Loading...
•
Dec 31, 2025
Viking Holdings Ltd Q4 2025 Earnings Report
Viking Holdings Ltd reported strong growth in the fourth quarter of 2025, driven by fleet expansion and high occupancy levels.
Key Takeaways
Viking Holdings Ltd delivered a robust Q4 2025 with total revenue increasing 27.8% year-over-year to $1.72 billion. Net income rose significantly to $300.3 million, supported by a 14.7% increase in Capacity Passenger Cruise Days and an occupancy rate of 95.0%. The company also reported strong advance bookings for the 2026 season, with 86% of core capacity already sold.
Total revenue for Q4 2025 increased by 27.8% to $1,724.4 million compared to the prior year.
Adjusted EBITDA grew 51.3% year-over-year to $462.8 million in the fourth quarter.
Net Leverage improved significantly to 1.1x as of December 31, 2025, down from 2.4x a year ago.
Advance bookings for the 2026 season reached $5,960 million, a 13% increase over the 2025 season at the same point in time.
Revenue by Segment
Forward Guidance
Viking enters 2026 with strong booking momentum and planned fleet expansion.
Positive Outlook
- 86% of 2026 Capacity PCDs for Core Products already sold as of February 15, 2026.
- Advance Bookings for 2026 are 13% higher than the 2025 season at the same point in time.
- Advance Bookings per PCD for 2026 are up 6% year-over-year.
- Operating capacity for Core Products is expected to be 7% higher for the 2026 season.
- Committed to taking delivery of 2 ocean ships and 10 river ships in 2026.
Challenges Ahead
- Scheduled principal debt payments of $396.8 million due in 2026.
- Vessel operating expenses excluding fuel increased 17.7% in Q4 due to fleet growth.
- Exposure to currency fluctuations, as seen in the $56.1 million full-year currency loss.
- Ongoing capital expenditure requirements for the committed orderbook through 2034.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...