VIK Q3 2025 Earnings

Call Details

• Call Title: Viking Holdings Q3 2025 Earnings Call
• Date: November 19, 2025 at 1:00 PM UTC
• Management Team:
  • Carola Mengolini (Vice President of Investor Relations)
  • Torstein Hagen (Chairman and Chief Executive Officer)
  • Leah Talactac (President and Chief Financial Officer)
  • Linh Banh (Executive Vice President of Finance)

Call Summary

Financial Performance

• Consolidated capacity grew 11% year over year for the quarter.
• Consolidated net yield increased 7.1% year over year to $617, which the company called the highest quarterly net yield in Viking history.
• Consolidated adjusted gross margin increased 21.4% year over year for the quarter.
• Adjusted EBITDA for the quarter was $704 million, up 26.9% year over year, representing an adjusted EBITDA margin of 52.8%.
• Net income was $514 million for the quarter, an improvement of approximately $135 million versus Q3 2024.
• Adjusted EPS for the quarter was $1.20, up 33.2% year over year.
• Year-to-date consolidated adjusted gross margin increased 21% year over year to $3.2 billion, and year-to-date net yield was 7.4% higher than the prior year.
• River segment nine-month adjusted gross margin was $1.4 billion with net yield of $589 and occupancy of 96%, while Ocean nine-month adjusted gross margin was $1.5 billion with net yield of $591 and occupancy of 95.4%.

Guidance

• As of November 2, 2025, 96% of core product 2025 capacity was sold and 70% of 2026 capacity was already booked.
• Advanced bookings for the 2025 season totaled $5.6 billion, which was 21% higher than the 2024 season at the same point in time.
• Advanced bookings for the 2026 season totaled $4.9 billion, which company commentary described as 14% higher than the 2025 season at the same point in time for 2024.
• Ocean 2026 capacity is projected to increase by 9% and was approximately 77% sold with about $2.4 billion in advanced bookings at average rates of $783.
• River 2026 operating capacity is expected to grow 10% and was 62% sold with $2.2 billion in advanced bookings at an average rate of $920.
• The company noted that a limited number of cancellations may occur as year-end approaches and described that as normal.
• Committed ship capex for full year 2025 is about $910 million ($480 million net of financing) and for full year 2026 is about $1.2 billion ($320 million net of financing).