Gains on ship sales and impairments |  |  |  |  |  |  |  |  | 101 |
Restructuring expenses |  |  |  |  |  |  |  |  | (2) |
Interest income |  |  |  |  |  |  |  |  | 18 |
Interest expense, net of capitalized interest |  |  |  |  |  |  |  |  | (718) |
Debt extinguishment and modification costs |  |  |  |  |  |  |  |  | (255) |
Other income (expense), net |  |  |  |  |  |  |  |  | (4) |
Income Before Income Taxes |  |  |  |  |  |  |  |  | $ | 517 |
Capital Expenditures | $ | 796 |  |  | $ | 278 |  |  | $ | 355 |  |  | $ | 30 |  |  | $ | 1,458 |
(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 gains on ship sales and impairments. (c)Excludes restructuring expenses. (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) | May 31, 2026 |  | November 30, 2025 |  |
North America | $ | 31,399 |  |  | $ | 31,400 |  |  |  |  |
Europe | 16,202 |  |  | 16,030 |  |  |  |  |
Cruise Support | 4,200 |  |  | 3,836 |  |  |  |  |
Tour and Other | 427 |  |  | 421 |  |  |  |  |
| $ | 52,228 |  |  | $ | 51,687 |  |  |  |  |
Substantially all of our long-lived assets consist of our ships and move between geographic areas.

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