NYSE$VIK
Viking Holdings Ltd · Q3 2025 earnings
Q3 2025 earnings · · Before market open · Investor relations
Briefing
Viking Holdings Ltd delivered strong results in Q3 2025 with record revenue and profitability, driven by higher occupancy and expanded fleet capacity.
The company reported nearly $2 billion in revenue and over $514 million in net income. Adjusted EBITDA surpassed $700 million as demand remained robust and occupancy reached 96%.
Headline financials
Revenue & EPS history
Viking Holdings Ltd · Revenue · Quarterly
$2B
Revenue by segment
Viking Holdings Ltd · $1.05B total across 2 segments · Q1 2026
- Cruise and land$972M—92.2%
- Onboard and other$82M—7.8%
Forward guidance
Viking expects strong continued growth into 2026 with high advanced bookings and ongoing expansion of its fleet.
Tailwinds
- 96% of 2025 capacity already sold
- 70% of 2026 capacity already sold
- Advance bookings for 2026 up 14% YoY
- Occupancy at 96% in Q3 2025
- Net leverage improved from 2.1x to 1.6x
Headwinds
- Increase in vessel operating expenses due to fleet expansion
- Cash flow impacted by nearly $869M in capex this quarter
- Some exposure to currency volatility and interest expense
- Deferred revenue remains high at $4.3B, indicating heavy reliance on pre-sales
- No geographic revenue breakdown provided, limiting regional visibility
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 5 quarterly earnings reports · overlaid with Q3 2025
-0.6%
Avg return
Earnings day
+0.6%
Avg return
5 days after
+5.0%
Avg return
30 days after
29%
2 / 7 earnings
Positive
+5.0%
Q3 2025
Best reaction
-6.1%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.3% | -0.2% | +11.9% | |
| Q3 2025 | +5.0% | +9.4% | +25.7% | |
| Q2 2025 | -1.7% | +0.3% | +4.1% | |
| Q4 2024 | -6.1% | -5.5% | -8.2% | |
| Q3 2024 | -2.2% | -0.1% | -3.7% | |
| Q2 2024 | -2.2% | -2.9% | -5.5% | |
| Q1 2024 | -0.1% | +3.2% | +10.9% | |
| Q4 2023 | — | — | — | |
| Q3 2023 | — | — | — | |
| Q2 2023 | — | — | — | |
| Q1 2023 | — | — | — | |
| Q4 2022 | — | — | — |
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