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Viking Holdings (VIK) investor relations material
Viking Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary19 Nov, 2025
Executive summary
Achieved record Q3 2025 financial results with strong net yield, adjusted EBITDA, and double-digit revenue and profit growth, driven by robust demand and disciplined execution across river, ocean, and expedition segments.
Maintained industry leadership with a fleet of 103 ships, global presence across 7 continents and 85+ countries, and continued focus on cultural enrichment and premium docking locations.
Received top industry awards for both river and ocean products for the fifth consecutive year.
High occupancy rates and robust advance bookings signal continued demand and business momentum.
Financial highlights
Q3 2025 revenue reached $2.0 billion, up 19.1% year-over-year; net income was $514 million, up from $379.7 million in Q3 2024.
Adjusted EBITDA for Q3 2025 was $704 million, up 26.9% year-over-year, with a margin of 52.8%.
Adjusted EPS was $1.20, up from $0.90 in Q3 2024.
Net yield increased 7.1% year-over-year to $617, the highest in company history.
Year-to-date adjusted gross margin rose 21% to $3.2 billion.
Outlook and guidance
Advanced bookings for 2025 total $5.6 billion (21% higher year-over-year), with 96% of capacity sold; 2026 bookings at $4.9 billion (14% higher year-over-year), with 70% of capacity sold.
2026 average rates are 5.5% higher than 2025 at the same point, with a 9% increase in capacity.
Committed orderbook includes 39 river vessels and 14 ocean ships through 2033.
Continued focus on organic growth, with options for eight additional river vessels and ongoing expansion in the luxury ocean segment.
How do recent debt actions enhance flexibility?
Rationale for 8 river vessel options for 2031-32?
What sustains rising Advance Bookings per PCD?
Inorganic growth: What specific areas are targeted?
How will Viking maintain river market dominance?
What sustains Viking's premium pricing power?
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Next Viking Holdings earnings date
Q4 202511 Mar, 2026
Next Viking Holdings earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
Viking Holdings Ltd. is an experiential travel company specializing in river, ocean, and expedition cruises. Founded in 1997, the company operates a fleet of nearly 100 small, state-of-the-art ships, offering destination-focused itineraries on all seven continents. Viking Holdings provides immersive travel experiences through river and ocean voyages, as well as expeditions, emphasizing deep cultural engagement at each destination. The company's cruises feature onboard and onshore enrichment programs, including music and art performances, cooking demonstrations, and guest lectures. The company is headquartered in Pembroke, Bermuda, and its shares are listed on the NYSE.
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