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VIK

Viking Holdings Ltd

VIK

Viking Holdings Ltd • NYSE
$66.78 ▲ 0.44% (+0.29)
Market Cap $29.62 B
52w High $68.60
52w Low $31.79
Dividend Yield 0%
P/E 31.21
Volume 926.82K
Outstanding Shares 443.59M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2B ▲ $267.042M ▲ $514.089M ▲ 25.709% ▲ $1.16 ▲ $697.587M ▲
Q2-2025 $1.88B ▲ $248.293M ▲ $439.048M ▲ 23.349% ▲ $0.99 ▲ $593.251M ▲
Q1-2025 $897.056M ▼ $243.862M ▲ $-105.473M ▼ -11.758% ▼ $-0.24 ▼ $53.219M ▼
Q4-2024 $1.35B ▼ $224.5M ▲ $103.68M ▼ 7.682% ▼ $0.24 ▼ $265.309M ▼
Q3-2024 $1.679B $218.978M $375.094M 22.344% $0.87 $530.726M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.037B ▲ $11.522B ▲ $10.719B ▼ $800.42M ▲
Q2-2025 $2.445B ▼ $11.118B ▲ $10.839B ▼ $275.125M ▲
Q1-2025 $2.766B ▲ $10.704B ▲ $10.971B ▲ $-267.474M ▼
Q4-2024 $2.342B ▼ $10.121B ▲ $10.34B ▲ $-222.729M ▲
Q3-2024 $2.385B $9.548B $10.33B $-784.959M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $514.089M ▲ $663.937M ▲ $-29.65M ▲ $-202.006M ▼ $432.332M ▲ $609.39M ▲
Q2-2025 $439.237M ▲ $470.681M ▼ $-659.671M ▼ $22.829M ▲ $-160.542M ▼ $-197.407M ▼
Q1-2025 $-105.473M ▼ $587.885M ▲ $-130.096M ▲ $-184.51M ▼ $275.883M ▲ $441.591M ▲
Q4-2024 $116.304M ▼ $370.52M ▼ $-532.994M ▼ $274.231M ▲ $104.214M ▼ $-179.883M ▼
Q3-2024 $374.8M $828.67M $-99.884M $-191.07M $543.316M $714.527M

Five-Year Company Overview

Income Statement

Income Statement Viking’s income statement shows a business that has bounced back strongly from the pandemic years. Revenue has climbed sharply over the last few years, and the company has moved from large losses to a modest profit. Profitability at the operating level has improved meaningfully, suggesting better pricing, higher utilization of ships, and tighter cost control. That said, results have been volatile in the recent past, and the shift from loss to profit is still relatively fresh. The business is clearly on a much better footing than a few years ago, but it remains exposed to swings in travel demand and broader economic conditions.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive cruise operator that relies heavily on borrowing. Total assets have grown as the fleet has expanded, and cash on hand has improved, giving the company more flexibility. However, debt remains high, and reported equity is still negative, even though the deficit has been shrinking. This points to a leveraged financial structure: manageable so long as cash flows stay healthy, but a clear source of risk if conditions weaken or financing costs rise.

Cash Flow

Cash Flow Cash flow is a relative bright spot. Operating cash generation has strengthened noticeably as demand has recovered, and the company has recently been able to cover its ship and infrastructure spending while still producing surplus cash. Capital expenditures remain sizable, reflecting ongoing investment in the fleet and future growth. The key question going forward is whether strong operating cash flow can be maintained through economic cycles to comfortably service debt and fund expansion without stretching the balance sheet.

Competitive Edge

Competitive Edge Viking has a well‑defined niche and a recognizable brand in the cruise market. It focuses on culturally rich, destination‑oriented trips for older, affluent travelers rather than broad family entertainment. This differentiated positioning, combined with strong customer loyalty and repeat business, gives it a meaningful competitive edge. Its dominance in European river cruising and standardized fleets help keep operations efficient and the onboard experience consistent. At the same time, the company still competes in a cyclical, highly discretionary travel category, where downturns, geopolitical events, or health scares can quickly pressure demand.

Innovation and R&D

Innovation and R&D Innovation at Viking is less about lab‑style R&D and more about ship design, guest experience, and environmental technology. The company has invested in distinctive vessel layouts, smaller ships that can reach more intimate ports, and strong onboard educational content, all designed to match its “thinking traveler” brand. On the technology side, its push into cleaner propulsion, including planned hydrogen‑powered ships and broader sustainability features, could become an important differentiator as regulations tighten and travelers pay more attention to environmental impact. These projects, however, are complex and capital‑heavy, so execution risk and cost control will be important to watch.

Summary

Viking looks like a cruise operator that has emerged from the pandemic disruption with renewed momentum: revenue and profits have improved, cash flows are healthier, and the brand appears well‑positioned in a focused premium niche. The flip side is a leveraged balance sheet, a still‑negative equity base, and exposure to a sector that is both cyclical and sensitive to external shocks. Future performance will likely hinge on Viking’s ability to sustain strong demand, manage debt, and successfully roll out its environmentally focused fleet investments without overshooting its financial capacity.

NEWS

November 20, 2025 · 8:00 AM UTC

Viking Tops U.S. News & World Report's 2026 Best Cruise Line Rankings

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November 19, 2025 · 7:00 AM UTC

Viking Reports Third Quarter 2025 Financial Results

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November 5, 2025 · 4:15 PM UTC

Viking Schedules Conference Call on Third Quarter 2025 Financial Results

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October 21, 2025 · 11:59 PM UTC

Viking Celebrates 100 Ships Around the World with Ceremony Naming Nine Newest River Ships Across Six Countries

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October 14, 2025 · 4:15 PM UTC

Viking Takes Delivery of Newest River Ships in Europe and Egypt

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