Viking Holdings Q4 Revenues Jump 27.8% to $1.72B, EPS Beats
Viking Holdings reported Q4 2025 EPS of $0.67, beating the $0.54 estimate, rising 49% year-over-year; revenues increased 27.8% to $1.72 billion versus a $1.62 billion forecast. Adjusted EBITDA climbed 51.3% to $462.8 million on a 14.7% rise in capacity PCDs and 95% occupancy, with net debt at $2.10 billion.
1. Q4 Financial Results
Viking Holdings delivered Q4 2025 earnings per share of $0.67, surpassing the $0.54 estimate and marking a 49% year-over-year increase. Total revenues reached $1.72 billion, up 27.8% from the prior year and above the $1.62 billion forecast.
2. Operational Drivers
The 14.7% growth in capacity Passenger Cruise Days reflected the addition of six river vessels and two ocean ships, while occupancy hit 95.0% and revenue per PCD rose. These factors, alongside improved operational efficiencies, powered a 51.3% jump in adjusted EBITDA to $462.8 million, despite vessel operating expenses rising 15% (17.7% ex-fuel).
3. Balance Sheet Position
As of December 31, 2025, Viking held $3.8 billion in cash and cash equivalents and maintained a $1 billion undrawn revolver facility. Net debt stood at $2.10 billion, underpinning a solid liquidity profile ahead of further fleet expansion.