Viking (VIK) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, surpassing 100 ships and expanding globally across River, Ocean, and Expedition cruising, including the announcement of the world's first hydrogen-powered cruise ship.

• Introduced new itineraries in India and expanded River fleet on the Nile and Mekong, while strengthening partnerships in arts, culture, and science.

• Maintained a strong guest loyalty rate with 54% repeat guests and over 50% direct bookings.

• Maintained focus on guest experience, employee engagement, and environmental responsibility.

Financial highlights

• Total 2025 revenue grew 21.9% year-over-year to $6.5 billion, driven by 12% capacity growth and 7.4% Net Yield increase.

• Adjusted EBITDA reached $1.872 billion, up 38.8% year-over-year; Adjusted Net Income was $1.165 billion, up 43.9%.

• Q4 2025 revenue was $1.72 billion, with Adjusted EBITDA of $463 million and Adjusted Net Income of $298 million.

• Net Yield for FY 2025 was $583, up 7.4% year-over-year; occupancy reached 95.4%.

• Adjusted EPS for FY 2025 was $2.61, compared to $1.86 in 2024.

Outlook and guidance

• As of mid-February 2026, 86% of capacity for the 2026 season is already booked, with advanced bookings up 13% year-over-year to $6.0 billion.

• Ocean advanced bookings for 2026 are $2.73 billion (16% higher year-over-year); River advanced bookings are $2.81 billion (10% higher year-over-year).

• Capacity for 2026 is set to increase by 7% overall, with River capacity up 6% and Ocean up 9%.

• Yield growth for 2026 expected in the mid-single-digit range, consistent with recent years.