Viking Holdings Ltd Ordinary Shares
VIK · NYSE
Next quarter
Expected to report Nov 18, 2026 — estimated from last year’s reporting date.
Consensus is $1.24 EPS for Sep 2026 across 4 estimates, ranging $1.22 to $1.29.
VIK Jun 2026
- 4.80%
- $1.25
- $1.31
- —
- —
Highlights
- Earnings beat: Diluted and Adjusted EPS were $1.31, ahead of the $1.25 consensus by 4.8%, versus $0.99 in the second quarter of 2025.
- Revenue growth: Total revenue rose 16.5% year over year to $2,190.5 million, driven by 10.9% higher Capacity Passenger Cruise Days and higher revenue per day.
- Profitability: Adjusted EBITDA increased 18.2% to $748.4 million, while net income rose 33.8% to $587.7 million.
- Pricing: Net Yield increased 6.2% to $645, more than offsetting the modest occupancy decline to 94.4% from 95.6% a year ago.
- Forward bookings: Viking had sold 96% of its 2026 Core Products capacity and 53% of its 2027 capacity as of August 9; 2027 advance bookings were $4,711 million, up 21% year over year at the comparable point.
- Booking quality: Advance Bookings per PCD rose 6% for 2026 to $833 and 10% for 2027 to $958, indicating continued pricing strength.
- Fleet expansion: The operating fleet grew to 99 vessels from 90 a year earlier; Viking took delivery of one ocean ship and four river vessels during the quarter and expects another ocean ship and five river vessels in the remainder of 2026.
- Balance sheet: Cash was $4.0 billion, deferred revenue was $5.0 billion and net leverage was 1.2x at June 30, compared with 1.0x at March 31.
Analysis
Viking’s second quarter was a clean demand-and-capacity growth print, with EPS modestly ahead of expectations and strong year-over-year operating leverage. Diluted EPS of $1.31 exceeded the $1.25 consensus by 4.8% and increased from $0.99 a year earlier. Revenue rose 16.5% to $2.19 billion, while Adjusted EBITDA grew faster, up 18.2% to $748.4 million. Net income reached $587.7 million versus $439.2 million in the year-ago quarter.
The main driver was fleet-led capacity growth, with Capacity PCDs up 10.9% and the vessel count increasing to 99 from 90. Viking also sustained pricing momentum: Net Yield rose 6.2% to $645, although occupancy eased to 94.4% from 95.6%. Against the immediately preceding quarter, the seasonal ramp was substantial: the first-half filing implies second-quarter revenue of $2.19 billion versus approximately $1.05 billion in the first quarter and Adjusted EBITDA of $748.4 million versus approximately $104.8 million. The forward booking position was the other defining feature, with 96% of 2026 capacity sold and 2027 bookings ahead on both volume and booking value per PCD. Expansion remains capital intensive, however, with six-month property and intangible investment of $1.27 billion and net leverage rising to 1.2x from 1.0x at March 31.
Revenue and margins
- Top line: Revenue increased $310.1 million, or 16.5%, to $2,190.5 million, reflecting both more available capacity and higher revenue per PCD.
- Operating profit: Gross margin rose 15.7% to $928.8 million, while Adjusted Gross Margin increased 16.3% to $1,438.9 million.
- Earnings conversion: Adjusted EBITDA grew 18.2% to $748.4 million, ahead of revenue growth, and net income increased 33.8% to $587.7 million.
- Cost base: Vessel operating expenses excluding fuel rose 13.9% to $380.9 million, while expense per Capacity PCD increased to $161 from $157. The cost increase was primarily associated with the larger fleet.
Yield and occupancy
- Yield: Net Yield rose to $645 from $607, a 6.2% year-over-year increase, showing that Viking continued to achieve higher economics per passenger cruise day.
- Occupancy: Occupancy was 94.4%, down from 95.6% in the year-ago quarter. Passenger Cruise Days nevertheless increased to 2.23 million from 2.04 million as the company added capacity.
- Underlying mix: For the first six months, Viking Ocean generated Adjusted Gross Margin of $1,067.6 million and Net Yield of $593, up from $887.5 million and $551, respectively, in 2025. Viking River produced Adjusted Gross Margin of $855.5 million and Net Yield of $660, versus $768.4 million and $607 a year earlier.
Bookings and demand
- 2026 season: As of August 9, Viking had sold 96% of its 2026 Core Products Capacity PCDs and held $6,386 million of Advance Bookings, 13% above the comparable 2025 position.
- 2027 season: The company had sold 53% of 2027 capacity, despite capacity being planned 15% above 2026. Advance Bookings of $4,711 million were 21% higher than the comparable 2026 position.
- Pricing visibility: Advance Bookings per PCD were $833 for 2026, up 6%, and $958 for 2027, up 10%. The combination of higher booking value and substantial pre-sold capacity supports visibility into the next two seasons.
Fleet expansion
- Recent deliveries: Viking took delivery of the ocean ship Viking Mira and four river vessels during the quarter: Viking Annar, Viking Fjolvar, Viking Dagur and Viking Ptah.
- Committed growth: Core Products operating capacity is 7% higher for the 2026 season and 15% higher for 2027. The company expects delivery of one ocean ship and five river vessels during the remainder of 2026.
- Longer-dated orderbook: Viking exercised options for two ocean ships scheduled for delivery in 2032, extending the fleet expansion program beyond the current delivery cycle.
Liquidity and leverage
- Liquidity: Cash and cash equivalents were $3,985.4 million at June 30, alongside an undrawn $1.0 billion revolver. Deferred revenue stood at $5,040.9 million, reflecting the scale of customer deposits and future voyage obligations.
- Capital intensity: Six-month cash investment in property, plant and equipment and intangible assets was $1,266.8 million, up from $814.4 million in the first half of 2025.
- Debt position: Net leverage increased to 1.2x from 1.0x at March 31, as net debt reached $2,400.5 million. Scheduled principal payments are $116.7 million for the rest of 2026 and $233.7 million for 2027.
