Viking Sees 27.8% Q4 Revenue Growth to $1.7B and 38.8% EBITDA Gain
Viking posted Q4 revenue of $1.7 billion, up 27.8% year-over-year, with adjusted gross margin rising 27.3% to $1.1 billion and net yield climbing 7.7% to $546. Full-year 2025 revenue reached $6.5 billion (up 21.9%), adjusted EBITDA rose 38.8% to $1.9 billion, and net income increased 43.9% to $1.2 billion.
1. Q4 2025 Financial Results
Viking recorded Q4 revenue of $1.7 billion, up 27.8% year-over-year, driven by a 12% capacity increase and higher occupancy and revenue per capacity day. Adjusted gross margin rose 27.3% to $1.1 billion, net yield climbed 7.7% to $546, and adjusted EBITDA increased 51.3% to $463 million.
2. Full-Year 2025 Performance
Full-year 2025 revenue reached $6.5 billion, up 21.9%, while adjusted EBITDA rose 38.8% to $1.9 billion and adjusted net income increased 43.9% to $1.2 billion. Net yield for the year rose 7.4%, capacity expanded 12%, and the fleet surpassed 100 ships with 89 River, 12 Ocean, and 2 Expedition vessels.
3. Fleet Expansion and Innovation
The company launched new River itineraries in India, the Nile, and the Mekong, and strengthened partnerships with cultural and scientific institutions. Viking expects to introduce the world’s first hydrogen-powered cruise ship, aiming for zero-emission operations and enhanced fuel efficiency through streamlined hull design and closed-loop scrubbers.
4. 2026 Outlook and Updates
As of February 15, 2026 bookings reached $6.0 billion, up 13%, with Ocean advanced bookings of $2.7 billion (87% sold) and River bookings of $2.8 billion (85% sold). Delivery delays push eight Longships into later 2026, reducing River capacity growth guidance to 6%, and Egypt itineraries are paused through March 31, affecting about 40 voyages.