Viking Cruises Sees Strong Bookings, Traveler Spending Enthusiasm Unabated

Viking Holdings Ltd. shares traded higher on Wednesday after the cruise operator reported second-quarter 2026 results that beat Wall Street expectations, benefiting from higher capacity, pricing, and strong demand.

Viking reported adjusted earnings per share of $1.31, surpassing the analyst estimate of $1.26. Quarterly revenue rose 16.5% year-over-year to $2.19 billion, exceeding the $2.15 billion expectation.

Viking Revenue Growth and Higher Yields Boost Results

Gross margin increased 15.7% year-over-year to $928.8 million, while adjusted gross margin grew 16.3% to $1.44 billion. Net yield rose 6.2% to $645.

Capacity passenger cruise days increased 10.9% year-over-year, primarily driven by fleet growth, while occupancy stood at 94.4%.

Adjusted EBITDA grew 18.2% to $748.4 million. Viking attributed the growth mainly to higher capacity and revenue per passenger cruise day. Net income rose to $587.7 million from $439.2 million in the prior year.

Vessel operating expenses increased 17.1% to $442.3 million. Vessel operating expenses excluding fuel rose 13.9% to $380.9 million. Viking attributed both increases primarily to its larger fleet.

"Our second-quarter results reflect the continued execution of our long-term strategy and the strength of the Viking brand," said President and Chief Executive Officer Leah Talactac. She noted that strong demand for Viking's destination-focused products helped drive revenue and adjusted EBITDA growth.

2026 and 2027 Season Bookings Strengthen

As of August 9, Viking had sold 96% of capacity passenger cruise days for the 2026 season and 53% for the 2027 season across its core products.

Total advance bookings for 2026 stood at $6.39 billion, up 13% from the same period in the 2025 season. Advance bookings for 2027 reached $4.71 billion, up 21% from the same period in the 2026 season.

Advance bookings per passenger cruise day for 2026 were $833, up 6% from the prior-year figure for the same period. The figure for 2027 reached $958, up 10%.

Operational capacity for Viking's core products in the 2026 season is 7% higher than in 2025, with an expected additional 15% growth in 2027.

"With 96% of our 2026 core product capacity sold, we are in a strong position for the remainder of the year," said Chief Financial Officer Linh Banh. Banh also highlighted the company's 2027 booking position and continued demand for Viking's products.

Balance Sheet Remains Strong

Viking held approximately $4 billion in cash and cash equivalents at the end of June, along with an undrawn $1 billion revolving credit facility. Deferred revenue stood at $5 billion, while net leverage was 1.2x.

Scheduled principal payments total $116.7 million for the remainder of 2026 and $233.7 million for 2027.

Since the first-quarter 2026 earnings release, Viking has taken delivery of the Viking Mira ocean ship and four river ships. The company also exercised options for two additional ocean ships, scheduled for delivery in 2032.

Based on its committed order book, Viking expects to take delivery of one ocean ship and five river ships during the remainder of 2026.

Viking Stock Performance

VIK stock performance: Viking Cruises shares rose 1.36% to $99.63 in premarket trading Wednesday.