Viking (VIK) Q4 2024 earnings summary

Executive summary

• Achieved strong 2024 results with revenue up 13.2% to $5.33 billion, adjusted gross margin up 14% to over $3.5 billion, and adjusted EBITDA up 23.7% to $1.35 billion year-over-year.

• Net income for FY 2024 was $153 million, reversing a $1.85 billion loss in 2023; adjusted EPS was $1.86.

• Record guest satisfaction, repeat guest rate of 53%, and direct bookings exceeding 50% highlight operational excellence and brand strength.

• Became publicly traded on NYSE in May 2024, receiving the 2024 North America IPO of the Year Award and multiple industry accolades.

• Expanded operations with a return to China and Egypt, and made scientific discoveries in Antarctica.

Financial highlights

• FY 2024 revenue rose to $5.33 billion from $4.71 billion year-over-year; Q4 2024 revenue increased 20.5% to $1.35 billion.

• Adjusted gross margin for FY 2024 was $3.5 billion; Q4 adjusted gross margin was $868.7 million.

• Adjusted EBITDA for FY 2024 was $1.35 billion; Q4 adjusted EBITDA was $305.9 million, up 39.7% year-over-year.

• Net income for Q4 2024 was $104.2 million, reversing a $593.8 million loss in Q4 2023; adjusted net income for Q4 2024 was $199.7 million.

• Ended 2024 with $2.5 billion in cash, $375 million undrawn revolver, net debt of $3.23 billion, and net leverage ratio of 2.4x.

Outlook and guidance

• As of February 2025, 88% of 2025 capacity is booked, with $5.3 billion in advanced bookings, up 26% year-over-year.

• 2025 core capacity to grow 12% with delivery of 11 new ships, including 10 river and 1 ocean vessel; options signed for 8 more river vessels.

• 2026 bookings are pacing ahead of 2025 at the same point, with optimism for continued mid-single-digit yield growth.

• Ocean advance bookings for 2025 are 30% higher and river advance bookings are 24% higher than the same point in 2024.

• January 2025 set new records for single-day and monthly revenue booked.