Viking Q4 Earnings & Revenues Surpass Estimates, Improve Y/Y – March 4, 2026
Key Takeaways
- Viking posted Q4 EPS of 67 cents, beating estimates and improving year over year.
- Q4 revenues of $1.72 billion outpaced the Zacks Consensus Estimate and improved 27.8% year over year.
- Adjusted gross margin grew 27.3% from the year-ago quarter; vessel operating expenses grew 15% year over year.
Viking Holdings (VIK – Free Report) reported better-than-expected fourth-quarter 2025 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate and improved on a year-over-year basis.
Quarterly earnings of 67 cents per share beat the Zacks Consensus Estimate of 54 cents and improved 49% from the year-ago quarter.
Total revenues of $1.72 billion surpassed the Zacks Consensus Estimate of $1.62 billion and improved 27.8% on a year-over-year basis. The upside was driven by increased Capacity Passenger Cruise Days (capacity PCDs), higher Occupancy and higher revenue per PCD in 2025.
Adjusted EBITDA of $462.8 million grew 51.3% year over year, owing to increased Capacity PCDs, higher Occupancy and higher revenue per PCD.
Adjusted gross margin grew 27.3% from the year-ago quarter.
During the fourth quarter of 2025, capacity PCDs grew 14.7% year over year, owing to the growth in the company’s fleet, which included six additional river vessels and two additional ocean ships. Occupancy for the fourth quarter of 2025 was 95.0%.
For the fourth quarter of 2025, vessel operating expenses increased 15% year over year, and vessel operating expenses, excluding fuel, increased 17.7% year over year, owing to the increased Capacity PCDs.
As of Dec. 31, 2025, VIK had $3.8 billion in cash and cash equivalents and an undrawn revolver facility of $1 billion. The company’s net debt was $2.10 billion.
Currently, VIK carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q4 Performance of Some Other Stocks Belonging to VIK’s Industry
Norwegian Cruise Line Holdings Ltd.(NCLH – Free Report) reported fourth-quarter 2025 results, with earnings meeting the Zacks Consensus Estimate, and revenues missing the same. The top and bottom lines increased on a year-over-year basis.
Norwegian Cruise reported an adjusted earnings per share (EPS) of 28 cents, in line with the Zacks Consensus Estimate. In the prior-year quarter, the company reported an adjusted EPS of 19 cents. Quarterly revenues of $2.24 billion missed the consensus mark of $2.35 billion and increased 6.4% year over year.
Marriott Vacations Worldwide Corporation (VAC – Free Report) reported mixed results for its fourth quarter of 2025, with adjusted earnings beating the Zacks Consensus Estimate, while revenues missed the same. Meanwhile, both metrics declined year over year.
Adjusted earnings per share of $1.86 surpassed the Zacks Consensus Estimate of $1.72 by 8.1%. In the year-ago quarter, it reported an adjusted EPS of $1.98. Quarterly revenues of $1.323 billion missed the consensus mark of $1.325 billion by 0.1% and decreased 0.3% on a year-over-year basis.
