It has been about a month since the last earnings report for Viking Holdings (VIK). Shares have added about 13.7% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Viking due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.
Viking Q3 Earnings Beat Estimates
Viking Holdings 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.
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.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a flat trend in estimates revision.
VGM Scores
Currently, Viking has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. Following the exact same course, the stock has a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Viking has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Viking belongs to the Zacks Leisure and Recreation Services industry. Another stock from the same industry, Planet Fitness (PLNT), has gained 4.8% over the past month. More than a month has passed since the company reported results for the quarter ended September 2025.
Planet Fitness reported revenues of $330.35 million in the last reported quarter, representing a year-over-year change of +13%. EPS of $0.80 for the same period compares with $0.64 a year ago.
Planet Fitness is expected to post earnings of $0.77 per share for the current quarter, representing a year-over-year change of +10%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.4%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Planet Fitness. Also, the stock has a VGM Score of C.
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Viking Holdings Ltd. (VIK): Free Stock Analysis Report Planet Fitness, Inc. (PLNT): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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