Viking Holdings Ltd (NYSE:VIK) shares rose nearly 3% in premarket trading after the cruise operator delivered fourth-quarter results that topped Wall Street expectations, driven by higher capacity and strong passenger demand.
Adjusted earnings per share came in at $0.67, surpassing the analyst consensus of $0.48 by $0.19. Quarterly revenue climbed 27.8% year over year to $1.72 billion, up from $1.35 billion in the same period last year, supported by increased fleet capacity, improved occupancy and higher revenue per passenger cruise day.
Adjusted net income attributable to Viking Holdings jumped 49.1% to $297.7 million for the quarter, while adjusted EBITDA rose 51.3% to $462.8 million compared with the prior-year period.
Capacity passenger cruise days increased 14.7% year over year, reflecting the addition of six river vessels and two ocean ships to the fleet. Occupancy reached 95.0% during the quarter.
“In 2025, we delivered exceptional financial results, increasing our Adjusted Gross Margin by 22.6% and growing our Adjusted Net Income by 43.9% year-over-year to $1,165.1 million,” said Torstein Hagen, Chairman and CEO of Viking.
For full-year 2025, Viking reported total revenue of $6.50 billion, a 21.9% increase from the prior year. Adjusted EPS totaled $2.61, compared with diluted EPS of $2.57. Net yield rose 7.4% to $583 for the year.
The company said forward demand remains strong. As of February 15, 2026, Viking had booked 86% of its 2026 season capacity passenger cruise days, with advance bookings totaling $5.96 billion—13% higher than bookings at the same point last year. Advance bookings per passenger cruise day for 2026 reached $859, up 6% year over year.
Viking also highlighted improvements in its financial position. Net leverage declined to 1.1x as of December 31, 2025, compared with 2.4x a year earlier. The company ended the year with $3.8 billion in cash and cash equivalents and has access to an undrawn $1.0 billion revolving credit facility.