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Side-by-side financial comparison of Norwegian Cruise Line Holdings (NCLH) and RXO, Inc. (RXO). 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 $1.5B, roughly 1.5× RXO, Inc.). Norwegian Cruise Line Holdings runs the higher net margin — 0.6% vs -3.1%, a 3.8% gap on every dollar of revenue. On growth, Norwegian Cruise Line Holdings posted the faster year-over-year revenue change (6.4% vs -11.9%). Norwegian Cruise Line Holdings produced more free cash flow last quarter ($21.5M vs $-9.0M). Over the past eight quarters, RXO, Inc.'s revenue compounded faster (26.8% CAGR vs 1.2%).
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.
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
NCLH vs RXO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $1.5B |
| Net Profit | $14.3M | $-46.0M |
| Gross Margin | 41.0% | — |
| Operating Margin | 8.3% | -2.9% |
| Net Margin | 0.6% | -3.1% |
| Revenue YoY | 6.4% | -11.9% |
| Net Profit YoY | -94.4% | -84.0% |
| EPS (diluted) | $0.08 | $-0.28 |
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 | $2.2B | $1.5B | ||
| Q3 25 | $2.9B | $1.4B | ||
| Q2 25 | $2.5B | $1.4B | ||
| Q1 25 | $2.1B | $1.4B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $2.8B | $1.0B | ||
| Q2 24 | $2.4B | $930.0M | ||
| Q1 24 | $2.2B | $913.0M |
| Q4 25 | $14.3M | $-46.0M | ||
| Q3 25 | $419.3M | $-14.0M | ||
| Q2 25 | $30.0M | $-9.0M | ||
| Q1 25 | $-40.3M | $-31.0M | ||
| Q4 24 | $254.5M | $-25.0M | ||
| Q3 24 | $474.9M | $-243.0M | ||
| Q2 24 | $163.4M | $-7.0M | ||
| Q1 24 | $17.4M | $-15.0M |
| 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 | 8.3% | -2.9% | ||
| Q3 25 | 25.5% | -0.5% | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | 9.4% | -2.1% | ||
| Q4 24 | 10.2% | -1.4% | ||
| Q3 24 | 24.6% | -1.9% | ||
| Q2 24 | 14.4% | — | ||
| Q1 24 | 10.0% | -1.3% |
| Q4 25 | 0.6% | -3.1% | ||
| Q3 25 | 14.3% | -1.0% | ||
| Q2 25 | 1.2% | -0.6% | ||
| Q1 25 | -1.9% | -2.2% | ||
| Q4 24 | 12.1% | -1.5% | ||
| Q3 24 | 16.9% | -23.4% | ||
| Q2 24 | 6.9% | -0.8% | ||
| Q1 24 | 0.8% | -1.6% |
| Q4 25 | $0.08 | $-0.28 | ||
| Q3 25 | $0.86 | $-0.08 | ||
| Q2 25 | $0.07 | $-0.05 | ||
| Q1 25 | $-0.09 | $-0.18 | ||
| Q4 24 | $0.55 | $-0.17 | ||
| Q3 24 | $0.95 | $-1.81 | ||
| Q2 24 | $0.35 | $-0.06 | ||
| Q1 24 | $0.04 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $209.9M | $17.0M |
| Total DebtLower is stronger | $13.7B | $387.0M |
| Stockholders' EquityBook value | $2.2B | $1.5B |
| Total Assets | $22.5B | $3.3B |
| Debt / EquityLower = less leverage | 6.21× | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $209.9M | $17.0M | ||
| Q3 25 | $166.8M | $25.0M | ||
| Q2 25 | $184.0M | $18.0M | ||
| Q1 25 | $184.4M | $16.0M | ||
| Q4 24 | $190.8M | $35.0M | ||
| Q3 24 | $332.5M | $55.0M | ||
| Q2 24 | $594.1M | $7.0M | ||
| Q1 24 | $559.8M | $7.0M |
| Q4 25 | $13.7B | $387.0M | ||
| Q3 25 | $13.6B | $387.0M | ||
| Q2 25 | $12.6B | $387.0M | ||
| Q1 25 | $12.9B | $387.0M | ||
| Q4 24 | $11.8B | $351.0M | ||
| Q3 24 | $11.8B | $352.0M | ||
| Q2 24 | $11.9B | $370.0M | ||
| Q1 24 | $12.0B | $351.0M |
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $2.2B | $1.6B | ||
| Q2 25 | $1.6B | $1.6B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.4B | $1.6B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $693.1M | $579.0M | ||
| Q1 24 | $362.1M | $582.0M |
| Q4 25 | $22.5B | $3.3B | ||
| Q3 25 | $22.2B | $3.2B | ||
| Q2 25 | $21.6B | $3.2B | ||
| Q1 25 | $21.4B | $3.3B | ||
| Q4 24 | $20.0B | $3.4B | ||
| Q3 24 | $19.8B | $3.4B | ||
| Q2 24 | $20.1B | $1.8B | ||
| Q1 24 | $19.8B | $1.8B |
| Q4 25 | 6.21× | 0.25× | ||
| Q3 25 | 6.22× | 0.24× | ||
| Q2 25 | 8.05× | 0.24× | ||
| Q1 25 | 9.09× | 0.24× | ||
| Q4 24 | 8.26× | 0.22× | ||
| Q3 24 | 10.35× | 0.21× | ||
| Q2 24 | 17.19× | 0.64× | ||
| Q1 24 | 33.16× | 0.60× |
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 | $7.0M |
| Free Cash FlowOCF − Capex | $21.5M | $-9.0M |
| FCF MarginFCF / Revenue | 1.0% | -0.6% |
| Capex IntensityCapex / Revenue | 19.5% | 1.1% |
| Cash ConversionOCF / Net Profit | 32.21× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.2B | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $459.1M | $7.0M | ||
| Q3 25 | $236.6M | $23.0M | ||
| Q2 25 | $714.9M | $23.0M | ||
| Q1 25 | $679.2M | $-2.0M | ||
| Q4 24 | $399.3M | $-7.0M | ||
| Q3 24 | $172.5M | $-7.0M | ||
| Q2 24 | $670.9M | $-5.0M | ||
| Q1 24 | $807.2M | $7.0M |
| Q4 25 | $21.5M | $-9.0M | ||
| Q3 25 | $-726.5M | $9.0M | ||
| Q2 25 | $381.2M | $9.0M | ||
| Q1 25 | $-846.0M | $-17.0M | ||
| Q4 24 | $155.8M | $-19.0M | ||
| Q3 24 | $-195.5M | $-18.0M | ||
| Q2 24 | $330.2M | $-16.0M | ||
| Q1 24 | $548.3M | $-4.0M |
| Q4 25 | 1.0% | -0.6% | ||
| Q3 25 | -24.7% | 0.6% | ||
| Q2 25 | 15.1% | 0.6% | ||
| Q1 25 | -39.8% | -1.2% | ||
| Q4 24 | 7.4% | -1.1% | ||
| Q3 24 | -7.0% | -1.7% | ||
| Q2 24 | 13.9% | -1.7% | ||
| Q1 24 | 25.0% | -0.4% |
| Q4 25 | 19.5% | 1.1% | ||
| Q3 25 | 32.8% | 1.0% | ||
| Q2 25 | 13.3% | 1.0% | ||
| Q1 25 | 71.7% | 1.0% | ||
| Q4 24 | 11.5% | 0.7% | ||
| Q3 24 | 13.1% | 1.1% | ||
| Q2 24 | 14.4% | 1.2% | ||
| Q1 24 | 11.8% | 1.2% |
| Q4 25 | 32.21× | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 23.83× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 0.36× | — | ||
| Q2 24 | 4.10× | — | ||
| Q1 24 | 46.51× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
