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

Kirby brought in $3.4B of revenue in fiscal 2025, Norwegian Cruise Line $9.8B in fiscal 2025. Revenue changed by +3.0% at Kirby and +3.7% at Norwegian Cruise Line on the year before, so Norwegian Cruise Line grew faster. Kirby kept 10.5% of its revenue as net profit, Norwegian Cruise Line 4.3%. Free cash flow was $405.7M at Kirby and -$1.2B at Norwegian Cruise Line.

Side by side, latest fiscal year

KEXNCLH
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$3.4B$9.8B
Revenue growth+3.0%+3.7%
Net income$354.6M$423.2M
Net margin10.5%4.3%
Free cash flow$405.7M-$1.2B
Free cash flow margin12.1%-11.9%
Earnings per share (diluted)$6.33$0.92
Cash$78.8M$209.9M
Debt$919.3M$14.6B
Price to earnings20.415.9
Market value$6.8B$6.7B
Dividend yieldn/an/a
Rank by revenue in sector#271 of 778 · Consumer discretionary#122 of 778 · Consumer discretionary

Over the years

Revenue
KEX FY2018: $3BKEX FY2019: $2.8BKEX FY2020: $2.2BKEX FY2021: $2.2BKEX FY2022: $2.8BKEX FY2023: $3.1BKEX FY2024: $3.3BKEX FY2025: $3.4BNCLH FY2018: $6.1BNCLH FY2019: $6.5BNCLH FY2020: $1.3BNCLH FY2021: $648MNCLH FY2022: $4.8BNCLH FY2023: $8.5BNCLH FY2024: $9.5BNCLH FY2025: $9.8BFY18FY19FY20FY21FY22FY23FY24FY25
KEX $3.4BNCLH $9.8B
Net income
KEX FY2018: $78.5MKEX FY2019: $142.3MKEX FY2020: -$272.5MKEX FY2021: -$247MKEX FY2022: $122.3MKEX FY2023: $222.9MKEX FY2024: $286.7MKEX FY2025: $354.6MNCLH FY2018: $954.8MNCLH FY2019: $930.2MNCLH FY2020: -$4BNCLH FY2021: -$4.5BNCLH FY2022: -$2.3BNCLH FY2023: $166.2MNCLH FY2024: $910.3MNCLH FY2025: $423.2MFY18FY19FY20FY21FY22FY23FY24FY25
KEX $354.6MNCLH $423.2M
Net margin
KEX FY2018: 2.6%KEX FY2019: 5.0%KEX FY2020: -12.6%KEX FY2021: -11.0%KEX FY2022: 4.4%KEX FY2023: 7.2%KEX FY2024: 8.8%KEX FY2025: 10.5%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
KEX 10.5%NCLH 4.3%
Revenue growth
KEX FY2019: -4.5%KEX FY2020: -23.5%KEX FY2021: +3.5%KEX FY2022: +24.0%KEX FY2023: +11.0%KEX FY2024: +5.6%KEX FY2025: +3.0%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
KEX +3.0%NCLH +3.7%
Free cash flow
KEX FY2018: $45.1MKEX FY2019: $263.6MKEX FY2020: $296.8MKEX FY2021: $223.6MKEX FY2022: $121.5MKEX FY2023: $138.5MKEX FY2024: $413.8MKEX FY2025: $405.7MNCLH FY2018: $508.4MNCLH FY2019: $185.4MNCLH FY2020: -$3.5BNCLH FY2021: -$3.2BNCLH FY2022: -$1.6BNCLH FY2023: -$744.6MNCLH FY2024: $838.9MNCLH FY2025: -$1.2BFY18FY19FY20FY21FY22FY23FY24FY25
KEX $405.7MNCLH -$1.2B

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

Questions about Kirby and Norwegian Cruise Line

Which is bigger by revenue, Kirby or Norwegian Cruise Line?

Norwegian Cruise Line is bigger by revenue: $9.8B in fiscal 2025, against $3.4B for Kirby in fiscal 2025.

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

Kirby had a net margin of 10.5% in fiscal 2025; Norwegian Cruise Line had 4.3% in fiscal 2025.

Which grew revenue faster, Kirby or Norwegian Cruise Line?

In their latest fiscal years revenue changed by +3.0% at Kirby 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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