Viking Holdings Ltd today reported financial results for the second quarter ended June 30, 2025.
Key highlights
– Total revenue was $1,880.4 million for the second quarter of 2025, an increase of 18.5% compared to the same period in 2024.
– Gross margin increased 22.3% and Adjusted Gross Margin increased 19.2% compared to the same period in 2024.
– Net Yield was $607, an increase of 8.0% compared to the same period in 2024.
– Adjusted EBITDA was $632.9 million, an increase of 28.5% compared to the same period in 2024.
– Diluted EPS and Adjusted EPS were $0.99.
– Net Leverage was 2.1x as of June 30, 2025.
– As of August 10, 2025, for its Core Products, Viking had sold 96% of its Capacity Passenger Cruise Days for the 2025 season and 55% of its Capacity Passenger Cruise Days for the 2026 season.
“We delivered another quarter of great results, further underscoring the strength of our business model and of our core guest demographic,” said Torstein Hagen, Chairman and CEO of Viking. “In the second quarter, our revenue increased 18.5% and our Adjusted EBITDA increased 28.5% year-over-year, reflecting continued solid demand for our destination-focused travel experiences. We are also pleased to have successfully taken delivery of two new ships, an achievement made possible due to the dedication of our team and the sustained momentum of the Viking brand as we execute on our long-term growth strategy.”
Second quarter 2025 consolidated results
During the second quarter of 2025, Capacity PCDs increased by 8.8% over the same period in 2024. This increase was mainly driven by the growth in the Company’s fleet, which included three additional river vessels, one additional ocean ship and the Viking Yi Dun accommodation agreement. Occupancy for the second quarter of 2025 was 95.6%.
Total revenue for the second quarter of 2025 was $1,880.4 million, an increase of $293.1 million, or 18.5% over the same period in 2024 mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD in 2025 compared to 2024.
Gross margin for the second quarter of 2025 was $803.1 million, an increase of $146.7 million, or 22.3%, over the same period in 2024 and Adjusted Gross Margin for the second quarter of 2025 was $1,236.9 million, an increase of $199.2 million, or 19.2%, over the same period in 2024. Net Yield was $607 for the second quarter of 2025, up 8.0% year-over year.
For the second quarter of 2025, vessel operating expenses were $377.7 million and vessel operating expenses excluding fuel were $334.5 million. Compared to the same period in 2024, vessel operating expenses increased $48.7 million, or 14.8%, and vessel operating expenses excluding fuel increased $50.4 million, or 17.7% mainly driven by the increase in the size of the Company’s fleet in 2025 compared to 2024.
Net income for the second quarter of 2025 was $439.2 million compared to $159.8 million for the same period in 2024. The second quarter of 2024 includes a loss of $123.0 million from the revaluation of warrants issued by the Company, due to stock price appreciation. It also includes a loss of $65.8 million related to the net impact of the Private Placement derivative loss and interest expense related to the Company’s Series C Preference Shares. These converted into ordinary shares immediately prior to the consummation of the Company’s IPO. Adjusted Net Income attributable to Viking Holdings Ltd for the second quarter of 2025 was $439.0 million compared to $349.1 million for the same period in 2024.
Adjusted EBITDA was $632.9 million, an increase of $140.4 million, or 28.5% over the same period in 2024. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs, higher Occupancy and higher revenue per PCD.
Diluted EPS and Adjusted EPS were $0.99 for the second quarter of 2025, compared to Diluted EPS of $0.38 and Adjusted EPS of $0.80 for the same period in 2024.
Update on operating capacity and bookings
For our Core Products, operating capacity is 12% higher for the 2025 season compared to the 2024 season and 9% higher for the 2026 season compared to the 2025 season.
As of August 10, 2025, for our Core Products, we had sold 96% of our Capacity PCDs for the 2025 season and 55% for the 2026 season. We had $5,638 million of Advance Bookings for the 2025 season, 21% higher than the 2024 season at the same point in time; and we had $3,883 million of Advance Bookings for the 2026 season, 13% higher than the 2025 season at the same point in time. Advance Bookings per PCD for the 2025 season was $784, 7% higher than the 2024 season at the same point in time, and Advance Bookings per PCD for the 2026 season was $866, 4% higher than the 2025 season at the same point in time.
“Our positive momentum is reflected by the Advance Bookings, with 96% of our 2025 capacity of our Core Products already sold and 55% for 2026,” said Leah Talactac, President and CFO of Viking. “Looking ahead, we remain committed to growing our business by adding capacity and providing new experiences such as the recent launch of itineraries in India. This approach supports the demand for unique, culturally immersive travel experiences while driving top-line growth and long-term margin expansion.”
Balance sheet and liquidity
As of June 30, 2025:
– The Company had $2.6 billion in cash and cash equivalents and an undrawn revolver facility of $375.0 million.
– Scheduled principal payments are $141.8 million for the remainder of 2025 and $257.8 million for 2026.
– Deferred revenue was $4.4 billion.
New build and capacity
Since our first quarter 2025 earnings release, the Company:
– Took delivery of the Viking Vesta, an ocean ship.
– Took delivery of the Viking Amun, a river vessel that will operate in Egypt.
– Announced it would start operating two river vessels in India, with the first launching in 2027 and the second in 2028.
Based on the committed orderbook, the Company expects to take delivery of six river vessels during the remainder of 2025.
