LOS ANGELES, 19 August 2026: Viking Holdings Ltd reported total revenue of $2,190.5 million for the second quarter of 2026, up 16.5% from the same period in 2025. The increase was mainly driven by higher Capacity Passenger Cruise Days and increased revenue per Passenger Cruise Day, according to the company’s official financial results release.
Revenue and earnings rise in second quarter
Capacity Passenger Cruise Days increased 10.9% year on year, mainly reflecting growth in Viking’s fleet. Occupancy for the quarter was 94.4%. Gross margin reached $928.8 million, an increase of 15.7%, while Adjusted Gross Margin rose 16.3% to $1,438.9 million. Net Yield increased 6.2% year on year to $645. 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 was $587.4 million, compared with $439.0 million a year earlier.
Adjusted EBITDA increased by $115.5 million, or 18.2%, to $748.4 million. Viking said the increase was mainly driven by higher Capacity Passenger Cruise Days and revenue per Passenger Cruise Day. Diluted EPS and Adjusted EPS were both $1.31, compared with $0.99 in the same quarter of 2025.
Vessel operating expenses totalled $442.3 million, up 17.1%, while vessel operating expenses excluding fuel rose 13.9% to $380.9 million. The company attributed the increases mainly to the larger fleet.
“Our second quarter results reflect the continued execution of our long-term strategy and the strength of the Viking brand. During the quarter, our revenue increased 16.5%, driving an 18.2% year-over-year increase in Adjusted EBITDA, reflecting strong demand for our destination-focused offerings,” said Leah Talactac, President and CEO of Viking. “We also continued to thoughtfully expand our fleet while preserving the qualities that differentiate Viking and support the distinctive earnings power of our business. At the same time, we have introduced new land extensions and shore excursions that further enhance the guest experience and generate additional opportunities for revenue growth. Together, these investments reinforce our commitment to disciplined expansion and long-term value creation.”
2026 and 2027 bookings advance
For Viking’s Core Products, operating capacity is 7% higher for the 2026 season than in 2025 and 15% higher for 2027 than in 2026. As of 9 August 2026, Viking had sold 96% of Capacity Passenger Cruise Days for its Core Products for the 2026 season and 53% for 2027. Advance Bookings for 2026 stood at $6,386 million, 13% above the 2025 season at the same point in time, while 2027 Advance Bookings reached $4,711 million, 21% higher than the comparable 2026 position.
Advance Bookings per Passenger Cruise Day were $833 for the 2026 season, 6% higher than at the corresponding point for 2025. For 2027, the figure was $958, 10% above the equivalent 2026 level.
CFO Linh Banh said the 96% sold position for 2026 placed Viking in a strong position for the remainder of the year. She also pointed to the 53% booked position for 2027 alongside a 15% year-on-year increase in capacity, describing the figures as reflecting continued demand for Viking’s product and supporting confidence in the company’s long-term growth trajectory.
Viking defines its Core Products as Viking River, Viking Ocean, Viking Expedition and Viking Mississippi, marketed in North America, the United Kingdom, Australia and New Zealand.
Fleet additions continue
At 30 June 2026, Viking held $4.0 billion in cash and cash equivalents and had an undrawn revolving credit facility of $1.0 billion. Deferred revenue stood at $5.0 billion, while scheduled principal payments were $116.7 million for the remainder of 2026 and $233.7 million for 2027. Net Leverage was 1.2x.
Since its first-quarter 2026 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.
The company has also exercised options for two ocean ships scheduled for delivery in 2032. Based on its committed orderbook, Viking expects to take delivery of one additional ocean ship and five river vessels during the remainder of 2026.
Source: Official Press Release from Viking Cruises and Business Wire on 19 August, 2026
