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Sep 30, 2025
Viking Holdings Ltd Q3 2025 Earnings Report
Viking Holdings Ltd delivered strong results in Q3 2025 with record revenue and profitability, driven by higher occupancy and expanded fleet capacity.
Key Takeaways
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%.
Revenue by Segment
Forward Guidance
Viking expects strong continued growth into 2026 with high advanced bookings and ongoing expansion of its fleet.
Positive Outlook
- 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
Challenges Ahead
- 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
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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