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

Norwegian Cruise Line brought in $9.8B of revenue in fiscal 2025, Tidewater $1.4B in fiscal 2025. Revenue changed by +3.7% at Norwegian Cruise Line and +0.5% at Tidewater on the year before, so Norwegian Cruise Line grew faster. Norwegian Cruise Line kept 4.3% of its revenue as net profit, Tidewater 24.7%. Free cash flow was -$1.2B at Norwegian Cruise Line and $353.3M at Tidewater.

Side by side, latest fiscal year

NCLHTDW
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$9.8B$1.4B
Revenue growth+3.7%+0.5%
Net income$423.2M$334.7M
Net margin4.3%24.7%
Free cash flow-$1.2B$353.3M
Free cash flow margin-11.9%26.1%
Earnings per share (diluted)$0.92$6.64
Cash$209.9M$578.8M
Debt$14.6B$670.1M
Price to earnings15.612.5
Market value$6.6B$4.1B
Dividend yieldn/an/a
Rank by revenue in sector#126 of 1065 · Consumer discretionary#435 of 1065 · Consumer discretionary

Over the years

Revenue
NCLH FY2018: $6.1BNCLH FY2019: $6.5BNCLH FY2020: $1.3BNCLH FY2021: $648MNCLH FY2022: $4.8BNCLH FY2023: $8.5BNCLH FY2024: $9.5BNCLH FY2025: $9.8BTDW FY2018: $406.5MTDW FY2019: $486.5MTDW FY2020: $397MTDW FY2021: $371MTDW FY2022: $647.7MTDW FY2023: $1BTDW FY2024: $1.3BTDW FY2025: $1.4BFY18FY19FY20FY21FY22FY23FY24FY25
NCLH $9.8BTDW $1.4B
Net income
NCLH FY2018: $954.8MNCLH FY2019: $930.2MNCLH FY2020: -$4BNCLH FY2021: -$4.5BNCLH FY2022: -$2.3BNCLH FY2023: $166.2MNCLH FY2024: $910.3MNCLH FY2025: $423.2MTDW FY2018: -$171.5MTDW FY2019: -$141.7MTDW FY2020: -$196.2MTDW FY2021: -$129MTDW FY2022: -$21.7MTDW FY2023: $97.2MTDW FY2024: $180.7MTDW FY2025: $334.7MFY18FY19FY20FY21FY22FY23FY24FY25
NCLH $423.2MTDW $334.7M
Net margin
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%TDW FY2018: -42.2%TDW FY2019: -29.1%TDW FY2020: -49.4%TDW FY2021: -34.8%TDW FY2022: -3.4%TDW FY2023: 9.6%TDW FY2024: 13.4%TDW FY2025: 24.7%FY18FY19FY20FY21FY22FY23FY24FY25
NCLH 4.3%TDW 24.7%
Revenue growth
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%TDW FY2019: +19.7%TDW FY2020: -18.4%TDW FY2021: -6.5%TDW FY2022: +74.6%TDW FY2023: +55.9%TDW FY2024: +33.3%TDW FY2025: +0.5%FY19FY20FY21FY22FY23FY24FY25
NCLH +3.7%TDW +0.5%
Free cash flow
NCLH FY2018: $508.4MNCLH FY2019: $185.4MNCLH FY2020: -$3.5BNCLH FY2021: -$3.2BNCLH FY2022: -$1.6BNCLH FY2023: -$744.6MNCLH FY2024: $838.9MNCLH FY2025: -$1.2BTDW FY2018: -$17.5MTDW FY2019: -$49.4MTDW FY2020: -$10.9MTDW FY2021: $6.1MTDW FY2022: $23.6MTDW FY2023: $72.6MTDW FY2024: $254.9MTDW FY2025: $353.3MFY18FY19FY20FY21FY22FY23FY24FY25
NCLH -$1.2BTDW $353.3M

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

Questions about Norwegian Cruise Line and Tidewater

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

Norwegian Cruise Line is bigger by revenue: $9.8B in fiscal 2025, against $1.4B for Tidewater in fiscal 2025.

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

Norwegian Cruise Line had a net margin of 4.3% in fiscal 2025; Tidewater had 24.7% in fiscal 2025.

Which grew revenue faster, Norwegian Cruise Line or Tidewater?

In their latest fiscal years revenue changed by +3.7% at Norwegian Cruise Line and +0.5% at Tidewater.

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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