Viking (VIK) Q1 2026 earnings summary

Executive summary

• Leadership transition announced: Leah Talactac appointed CEO, Linh Banh as CFO, and Torstein Hagen as Executive Chairman, reflecting strong succession planning and ensuring continuity.

• 2026 fiscal year began with strong financial results and robust booking positions for both 2026 and 2027, reflecting high demand and disciplined execution.

• Viking was named among Time's Most Influential Companies in 2026, recognized for its disruptive approach and industry leadership.

Financial highlights

• Q1 2026 revenue was $1,054M, up 17.5% year-over-year, driven by increased capacity and higher revenue per PCDs.

• Adjusted gross margin rose 16.9% year-over-year to $717M; net yield was $596, up 9.5% from Q1 2025.

• Adjusted EBITDA reached $105M, up 43.9% year-over-year; net loss improved to $54.2M, over $51M better than Q1 2025.

• Adjusted EPS for Q1 2026 was $(0.11), compared to $(0.24) year-over-year.

• As of March 31, 2026, cash and equivalents totaled $4B, with an undrawn revolver of $1B and net debt of $1.94B.

Outlook and guidance

• 2026 advance bookings at $6.2B, 92% of capacity PCD sold; 2027 advance bookings at $3.4B, 38% of capacity PCD sold.

• 2026 season expects 7% capacity PCD increase; 2027 season expects 15% increase.

• 2027 advanced bookings are 31% higher than 2026 at the same point in 2025.

• Ocean 2026 advance bookings up 17% year-over-year; River 2026 advance bookings up 10% year-over-year.

• Management targets mid-single-digit yield growth across core products if macro conditions remain stable.