Viking Q2 Earnings Meet Estimates, Revenues Beat, Both Rise Y/Y

Viking Holdings (VIK) reported second-quarter 2025 results wherein earnings came in line with the Zacks Consensus Estimate and revenues surpassed the same.

Quarterly earnings of 99 cents per share matched the Zacks Consensus Estimate and improved from the year-ago quarter.

Total revenues of $1.88 billion surpassed the Zacks Consensus Estimate of $1.83 billion and improved 18.5% on a year-over-year basis. The upside was driven by increased Capacity Passenger Cruise Days (capacity PCDs), higher Occupancy and higher revenue per PCD in 2025

Adjusted EBITDA of $632.9 million grew 28.5% year over year, owing to increased Capacity PCDs, higher Occupancy and higher revenue per PCD.

Viking Holdings Ltd. Price, Consensus and EPS Surprise

Viking Holdings Ltd. price-consensus-eps-surprise-chart | Viking Holdings Ltd. Quote

Adjusted gross margin grew 19.2% from the year-ago quarter.

During the second quarter of 2025, capacity PCDs grew 8.8% year over year owing to growth in the company’s fleet, which included three additional river vessels, one additional ocean ship and the Viking Yi Dun accommodation agreement. Occupancy for the second quarter of 2025 was 95.6%.

Torstein Hagen, chairman and chief executive officer of Viking, stated, “We delivered another quarter of great results, further underscoring the strength of our business model and of our core guest demographic. In the second quarter, our revenue increased 18.5% and our Adjusted EBITDA increased 28.5% year-over-year, reflecting continued solid demand for our destination-focused travel experiences. We are also pleased to have successfully taken delivery of two new ships, an achievement made possible due to the dedication of our team and the sustained momentum of the Viking brand as we execute on our long-term growth strategy.”

For the second quarter of 2025, vessel operating expenses increased 14.8% year over year, and vessel operating expenses, excluding fuel, increased 17.7% year over year, owing to the increase in the size of the company's fleet in 2025 compared with 2024.

As of June 30, 2025, VIK had $2.6 billion in cash and cash equivalents and an undrawn revolver facility of $375.0 million. The company’s net debt was $3.22 billion.

Currently, VIK carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q2 Performance of Some Other Stocks Belonging to VIK’s Industry

Norwegian Cruise Line Holdings Ltd.NCLH reported second-quarter 2025 results, with earnings and revenues missing the Zacks Consensus Estimate. Both the top and bottom lines increased on a year-over-year basis.

Norwegian Cruise reported adjusted earnings per share (EPS) of 51 cents, marginally missing the Zacks Consensus Estimate of 52 cents. In the prior-year quarter, the company reported adjusted earnings per share of 39 cents.

Quarterly revenues of $2.52 billion missed the consensus mark of $2.55 billion. The metric increased 6.1% year over year.

Caesars Entertainment, Inc.CZR posted second-quarter 2025 results with earnings missing the Zacks Consensus Estimate but revenues surpassing the same. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure.

For the quarter, the company recorded an adjusted loss per share of 39 cents, which missed the Zacks Consensus Estimate of earnings of 7 cents. It reported adjusted break-even earnings per share in the prior-year quarter. Net revenues of $2.9 billion beat the consensus mark of $2.88 billion by 1.1% and increased 2.7% year over year.

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This article originally published on Zacks Investment Research (zacks.com).

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