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International Seaways vs Norwegian Cruise Line: revenue, profit, margins and growth compared

International Seaways brought in $843.3M of revenue in fiscal 2025, Norwegian Cruise Line $9.8B in fiscal 2025. Revenue changed by -11.4% at International Seaways and +3.7% at Norwegian Cruise Line on the year before, so Norwegian Cruise Line grew faster. International Seaways kept 36.7% of its revenue as net profit, Norwegian Cruise Line 4.3%.

Side by side, latest fiscal year

INSWNCLH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$843.3M$9.8B
Revenue growth-11.4%+3.7%
Net income$309.3M$423.2M
Net margin36.7%4.3%
Free cash flown/a-$1.2B
Free cash flow marginn/a-11.9%
Earnings per share (diluted)$6.23$0.92
Cash$116.9M$209.9M
Debt$567.1M$14.6B
Price to earnings17.015.9
Market value$5.2B$6.7B
Dividend yield2.77%n/a
Rank by revenue in sector#487 of 778 · Consumer discretionary#122 of 778 · Consumer discretionary

Over the years

Revenue
INSW FY2018: $270.4MINSW FY2019: $366.2MINSW FY2020: $421.6MINSW FY2021: $272.5MINSW FY2022: $864.7MINSW FY2023: $1.1BINSW FY2024: $951.6MINSW FY2025: $843.3MNCLH FY2018: $6.1BNCLH FY2019: $6.5BNCLH FY2020: $1.3BNCLH FY2021: $648MNCLH FY2022: $4.8BNCLH FY2023: $8.5BNCLH FY2024: $9.5BNCLH FY2025: $9.8BFY18FY19FY20FY21FY22FY23FY24FY25
INSW $843.3MNCLH $9.8B
Net income
INSW FY2018: -$88.9MINSW FY2019: -$830KINSW FY2020: -$5.5MINSW FY2021: -$133.5MINSW FY2022: $387.9MINSW FY2023: $556.4MINSW FY2024: $416.7MINSW FY2025: $309.3MNCLH FY2018: $954.8MNCLH FY2019: $930.2MNCLH FY2020: -$4BNCLH FY2021: -$4.5BNCLH FY2022: -$2.3BNCLH FY2023: $166.2MNCLH FY2024: $910.3MNCLH FY2025: $423.2MFY18FY19FY20FY21FY22FY23FY24FY25
INSW $309.3MNCLH $423.2M
Net margin
INSW FY2018: -32.9%INSW FY2019: -0.2%INSW FY2020: -1.3%INSW FY2021: -49.0%INSW FY2022: 44.9%INSW FY2023: 51.9%INSW FY2024: 43.8%INSW FY2025: 36.7%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
INSW 36.7%NCLH 4.3%
Revenue growth
INSW FY2019: +35.4%INSW FY2020: +15.1%INSW FY2021: -35.4%INSW FY2022: +217.3%INSW FY2023: +24.0%INSW FY2024: -11.2%INSW FY2025: -11.4%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
INSW -11.4%NCLH +3.7%
Free cash flow
INSW FY2018: -$161.4MNCLH FY2018: $508.4MNCLH FY2019: $185.4MNCLH FY2020: -$3.5BNCLH FY2021: -$3.2BNCLH FY2022: -$1.6BNCLH FY2023: -$744.6MNCLH FY2024: $838.9MNCLH FY2025: -$1.2BFY18FY19FY20FY21FY22FY23FY24FY25
INSW -$161.4MNCLH -$1.2B

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

Questions about International Seaways and Norwegian Cruise Line

Which is bigger by revenue, International Seaways or Norwegian Cruise Line?

Norwegian Cruise Line is bigger by revenue: $9.8B in fiscal 2025, against $843.3M for International Seaways in fiscal 2025.

Which keeps more of its revenue as profit, International Seaways or Norwegian Cruise Line?

International Seaways had a net margin of 36.7% in fiscal 2025; Norwegian Cruise Line had 4.3% in fiscal 2025.

Which grew revenue faster, International Seaways or Norwegian Cruise Line?

In their latest fiscal years revenue changed by -11.4% at International Seaways 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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