TLDR:
Viking Holdings Q3 2025 revenue up 19.1%, surpasses $1.9 billion.
96% of 2025 capacity booked, signaling strong future growth for Viking.
Viking’s fleet expansion boosts operational strength and revenue.
Viking Holdings sees 26.9% EBITDA growth and strong earnings momentum.
Viking reports $533.8M adjusted net income, driving stock growth.
Viking Holdings Ltd.(VIK) reported strong financial performance for the third quarter of 2025, driving a 1.76% stock rise to close at $58.27.
Viking Holdings Ltd, VIK
The company expanded operational scale and strengthened profitability, reflecting consistent demand and effective cost management. Moreover, its achievement of surpassing a 100-ship fleet highlighted both operational expansion and long-term industry positioning.
The company posted total revenue of $1,999.6 million for the quarter, marking a 19.1% rise from the same period in 2024. Capacity Passenger Cruise Days increased by 11.0%, and occupancy reached 96.0%, supporting revenue strength. Additionally, net yield improved 7.1%, enhancing overall passenger-driven profitability.
Adjusted EBITDA reached $703.5 million, up 26.9% year over year, indicating operational efficiencies and higher per-unit performance. Net income increased to $514.0 million, while adjusted net income stood at $533.8 million. The company also reported diluted earnings per share of $1.15 and adjusted earnings per share of $1.20, both higher than last year.
Earnings Momentum and Operational Strength
Gross margin rose 22.9% to $881.7 million, while adjusted gross margin increased 21.4%, showing strong underlying profitability. Vessel operating expenses increased due to fleet expansion, reaching $392.2 million, but operating leverage remained favorable. Furthermore, operating expenses excluding fuel rose 21.7%, driven by continued network growth.
The company expanded its fleet during the quarter by adding four river vessels and enhancing operational capacity. Growth stemmed from two ocean ships and an accommodation agreement, alongside regional expansions in Europe, Southeast Asia and Egypt. This development supported the 12% rise in operating capacity for 2025 and projected 9% for 2026.
Advance bookings totaled $5,613 million for the 2025 season, 21% higher than last year. In addition, 96% of 2025 passenger cruise capacity is already booked, while 70% is booked for 2026. As a result, booking momentum reinforced longer-term revenue visibility.
Financial Position and Strategic Expansion
As of September 30, 2025, the company held $3.0 billion in cash and had access to a $375.0 million undrawn revolver. Scheduled debt payments totaled $956.9 million for 2025 and $195.0 million for 2026. Deferred revenue amounted to $4.3 billion, demonstrating advanced customer commitment.
In recent months, the company issued $1.7 billion in senior unsecured notes due 2033 and expanded its revolving credit facility to $1.0 billion. Moody’s upgraded its corporate rating to Ba2, improving financing flexibility. Future growth remains supported by a committed orderbook, including options for eight additional river vessels through 2032.
Viking’s steady expansion, sound financial execution and near-full capacity booking underline its growth trajectory. The company continues to build scale, broaden geographic reach and enhance value creation. Overall, strong quarterly results contributed to the stock’s upward movement and reinforced its market position.
