Viking Holdings

Viking Holdings Ltd (Viking) is a cruise company that sells river, ocean and expedition cruises with a focus on destinations, history, culture and food. It is a Bermuda company with a US office in Woodland Hills, California. At the end of 2025, it had a fleet of 103 small ships, and in the 2025 season it had 27% of the luxury ocean cruise market. Revenue was $6,501.4 million in 2025 and $2,190.5 million in Q2 2026, up 16.5%.

Adjusted EBITDA was $1,872.1 million in 2025. Leah Talactac is President and Chief Executive Officer, Linh Banh is Chief Financial Officer, and Torstein Hagen, the founder, is Executive Chairman. Viking is a foreign private issuer that files annual reports on Form 20-F and furnishes its quarterly results on Form 6-K. Its shares trade on the New York Stock Exchange in US dollars.

Viking trades above the AI estimate because investors pay for the fast growth of its fleet and for guests who fill the new ships at higher prices, even though profit depends on that and capital spending is high. Operating capacity for the Core Products is 7% higher in 2026 and 15% higher in 2027. On August 9, 2026, Viking had sold 96% of its 2026 capacity and 53% of its 2027 capacity, and Advance Bookings per passenger cruise day for 2027 were 10% higher than a year earlier. This is a strong start, but profit depends on occupancy near the 94.4% of Q2 and on rising prices.

It was $1,266.8 million in the first half of 2026. For the price to hold, three things must be true. Bookings for 2027 must stay ahead of the prior year. Net Yield, the margin for each passenger cruise day, must keep rising as capacity grows.

Net leverage, 1.2 times at June 30, 2026, must stay low as the company pays for ships and buys back up to $1 billion of shares. The next tests are the Q3 2026 report, expected in November 2026, and the Q4 2026 report in March 2027.

AI estimate, checked by Kevin. How it is made

1. Nov 18, 2026 · est.Pending

   Q3 2026 results: peak season and 2027 bookingsAdjusted EBITDA above the level of Q3 2025 and 2027 bookings still ahead of the prior year pass; slower bookings fail.
2. Mar 2027 · est.Pending

   Q4 and full year 2026 resultsA 2027 booked position that stays ahead of the prior year and net leverage near 1.2 times pass; a drop in bookings or a rise in leverage fails.

Every passed and failed checkpoint across all picks

• September 10, 2026Viking said that its board authorized a share buyback program of up to $1 billion of its ordinary shares. The company can buy on the market or in private deals, and it does not have to buy any set amount.
• August 19, 2026Viking reported Q2 2026 results. Revenue was $2,190.5 million, up 16.5%, and Adjusted EBITDA was $748.4 million, up 18.2%. Net Yield was $645, up 6.2%, and Adjusted EPS was $1.31, against $0.99 a year earlier. The company took delivery of the ocean ship Viking Mira and four river vessels, and it exercised options for two ocean ships due in 2032.
• August 19, 2026Viking said that Advance Bookings for the 2027 season were $4,711 million at August 9, 2026, 21% higher than the 2026 season at the same point. Advance Bookings per passenger cruise day were $958, 10% higher.

Next earnings

Expected about November 18, 2026. The company has not confirmed the date.

• 6-KInterim report for the period ended Jun 30, 2026Filed August 19, 2026 · vik-20260630
• 6-KInterim report for the period ended Mar 31, 2026Filed May 14, 2026 · vik-20260331
• 20-FAnnual report for the period ended Dec 31, 2025Filed March 3, 2026 · vik-20251231
• 6-KInterim report for the period ended Sep 30, 2025Filed November 19, 2025 · vik-20250930

Every filing on SEC EDGAR (CIK 1745201)

• Capacity must be filled. Operating capacity for the Core Products rises 15% in 2027, and the company plans to take delivery of one ocean ship and five river vessels in the rest of 2026. If bookings slow, occupancy and prices can fall, and the new ships still add costs and debt.
• Spending on ships is heavy. Investments in property, plant and equipment were $1,266.8 million in the first half of 2026, against $814.4 million a year earlier, and the company drew $800.0 million of new long-term debt. Interest cost and the need to refinance rise with the fleet.
• Travel demand can fall fast after an event such as a health scare, a conflict or a weak economy. Deferred revenue of $5,040.9 million is cash that guests paid in advance, and the company must serve or refund it.
• Costs rise with the fleet. Vessel operating expenses rose 17.1% in Q2 2026, and fuel was about $61 million of the $442.3 million.
• The founder's family trust owns ordinary and special shares through Viking Capital Limited, so other holders have little say. Leah Talactac moved from President and Chief Financial Officer in March 2026 to Chief Executive Officer by August 2026, and the company has a new Chief Financial Officer.
• Viking earns in several currencies, and it reports in US dollars. A stronger dollar lowers reported revenue from Europe.

Viking had cash and cash equivalents of $3,985.4 million and an undrawn revolving facility of $1.0 billion at June 30, 2026. Debt before loan fees was $6,137.7 million, and lease liabilities were $248.2 million. Read more

Viking Holdings does not pay a dividend.

Source: company filings and market data, read on November 13, 2026.