- Company name
- Viking Holdings
- Sector
- Cruise and river travel
- About
- 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.
- Thesis
- 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.
- Valuation
- The intrinsic value for Viking Holdings is an AI estimate from November 12, 2026. It is not an analyst's value. An AI research agent calculated it from Viking's filings with the SEC. Viking is a Bermuda company that files annual reports on Form 20-F and furnishes its quarterly results on Form 6-K. It reports in US dollars under IFRS. The method is a multiple of Adjusted EPS for 2027. Adjusted EPS is Viking's own measure, which is net income attributable to Viking divided by diluted shares, before a few items such as impairments. Net income is after interest on the debt for ships, so the estimate makes no debt adjustment. The year-end release for 2025 (6-K, March 3, 2026) gives revenue of $6,501.4 million, Adjusted EBITDA of $1,872.1 million and Adjusted EPS of $2.61 for 2025. The Q2 2026 release (6-K, August 19, 2026) gives revenue of $2,190.5 million and Adjusted EBITDA of $748.4 million for Q2, Adjusted EPS of $1.20 for six months against $0.75 a year earlier, Adjusted EBITDA of $853.3 million for six months, cash of $3,985.4 million, net debt of $2,400.5 million including leases and net leverage of 1.2 times. Operating capacity for the Core Products is 7% higher in 2026 and 15% higher in 2027. At August 9, 2026, Viking had sold 53% of its 2027 capacity, and Advance Bookings for 2027 were $4,711 million, 21% higher than a year earlier at the same point. The interim report gives 446.6 million ordinary and special shares outstanding at June 30, 2026 and 448.1 million diluted shares, which the estimate uses. The company announced a buyback of up to $1 billion on September 10, 2026 (6-K, September 11, 2026), and the estimate does not include it. The estimate takes Adjusted EPS for 2026 at $3.38, which is $1.20 for six months plus $2.18 for the second half, up about 17% from $1.86 in the second half of 2025, an assumption. The 2027 figures and the multiples are assumptions. The low case assumes weaker pricing and a slower ramp of new ships, with Adjusted EPS of $3.40, about the same as 2026, at 12 times. It gives $40.80 per share. The base case assumes growth of about 17% from the 15% rise in capacity and higher prices, with $3.95 at 15 times. It gives $59.25 per share. The base value equals about 13 times the Adjusted EBITDA that the estimate takes for 2026, which is $2,194 million. The high case assumes growth of about 30% from full ships and higher prices, with $4.40 at 18 times. It gives $79.20 per share. The estimate assumes weights of 25%, 50% and 25%. The weighted intrinsic value is $59.62 per share.
As of Nov 12, 2026.
- Risks
- 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.
- Balance sheet
- 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. Net debt was $2,400.5 million, which is 1.2 times Adjusted EBITDA of $2,019.6 million over the last 12 months. Scheduled principal payments are $116.7 million for the rest of 2026 and $233.7 million for 2027. Deferred revenue was $5,040.9 million, and shareholders' equity was $1,652.4 million. The report for Q3 2026 is not yet filed.
As of Jun 30, 2026.
- Checkpoints
- Nov 18, 2026 (estimate): Q3 2026 results: peak season and 2027 bookings. Pending. Watch: Adjusted EBITDA above the level of Q3 2025 and 2027 bookings still ahead of the prior year pass; slower bookings fail.
Mar 2027 (estimate): Q4 and full year 2026 results. Pending. Watch: A 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.
- Recent events
- Sep 10, 2026: Viking 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.
Aug 19, 2026: Viking 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.
Aug 19, 2026: Viking 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.
Mar 3, 2026: Viking reported 2025 results. Revenue was $6,501.4 million, up 21.9%, Adjusted EBITDA was $1,872.1 million, up 38.8%, and Adjusted EPS was $2.61. Net leverage fell to 1.1 times from 2.4 times a year earlier. Viking had sold 86% of its 2026 capacity at February 15, 2026.