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

Did Viking beat or miss consensus estimates last quarter?

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

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

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

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

What is Viking's gross profit margin?

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

- **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

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