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Side-by-side financial comparison of Norwegian Cruise Line Holdings (NCLH) and Take-Two Interactive (TTWO). 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 $1.7B, roughly 1.3× Take-Two Interactive). Norwegian Cruise Line Holdings runs the higher net margin — 0.6% vs -5.5%, a 6.1% gap on every dollar of revenue. On growth, Take-Two Interactive posted the faster year-over-year revenue change (24.9% vs 6.4%). Take-Two Interactive produced more free cash flow last quarter ($236.2M vs $21.5M). Over the past eight quarters, Take-Two Interactive's revenue compounded faster (10.2% 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.
Take-Two Interactive Software, Inc. is an American video game holding company based in New York City founded by Ryan Brant in September 1993.
NCLH vs TTWO — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.2B | $1.7B |
| Net Profit | $14.3M | $-92.9M |
| Gross Margin | 41.0% | 55.7% |
| Operating Margin | 8.3% | -2.3% |
| Net Margin | 0.6% | -5.5% |
| Revenue YoY | 6.4% | 24.9% |
| Net Profit YoY | -94.4% | 25.8% |
| EPS (diluted) | $0.08 | $-0.50 |
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 | $1.7B | ||
| Q3 25 | $2.9B | $1.8B | ||
| Q2 25 | $2.5B | $1.5B | ||
| Q1 25 | $2.1B | $1.6B | ||
| Q4 24 | $2.1B | $1.4B | ||
| Q3 24 | $2.8B | $1.4B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.2B | $1.4B |
| Q4 25 | $14.3M | $-92.9M | ||
| Q3 25 | $419.3M | $-133.9M | ||
| Q2 25 | $30.0M | $-11.9M | ||
| Q1 25 | $-40.3M | $-3.7B | ||
| Q4 24 | $254.5M | $-125.2M | ||
| Q3 24 | $474.9M | $-365.5M | ||
| Q2 24 | $163.4M | $-262.0M | ||
| Q1 24 | $17.4M | $-2.9B |
| Q4 25 | 41.0% | 55.7% | ||
| Q3 25 | 47.1% | 55.3% | ||
| Q2 25 | 42.1% | 62.8% | ||
| Q1 25 | 38.7% | 50.8% | ||
| Q4 24 | 38.0% | 55.9% | ||
| Q3 24 | 45.2% | 53.8% | ||
| Q2 24 | 38.7% | 57.6% | ||
| Q1 24 | 36.7% | 33.5% |
| Q4 25 | 8.3% | -2.3% | ||
| Q3 25 | 25.5% | -5.5% | ||
| Q2 25 | 16.8% | 1.4% | ||
| Q1 25 | 9.4% | -238.7% | ||
| Q4 24 | 10.2% | -9.7% | ||
| Q3 24 | 24.6% | -22.0% | ||
| Q2 24 | 14.4% | -13.8% | ||
| Q1 24 | 10.0% | -193.9% |
| Q4 25 | 0.6% | -5.5% | ||
| Q3 25 | 14.3% | -7.5% | ||
| Q2 25 | 1.2% | -0.8% | ||
| Q1 25 | -1.9% | -235.5% | ||
| Q4 24 | 12.1% | -9.2% | ||
| Q3 24 | 16.9% | -27.0% | ||
| Q2 24 | 6.9% | -19.6% | ||
| Q1 24 | 0.8% | -207.4% |
| Q4 25 | $0.08 | $-0.50 | ||
| Q3 25 | $0.86 | $-0.73 | ||
| Q2 25 | $0.07 | $-0.07 | ||
| Q1 25 | $-0.09 | $-21.27 | ||
| Q4 24 | $0.55 | $-0.71 | ||
| Q3 24 | $0.95 | $-2.08 | ||
| Q2 24 | $0.35 | $-1.52 | ||
| Q1 24 | $0.04 | $-17.05 |
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 | $2.4B |
| Total DebtLower is stronger | $13.7B | — |
| Stockholders' EquityBook value | $2.2B | $3.5B |
| Total Assets | $22.5B | $10.0B |
| Debt / EquityLower = less leverage | 6.21× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $209.9M | $2.4B | ||
| Q3 25 | $166.8M | $2.1B | ||
| Q2 25 | $184.0M | $2.0B | ||
| Q1 25 | $184.4M | $1.5B | ||
| Q4 24 | $190.8M | $1.2B | ||
| Q3 24 | $332.5M | $879.6M | ||
| Q2 24 | $594.1M | $1.1B | ||
| Q1 24 | $559.8M | $776.0M |
| 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 | $2.2B | $3.5B | ||
| Q3 25 | $2.2B | $3.4B | ||
| Q2 25 | $1.6B | $3.5B | ||
| Q1 25 | $1.4B | $2.1B | ||
| Q4 24 | $1.4B | $5.7B | ||
| Q3 24 | $1.1B | $5.8B | ||
| Q2 24 | $693.1M | $6.0B | ||
| Q1 24 | $362.1M | $5.7B |
| Q4 25 | $22.5B | $10.0B | ||
| Q3 25 | $22.2B | $10.1B | ||
| Q2 25 | $21.6B | $9.7B | ||
| Q1 25 | $21.4B | $9.2B | ||
| Q4 24 | $20.0B | $12.7B | ||
| Q3 24 | $19.8B | $13.1B | ||
| Q2 24 | $20.1B | $12.9B | ||
| Q1 24 | $19.8B | $12.2B |
| 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 | $459.1M | $305.2M |
| Free Cash FlowOCF − Capex | $21.5M | $236.2M |
| FCF MarginFCF / Revenue | 1.0% | 13.9% |
| Capex IntensityCapex / Revenue | 19.5% | 4.1% |
| Cash ConversionOCF / Net Profit | 32.21× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.2B | $487.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $459.1M | $305.2M | ||
| Q3 25 | $236.6M | $128.4M | ||
| Q2 25 | $714.9M | $-44.7M | ||
| Q1 25 | $679.2M | $279.0M | ||
| Q4 24 | $399.3M | $-4.8M | ||
| Q3 24 | $172.5M | $-128.4M | ||
| Q2 24 | $670.9M | $-191.0M | ||
| Q1 24 | $807.2M | $-8.9M |
| Q4 25 | $21.5M | $236.2M | ||
| Q3 25 | $-726.5M | $96.5M | ||
| Q2 25 | $381.2M | $-69.8M | ||
| Q1 25 | $-846.0M | $224.9M | ||
| Q4 24 | $155.8M | $-48.2M | ||
| Q3 24 | $-195.5M | $-165.2M | ||
| Q2 24 | $330.2M | $-226.1M | ||
| Q1 24 | $548.3M | $-55.1M |
| Q4 25 | 1.0% | 13.9% | ||
| Q3 25 | -24.7% | 5.4% | ||
| Q2 25 | 15.1% | -4.6% | ||
| Q1 25 | -39.8% | 14.2% | ||
| Q4 24 | 7.4% | -3.5% | ||
| Q3 24 | -7.0% | -12.2% | ||
| Q2 24 | 13.9% | -16.9% | ||
| Q1 24 | 25.0% | -3.9% |
| Q4 25 | 19.5% | 4.1% | ||
| Q3 25 | 32.8% | 1.8% | ||
| Q2 25 | 13.3% | 1.7% | ||
| Q1 25 | 71.7% | 3.4% | ||
| Q4 24 | 11.5% | 3.2% | ||
| Q3 24 | 13.1% | 2.7% | ||
| Q2 24 | 14.4% | 2.6% | ||
| Q1 24 | 11.8% | 3.3% |
| 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% |
TTWO
Segment breakdown not available.
