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Shares were up more than 3% pre-market open Wednesday.
August 19, 2026
Viking Holdings beat second quarter revenue and profit forecasts, and 96% of 2026 capacity is sold, along with 53% of 2027 capacity.
Adjusted net income was $587.4m, or $1.31 per share, ahead of Wall Street's $1.24 expectation and up from $439m, or 99 cents EPS, in Q2 2025.
Adjusted EBITDA was $748.4m, up 18.2%, mainly driven by increased passenger cruise days and higher revenue per passenger cruise day.
Total revenue was $2.19b, 16.5% higher than in Q2 2025, and stronger than the $2.14b consensus expectation, driven mainly by higher passenger capacity days due to fleet growth.
During Q2, passenger cruise days increased by 10.9% over the same period in 2025.
Net yield was $645, 6.2% above the $607 of the year-ago quarter.
Occupancy was 94.4%, compared to 95.6%.
Vessel operating expenses, excluding fuel, were $380.9m, a 13.9% increase, mainly driven by fleet growth.
Viking President/CEO Leah Talactac said the results reflect "strong demand for our destination-focused offerings." Besides fleet expansion, "We have introduced new land extensions and shore excursions that further enhance the guest experience and generate additional opportunities for revenue growth. Together, these investments reinforce our commitment to disciplined expansion and long-term value creation."
For Viking's core products, operating capacity is 7% higher for the 2026 season compared to the 2025 season and 15% higher for the 2027 season compared to the 2026 season.
With 96% of 2026 capacity sold, that amounts to $6.38b of advance bookings, 13% higher than the 2025 season at the same point in time. Bookings per passenger cruise day are at $833, 6% higher than in 2025.
And with 53% of 2027 sold, that amounts to $4.71b of advance bookings, 21% higher than the 2026 season at the same point in time. Bookings per passenger cruise day are at $958, 10% higher than the 2026 season at the same point in time.
Noting capacity will be up 15%, Viking CFO Linh Banh said the company is "very pleased with our booked position for 2027."
Net leverage was 1.2 times as of June 30, up from 1x at March 31.
