Viking Q2 Revenue Climbs 16.5% on Strong Advance Bookings
For 2027, Viking held $4.71 billion in advance bookings, 21 percent above the comparable 2026 level, with capacity scheduled to increase 15 percent.
Viking Holdings reported second-quarter 2026 revenue of $2.19 billion, up 16.5% from a year earlier, while adjusted EBITDA rose 18.2% to $748.4 million. As of Aug. 9, Viking had sold 96% of its 2026 Core Products capacity and 53% of its 2027 capacity.
Revenue and adjusted EBITDA grew faster than capacity passenger cruise days, which increased 10.9% as the fleet expanded. Occupancy reached 94.4%, while net yield rose 6.2% to $645.
Margins and net income increase
Gross margin rose 15.7% to $928.8 million, and adjusted gross margin increased 16.3% to $1.44 billion.
Net income was $587.7 million, compared with $439.2 million in the second quarter of 2025. Adjusted net income attributable to Viking Holdings Ltd. increased to $587.4 million from $439 million, while diluted and adjusted earnings per share rose to $1.31 from $0.99.
Vessel operating expenses increased 17.1% to $442.3 million, mainly because of the larger fleet. Excluding fuel, those expenses rose 13.9% to $380.9 million.
“We have introduced new land extensions and shore excursions that further enhance the guest experience and generate additional opportunities for revenue growth,” Viking President and CEO Leah Talactac said.
2027 bookings build alongside capacity
Viking’s operating capacity for Core Products is 7% higher for the 2026 season than in 2025. Capacity is scheduled to increase another 15% in 2027.
Advance bookings for the 2026 season totaled $6.39 billion as of Aug. 9, a 13% increase from the equivalent point in the prior-year booking cycle. Advance bookings per passenger cruise day were 6% higher at $833.
For 2027, Viking held $4.71 billion in advance bookings, 21% above the comparable 2026 level. Advance bookings per passenger cruise day reached $958, an increase of 10%.
“With 96% of our 2026 capacity for our Core Products already sold, we are in a strong position for the balance of the year,” Viking CFO Linh Banh said.
Fleet deliveries and liquidity
Since its first-quarter earnings release, Viking has taken delivery of the ocean ship Viking Mira and four river vessels. Viking Annar, Viking Fjolvar and Viking Dagur will operate in Europe, while Viking Ptah will operate in Egypt. Founded with four river vessels in 1997, the company has grown to a fleet of 92 ships.
Viking ended June with $4 billion in cash and cash equivalents, along with an undrawn $1 billion revolving credit facility. Deferred revenue stood at $5 billion, and net leverage was 1.2 times. Scheduled principal payments total $116.7 million for the remainder of 2026 and $233.7 million in 2027.
Under its committed orderbook, Viking expects to take delivery of one more ocean ship and five river vessels during the remainder of 2026. The company has also exercised options for two ocean ships scheduled for delivery in 2032.
