Viking Holdings has reported financial results for the third quarter ended September 30, 2025.

Key Highlights

Viking celebrated the achievement of a 100-ship fleet milestone.
Total revenue was $1,999.6 million for the third quarter of 2025, an increase of 19.1% compared to the same period in 2024.
Gross margin increased 22.9% and Adjusted Gross Margin increased 21.4% compared to the same period in 2024.
Net Yield was $617, an increase of 7.1% compared to the same period in 2024.
Adjusted EBITDA was $703.5 million, an increase of 26.9% compared to the same period in 2024.
Diluted EPS was $1.15 and Adjusted EPS was $1.20.
Net Leverage improved from 2.1x as of June 30, 2025 to 1.6x as of September 30, 2025.
As of November 2, 2025, for its Core Products, Viking had sold 96% of its Capacity Passenger Cruise Days for the 2025 season and 70% of its Capacity Passenger Cruise Days for the 2026 season.

“We delivered another remarkable quarter, highlighted by a significant milestone – surpassing 100 ships,” said Torstein Hagen, Chairman and CEO of Viking. “This achievement underscores our rich history of innovation, the strength of our core guest demographic and the steady growth of our business over the last 28 years. Looking ahead, we continue to see strong momentum across our product offering with 70% of the 2026 capacity for our Core Products already sold. The deep loyalty of our guests continues to fuel our success and drive sustained, profitable growth.”

Third Quarter 2025 Consolidated Results

During the third quarter of 2025, Capacity PCDs increased by 11.0% over the same period in 2024. This year-over-year increase was mainly driven by the growth of the Company’s fleet, which included four additional river vessels, two additional ocean ships and the Viking Yi Dun accommodation agreement. Occupancy for the third quarter of 2025 was 96.0%.

Total revenue for the third quarter of 2025 was $1,999.6 million, an increase of $320.9 million, or 19.1%, over the same period in 2024 mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD in 2025 compared to 2024.

Gross margin for the third quarter of 2025 was $881.7 million, an increase of $164.5 million, or 22.9%, over the same period in 2024 and Adjusted Gross Margin for the third quarter of 2025 was $1,333.7 million, an increase of $234.8 million, or 21.4%, over the same period in 2024. Net Yield was $617 for the third quarter of 2025, up 7.1% year-over year.

For the third quarter of 2025, vessel operating expenses were $392.2 million and vessel operating expenses excluding fuel were $346.5 million. Compared to the same period in 2024, vessel operating expenses increased $63.0 million, or 19.1%, and vessel operating expenses excluding fuel increased $61.7 million, or 21.7%, mainly driven by the increase in the size of the Company’s fleet in 2025 compared to 2024.

Net income for the third quarter of 2025 was $514.0 million compared to $379.7 million for the same period in 2024. The third quarter of 2024 includes a loss of $18.6 million from the revaluation of warrants issued by the Company, due to stock price appreciation. Adjusted Net Income attributable to Viking Holdings Ltd for the third quarter of 2025 was $533.8 million compared to $398.6 million for the same period in 2024.

Adjusted EBITDA was $703.5 million, an increase of $149.2 million, or 26.9%, over the same period in 2024. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD.

Diluted EPS was $1.15 and Adjusted EPS was $1.20 for the third quarter of 2025, compared to Diluted EPS of $0.87 and Adjusted EPS of $0.90 for the same period in 2024.

Update on Operating Capacity and Bookings

For Core Products, operating capacity is 12% higher for the 2025 season compared to the 2024 season and 9% higher for the 2026 season compared to the 2025 season.

As of November 2, 2025, for Core Products, we had sold 96% of Capacity PCDs for the 2025 season and 70% for the 2026 season. We had $5,613 million of Advance Bookings for the 2025 season, 21% higher than the 2024 season at the same point in time; and we had $4,925 million of Advance Bookings for the 2026 season, 14% higher than the 2025 season at the same point in time. Advance Bookings per PCD for the 2025 season was $782, 7.5% higher than the 2024 season at the same point in time, and Advance Bookings per PCD for the 2026 season was $861, 5.5% higher than the 2025 season at the same point in time.

Balance Sheet and Liquidity

As of September 30, 2025:

The Company had $3.0 billion in cash and cash equivalents and an undrawn revolver facility of $375.0 million.
Scheduled principal payments are $956.9 million for the remainder of 2025 and $195.0 million for 2026.
Deferred revenue was $4.3 billion.

In September 2025, Moody’s upgraded Viking Cruises Ltd’s (“VCL”) corporate rating to Ba2 from Ba3.

In October 2025, VCL issued $1,700 million of 5.875% senior unsecured notes due 2033. The net proceeds were used to fully redeem all outstanding 5.875% senior unsecured notes due 2027 and to repay the finance leases on two ocean ships and one expedition ship, with the balance designated to repay the finance lease on an additional ocean ship.

In addition, in November 2025, VCL amended and upsized its existing revolving credit facility to a total of $1,000 million, extending the maturity date to 2030.

“Our strong booking position for both 2025 and 2026 reflects the robust demand for Viking’s destination-focused offerings. This forward visibility gives us confidence in our growth trajectory and in our ability to continue delivering long-term value to stakeholders,” said Leah Talactac, President and CFO of Viking.

“Since our last earnings release, we have also realized significant financial achievements. Moody’s upgraded Viking, we successfully issued $1.7 billion in senior unsecured notes, and upsized our revolving credit facility to $1.0 billion. We believe that these actions strengthen Viking’s capital structure and enhance our financial flexibility to pursue long-term growth.”