Viking (VIK) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue rose 18.5% to $1,880.4 million, with net income up to $439.2 million and adjusted EBITDA up 28.5% to $633 million, driven by higher capacity, occupancy, and yield.

• 96% of 2025 and 55% of 2026 core product capacity sold, with advance bookings up 21% and 13% for 2025 and 2026, respectively, at higher rates.

• Completed a secondary offering of 30.5 million shares at $44.20, increasing institutional float and diversifying ownership.

• Fleet expansion included Viking Vesta (Ocean), Viking Amun (Nile), and announcement of India river voyages for 2027 and 2028, plus the first hydrogen-powered cruise ship, Viking Libra, set for 2026.

Financial highlights

• Q2 2025 revenue was $1.9 billion, up from $1.59 billion in Q2 2024, with adjusted gross margin up 19.2% to $1.24 billion and adjusted EBITDA margin at 51.2%.

• Net income reached $439 million, up nearly $280 million year-over-year; adjusted EPS was $0.99.

• Occupancy improved to 95.6% from 94.3% year-over-year.

• For H1 2025, adjusted gross margin increased 20.7% to over $1.8 billion; net yield up 7.6% to $584.

• Vessel operating expenses per CPCD were $177 for Q2 2025, up from $168 year-over-year.

Outlook and guidance

• 2025 season 96% booked with $5.6 billion in advanced bookings, 21% higher than 2024 at the same point; capacity up 12%.

• 2026 season 55% booked with $3.9 billion in advanced bookings, 13% higher than 2025 at the same point; capacity up 9%.

• Advance bookings per PCD for 2025 and 2026 are up 7% and 4%, respectively, compared to prior years.

• Mid-single-digit price growth targeted for 2026, with average revenue per day at $800–$900.

• Six new river vessels expected in 2025, with further expansion in India planned for 2027 and 2028.