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Side-by-side financial comparison of BRUNSWICK CORP (BC) and Norwegian Cruise Line Holdings (NCLH). Click either name above to swap in a different company.
Norwegian Cruise Line Holdings is the larger business by last-quarter revenue ($2.2B vs $1.4B, roughly 1.6× BRUNSWICK CORP). BRUNSWICK CORP runs the higher net margin — 1.5% vs 0.6%, a 0.9% gap on every dollar of revenue. On growth, BRUNSWICK CORP posted the faster year-over-year revenue change (17.3% vs 6.4%). Norwegian Cruise Line Holdings produced more free cash flow last quarter ($21.5M vs $-116.8M). Over the past eight quarters, Norwegian Cruise Line Holdings's revenue compounded faster (1.2% CAGR vs -2.3%).
Brunswick Corporation, formerly known as the Brunswick-Balke-Collender Company, is an American corporation that has been developing, manufacturing and marketing a wide variety of products since 1845. Brunswick has more than 13,000 employees in 24 countries. Brunswick owns a number of brands, including Mercury Marine. In 2024, Brunswick reported sales of US$5.2 billion. Brunswick's global headquarters is in the northern Chicago suburb of Mettawa, Illinois.
Norwegian Cruise Line (NCL) is an American cruise line founded in Norway in 1966, headquartered in Miami-Dade County, Florida, and incorporated in the Bahamas. It is the fourth-largest cruise line in the world by passengers, controlling about 8.6% of the total worldwide share of the cruise market by passengers as of 2021. It is wholly owned by parent company Norwegian Cruise Line Holdings.
BC vs NCLH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.4B | $2.2B |
| Net Profit | $21.0M | $14.3M |
| Gross Margin | 24.9% | 41.0% |
| Operating Margin | 3.6% | 8.3% |
| Net Margin | 1.5% | 0.6% |
| Revenue YoY | 17.3% | 6.4% |
| Net Profit YoY | — | -94.4% |
| EPS (diluted) | $0.32 | $0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.3B | $2.2B | ||
| Q3 25 | $1.4B | $2.9B | ||
| Q2 25 | $1.4B | $2.5B | ||
| Q1 25 | $1.2B | $2.1B | ||
| Q4 24 | $1.2B | $2.1B | ||
| Q3 24 | $1.3B | $2.8B | ||
| Q2 24 | $1.4B | $2.4B |
| Q1 26 | $21.0M | — | ||
| Q4 25 | $18.7M | $14.3M | ||
| Q3 25 | $-235.5M | $419.3M | ||
| Q2 25 | $59.3M | $30.0M | ||
| Q1 25 | $20.2M | $-40.3M | ||
| Q4 24 | $-82.5M | $254.5M | ||
| Q3 24 | $44.6M | $474.9M | ||
| Q2 24 | $100.0M | $163.4M |
| Q1 26 | 24.9% | — | ||
| Q4 25 | 23.1% | 41.0% | ||
| Q3 25 | 25.8% | 47.1% | ||
| Q2 25 | 25.5% | 42.1% | ||
| Q1 25 | 24.9% | 38.7% | ||
| Q4 24 | 21.9% | 38.0% | ||
| Q3 24 | 26.2% | 45.2% | ||
| Q2 24 | 27.1% | 38.7% |
| Q1 26 | 3.6% | — | ||
| Q4 25 | 3.1% | 8.3% | ||
| Q3 25 | -17.8% | 25.5% | ||
| Q2 25 | 7.1% | 16.8% | ||
| Q1 25 | 4.6% | 9.4% | ||
| Q4 24 | -4.8% | 10.2% | ||
| Q3 24 | 7.7% | 24.6% | ||
| Q2 24 | 11.0% | 14.4% |
| Q1 26 | 1.5% | — | ||
| Q4 25 | 1.4% | 0.6% | ||
| Q3 25 | -17.3% | 14.3% | ||
| Q2 25 | 4.1% | 1.2% | ||
| Q1 25 | 1.7% | -1.9% | ||
| Q4 24 | -7.1% | 12.1% | ||
| Q3 24 | 3.5% | 16.9% | ||
| Q2 24 | 6.9% | 6.9% |
| Q1 26 | $0.32 | — | ||
| Q4 25 | $0.32 | $0.08 | ||
| Q3 25 | $-3.59 | $0.86 | ||
| Q2 25 | $0.89 | $0.07 | ||
| Q1 25 | $0.30 | $-0.09 | ||
| Q4 24 | $-1.21 | $0.55 | ||
| Q3 24 | $0.67 | $0.95 | ||
| Q2 24 | $1.48 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $277.8M | $209.9M |
| Total DebtLower is stronger | $490.2M | $13.7B |
| Stockholders' EquityBook value | $1.6B | $2.2B |
| Total Assets | $5.5B | $22.5B |
| Debt / EquityLower = less leverage | 0.31× | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $277.8M | — | ||
| Q4 25 | $256.8M | $209.9M | ||
| Q3 25 | $297.7M | $166.8M | ||
| Q2 25 | $315.7M | $184.0M | ||
| Q1 25 | $286.7M | $184.4M | ||
| Q4 24 | $269.0M | $190.8M | ||
| Q3 24 | $284.1M | $332.5M | ||
| Q2 24 | $494.5M | $594.1M |
| Q1 26 | $490.2M | — | ||
| Q4 25 | $2.1B | $13.7B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | $2.4B | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B |
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $2.2B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.9B | $1.6B | ||
| Q1 25 | $1.9B | $1.4B | ||
| Q4 24 | $1.9B | $1.4B | ||
| Q3 24 | $2.0B | $1.1B | ||
| Q2 24 | $2.0B | $693.1M |
| Q1 26 | $5.5B | — | ||
| Q4 25 | $5.3B | $22.5B | ||
| Q3 25 | $5.4B | $22.2B | ||
| Q2 25 | $5.8B | $21.6B | ||
| Q1 25 | $5.9B | $21.4B | ||
| Q4 24 | $5.7B | $20.0B | ||
| Q3 24 | $6.0B | $19.8B | ||
| Q2 24 | $6.4B | $20.1B |
| Q1 26 | 0.31× | — | ||
| Q4 25 | 1.30× | 6.21× | ||
| Q3 25 | — | 6.22× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | 1.25× | 8.26× | ||
| Q3 24 | — | 10.35× | ||
| Q2 24 | — | 17.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $459.1M |
| Free Cash FlowOCF − Capex | $-116.8M | $21.5M |
| FCF MarginFCF / Revenue | -8.5% | 1.0% |
| Capex IntensityCapex / Revenue | 4.2% | 19.5% |
| Cash ConversionOCF / Net Profit | — | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $344.6M | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $132.9M | $459.1M | ||
| Q3 25 | $140.4M | $236.6M | ||
| Q2 25 | $316.2M | $714.9M | ||
| Q1 25 | $-27.4M | $679.2M | ||
| Q4 24 | $306.4M | $399.3M | ||
| Q3 24 | $67.4M | $172.5M | ||
| Q2 24 | $211.0M | $670.9M |
| Q1 26 | $-116.8M | — | ||
| Q4 25 | $83.6M | $21.5M | ||
| Q3 25 | $106.5M | $-726.5M | ||
| Q2 25 | $271.3M | $381.2M | ||
| Q1 25 | $-65.1M | $-846.0M | ||
| Q4 24 | $276.1M | $155.8M | ||
| Q3 24 | $31.4M | $-195.5M | ||
| Q2 24 | $163.9M | $330.2M |
| Q1 26 | -8.5% | — | ||
| Q4 25 | 6.3% | 1.0% | ||
| Q3 25 | 7.8% | -24.7% | ||
| Q2 25 | 18.7% | 15.1% | ||
| Q1 25 | -5.3% | -39.8% | ||
| Q4 24 | 23.9% | 7.4% | ||
| Q3 24 | 2.5% | -7.0% | ||
| Q2 24 | 11.4% | 13.9% |
| Q1 26 | 4.2% | — | ||
| Q4 25 | 3.7% | 19.5% | ||
| Q3 25 | 2.5% | 32.8% | ||
| Q2 25 | 3.1% | 13.3% | ||
| Q1 25 | 3.1% | 71.7% | ||
| Q4 24 | 2.6% | 11.5% | ||
| Q3 24 | 2.8% | 13.1% | ||
| Q2 24 | 3.3% | 14.4% |
| Q1 26 | — | — | ||
| Q4 25 | 7.11× | 32.21× | ||
| Q3 25 | — | 0.56× | ||
| Q2 25 | 5.33× | 23.83× | ||
| Q1 25 | -1.36× | — | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | 1.51× | 0.36× | ||
| Q2 24 | 2.11× | 4.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BC
Segment breakdown not available.
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
