Viking Reports 18.5% Revenue Growth and Strong Bookings in Q2 2025

Viking Holdings has reported strong financial results for the second quarter of 2025, showcasing robust revenue growth, promising advance bookings, and significant fleet expansion. The luxury cruise operator, renowned for its culturally immersive river and ocean travel experiences, saw a year-over-year revenue increase of 18.5%, reaching $1.88 billion. This performance reflects higher capacity, improved occupancy rates, and rising revenue per passenger cruise day (PCD).

Key Financial Results and Trends

The company’s adjusted EBITDA climbed 28.5% to $632.9 million, driven by increased passenger demand for Viking’s destination-focused itineraries. Net income surged to $439.2 million, compared to the $159.8 million reported in Q2 2024, which included one-time losses from warrant revaluations and preference share adjustments. Diluted earnings per share (EPS) came in at $0.99, reflecting confidence in the company’s profitability.

• Adjusted EBITDA: $632.9 million (+28.5% year-over-year)
• Net Yield: $607 (+8.0% year-over-year)
• Net income: $439.2 million (+174.8% year-over-year)
• Total revenue: $1.88 billion (+18.5% year-over-year)
• Occupancy: 95.6%

The rise in adjusted net income reflects operational improvements as additional fleet capacity and strong bookings brought higher yields across revenue-per-PCD metrics. Gross margins also improved, climbing 22.3% to $803.1 million.

Fleet Expansion and Capacity Growth

During the quarter, Viking successfully expanded its fleet by adding three new river vessels and one additional ocean ship, contributing to an 8.8% increase in capacity passenger cruise days. The latest addition, the Viking Amun, began sailing its custom-designed 12-day Pharaohs and Pyramids tours along the Nile, highlighting Viking’s commitment to unique regional itineraries.

Viking continues to scale its operations with plans to deliver 27 additional river ships by 2028 and 10 new ocean liners by 2031. These investments align with the company’s strategy of sustainable growth through enriching and destination-driven offerings.

We are pleased to have successfully taken delivery of two new ships, an achievement made possible due to the dedication of our team, and by the sustained momentum of the Viking brand as we execute our long-term growth strategy, said Torstein Hagen, Chairman and CEO.

Strong Advance Bookings and Pricing Trends

The cruise line reported robust booking trends for 2025 and 2026, with 96% of next year’s capacity already sold and 55% of 2026 inventory booked as of August 10, 2025. Advance bookings for 2026 totaled $3.88 billion, a 13% increase year-over-year. The company highlighted year-ahead growth despite a moderated rise in payments per PCD, which were up by 4% for 2026, reaching $866.

• 2025 Capacity: 96% sold
• 2026 Capacity: 55% sold
• Revenue per PCD: $784 for 2025 (+7%); $866 for 2026 (+4%)

President and CFO Leah Talactac emphasized Viking’s positive momentum: Our positive momentum is reflected by strong advance bookings paired with new experiences such as itineraries in India. This approach supports the demand for unique, culturally immersive travel.

Revenue Mix and Operating Costs

Growth was evident across Viking’s core products, with river cruises generating $1.02 billion in revenue (+8.5% year-over-year) and ocean cruises reaching $713 million (+11.4%). Vessel operating expenses rose to $377.7 million due to fleet expansion, yet disciplined capacity additions supported an increase in Net Yield to $607.

• River cruise revenue: $1.02 billion
• Ocean cruise revenue: $713 million

Despite higher operating costs, Viking’s strategy of delivering high-value travel experiences continues to drive profitability and top-line growth.

Market Context and Stock Performance

Following the earnings release, Viking shares dipped 4% to $57.75 on Tuesday morning, echoing mixed reactions within the cruise industry. While competitors like Royal Caribbean and Norwegian Cruise Line saw similar declines, Viking’s stock remains 24% above its June breakout level, reflecting optimism around long-term prospects.

The market remains closely attuned to Viking’s expansion plans and its ability to balance pricing strategies against competitive pressures.

Frequently Asked Questions (FAQs)

What drove Viking’s revenue growth in Q2 2025?

Revenue growth was primarily driven by increased fleet capacity, higher occupancy rates, and rising revenue per passenger cruise day (PCD).

How much of Viking’s 2025 and 2026 capacity is already sold?

As of August 10, 2025, Viking reported 96% of its 2025 capacity and 55% of its 2026 capacity sold. Total advance bookings for 2025 reached $5.64 billion, while 2026 bookings totaled $3.88 billion.

What new itineraries has Viking introduced recently?

Viking has launched itineraries in India and expanded Nile offerings with the new Viking Amun, catering to growing demand for unique and culturally immersive travel experiences.

How is Viking expanding its fleet?

The company plans to take delivery of 27 additional river ships by 2028 and 10 more ocean liners by 2031, further scaling its operational capacity.

What are Viking’s Net Yield and passenger occupancy rates?

Net Yield for the quarter reached $607, showing an 8% increase year-over-year, while occupancy improved to 95.6%, underscoring strong demand across products.