What does Viking do and what are its main business segments?

What guidance did Viking's management provide for the next earnings period?

What were the key takeaways from Viking's earnings call?

What is Viking's latest dividend and current dividend yield?

What is Viking's gross profit margin?

What factors drove the changes in Viking's revenue and profit?

What is the revenue and EPS growth rate for Viking year over year?

What is the market's earnings forecast for Viking next quarter?

- **Record 2025 financials**: $6.5B revenue (+21.9%), $1.9B EBITDA (+38.8%), 86% 2026 bookings
- **Fleet expansion**: 100 ships, 2 new ocean vessels, 2 expedition ships on order
- **Strong demand**: 54% repeat guests, 50%+ direct bookings, $6B advanced bookings
- **Geopolitical caution**: Egypt operations paused (2% capacity), but 2026 bookings stable
- **Balance sheet strength**: $3.8B cash, 1.1x leverage, no dividend plans

**【CEO Summary Section】**
- Viking achieved record 2025 revenue of $6.5 billion (+21.9% YoY) and adjusted EBITDA of $1.9 billion (+38.8% YoY), driven by 12% capacity growth and 7.4% yield expansion.
- Fleet milestone: 100 ships (89 river, 12 ocean, 2 expedition), including world's first hydrogen-powered vessel.
- 2026 booking update: 86% of capacity sold ($6B advanced bookings), up 13% vs 2025, with 7% capacity growth.
- New destinations: India river itineraries, expanded Nile/Mekong fleets, and 2 new ocean ships (Viking Mira/Libra) launching in 2026.
- Repeat guest loyalty: 54% of 2025 guests sailed again, 50%+ bookings direct through Viking.

**【CFO Financial Commentary】**
- Q4 2025 results: 
  - Total revenue $1.7B (+27.8% YoY)
  - Adjusted EBITDA $463M (+51.3% YoY), margin 41.8%
  - Net income $300M vs $104M YoY
  - Adjusted EPS $0.67 (+48.3% YoY)
- Segment performance: 
  - River: +16.2% gross margin to $1.9B, 96% occupancy
  - Ocean: +30.9% gross margin to $2B, 95% occupancy
- Balance sheet: $3.8B cash, $1B revolver, net debt $2.1B (1.1x leverage)
- 2026 CapEx: $1.4B shipbuilding ($500M net)
- Fuel hedging: River fleet has fixed 2026 fuel contracts; ocean ships designed for efficiency.

**【Q&A Highlights】**
- **Yield outlook 2026**: 5-7% growth expected, supported by 86% bookings at $787/PCD (vs $746 YoY)
- **River ship delays**: 8 vessels delayed (2025/26 deliveries), but minimal impact due to identical ship design and itinerary-based booking
- **Geopolitical risk**: Egypt operations (2% capacity) paused due to Middle East conflict, but 86% 2026 bookings provide buffer
- **Expedition growth**: 2 new ships ordered for 2030-31, driven by strong demand and 54% repeat guest rate
- **Dividend policy**: No immediate plans, prioritizing fleet expansion and balance sheet strength

Viking Holdings Ltd (VIK) Q4 2025 Earnings Call Transcript

- **Record Financial Performance**: Q3 2025 net yield of $617 and EBITDA of $704 million highlight Viking's profitability and operational excellence.
- **Unmatched Booking Strength**: 96% of 2025 capacity sold and 70% of 2026 booked, with advanced bookings up 21% YoY, reflect consumer confidence in Viking's brand.
- **Fleet Leadership**: 103 ships, 113 premium docking locations, and #1 rankings in travel awards underscore Viking's market dominance.
- **Financial Flexibility**: $3 billion cash, Ba2 credit rating, and $1 billion credit facility enable strategic investments in growth and innovation.

**【CEO Summary Section】**
- Viking reported record financial results for Q3 2025, with net yield reaching $617, the highest in company history, and adjusted EBITDA of $704 million, up 26.9% YoY.
- Booking trends remain strong: 96% of 2025 capacity is sold, and 70% of 2026 capacity is booked, with advanced bookings up 21% YoY.
- Fleet expansion continues with 103 ships, including 89 river vessels, 12 ocean ships, and 2 expedition ships. Viking controls 113 premium docking locations globally.
- The company received top honors in travel awards, including #1 for ocean and river cruises from Conde Nast Traveler for the fifth consecutive year.

**【CFO Financial Commentary】**
- Consolidated net yield increased 7.1% YoY, driven by strong demand across river and ocean segments.
- Adjusted gross margin rose 21.4% YoY to $3.2 billion, with net yield up 7.4% YoY.
- River segment: 96% occupancy, adjusted gross margin up 14.3% YoY to $1.4 billion.
- Ocean segment: 95.4% occupancy, adjusted gross margin up 28.5% YoY to $1.5 billion.
- Financial flexibility improved with $3 billion in cash, net debt of $2.8 billion, and a net leverage ratio of 1.6x.
- Moody's upgraded Viking's credit rating to Ba2, and the company upsized its revolving credit facility to $1 billion.

**【Q&A Key Highlights】**
- **Demand & Pricing**: Guests are booking ahead due to loyalty and preference for Viking's destination-focused, child-free experience. 2026 booking rates are 5.5% higher than 2025 at the same point.
- **Fleet Expansion**: Orders for 8 additional river vessels (2031-2032 deliveries) reflect confidence in demand growth. Ocean capacity will increase 9% in 2026.
- **Competitive Advantage**: Unique docking locations, ship design (e.g., 190 guests vs. competitors' 160-170), and focus on cultural enrichment differentiate Viking.
- **Inorganic Growth**: Open to acquisitions that are scalable, margin-accretive, and complementary to the Viking brand. Exploring opportunities in China's outbound travel market.
- **Expense Management**: SG&A remains flat as a percentage of gross margin, with investments in talent and technology to support growth.


Viking Holdings Ltd (VIK) Q3 2025 Earnings Call Transcript

- **Revenue Surge**: Q2 2025 revenue up 18.5% YoY to $1.9B, driven by 8.8% capacity growth and 8% net yield. 2025 bookings 96% sold, 2026 at 55% (13% YoY advance).
- **Fleet Expansion**: 3 new ships delivered; India river cruises (2 ships by 2028) and Egypt expansion (5 ships by 2027). 2026 capacity up 9% (Ocean) and 6% (River).
- **Profitability**: Adjusted EBITDA +28.5% to $633M; net income $439M (+25.8% YoY). Hedged $970M in euro expenses, net debt $3.2B (2.1x leverage).
- **Key Markets**: India product sold out; China strategy with Viking Yi Dun. 2026 pricing up 4%, targeting mid-single-digit growth.
- **Risk Management**: Increased marketing spend to $128M (+25% YoY); natural hedging mitigates currency risk. No immediate M&A plans.

**【CEO Summary Section】**
- **Revenue Growth**: Q2 2025 revenue increased 18.5% YoY to $1.9 billion, driven by 8.8% capacity growth and 8% net yield improvement. 2025 bookings are 96% sold, with 2026 at 55% sold, up 13% YoY in advanced bookings.
- **Fleet Expansion**: Delivered 3 new ships in 2024-2025, including Viking Vesta and Vela. Announced India river cruises (2 ships by 2028) and Egypt expansion (5 ships by 2027). 2026 Ocean capacity up 9%, River up 6%.
- **Strategic Focus**: Emphasized destination-driven travel, loyalty (95%+ occupancy), and disciplined pricing. India product sold out within days, highlighting demand for niche markets.

**【CFO Financial Commentary】**
- **Profitability**: Adjusted EBITDA rose 28.5% to $633 million. Net income reached $439 million, up 25.8% YoY. Adjusted EPS was $0.99, beating expectations.
- **Cost Management**: Vessel expenses (ex-fuel) up 8.2% YoY due to itinerary mix. Hedged $970 million in euro expenses for 2025-2026. Net debt $3.2 billion, leverage 2.1x.
- **Liquidity**: $2.6 billion cash, $375 million undrawn revolver. 2025 CapEx $990 million (net $560M), 2026 $1.2 billion (net $70M) for 2 new ocean ships.

**【Q&A Highlights】**
- **Booking Trends**: Strong June-July momentum, 55% 2026 sold vs. 42% last year. River bookings accelerating, Ocean steady. 2026 pricing up 4% YoY, targeting mid-single-digit growth.
- **Marketing Spend**: Increased to $128 million in Q2, up 25% YoY, supporting demand in competitive markets. Focus on direct-to-consumer engagement.
- **Currency Risk**: Hedged 80% of 2025-2026 euro expenses. Natural hedging via euro loans offset $0.11 EPS impact in Q2.
- **China Strategy**: Viking Yi Dun operating in China, with plans for unique itineraries. Direct marketing to Chinese consumers bypassing tour operators.
- **M&A Outlook**: Open to tuck-in acquisitions fitting brand (e.g., India), but no immediate plans. Focus on organic growth and ship deliveries.


Viking Holdings Ltd (VIK) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 revenue up 24.9% YoY to $900M, driven by 14.9% capacity expansion.
- **Booking Strength**: 2025 sold 92% of capacity; 2026 bookings at 37% ($2.7B) vs. 2025's 21% at same point.
- **Sustainability Leap**: Viking Libra hydrogen ship set for 2026, with 2 new Ocean ships ordered for 2031.
- **Financial Health**: $2.8B cash, 2.0x net debt/EBITDA, and $73M adjusted EBITDA (vs. -$4M prior year).
- **Strategic Expansion**: New ships for Mekong, Douro Rivers; exploring India's Brahmaputra River.


**【CEO Opening Remarks】**
- Q1 2025 revenue reached $900M, up 24.9% YoY, driven by 14.9% capacity growth and higher occupancy. 
- 2025 capacity is 92% sold, with 2026 bookings at 37% of core capacity ($2.7B in advance bookings).
- Viking Libra (hydrogen-powered ship) set for 2026 delivery, plus 2 new Ocean ships ordered for 2031.
- Strong balance sheet with $2.8B cash, 2.0x net debt/EBITDA, and no near-term debt maturities.

**【CFO Financial Highlights】**
- Adjusted EBITDA of $73M (vs. -$4M in Q1 2024), with Ocean segment net yield up 13.6% YoY.
- River segment occupancy 93.9% vs. 92.1% prior year, Ocean occupancy 94.4% stable.
- 2025 CapEx: $850M ($440M net of financing); 2026: $1.1B ($140M net).
- Deferred revenue $4.8B, reflecting strong advance bookings.

**【Q&A Key Takeaways】**
- **Demand Resilience**: 2026 bookings up 11% YoY despite 8% capacity growth; 2025 sold out for Europe-focused itineraries.
- **Pricing Strategy**: No promotions/discounts; focus on direct marketing and dynamic pricing.
- **Cost Management**: Efficient vessel design (e.g., 190 guests vs. 164 on River ships) supports margins.
- **Sustainability**: Viking Libra will be first zero-emission ship, with hybrid hydrogen/fuel cell propulsion.
- **Geographic Expansion**: New ships for Mekong, Douro Rivers; exploring India's Brahmaputra River.


Viking Holdings Ltd (VIK) Q1 2025 Earnings Call Transcript

- **Record 2024 Performance**: 14% adjusted gross margin growth to $3.5B, 23.7% EBITDA rise to $1.3B, and 7.4% net yield increase.
- **2025 Strong Booking**: 88% capacity booked ($5.3B), 26% higher than 2024, with 12% capacity growth and 7% yield improvement.
- **Market Leadership**: 52% river market share, 53% repeat guests, and unique docking rights in key destinations.
- **Financial Strength**: $2.5B cash, 2.4x net leverage, and $1.86 adjusted EPS for 2024.
- **Growth Initiatives**: 10 new river ships in 2025, China expansion, and $870M capex for fleet modernization.


**【CEO Summary Section】**
- Viking reported a remarkable 2024 with 6.3% capacity growth and a 7.4% net yield increase, driving a 14% year-over-year rise in adjusted gross margin to $3.5 billion. Adjusted EBITDA reached $1.3 billion, up 23.7%.
- 2025 is shaping up as a strong year with 88% of capacity booked as of February 23, 2025, and $5.3 billion in advanced bookings, 26% higher than the 2024 season at the same point.
- The company maintains a leadership position in rivers with a 52% market share and 53% repeat guest rate, while expanding into new markets like Egypt and China.

**【CFO Financial Commentary】**
- Fourth quarter 2024 revenue was $1.4 billion, up 20.5% year-over-year, with adjusted gross margin of $870 million, a 19.5% increase. Adjusted EBITDA was $306 million, up 39.7%.
- Full year 2024 adjusted EPS was $1.86, and the company ended the year with $2.5 billion in cash and a net leverage ratio of 2.4x.
- Capital expenditures for 2025 are expected to be $870 million, primarily for 10 new river ships and one ocean ship delivery.

**【Q&A Key Highlights】**
- **2026 Bookings**: Advanced bookings for 2026 are ahead of 2025 at the same point, with a focus on mid-single-digit yield growth despite 12% capacity expansion.
- **Market Competition**: Viking maintains a 52% river market share and unique docking rights, such as exclusive access to Paris' Eiffel Tower and Egypt's Karnak Temple.
- **Macroeconomic Resilience**: The company's high-end, direct-to-consumer model and strong cash reserves ($2.5 billion) provide flexibility to navigate macroeconomic uncertainties.
- **China Expansion**: Four river ships in Europe cater to Chinese guests with Mandarin-speaking staff and Chinese cuisine, signaling long-term growth potential.
- **Capital Allocation**: Priorities include fleet expansion (10 new river ships in 2025) and maintaining a young fleet (average age under 5 years) for operational efficiency.


Actual	-1.21	0.37	0.89	0.45	-0.24	0.99	1.2	0.67
Forecast	-0.4424	0.6669	0.8385	0.3647	-0.294	0.9946	1.1957	0.546
Surprise	-173.51%	-44.52%	+6.14%	+23.39%	+18.37%	-0.46%	+0.36%	+22.71%

Actual	718.15M	1.59B	1.68B	1.35B	897.06M	1.88B	2.00B	1.60B
Forecast	714.48M	1.60B	1.67B	1.34B	841.16M	1.85B	1.99B	1.62B
Surprise	+0.51%	-0.51%	+0.74%	+0.93%	+6.65%	+1.88%	+0.28%	-1.33%

VIK

VIK fundamentals

VIK Q4 2025 Earnings

Earnings Call

You can ask Aime

VIK

VIK fundamentals

VIK Q4 2025 Earnings

Earnings Call

VIK Earnings Call Summary for Q4/20258:00 AM on Mar 3, 2026

VIK Earnings Call Summary for Q3/20258:00 AM on Nov 19, 2025

VIK Earnings Call Summary for Q2/20258:00 AM on Aug 19, 2025

VIK Earnings Call Summary for Q1/20258:00 AM on May 20, 2025

VIK Earnings Call Summary for Q4/20248:00 AM on Mar 11, 2025

You can ask Aime