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Brookfield Infrastructure Partners vs Norwegian Cruise Line: revenue, profit, margins and growth compared

Brookfield Infrastructure Partners brought in $23.1B of revenue in fiscal 2025, Norwegian Cruise Line $9.8B in fiscal 2025. Revenue changed by +9.8% at Brookfield Infrastructure Partners and +3.7% at Norwegian Cruise Line on the year before, so Brookfield Infrastructure Partners grew faster. Brookfield Infrastructure Partners kept 11.0% of its revenue as net profit, Norwegian Cruise Line 4.3%. Free cash flow was -$53M at Brookfield Infrastructure Partners and -$1.2B at Norwegian Cruise Line.

Side by side, latest fiscal year

BIPNCLH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$23.1B$9.8B
Revenue growth+9.8%+3.7%
Net income$2.5B$423.2M
Net margin11.0%4.3%
Free cash flow-$53M-$1.2B
Free cash flow margin-0.2%-11.9%
Earnings per share (diluted)$0.90$0.92
Cash$3.2B$209.9M
Debtn/a$14.6B
Price to earningsn/a15.6
Market value$15.9B$6.6B
Dividend yieldn/an/a
Rank by revenue in sector#53 of 1065 · Consumer discretionary#126 of 1065 · Consumer discretionary

Over the years

Revenue
BIP FY2018: $4.7BBIP FY2019: $6.6BBIP FY2020: $8.9BBIP FY2021: $11.5BBIP FY2022: $14.4BBIP FY2023: $17.9BBIP FY2024: $21BBIP FY2025: $23.1BNCLH FY2018: $6.1BNCLH FY2019: $6.5BNCLH FY2020: $1.3BNCLH FY2021: $648MNCLH FY2022: $4.8BNCLH FY2023: $8.5BNCLH FY2024: $9.5BNCLH FY2025: $9.8BFY18FY19FY20FY21FY22FY23FY24FY25
BIP $23.1BNCLH $9.8B
Net income
BIP FY2018: $806MBIP FY2019: $650MBIP FY2020: $904MBIP FY2021: $2.7BBIP FY2022: $1.4BBIP FY2023: $1.4BBIP FY2024: $1.7BBIP FY2025: $2.5BNCLH FY2018: $954.8MNCLH FY2019: $930.2MNCLH FY2020: -$4BNCLH FY2021: -$4.5BNCLH FY2022: -$2.3BNCLH FY2023: $166.2MNCLH FY2024: $910.3MNCLH FY2025: $423.2MFY18FY19FY20FY21FY22FY23FY24FY25
BIP $2.5BNCLH $423.2M
Net margin
BIP FY2018: 17.3%BIP FY2019: 9.9%BIP FY2020: 10.2%BIP FY2021: 23.6%BIP FY2022: 9.5%BIP FY2023: 8.1%BIP FY2024: 8.0%BIP FY2025: 11.0%NCLH FY2018: 15.8%NCLH FY2019: 14.4%NCLH FY2020: -313.5%NCLH FY2021: -695.5%NCLH FY2022: -46.9%NCLH FY2023: 1.9%NCLH FY2024: 9.6%NCLH FY2025: 4.3%FY18FY19FY20FY21FY22FY23FY24FY25
BIP 11.0%NCLH 4.3%
Revenue growth
BIP FY2019: +41.8%BIP FY2020: +34.7%BIP FY2021: +29.8%BIP FY2022: +25.0%BIP FY2023: +24.3%BIP FY2024: +17.3%BIP FY2025: +9.8%NCLH FY2019: +6.7%NCLH FY2020: -80.2%NCLH FY2021: -49.4%NCLH FY2022: +647.5%NCLH FY2023: +76.5%NCLH FY2024: +10.9%NCLH FY2025: +3.7%FY19FY20FY21FY22FY23FY24FY25
BIP +9.8%NCLH +3.7%
Free cash flow
BIP FY2018: $523MBIP FY2019: $961MBIP FY2020: $1.1BBIP FY2021: $705MBIP FY2022: $356MBIP FY2023: $1.6BBIP FY2024: -$322MBIP FY2025: -$53MNCLH FY2018: $508.4MNCLH FY2019: $185.4MNCLH FY2020: -$3.5BNCLH FY2021: -$3.2BNCLH FY2022: -$1.6BNCLH FY2023: -$744.6MNCLH FY2024: $838.9MNCLH FY2025: -$1.2BFY18FY19FY20FY21FY22FY23FY24FY25
BIP -$53MNCLH -$1.2B

Fiscal years as each company reports them; the two may end in different months.

Questions about Brookfield Infrastructure Partners and Norwegian Cruise Line

Which is bigger by revenue, Brookfield Infrastructure Partners or Norwegian Cruise Line?

Brookfield Infrastructure Partners is bigger by revenue: $23.1B in fiscal 2025, against $9.8B for Norwegian Cruise Line in fiscal 2025.

Which keeps more of its revenue as profit, Brookfield Infrastructure Partners or Norwegian Cruise Line?

Brookfield Infrastructure Partners had a net margin of 11.0% in fiscal 2025; Norwegian Cruise Line had 4.3% in fiscal 2025.

Which grew revenue faster, Brookfield Infrastructure Partners or Norwegian Cruise Line?

In their latest fiscal years revenue changed by +9.8% at Brookfield Infrastructure Partners and +3.7% at Norwegian Cruise Line.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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