Viking Holdings (NYSE:VIK) shares moved higher in premarket trading Thursday after the company reported first-quarter results that exceeded analyst forecasts, supported by strong demand and higher passenger revenue.
The stock gained 2.24% ahead of the market open following the earnings release.
The cruise operator posted adjusted earnings per share of -$0.11, outperforming analyst expectations of -$0.34 by $0.23.
Revenue Climbs 18% Year-on-Year
Quarterly revenue reached $1.05 billion, representing a 17.5% increase from $897.1 million in the same period last year.
Viking said the improvement was driven by higher passenger cruise revenue and expanded operating capacity.
Adjusted EBITDA jumped 43.9% year-on-year to $104.8 million.
The company’s net yield increased 9.5% to $596 from $544 in the prior-year quarter, while occupancy remained strong at 94.7%.
CEO Transition Announced Alongside Results
As part of a broader leadership transition, Torstein Hagen moved into the role of executive chairman.
“Total revenue for the quarter grew 17.5% driving a 43.9% year-over-year increase in Adjusted EBITDA, underscoring the demand for our product and our operational discipline,” Hagen said.
The company also announced that Leah Talactac, previously president and chief financial officer, has been appointed chief executive officer.
Linh Banh was named the company’s new chief financial officer.
Viking said the management changes are part of its long-term succession planning strategy.
Seasonal Trends Continue to Shape Business Performance
The company noted that its first-quarter results reflect the seasonal nature of the cruise business, particularly in river cruising, where the main operating season typically runs from April through October.
During the quarter, Viking operated 92 vessels, compared with 80 ships in the same period a year earlier.
Capacity passenger cruise days increased 6.6% year-on-year.
Advance Bookings Remain Strong for 2026 and 2027
Viking reported continued strength in forward bookings.
As of May 3, 2026, the company had already sold 92% of its available capacity for the 2026 season and 38% of capacity for 2027.
Advance bookings for 2026 totaled $6.2 billion, representing a 13% increase from the same point last year.
Bookings for the 2027 season reached $3.4 billion, up 31% year-on-year.