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Side-by-side financial comparison of Expeditors International (EXPD) and Norwegian Cruise Line Holdings (NCLH). Click either name above to swap in a different company.
Expeditors International is the larger business by last-quarter revenue ($2.9B vs $2.2B, roughly 1.3× Norwegian Cruise Line Holdings). Expeditors International runs the higher net margin — 7.0% vs 0.6%, a 6.4% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs -3.3%). Expeditors International produced more free cash flow last quarter ($270.3M vs $21.5M). Over the past eight quarters, Expeditors International's revenue compounded faster (13.8% CAGR vs 1.2%).
Expeditors International of Washington, Inc. is an American Fortune 500 service-based logistics company with headquarters in Bellevue, Washington. Expeditors generates highly optimized and customized supply chain solutions for clients with unified technology systems integrated through a global network of over 340+ locations in 100+ countries on six continents.
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.
EXPD vs NCLH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.9B | $2.2B |
| Net Profit | $200.7M | $14.3M |
| Gross Margin | — | 41.0% |
| Operating Margin | 8.8% | 8.3% |
| Net Margin | 7.0% | 0.6% |
| Revenue YoY | -3.3% | 6.4% |
| Net Profit YoY | -14.9% | -94.4% |
| EPS (diluted) | $1.50 | $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.
| Q4 25 | $2.9B | $2.2B | ||
| Q3 25 | $2.9B | $2.9B | ||
| Q2 25 | $2.7B | $2.5B | ||
| Q1 25 | $2.7B | $2.1B | ||
| Q4 24 | $3.0B | $2.1B | ||
| Q3 24 | $3.0B | $2.8B | ||
| Q2 24 | $2.4B | $2.4B | ||
| Q1 24 | $2.2B | $2.2B |
| Q4 25 | $200.7M | $14.3M | ||
| Q3 25 | $222.3M | $419.3M | ||
| Q2 25 | $183.6M | $30.0M | ||
| Q1 25 | $203.8M | $-40.3M | ||
| Q4 24 | $235.9M | $254.5M | ||
| Q3 24 | $229.6M | $474.9M | ||
| Q2 24 | $175.5M | $163.4M | ||
| Q1 24 | $169.2M | $17.4M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 47.1% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | 38.0% | ||
| Q3 24 | — | 45.2% | ||
| Q2 24 | — | 38.7% | ||
| Q1 24 | — | 36.7% |
| Q4 25 | 8.8% | 8.3% | ||
| Q3 25 | 10.0% | 25.5% | ||
| Q2 25 | 9.3% | 16.8% | ||
| Q1 25 | 10.0% | 9.4% | ||
| Q4 24 | 10.2% | 10.2% | ||
| Q3 24 | 10.1% | 24.6% | ||
| Q2 24 | 9.2% | 14.4% | ||
| Q1 24 | 9.7% | 10.0% |
| Q4 25 | 7.0% | 0.6% | ||
| Q3 25 | 7.7% | 14.3% | ||
| Q2 25 | 6.9% | 1.2% | ||
| Q1 25 | 7.6% | -1.9% | ||
| Q4 24 | 8.0% | 12.1% | ||
| Q3 24 | 7.7% | 16.9% | ||
| Q2 24 | 7.2% | 6.9% | ||
| Q1 24 | 7.7% | 0.8% |
| Q4 25 | $1.50 | $0.08 | ||
| Q3 25 | $1.64 | $0.86 | ||
| Q2 25 | $1.34 | $0.07 | ||
| Q1 25 | $1.47 | $-0.09 | ||
| Q4 24 | $1.68 | $0.55 | ||
| Q3 24 | $1.63 | $0.95 | ||
| Q2 24 | $1.24 | $0.35 | ||
| Q1 24 | $1.17 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.3B | $209.9M |
| Total DebtLower is stronger | — | $13.7B |
| Stockholders' EquityBook value | $2.4B | $2.2B |
| Total Assets | $4.9B | $22.5B |
| Debt / EquityLower = less leverage | — | 6.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.3B | $209.9M | ||
| Q3 25 | $1.2B | $166.8M | ||
| Q2 25 | $1.2B | $184.0M | ||
| Q1 25 | $1.3B | $184.4M | ||
| Q4 24 | $1.1B | $190.8M | ||
| Q3 24 | $1.3B | $332.5M | ||
| Q2 24 | $1.3B | $594.1M | ||
| Q1 24 | $1.4B | $559.8M |
| Q4 25 | — | $13.7B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | — | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B | ||
| Q1 24 | — | $12.0B |
| Q4 25 | $2.4B | $2.2B | ||
| Q3 25 | $2.3B | $2.2B | ||
| Q2 25 | $2.2B | $1.6B | ||
| Q1 25 | $2.3B | $1.4B | ||
| Q4 24 | $2.2B | $1.4B | ||
| Q3 24 | $2.4B | $1.1B | ||
| Q2 24 | $2.2B | $693.1M | ||
| Q1 24 | $2.2B | $362.1M |
| Q4 25 | $4.9B | $22.5B | ||
| Q3 25 | $4.8B | $22.2B | ||
| Q2 25 | $4.8B | $21.6B | ||
| Q1 25 | $4.8B | $21.4B | ||
| Q4 24 | $4.8B | $20.0B | ||
| Q3 24 | $5.2B | $19.8B | ||
| Q2 24 | $4.8B | $20.1B | ||
| Q1 24 | $4.5B | $19.8B |
| Q4 25 | — | 6.21× | ||
| Q3 25 | — | 6.22× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | — | 8.26× | ||
| Q3 24 | — | 10.35× | ||
| Q2 24 | — | 17.19× | ||
| Q1 24 | — | 33.16× |
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 | $283.3M | $459.1M |
| Free Cash FlowOCF − Capex | $270.3M | $21.5M |
| FCF MarginFCF / Revenue | 9.5% | 1.0% |
| Capex IntensityCapex / Revenue | 0.5% | 19.5% |
| Cash ConversionOCF / Net Profit | 1.41× | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $953.4M | $-1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $283.3M | $459.1M | ||
| Q3 25 | $201.4M | $236.6M | ||
| Q2 25 | $179.2M | $714.9M | ||
| Q1 25 | $342.6M | $679.2M | ||
| Q4 24 | $249.7M | $399.3M | ||
| Q3 24 | $90.0M | $172.5M | ||
| Q2 24 | $126.8M | $670.9M | ||
| Q1 24 | $256.9M | $807.2M |
| Q4 25 | $270.3M | $21.5M | ||
| Q3 25 | $190.3M | $-726.5M | ||
| Q2 25 | $163.3M | $381.2M | ||
| Q1 25 | $329.5M | $-846.0M | ||
| Q4 24 | $239.7M | $155.8M | ||
| Q3 24 | $77.7M | $-195.5M | ||
| Q2 24 | $118.8M | $330.2M | ||
| Q1 24 | $246.7M | $548.3M |
| Q4 25 | 9.5% | 1.0% | ||
| Q3 25 | 6.6% | -24.7% | ||
| Q2 25 | 6.2% | 15.1% | ||
| Q1 25 | 12.4% | -39.8% | ||
| Q4 24 | 8.1% | 7.4% | ||
| Q3 24 | 2.6% | -7.0% | ||
| Q2 24 | 4.9% | 13.9% | ||
| Q1 24 | 11.2% | 25.0% |
| Q4 25 | 0.5% | 19.5% | ||
| Q3 25 | 0.4% | 32.8% | ||
| Q2 25 | 0.6% | 13.3% | ||
| Q1 25 | 0.5% | 71.7% | ||
| Q4 24 | 0.3% | 11.5% | ||
| Q3 24 | 0.4% | 13.1% | ||
| Q2 24 | 0.3% | 14.4% | ||
| Q1 24 | 0.5% | 11.8% |
| Q4 25 | 1.41× | 32.21× | ||
| Q3 25 | 0.91× | 0.56× | ||
| Q2 25 | 0.98× | 23.83× | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 1.06× | 1.57× | ||
| Q3 24 | 0.39× | 0.36× | ||
| Q2 24 | 0.72× | 4.10× | ||
| Q1 24 | 1.52× | 46.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EXPD
| Customs Brokerage And Other Services | $1.1B | 40% |
| Airfreight Services | $1.1B | 39% |
| Ocean Freight And Ocean Services | $611.4M | 21% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
