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Side-by-side financial comparison of Norwegian Cruise Line Holdings (NCLH) and Principal Financial Group (PFG). Click either name above to swap in a different company.
Principal Financial Group is the larger business by last-quarter revenue ($4.6B vs $2.3B, roughly 2.0× Norwegian Cruise Line Holdings). Principal Financial Group runs the higher net margin — 11.3% vs 4.5%, a 6.8% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (9.6% vs -3.7%). Over the past eight quarters, Principal Financial Group's revenue compounded faster (6.3% CAGR vs -0.9%).
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.
Principal Financial GroupPFGEarnings & Financial Report
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
NCLH vs PFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $4.6B |
| Net Profit | $104.7M | $517.0M |
| Gross Margin | — | — |
| Operating Margin | 10.0% | — |
| Net Margin | 4.5% | 11.3% |
| Revenue YoY | 9.6% | -3.7% |
| Net Profit YoY | — | -42.9% |
| EPS (diluted) | $0.23 | $2.30 |
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 | $2.3B | — | ||
| Q4 25 | $2.2B | $4.6B | ||
| Q3 25 | $2.9B | $3.7B | ||
| Q2 25 | $2.5B | $3.7B | ||
| Q1 25 | $2.1B | $3.7B | ||
| Q4 24 | $2.1B | $4.8B | ||
| Q3 24 | $2.8B | $3.0B | ||
| Q2 24 | $2.4B | $4.3B |
| Q1 26 | $104.7M | — | ||
| Q4 25 | $14.3M | $517.0M | ||
| Q3 25 | $419.3M | $213.8M | ||
| Q2 25 | $30.0M | $406.2M | ||
| Q1 25 | $-40.3M | $48.1M | ||
| Q4 24 | $254.5M | $905.4M | ||
| Q3 24 | $474.9M | $-220.0M | ||
| Q2 24 | $163.4M | $353.1M |
| Q1 26 | — | — | ||
| 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 | 10.0% | — | ||
| Q4 25 | 8.3% | — | ||
| Q3 25 | 25.5% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | 9.4% | — | ||
| Q4 24 | 10.2% | — | ||
| Q3 24 | 24.6% | — | ||
| Q2 24 | 14.4% | — |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 0.6% | 11.3% | ||
| Q3 25 | 14.3% | 5.8% | ||
| Q2 25 | 1.2% | 11.1% | ||
| Q1 25 | -1.9% | 1.3% | ||
| Q4 24 | 12.1% | 19.1% | ||
| Q3 24 | 16.9% | -7.3% | ||
| Q2 24 | 6.9% | 8.2% |
| Q1 26 | $0.23 | — | ||
| Q4 25 | $0.08 | $2.30 | ||
| Q3 25 | $0.86 | $0.95 | ||
| Q2 25 | $0.07 | $1.79 | ||
| Q1 25 | $-0.09 | $0.21 | ||
| Q4 24 | $0.55 | $3.92 | ||
| Q3 24 | $0.95 | $-0.95 | ||
| Q2 24 | $0.35 | $1.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $185.0M | $4.4B |
| Total DebtLower is stronger | $15.2B | $3.9B |
| Stockholders' EquityBook value | $2.4B | $11.9B |
| Total Assets | $23.8B | $341.4B |
| Debt / EquityLower = less leverage | 6.23× | 0.33× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $185.0M | — | ||
| Q4 25 | $209.9M | $4.4B | ||
| Q3 25 | $166.8M | $5.1B | ||
| Q2 25 | $184.0M | $3.7B | ||
| Q1 25 | $184.4M | $3.9B | ||
| Q4 24 | $190.8M | $4.2B | ||
| Q3 24 | $332.5M | $6.2B | ||
| Q2 24 | $594.1M | $4.8B |
| Q1 26 | $15.2B | — | ||
| Q4 25 | $13.7B | $3.9B | ||
| Q3 25 | $13.6B | $3.9B | ||
| Q2 25 | $12.6B | $3.9B | ||
| Q1 25 | $12.9B | $4.3B | ||
| Q4 24 | $11.8B | $4.0B | ||
| Q3 24 | $11.8B | $3.9B | ||
| Q2 24 | $11.9B | $3.9B |
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.2B | $11.9B | ||
| Q3 25 | $2.2B | $11.7B | ||
| Q2 25 | $1.6B | $11.4B | ||
| Q1 25 | $1.4B | $11.2B | ||
| Q4 24 | $1.4B | $11.1B | ||
| Q3 24 | $1.1B | $11.2B | ||
| Q2 24 | $693.1M | $11.0B |
| Q1 26 | $23.8B | — | ||
| Q4 25 | $22.5B | $341.4B | ||
| Q3 25 | $22.2B | $334.5B | ||
| Q2 25 | $21.6B | $323.1B | ||
| Q1 25 | $21.4B | $313.0B | ||
| Q4 24 | $20.0B | $313.7B | ||
| Q3 24 | $19.8B | $322.9B | ||
| Q2 24 | $20.1B | $308.8B |
| Q1 26 | 6.23× | — | ||
| Q4 25 | 6.21× | 0.33× | ||
| Q3 25 | 6.22× | 0.34× | ||
| Q2 25 | 8.05× | 0.34× | ||
| Q1 25 | 9.09× | 0.39× | ||
| Q4 24 | 8.26× | 0.36× | ||
| Q3 24 | 10.35× | 0.35× | ||
| Q2 24 | 17.19× | 0.36× |
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 | $1.7B |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 16.3% | — |
| Cash ConversionOCF / Net Profit | 7.75× | 3.37× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $811.5M | — | ||
| Q4 25 | $459.1M | $1.7B | ||
| Q3 25 | $236.6M | $1.0B | ||
| Q2 25 | $714.9M | $811.9M | ||
| Q1 25 | $679.2M | $977.3M | ||
| Q4 24 | $399.3M | $1.5B | ||
| Q3 24 | $172.5M | $1.1B | ||
| Q2 24 | $670.9M | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | $21.5M | — | ||
| Q3 25 | $-726.5M | — | ||
| Q2 25 | $381.2M | — | ||
| Q1 25 | $-846.0M | — | ||
| Q4 24 | $155.8M | — | ||
| Q3 24 | $-195.5M | — | ||
| Q2 24 | $330.2M | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | — | ||
| Q3 25 | -24.7% | — | ||
| Q2 25 | 15.1% | — | ||
| Q1 25 | -39.8% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | -7.0% | — | ||
| Q2 24 | 13.9% | — |
| Q1 26 | 16.3% | — | ||
| Q4 25 | 19.5% | — | ||
| Q3 25 | 32.8% | — | ||
| Q2 25 | 13.3% | — | ||
| Q1 25 | 71.7% | — | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 13.1% | — | ||
| Q2 24 | 14.4% | — |
| Q1 26 | 7.75× | — | ||
| Q4 25 | 32.21× | 3.37× | ||
| Q3 25 | 0.56× | 4.70× | ||
| Q2 25 | 23.83× | 2.00× | ||
| Q1 25 | — | 20.32× | ||
| Q4 24 | 1.57× | 1.61× | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 4.10× | 4.05× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NCLH
| Passenger ticket | $1.5B | 66% |
| Onboard and other | $788.9M | 34% |
PFG
| Segment Retirement And Income Solutions | $1.6B | 36% |
| Segment Benefits And Protection | $1.1B | 23% |
| Other | $582.8M | 13% |
| Segment Principal Asset Management | $465.6M | 10% |
| Subsegment Investment Management | $449.4M | 10% |
| Administrative Service | $152.2M | 3% |
| Subsegment International Pension | $91.2M | 2% |
| Segment Corporate | $73.0M | 2% |
| Subsegment Life Insurance | $26.1M | 1% |
| Financial Service Other | $25.1M | 1% |
| Residential Mortgage | $7.4M | 0% |
| Subsegment Specialty Benefits | $3.7M | 0% |
| Deposit Account | $3.4M | 0% |
| Commission Income | $1.8M | 0% |
