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Side-by-side financial comparison of Booking Holdings (BKNG) and Norwegian Cruise Line Holdings (NCLH), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Booking Holdings is the larger business by last-quarter revenue ($6.3B vs $2.2B, roughly 2.8× Norwegian Cruise Line Holdings). On growth, Booking Holdings posted the faster year-over-year revenue change (16.0% vs 6.4%). Booking Holdings produced more free cash flow last quarter ($1.4B vs $21.5M). Over the past eight quarters, Booking Holdings's revenue compounded faster (19.9% CAGR vs 1.2%).
Booking may refer to:Making an appointment for a meeting or gathering, as part of event planning/scheduling The intake or admission process into a prison or psychiatric facility Booking (manhwa), a Korean comics anthology magazine published by Haksan Booking, the laying out of the plot before a professional wrestling match An accounting system a.k.a.
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.
BKNG vs NCLH — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $6.3B | $2.2B |
| Net Profit | — | $14.3M |
| Gross Margin | — | 41.0% |
| Operating Margin | 32.0% | 8.3% |
| Net Margin | — | 0.6% |
| Revenue YoY | 16.0% | 6.4% |
| Net Profit YoY | — | -94.4% |
| EPS (diluted) | $43.66 | $0.08 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $6.3B | $2.2B | ||
| Q3 25 | $9.0B | $2.9B | ||
| Q2 25 | $6.8B | $2.5B | ||
| Q1 25 | $4.8B | $2.1B | ||
| Q4 24 | $5.5B | $2.1B | ||
| Q3 24 | $8.0B | $2.8B | ||
| Q2 24 | $5.9B | $2.4B | ||
| Q1 24 | $4.4B | $2.2B |
| Q4 25 | — | $14.3M | ||
| Q3 25 | — | $419.3M | ||
| Q2 25 | — | $30.0M | ||
| Q1 25 | — | $-40.3M | ||
| Q4 24 | — | $254.5M | ||
| Q3 24 | — | $474.9M | ||
| Q2 24 | — | $163.4M | ||
| Q1 24 | — | $17.4M |
| 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 | 32.0% | 8.3% | ||
| Q3 25 | 38.7% | 25.5% | ||
| Q2 25 | 33.1% | 16.8% | ||
| Q1 25 | 22.3% | 9.4% | ||
| Q4 24 | 31.6% | 10.2% | ||
| Q3 24 | 39.8% | 24.6% | ||
| Q2 24 | 31.7% | 14.4% | ||
| Q1 24 | 17.9% | 10.0% |
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | -1.9% | ||
| Q4 24 | — | 12.1% | ||
| Q3 24 | — | 16.9% | ||
| Q2 24 | — | 6.9% | ||
| Q1 24 | — | 0.8% |
| Q4 25 | $43.66 | $0.08 | ||
| Q3 25 | $84.41 | $0.86 | ||
| Q2 25 | $27.43 | $0.07 | ||
| Q1 25 | $10.07 | $-0.09 | ||
| Q4 24 | $31.60 | $0.55 | ||
| Q3 24 | $74.34 | $0.95 | ||
| Q2 24 | $44.38 | $0.35 | ||
| Q1 24 | $22.37 | $0.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $17.2B | $209.9M |
| Total DebtLower is stronger | $18.7B | $13.7B |
| Stockholders' EquityBook value | $-5.6B | $2.2B |
| Total Assets | $29.3B | $22.5B |
| Debt / EquityLower = less leverage | — | 6.21× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $17.2B | $209.9M | ||
| Q3 25 | $16.5B | $166.8M | ||
| Q2 25 | $17.6B | $184.0M | ||
| Q1 25 | $15.6B | $184.4M | ||
| Q4 24 | $16.2B | $190.8M | ||
| Q3 24 | $15.8B | $332.5M | ||
| Q2 24 | $16.3B | $594.1M | ||
| Q1 24 | $16.0B | $559.8M |
| Q4 25 | $18.7B | $13.7B | ||
| Q3 25 | $17.0B | $13.6B | ||
| Q2 25 | $18.5B | $12.6B | ||
| Q1 25 | $16.0B | $12.9B | ||
| Q4 24 | $16.6B | $11.8B | ||
| Q3 24 | $16.2B | $11.8B | ||
| Q2 24 | $16.8B | $11.9B | ||
| Q1 24 | $16.9B | $12.0B |
| Q4 25 | $-5.6B | $2.2B | ||
| Q3 25 | $-4.7B | $2.2B | ||
| Q2 25 | $-6.7B | $1.6B | ||
| Q1 25 | $-6.1B | $1.4B | ||
| Q4 24 | $-4.0B | $1.4B | ||
| Q3 24 | $-3.7B | $1.1B | ||
| Q2 24 | $-4.3B | $693.1M | ||
| Q1 24 | $-4.1B | $362.1M |
| Q4 25 | $29.3B | $22.5B | ||
| Q3 25 | $28.8B | $22.2B | ||
| Q2 25 | $30.7B | $21.6B | ||
| Q1 25 | $27.2B | $21.4B | ||
| Q4 24 | $27.7B | $20.0B | ||
| Q3 24 | $28.0B | $19.8B | ||
| Q2 24 | $28.5B | $20.1B | ||
| Q1 24 | $27.7B | $19.8B |
| 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. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.5B | $459.1M |
| Free Cash FlowOCF − Capex | $1.4B | $21.5M |
| FCF MarginFCF / Revenue | 22.3% | 1.0% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 1.1% | 19.5% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | — | 32.21× |
| TTM Free Cash FlowTrailing 4 quarters | $9.1B | $-1.2B |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $1.5B | $459.1M | ||
| Q3 25 | $1.4B | $236.6M | ||
| Q2 25 | $3.2B | $714.9M | ||
| Q1 25 | $3.3B | $679.2M | ||
| Q4 24 | $721.0M | $399.3M | ||
| Q3 24 | $2.4B | $172.5M | ||
| Q2 24 | $2.5B | $670.9M | ||
| Q1 24 | $2.7B | $807.2M |
| Q4 25 | $1.4B | $21.5M | ||
| Q3 25 | $1.4B | $-726.5M | ||
| Q2 25 | $3.1B | $381.2M | ||
| Q1 25 | $3.2B | $-846.0M | ||
| Q4 24 | $645.0M | $155.8M | ||
| Q3 24 | $2.3B | $-195.5M | ||
| Q2 24 | $2.4B | $330.2M | ||
| Q1 24 | $2.6B | $548.3M |
| Q4 25 | 22.3% | 1.0% | ||
| Q3 25 | 15.2% | -24.7% | ||
| Q2 25 | 46.1% | 15.1% | ||
| Q1 25 | 66.4% | -39.8% | ||
| Q4 24 | 11.8% | 7.4% | ||
| Q3 24 | 28.7% | -7.0% | ||
| Q2 24 | 40.6% | 13.9% | ||
| Q1 24 | 58.3% | 25.0% |
| Q4 25 | 1.1% | 19.5% | ||
| Q3 25 | 0.7% | 32.8% | ||
| Q2 25 | 0.9% | 13.3% | ||
| Q1 25 | 2.5% | 71.7% | ||
| Q4 24 | 1.4% | 11.5% | ||
| Q3 24 | 1.0% | 13.1% | ||
| Q2 24 | 2.5% | 14.4% | ||
| Q1 24 | 2.9% | 11.8% |
| 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
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
BKNG
| Merchant Revenue | $4.2B | 67% |
| Agency Revenue | $1.8B | 28% |
| Advertisingandotherrevenues | $309.0M | 5% |
NCLH
| Passenger | $1.5B | 67% |
| Onboard And Other | $734.4M | 33% |
