Why Is Viking (VIK) Up 1.3% Since Last Earnings Report?

It has been about a month since the last earnings report for Viking Holdings (VIK). Shares have added about 1.3% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Viking due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Viking Holdings Ltd. before we dive into how investors and analysts have reacted as of late.

Viking Q4 Earnings Beat Estimates

Viking Holdings reported better-than-expected fourth-quarter 2025 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate and improved on a year-over-year basis.

Quarterly earnings of 67 cents per share beat the Zacks Consensus Estimate of 54 cents and improved 49% from the year-ago quarter.

Total revenues of $1.72 billion surpassed the Zacks Consensus Estimate of $1.62 billion and improved 27.8% on a year-over-year basis. The upside was driven by increased Capacity Passenger Cruise Days (capacity PCDs), higher Occupancy and higher revenue per PCD in 2025.

Adjusted EBITDA of $462.8 million grew 51.3% year over year, owing to increased Capacity PCDs, higher Occupancy and higher revenue per PCD.

Adjusted gross margin grew 27.3% from the year-ago quarter.

During the fourth quarter of 2025, capacity PCDs grew 14.7% year over year, owing to the growth in the company’s fleet, which included six additional river vessels and two additional ocean ships. Occupancy for the fourth quarter of 2025 was 95.0%.

For the fourth quarter of 2025, vessel operating expenses increased 15% year over year, and vessel operating expenses, excluding fuel, increased 17.7% year over year, owing to the increased Capacity PCDs.

As of Dec. 31, 2025, VIK had $3.8 billion in cash and cash equivalents and an undrawn revolver facility of $1 billion. The company’s net debt was $2.10 billion.

How Have Estimates Been Moving Since Then?

It turns out, fresh estimates flatlined during the past month.

VGM Scores

Currently, Viking has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock has a grade of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Viking has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Viking belongs to the Zacks Leisure and Recreation Services industry. Another stock from the same industry, Caesars Entertainment (CZR), has gained 3.9% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

Caesars Entertainment reported revenues of $2.92 billion in the last reported quarter, representing a year-over-year change of +4.2%. EPS of -$0.33 for the same period compares with $0.05 a year ago.

Caesars Entertainment is expected to post a loss of $0.19 per share for the current quarter, representing a year-over-year change of +64.8%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

Caesars Entertainment has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.

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This article originally published on Zacks Investment Research (zacks.com).

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