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Side-by-side financial comparison of Norwegian Cruise Line Holdings (NCLH) and Workday, Inc. (WDAY). Click either name above to swap in a different company.
Workday, Inc. is the larger business by last-quarter revenue ($2.4B vs $2.3B, roughly 1.0× Norwegian Cruise Line Holdings). Workday, Inc. runs the higher net margin — 10.4% vs 4.5%, a 5.9% gap on every dollar of revenue. On growth, Workday, Inc. posted the faster year-over-year revenue change (12.6% vs 9.6%). Over the past eight quarters, Workday, Inc.'s revenue compounded faster (12.5% 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.
Workday, Inc. is a leading global enterprise cloud software provider that develops and distributes human capital management, financial management, and enterprise resource planning solutions. It caters primarily to mid-sized and large organizations across sectors including education, healthcare, finance, and technology, with operations spanning North America, Europe, and Asia Pacific.
NCLH vs WDAY — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.3B | $2.4B |
| Net Profit | $104.7M | $252.0M |
| Gross Margin | — | — |
| Operating Margin | 10.0% | 10.6% |
| Net Margin | 4.5% | 10.4% |
| Revenue YoY | 9.6% | 12.6% |
| Net Profit YoY | — | 30.6% |
| EPS (diluted) | $0.23 | $0.94 |
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 | $2.4B | ||
| Q3 25 | $2.9B | $2.3B | ||
| Q2 25 | $2.5B | $2.2B | ||
| Q1 25 | $2.1B | $2.2B | ||
| Q4 24 | $2.1B | $2.2B | ||
| Q3 24 | $2.8B | $2.1B | ||
| Q2 24 | $2.4B | $2.0B |
| Q1 26 | $104.7M | — | ||
| Q4 25 | $14.3M | $252.0M | ||
| Q3 25 | $419.3M | $228.0M | ||
| Q2 25 | $30.0M | $68.0M | ||
| Q1 25 | $-40.3M | $94.0M | ||
| Q4 24 | $254.5M | $193.0M | ||
| Q3 24 | $474.9M | $132.0M | ||
| Q2 24 | $163.4M | $107.0M |
| 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% | 10.6% | ||
| Q3 25 | 25.5% | 10.6% | ||
| Q2 25 | 16.8% | 1.7% | ||
| Q1 25 | 9.4% | 3.4% | ||
| Q4 24 | 10.2% | 7.6% | ||
| Q3 24 | 24.6% | 5.3% | ||
| Q2 24 | 14.4% | 3.2% |
| Q1 26 | 4.5% | — | ||
| Q4 25 | 0.6% | 10.4% | ||
| Q3 25 | 14.3% | 9.7% | ||
| Q2 25 | 1.2% | 3.0% | ||
| Q1 25 | -1.9% | 4.3% | ||
| Q4 24 | 12.1% | 8.9% | ||
| Q3 24 | 16.9% | 6.3% | ||
| Q2 24 | 6.9% | 5.4% |
| Q1 26 | $0.23 | — | ||
| Q4 25 | $0.08 | $0.94 | ||
| Q3 25 | $0.86 | $0.84 | ||
| Q2 25 | $0.07 | $0.25 | ||
| Q1 25 | $-0.09 | $0.34 | ||
| Q4 24 | $0.55 | $0.72 | ||
| Q3 24 | $0.95 | $0.49 | ||
| Q2 24 | $0.35 | $0.40 |
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 | $6.8B |
| Total DebtLower is stronger | $15.2B | — |
| Stockholders' EquityBook value | $2.4B | $8.9B |
| Total Assets | $23.8B | $17.8B |
| Debt / EquityLower = less leverage | 6.23× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $185.0M | — | ||
| Q4 25 | $209.9M | $6.8B | ||
| Q3 25 | $166.8M | $8.2B | ||
| Q2 25 | $184.0M | $8.0B | ||
| Q1 25 | $184.4M | $8.0B | ||
| Q4 24 | $190.8M | $7.2B | ||
| Q3 24 | $332.5M | $7.4B | ||
| Q2 24 | $594.1M | $7.2B |
| Q1 26 | $15.2B | — | ||
| 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 | $3.0B |
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.2B | $8.9B | ||
| Q3 25 | $2.2B | $9.2B | ||
| Q2 25 | $1.6B | $8.9B | ||
| Q1 25 | $1.4B | $9.0B | ||
| Q4 24 | $1.4B | $8.6B | ||
| Q3 24 | $1.1B | $8.3B | ||
| Q2 24 | $693.1M | $8.2B |
| Q1 26 | $23.8B | — | ||
| Q4 25 | $22.5B | $17.8B | ||
| Q3 25 | $22.2B | $18.0B | ||
| Q2 25 | $21.6B | $17.2B | ||
| Q1 25 | $21.4B | $18.0B | ||
| Q4 24 | $20.0B | $16.4B | ||
| Q3 24 | $19.8B | $16.2B | ||
| Q2 24 | $20.1B | $15.9B |
| Q1 26 | 6.23× | — | ||
| 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× | 0.37× |
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 | $588.0M |
| Free Cash FlowOCF − Capex | — | $550.0M |
| FCF MarginFCF / Revenue | — | 22.6% |
| Capex IntensityCapex / Revenue | 16.3% | 1.6% |
| Cash ConversionOCF / Net Profit | 7.75× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $2.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $811.5M | — | ||
| Q4 25 | $459.1M | $588.0M | ||
| Q3 25 | $236.6M | $616.0M | ||
| Q2 25 | $714.9M | $457.0M | ||
| Q1 25 | $679.2M | $1.1B | ||
| Q4 24 | $399.3M | $406.0M | ||
| Q3 24 | $172.5M | $571.0M | ||
| Q2 24 | $670.9M | $372.0M |
| Q1 26 | — | — | ||
| Q4 25 | $21.5M | $550.0M | ||
| Q3 25 | $-726.5M | $588.0M | ||
| Q2 25 | $381.2M | $421.0M | ||
| Q1 25 | $-846.0M | $1.0B | ||
| Q4 24 | $155.8M | $359.0M | ||
| Q3 24 | $-195.5M | $516.0M | ||
| Q2 24 | $330.2M | $291.0M |
| Q1 26 | — | — | ||
| Q4 25 | 1.0% | 22.6% | ||
| Q3 25 | -24.7% | 25.0% | ||
| Q2 25 | 15.1% | 18.8% | ||
| Q1 25 | -39.8% | 46.4% | ||
| Q4 24 | 7.4% | 16.6% | ||
| Q3 24 | -7.0% | 24.7% | ||
| Q2 24 | 13.9% | 14.6% |
| Q1 26 | 16.3% | — | ||
| Q4 25 | 19.5% | 1.6% | ||
| Q3 25 | 32.8% | 1.2% | ||
| Q2 25 | 13.3% | 1.6% | ||
| Q1 25 | 71.7% | 3.9% | ||
| Q4 24 | 11.5% | 2.2% | ||
| Q3 24 | 13.1% | 2.6% | ||
| Q2 24 | 14.4% | 4.1% |
| Q1 26 | 7.75× | — | ||
| Q4 25 | 32.21× | 2.33× | ||
| Q3 25 | 0.56× | 2.70× | ||
| Q2 25 | 23.83× | 6.72× | ||
| Q1 25 | — | 11.83× | ||
| Q4 24 | 1.57× | 2.10× | ||
| Q3 24 | 0.36× | 4.33× | ||
| Q2 24 | 4.10× | 3.48× |
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% |
WDAY
| Subscription Services | $2.2B | 92% |
| Professional Services | $188.0M | 8% |
