Viking Holdings has reported financial results for the fourth quarter and year ended December 31, 2025.

Full Year 2025 Key Highlights and 2026 Advance Bookings

• Total revenue was $6,501.4 million for the year ended December 31, 2025, an increase of 21.9%, compared to the same period in 2024.
• Gross margin was $2,582.4 million. Adjusted Gross Margin was $4,290.0 million, an increase of 22.6% compared to the same period in 2024.
• Net Yield was $583, an increase of 7.4% compared to the same period in 2024.
• Adjusted EBITDA was $1,872.1 million, an increase of 38.8% compared to the same period in 2024.
• Net income was $1,148.1 million. Adjusted Net Income attributable to Viking Holdings Ltd was $1,165.1 million, an increase of 43.9% compared to the same period in 2024.
• Diluted EPS was $2.57 and Adjusted EPS was $2.61.
• Net Leverage improved from 2.4x as of December 31, 2024 to 1.1x as of December 31, 2025.
• As of February 15, 2026, for its Core Products, Viking had sold 86% of its Capacity Passenger Cruise Days for the 2026 season.

 

“In 2025, we delivered exceptional financial results, increasing our Adjusted Gross Margin by 22.6% and growing our Adjusted Net Income by 43.9% year-over-year to $1,165.1 million. This performance reflects our consistent execution and is supported by key metrics that reinforce our momentum, including an ROIC of 45.8% and Net Leverage of 1.1x,” said Torstein Hagen, Chairman and CEO of Viking.

“We also reached important milestones in 2025, growing our river, ocean and expedition fleet to more than 100 vessels and further expanding our destination-focused offerings around the world. These achievements reflect the strong demand from our core consumer, the loyalty of our guests, the value of our premium products and the dedication of our employees to provide exceptional travel experiences on all seven continents.”

Fourth Quarter 2025 Consolidated Results

During the fourth quarter of 2025, Capacity PCDs increased by 14.7% over the same period in 2024 mainly driven by the growth of the Company’s fleet, which included six additional river vessels and two additional ocean ships. Occupancy for the fourth quarter of 2025 was 95.0%.

Total revenue for the fourth quarter of 2025 was $1,724.4 million, an increase of $374.7 million, or 27.8% 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 fourth quarter of 2025 was $652.1 million, an increase of $180.1 million, or 38.2%, over the same period in 2024 and Adjusted Gross Margin for the fourth quarter of 2025 was $1,106.1 million, an increase of $237.4 million, or 27.3%, over the same period in 2024. Net Yield was $546 for the fourth quarter, up 7.7% year-over-year.

Vessel operating expenses were $392.6 million and vessel operating expenses excluding fuel were $350.2 million. Compared to the same period in 2024, vessel operating expenses increased $51.2 million, or 15.0%, and vessel operating expenses excluding fuel increased $52.6 million, or 17.7% mainly driven by increased Capacity PCDs in 2025 compared to 2024.

Net income for the fourth quarter of 2025 was $300.3 million compared to $104.2 million for the same period in 2024. The fourth quarter of 2024 included a loss of $96.3 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 fourth quarter of 2025 was $297.7 million, an increase of $98.0 million, or 49.1%, over the same period in 2024.

Adjusted EBITDA was $462.8 million, an increase of $156.9 million, or 51.3% compared to the fourth quarter of 2024. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD.

Diluted EPS and Adjusted EPS were both $0.67 for the fourth quarter of 2025 compared to Diluted EPS of $0.24 and Adjusted EPS of $0.45 for the same period in 2024.

Update on Operating Capacity and Bookings

For our Core Products, operating capacity is 7% higher for the 2026 season compared to the 2025 season.

As of February 15, 2026, for our Core Products, we had sold 86% of our Capacity PCDs for the 2026 season. We had $5,960 million of Advance Bookings for the 2026 season, 13% higher than the 2025 season at the same point in time. Advance Bookings per PCD for the 2026 season was $859, 6% higher than the 2025 season at the same point in time.

“We finished 2025 with great momentum and we are entering 2026 in a very solid position with 86% of our Capacity PCDs for our Core Products already sold,” said Leah Talactac, President and CFO of Viking. “We are seeing a strong booking environment characterized by robust demand across our products, from both repeat guests and new-to-brand customers. As we continue to expand our fleet and further strengthen our leadership across the river and ocean segments, we remain encouraged by the resilience of our core consumer and the strength of the Viking brand. We will continue to execute with discipline and focus as we build on this foundation.”

Balance Sheet and Liquidity

As of December 31, 2025:

• The Company had $3.8 billion in cash and cash equivalents and an undrawn revolver facility of $1.0 billion.
• Deferred revenue was $4.6 billion.
• Scheduled principal payments were $396.8 million for 2026.

New Build and Capacity

Since our third quarter 2025 earnings release, the Company:

• Entered into option agreements for two additional ocean ships which have an exercise date of July 30, 2028, for delivery in 2034.
• Entered into shipbuilding commitments for two additional expedition ships scheduled for delivery in 2030 and 2031.

Based on the committed orderbook, the Company expects to take delivery of 2 ocean ships and 10 river ships in 2026.