Viking Holdings Ltd. (VIK) reported adjusted earnings per share of $1.31 for the second quarter of 2026, exceeding Wall Street’s forecast of $0.95 by 37.9%, while revenue increased 16.5% year-over-year to $2.19 billion. Adjusted EBITDA rose 18.2% to $748 million, and net income climbed 33% to $588 million, according to a transcript of the company’s earnings call.
The cruise operator’s net yield per capacity passenger cruise day (PCD) reached $645, up 6.2% from the prior year, while adjusted gross margin expanded 16.3% to $1.4 billion. Vessel expenses, excluding fuel, rose 2.7% per capacity PCD compared with Q2 2025. For the first half of 2026, adjusted EBITDA increased 20.9% to $853 million, with consolidated adjusted gross margin up 16.5% to over $2.1 billion.
River segment performance showed capacity PCDs up 3.2% year-over-year, occupancy at 94.8%, and adjusted gross margin growth of 11.3%. Ocean segment capacity PCDs rose 11.4%, occupancy reached 95.4%, and adjusted gross margin increased 20.3% to $1.1 billion. Net yield for the ocean segment climbed 7.7% to $593 per PCD.
Viking’s balance sheet remained robust, with $4.0 billion in cash and cash equivalents, a $1.0 billion undrawn revolver facility, and net debt of $2.4 billion. Net leverage stood at 1.2 times, while deferred revenue totaled $5.0 billion. Committed capital expenditures for 2026 are estimated at $1.9 billion, with $650 million net of financing. The company’s market capitalization reached $43.85 billion, with a P/E ratio of 36.48 and a PEG ratio of 0.19.
Bookings for the 2026 season are effectively sold out, with 96% of core capacity already booked and advance reservations totaling $6.4 billion, a 13% increase over the same point in 2025. Capacity for 2026 has expanded by 7%, supported by the delivery of 12 new ships, including 10 river vessels and two ocean ships. For 2027, 53% of core capacity is booked, with a 15% year-over-year capacity increase and net yields running approximately 10% higher than at this stage last year.
Management noted that low water levels on European rivers, particularly the Danube and Rhine, are expected to impact third-quarter results, with over 50% of river capacity PCDs in Q3 affected. Roughly 10% to 12% of affected cruises have been canceled, leading to incremental transportation costs and lower revenue. Viking is issuing future cruise vouchers to affected guests.
Chief Executive Officer Leah Talactac highlighted the company’s strong year-over-year performance, citing revenue growth of 16.5% and adjusted EBITDA growth of 18.2%. Executive Chairman Tor Hagen emphasized the strength of Viking’s order book as a key asset, supporting future growth. Shares rose 2.76% in premarket trading to $101 after closing at $98.29 the prior day.
