Viking Holdings Ltd (NYSE:VIK) posted third-quarter results on Wednesday that came in well ahead of Wall Street forecasts, lifted by solid demand across its cruise portfolio and another step-up in available capacity. Adjusted earnings per share landed at $1.20, comfortably beating the $0.96 analysts had projected, while quarterly revenue reached $1.99 billion.
Despite the strong performance, the stock was little changed in early pre-market activity, easing 0.09% after the release.
Total revenue climbed 19.1% from the same quarter in 2024, supported by increased fleet size, higher occupancy levels, and improved revenue per passenger cruise day.
“We delivered another remarkable quarter, highlighted by a significant milestone – surpassing 100 ships,” said Torstein Hagen, Chairman and CEO of Viking. “This achievement underscores our rich history of innovation, the strength of our core guest demographic and the steady growth of our business over the last 28 years.”
Adjusted EBITDA rose 26.9% year-over-year to $703.5 million. Net yield advanced 7.1% to $617, and occupancy remained strong at 96.0%. Capacity passenger cruise days jumped 11.0% versus last year as Viking added four river ships and two new ocean vessels to its fleet.
The outlook also remains upbeat. Viking said forward bookings are running well ahead of historical trends, with 96% of 2025 capacity already sold and 70% booked for 2026. The company also strengthened its balance sheet, cutting net leverage to 1.6x at the end of September from 2.1x three months earlier.
“Our strong booking position for both 2025 and 2026 reflects the robust demand for Viking’s destination-focused offerings,” said Leah Talactac, President and CFO of Viking. “This forward visibility gives us confidence in our growth trajectory and in our ability to continue delivering long-term value to stakeholders.”