Viking (VIK) Q3 2025 earnings summary

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.