Viking (VIK) Q2 2026 earnings summary

Executive summary

• Delivered strong year-over-year performance in Q2 2026, with revenue up 16.5% to $2,190.5 million and adjusted EBITDA up 18.2% to $748.4 million.

• Net income for Q2 2026 was $588 million, a 33.9% increase from Q2 2025.

• Advanced bookings for 2026 are 96% sold ($6.4 billion, up 13% year-over-year), and 2027 bookings are 53% sold ($4.7 billion, up 21% year-over-year), despite a 15% capacity increase.

• Fleet expansion continues, with delivery of one ocean ship and up to five new river vessels in 2026, and options exercised for two additional ocean ships for 2032.

• Operational challenges from historically low water levels in European rivers are being managed with ship swaps and guest vouchers, with some financial impact expected into 2027-2028.

Financial highlights

• Q2 2026 revenue rose 16.5% year-over-year to $2.2 billion, driven by increased capacity and higher revenue per PCD.

• Adjusted gross margin increased 16.3% to $1.44 billion; Net Yield up 6.2% to $645.

• Adjusted EBITDA reached $748 million, up 18.2% year-over-year.

• Adjusted EPS was $1.31, up from $0.99 in Q2 2025, a 33% increase.

• Net income was $588 million, up $148 million from Q2 2025.

Outlook and guidance

• 2026 season is 96% booked; 2027 is 53% booked with a 15% capacity increase.

• Advance bookings for 2026 are $6.4 billion (13% higher than 2025); for 2027, $4.7 billion (21% higher than 2026 at the same point last year).

• Net Yields for 2027 are about 10% higher year-over-year, with a goal of mid-single-digit yield growth.

• Some financial impact from guest vouchers and low water disruptions expected in Q3 2026 and into 2027-2028.

• Operating capacity for core products is expected to increase 7% in 2026 and 15% in 2027.