Viking (VIK) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 18.5% year-over-year to $1.88 billion, with net income of $439 million and adjusted EBITDA up 28.5% to $633 million, reflecting strong demand and operational expansion.

• 96% of 2025 and 55% of 2026 core product capacity is already booked, with advance bookings up 21% and 13% for 2025 and 2026, respectively, at higher rates.

• Fleet expansion included delivery of Viking Vesta (Ocean) and Viking Amun (Nile), with new itineraries in India announced for 2027 and 2028, and the first hydrogen-powered cruise ship, Viking Libra, set for 2026.

• Completed a secondary offering of 30.5 million shares at $44.20, increasing institutional float and diversifying ownership structure.

• IPO completed, with Series C Preference Shares converted to ordinary shares.

Financial highlights

• Adjusted Gross Margin up 19.2% to $1.24 billion; Adjusted EBITDA margin improved to 51.2%.

• Net yield for Q2 2025 was $607, up 8% year-over-year; occupancy improved to 95.6%.

• Adjusted EPS was $0.99, compared to $0.80 in Q2 2024.

• For H1 2025, Adjusted Gross Margin increased 20.7% to over $1.85 billion; Net Yield up 7.6% to $584.

• Cash and cash equivalents totaled $2.6 billion, with an undrawn revolver of $375 million.

Outlook and guidance

• 2025 season 96% booked with $5.6 billion in advanced bookings, 21% higher than 2024 at the same point; capacity up 12%.

• 2026 season 55% booked with $3.9 billion in advanced bookings, 13% higher than 2025 at the same point; capacity up 9%.

• Advance bookings per PCD for 2025 and 2026 are up 7% and 4%, respectively, from prior years.

• Mid-single-digit price growth targeted for 2026, with average revenue per day at $800–$900.

• Six additional river vessels expected to be delivered in 2025; new itineraries in India announced for 2027 and 2028.