Viking Holdings (VIK) Company Report

Viking Holdings reported strong third quarter 2025 financial results, with adjusted earnings per share of $1.20 and revenues of $2 billion, surpassing analysts' expectations.
The company achieved a 96% occupancy rate in Q3 2025 and reported robust forward bookings for 2026, with 70% of core product capacity already sold.
Viking strengthened its financial position through debt refinancing, including the issuance of $1.7 billion in 5.875% Senior Notes due 2033 in October 2025, and continued fleet expansion with option agreements for eight additional river vessels.

Nov 19, 2025, 2:50 PM

Morningstar

Viking Holdings Ltd Reports Strong Q3 2025 Results and Recent Financing Activities

VIK

Earnings

Debt Issuance

New Projects/Investments

Viking Holdings Ltd reported strong financial performance for Q3 2025, with total revenue increasing to $1,999,638 thousand from $1,678,737 thousand in Q3 2024, and net income rising to $514,009 thousand from $379,736 thousand. For the nine months ended September 30, 2025, total revenue grew to $4,777,061 thousand from $3,984,153 thousand in the prior year period, with net income reaching $847,794 thousand compared to $48,802 thousand in 9M 2024.
The company expanded its operations, increasing vessels operated from 87 to 93 and passengers from 500,103 to 562,790 for the nine months ended September 30, 2025, compared to the same period in 2024, leading to higher occupancy and net yield.
Subsequent to September 30, 2025, Viking Holdings Ltd issued $1,700.0 million in 5.875% Senior Notes due 2033 in October 2025, using proceeds to redeem outstanding 2027 VCL Notes and repay charter balances. Additionally, in November 2025, the company upsized its revolving credit facility to $1.0 billion and extended its maturity to November 14, 2030.

Nov 19, 2025, 2:03 PM

6-K

Viking Reports Record Q3 2025 Financial Results and Strong Forward Bookings

VIK

Earnings

Debt Issuance

New Projects/Investments

Viking reported a strong third quarter 2025, achieving its highest consolidated net yield of $617 and highest quarterly adjusted EBITDA of $704 million, representing a 26.9% year-over-year increase. Net income reached $514 million, an improvement of almost $135 million compared to the same period in 2024, and adjusted EPS was $1.20, up 33.2% year over year.
The company maintains a robust booking environment, with 96% of its 2025 core product capacity sold and 70% of its 2026 capacity already booked as of November 2, 2025. Advanced bookings for 2025 are $5.6 billion, 21% higher than the previous year, and 2026 advanced bookings are $4.9 billion, 14% higher than 2025 at the same point.
Viking's fleet has grown to 103 ships, including 89 river vessels, 12 ocean ships, and 2 expedition ships. The company also strengthened its capital structure by issuing $1.7 billion in senior unsecured notes due 2033, repaying existing debt, and improving its net leverage ratio to 1.6 times as of September 30, 2025.
The company continues to see strong demand across its segments, with 53% repeat guests in 2024 and success in attracting new-to-brand customers. Viking is also exploring opportunities for inorganic growth and expanding into new markets like the Chinese outbound market.

Nov 19, 2025, 1:00 PM

Transcript

Viking Holdings Ltd Announces Strong Q3 2025 Results and Robust Booking Outlook

VIK

Earnings

Guidance Update

New Projects/Investments

Viking Holdings Ltd reported strong financial results for Q3 2025, with total revenue of $2,000 million, net income of $514 million, and Adjusted EPS of $1.20. The company achieved an Adjusted EBITDA of $704 million and an Occupancy Percentage of 96.0% for the quarter.
The company has a robust booking outlook, with 96% of 2025 capacity Passenger Cruise Days (PCDs) sold and 70% of 2026 capacity PCDs sold as of November 2, 2025. Total advance bookings for the 2025 season reached $5.6 billion, and for the 2026 season, $4.9 billion.
As of September 30, 2025, Viking reported $3.0 billion in cash and cash equivalents, with Net Debt of $2.8 billion and a Net Leverage ratio of 1.6x. The company's fleet consists of 103 ships as of November 19, 2025, and it has a committed orderbook including 23 River vessels and 10 Ocean ships.

Nov 19, 2025, 1:00 PM

Presentation

Viking Reports Record Q3 2025 Financial Results and Strong Forward Bookings

VIK

Earnings

Guidance Update

New Projects/Investments

Viking achieved its highest quarterly adjusted EBITDA of $704 million, a 26.9% year-over-year increase, with an adjusted EBITDA margin of 52.8% for Q3 2025. Net yield also reached a historical high of $617, up 7.1% year over year, and adjusted EPS grew 33.2% to $1.20.
The company demonstrated robust booking momentum as of November 2, 2025, with 96% of its 2025 core product capacity sold and 70% of its 2026 capacity already booked. Advanced bookings for 2025 totaled $5.6 billion, 21% higher than the prior year, while 2026 advanced bookings reached $4.9 billion, 14% higher than 2025 at the same point.
Viking strengthened its capital structure with $3 billion in cash and cash equivalents and a net leverage ratio of 1.6 times as of September 30, 2025. This was supported by a $1.7 billion senior unsecured notes issuance, a Moody's upgrade to Ba2, and an upsized $1 billion revolving credit facility, providing flexibility for organic and potential inorganic growth.
Committed ship capital expenditures are projected at $910 million for full-year 2025 and $1.2 billion for full-year 2026, with options for eight additional river vessels for delivery in 2031 and 2032, underscoring ongoing fleet expansion and capacity growth.

Nov 19, 2025, 1:00 PM

Transcript

Viking Announces Strong Q3 2025 Results with Record Profitability and Robust Forward Bookings

VIK

Earnings

Debt Issuance

New Projects/Investments

Viking reported a record-high adjusted EBITDA of $704 million, up 26.9% year-over-year, and a net yield of $617, the highest in the company's history, for the third quarter of 2025. Adjusted EPS for the quarter was $1.20, a 33.2% increase year-over-year.
The company continues to experience strong booking momentum, with 96% of its 2025 capacity sold and 70% of its 2026 capacity already booked as of November 2, 2025. Advanced bookings for 2026 are $4.9 billion, 14% higher than the 2025 season at the same point, with average rates for 2026 increasing 5.5% over 2025 rates at the same point.
Viking's balance sheet as of September 30, 2025, shows $3 billion in cash and cash equivalents and a net leverage ratio of 1.6x, an improvement from 2.1x last quarter. The company successfully refinanced debt by issuing $1.7 billion in senior unsecured notes due 2033, and Moody's upgraded its rating to Ba2 from Ba3.
The fleet has grown to 103 ships, and the company has secured option agreements for eight additional river vessels for delivery in 2031 and 2032, reflecting continued capacity expansion.

Nov 19, 2025, 1:00 PM

Transcript

Viking Holdings Ltd Reports Strong Q3 2025 Financial Results

VIK

Earnings

Revenue Acceleration/Inflection

Debt Issuance

Viking Holdings Ltd reported total revenue of $1,999.6 million for the third quarter of 2025, marking a 19.1% increase compared to the same period in 2024.
Adjusted EBITDA for Q3 2025 rose 26.9% to $703.5 million, with Diluted EPS at $1.15 and Adjusted EPS at $1.20.
The company achieved a 100-ship fleet milestone and demonstrated strong future demand, having sold 96% of its Capacity Passenger Cruise Days for the 2025 season and 70% for the 2026 season as of November 2, 2025.
Net Leverage improved to 1.6x as of September 30, 2025, from 2.1x as of June 30, 2025, and the company held $3.0 billion in cash and cash equivalents and $4.3 billion in deferred revenue as of September 30, 2025.
In recent financial developments, Moody's upgraded Viking Cruises Ltd's corporate rating to Ba2 from Ba3 in September 2025, and the company issued $1,700 million of 5.875% senior unsecured notes in October 2025.

Nov 19, 2025, 12:00 PM

6-K

Viking Expands Fleet and Prices Senior Notes

VIK

New Projects/Investments

Debt Issuance

Viking has expanded its river cruise fleet with the delivery of two new ships: the Viking Honir for European rivers and the Viking Thoth for the Nile River.
The company plans significant future expansion, with 23 additional river ships expected by 2028 and 10 ocean ships by 2031, bringing the total fleet to 112 river vessels and 23 ocean and expedition ships.
Viking recently priced a $1.7 billion senior notes offering to refinance existing debt and support fleet operations, with the offering expected to close on October 7, 2025.

Oct 14, 2025, 10:00 PM

Morningstar

Viking Holdings Ltd Subsidiary Prices Senior Unsecured Notes Offering

VIK

Debt Issuance

Viking Cruises Ltd (VCL), a wholly owned subsidiary of Viking Holdings Ltd, has priced a private offering of $1.7 billion aggregate principal amount of 5.875% Senior Notes due 2033.
The offering of these Notes is expected to close on October 7, 2025, contingent on customary closing conditions.
VCL intends to utilize the net proceeds from the Notes, along with cash on hand, to redeem all of its outstanding 5.875% Senior Notes due 2027 and to refinance finance leases for four ships: the Viking Orion, Viking Mars, Viking Jupiter, and Viking Octantis.

Sep 29, 2025, 9:23 PM

6-K

Viking Holdings Ltd Announces Senior Unsecured Notes Offering

VIK

Debt Issuance

New Projects/Investments

Guidance Update

Viking Cruises Ltd (VCL), a wholly owned subsidiary of Viking Holdings Ltd, launched a private offering of $1.7 billion in senior unsecured notes expected to mature in 2033.
The proceeds from the notes offering, along with cash on hand, are intended to redeem all outstanding 5.875% Senior Notes due 2027 and refinance finance leases for three ocean ships and one expedition ship.
Following the Notes Offering, Viking expects to meaningfully upsize its existing $375.0 million five-year revolving credit facility.
As of September 21, 2025, total Advance Bookings for the 2025 and 2026 seasons were $5,640 million and $4,475 million, respectively, representing increases of 21% and 15% compared to the prior seasons at the same point in time.

Sep 29, 2025, 12:28 PM

6-K

Earnings Transcripts

Quarterly earnings call transcripts for Viking Holdings.

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