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Side-by-side financial comparison of Host Hotels & Resorts (HST) 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 ($2.3B vs $1.6B, roughly 1.4× Host Hotels & Resorts). Host Hotels & Resorts runs the higher net margin — 30.5% vs 4.5%, a 26.0% gap on every dollar of revenue. On growth, Host Hotels & Resorts posted the faster year-over-year revenue change (11.6% vs 9.6%). Over the past eight quarters, Host Hotels & Resorts's revenue compounded faster (5.9% CAGR vs -0.9%).
Host Hotels & Resorts, Inc., based in Bethesda, Maryland, is an American real estate investment trust that invests in hotels. As of December 31, 2024, the company owned 81 upscale hotels containing about 43,400 rooms in the United States, Brazil, and Canada.
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.
HST vs NCLH — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.6B | $2.3B |
| Net Profit | $501.0M | $104.7M |
| Gross Margin | 98.7% | — |
| Operating Margin | 19.4% | 10.0% |
| Net Margin | 30.5% | 4.5% |
| Revenue YoY | 11.6% | 9.6% |
| Net Profit YoY | 99.2% | — |
| EPS (diluted) | $0.72 | $0.23 |
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 | $1.6B | $2.3B | ||
| Q4 25 | $1.6B | $2.2B | ||
| Q3 25 | $1.3B | $2.9B | ||
| Q2 25 | $1.6B | $2.5B | ||
| Q1 25 | $1.6B | $2.1B | ||
| Q4 24 | $1.4B | $2.1B | ||
| Q3 24 | $1.3B | $2.8B | ||
| Q2 24 | $1.5B | $2.4B |
| Q1 26 | $501.0M | $104.7M | ||
| Q4 25 | $135.0M | $14.3M | ||
| Q3 25 | $161.0M | $419.3M | ||
| Q2 25 | $221.0M | $30.0M | ||
| Q1 25 | $248.0M | $-40.3M | ||
| Q4 24 | $108.0M | $254.5M | ||
| Q3 24 | $82.0M | $474.9M | ||
| Q2 24 | $239.0M | $163.4M |
| Q1 26 | 98.7% | — | ||
| 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 26 | 19.4% | 10.0% | ||
| Q4 25 | 12.0% | 8.3% | ||
| Q3 25 | 7.6% | 25.5% | ||
| Q2 25 | 17.5% | 16.8% | ||
| Q1 25 | 17.9% | 9.4% | ||
| Q4 24 | 11.0% | 10.2% | ||
| Q3 24 | 10.2% | 24.6% | ||
| Q2 24 | 19.9% | 14.4% |
| Q1 26 | 30.5% | 4.5% | ||
| Q4 25 | 8.4% | 0.6% | ||
| Q3 25 | 12.1% | 14.3% | ||
| Q2 25 | 13.9% | 1.2% | ||
| Q1 25 | 15.6% | -1.9% | ||
| Q4 24 | 7.6% | 12.1% | ||
| Q3 24 | 6.2% | 16.9% | ||
| Q2 24 | 16.3% | 6.9% |
| Q1 26 | $0.72 | $0.23 | ||
| Q4 25 | $0.20 | $0.08 | ||
| Q3 25 | $0.23 | $0.86 | ||
| Q2 25 | $0.32 | $0.07 | ||
| Q1 25 | $0.35 | $-0.09 | ||
| Q4 24 | $0.15 | $0.55 | ||
| Q3 24 | $0.12 | $0.95 | ||
| Q2 24 | $0.34 | $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 | $1.7B | $185.0M |
| Total DebtLower is stronger | — | $15.2B |
| Stockholders' EquityBook value | $6.8B | $2.4B |
| Total Assets | $13.2B | $23.8B |
| Debt / EquityLower = less leverage | — | 6.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.7B | $185.0M | ||
| Q4 25 | $768.0M | $209.9M | ||
| Q3 25 | $539.0M | $166.8M | ||
| Q2 25 | $490.0M | $184.0M | ||
| Q1 25 | $428.0M | $184.4M | ||
| Q4 24 | $554.0M | $190.8M | ||
| Q3 24 | $564.0M | $332.5M | ||
| Q2 24 | $805.0M | $594.1M |
| Q1 26 | — | $15.2B | ||
| Q4 25 | $1.3B | $13.7B | ||
| Q3 25 | — | $13.6B | ||
| Q2 25 | — | $12.6B | ||
| Q1 25 | — | $12.9B | ||
| Q4 24 | $896.0M | $11.8B | ||
| Q3 24 | — | $11.8B | ||
| Q2 24 | — | $11.9B |
| Q1 26 | $6.8B | $2.4B | ||
| Q4 25 | $6.6B | $2.2B | ||
| Q3 25 | $6.7B | $2.2B | ||
| Q2 25 | $6.6B | $1.6B | ||
| Q1 25 | $6.7B | $1.4B | ||
| Q4 24 | $6.6B | $1.4B | ||
| Q3 24 | $6.7B | $1.1B | ||
| Q2 24 | $6.8B | $693.1M |
| Q1 26 | $13.2B | $23.8B | ||
| Q4 25 | $13.0B | $22.5B | ||
| Q3 25 | $13.0B | $22.2B | ||
| Q2 25 | $13.0B | $21.6B | ||
| Q1 25 | $12.9B | $21.4B | ||
| Q4 24 | $13.0B | $20.0B | ||
| Q3 24 | $13.1B | $19.8B | ||
| Q2 24 | $12.4B | $20.1B |
| Q1 26 | — | 6.23× | ||
| Q4 25 | 0.19× | 6.21× | ||
| Q3 25 | — | 6.22× | ||
| Q2 25 | — | 8.05× | ||
| Q1 25 | — | 9.09× | ||
| Q4 24 | 0.14× | 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 | — | $811.5M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 7.4% | 16.3% |
| Cash ConversionOCF / Net Profit | — | 7.75× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $811.5M | ||
| Q4 25 | $543.0M | $459.1M | ||
| Q3 25 | $218.0M | $236.6M | ||
| Q2 25 | $444.0M | $714.9M | ||
| Q1 25 | $305.0M | $679.2M | ||
| Q4 24 | $331.0M | $399.3M | ||
| Q3 24 | $349.0M | $172.5M | ||
| Q2 24 | $453.0M | $670.9M |
| Q1 26 | — | — | ||
| Q4 25 | $445.0M | $21.5M | ||
| Q3 25 | $143.0M | $-726.5M | ||
| Q2 25 | $381.0M | $381.2M | ||
| Q1 25 | $259.0M | $-846.0M | ||
| Q4 24 | $235.0M | $155.8M | ||
| Q3 24 | $262.0M | $-195.5M | ||
| Q2 24 | $409.0M | $330.2M |
| Q1 26 | — | — | ||
| Q4 25 | 27.8% | 1.0% | ||
| Q3 25 | 10.7% | -24.7% | ||
| Q2 25 | 24.0% | 15.1% | ||
| Q1 25 | 16.2% | -39.8% | ||
| Q4 24 | 16.5% | 7.4% | ||
| Q3 24 | 19.9% | -7.0% | ||
| Q2 24 | 27.9% | 13.9% |
| Q1 26 | 7.4% | 16.3% | ||
| Q4 25 | 6.1% | 19.5% | ||
| Q3 25 | 5.6% | 32.8% | ||
| Q2 25 | 4.0% | 13.3% | ||
| Q1 25 | 2.9% | 71.7% | ||
| Q4 24 | 6.7% | 11.5% | ||
| Q3 24 | 6.6% | 13.1% | ||
| Q2 24 | 3.0% | 14.4% |
| Q1 26 | — | 7.75× | ||
| Q4 25 | 4.02× | 32.21× | ||
| Q3 25 | 1.35× | 0.56× | ||
| Q2 25 | 2.01× | 23.83× | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 3.06× | 1.57× | ||
| Q3 24 | 4.26× | 0.36× | ||
| Q2 24 | 1.90× | 4.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HST
| Room | $943.0M | 57% |
| Food and beverage | $517.0M | 31% |
| Other | $159.0M | 10% |
| Condominium sales | $26.0M | 2% |
NCLH
| Passenger ticket | $1.5B | 66% |
| Onboard and other | $788.9M | 34% |
