Viking Q3 Earnings & Revenues Beat Estimates, Improve Year Over Year

Viking Holdings (VIK) reported solid third-quarter 2025 results wherein both earnings and revenues surpassed the Zacks Consensus Estimate as well as improved year over year.

Quarterly earnings of $1.20 per share outpaced the Zacks Consensus Estimate by a penny and improved from the year-ago quarter.

Total revenues of $1.99 billion surpassed the Zacks Consensus Estimate marginally by 0.1% and improved 19.1% 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.

Viking Holdings Ltd. Price, Consensus and EPS Surprise

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

Adjusted EBITDA of $703.5 million grew 26.9% year over year, owing to increased Capacity PCDs, higher Occupancy and higher revenue per PCD.

Adjusted gross margin grew 21.4% from the year-ago quarter.

During the third quarter of 2025, capacity PCDs grew 11% year over year owing to growth in the company’s fleet, which included four additional river vessels, two additional ocean ships and the Viking Yi Dun accommodation agreement. Occupancy for the third quarter of 2025 was 96%.

Torstein Hagen, chairman and chief executive officer of Viking, stated, “We delivered another remarkable quarter, highlighted by a significant milestone – surpassing 100 ships. 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. Looking ahead, we continue to see strong momentum across our product offering with 70% of the 2026 capacity for our Core Products already sold. The deep loyalty of our guests continues to fuel our success and drive sustained, profitable growth.”

For the third quarter of 2025, vessel operating expenses increased 19.1% year over year, and vessel operating expenses, excluding fuel, increased 21.7% year over year, owing to the increase in the size of the company's fleet in 2025 compared to 2024.

As of Sept. 30, 2025, VIK had $3.03 billion in cash and cash equivalents compared with $2.6 billion at the end of the prior quarter. The company’s net debt was $2.75 billion compared with $3.22 billion at the end of the prior quarter.

Currently, VIK carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q3 Performance of Some Other Stocks Belonging to VIK’s Industry

Caesars Entertainment, Inc.CZR reported third-quarter 2025 results, with both earnings and revenues missing the Zacks Consensus Estimate. Additionally, both the top and bottom lines declined year over year.

For the reported quarter, the company recorded an adjusted loss per share of 27 cents, which was wider than the Zacks Consensus Estimate of an adjusted loss of 11 cents by 145.5%. It reported an adjusted loss of 4 cents per share in the prior-year quarter.

Net revenues of $2.87 billion missed the consensus mark of $2.89 billion by 0.7% and decreased 0.2% year over year.

The company recorded soft performance across most other segments and faced several headwinds during the quarter — including incremental state taxes, higher acquisition marketing spend and increased bad debt. Despite these challenges, management remains optimistic about sequential improvement, noting that September delivered the strongest results of the quarter.

Norwegian Cruise Line Holdings Ltd. NCLH reported third-quarter 2025 results, with earnings beating the Zacks Consensus Estimate, but revenues missing the same.

Norwegian Cruise reported an adjusted earnings per share of $1.20, beating the Zacks Consensus Estimate of $1.16. In the prior-year quarter, the company reported an adjusted earnings per share of $1.02. Quarterly revenues of $2.94 billion missed the consensus mark of $3.02 billion. The metric increased 4.7% year over year.

Norwegian Cruise Line’s third-quarter 2025 results benefited from robust demand across all three brands and strong execution both onboard and shoreside. Its diversified portfolio attracted a wide range of travelers, supporting record revenues and occupancy levels. Operational efficiency and effective pricing also contributed to the quarter’s strong performance.

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

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