Viking Holdings has marked another defining milestone in its expansion strategy, announcing exceptionally strong results for the third quarter of 2025. With a fleet now exceeding 100 ships across river, ocean, and expedition categories, Viking has reinforced its position as one of the most influential players in global cruise tourism. Its sustained performance reflects rising travel demand, a loyal guest base, and a growing preference for culturally immersive, destination-focused voyages.
This quarter’s achievements underscore Viking’s long-term strategy of curating enriching travel experiences supported by carefully designed itineraries across Europe, Asia, the Americas, and emerging polar regions. As the broader tourism sector continues recovering and reinventing itself, Viking’s ability to maintain strong revenue momentum and elevated occupancy levels highlights the strength of its brand and the enduring appeal of experiential cruising.
A Transformative Milestone: Fleet Surpasses 100 Vessels
One of the most significant moments of Q3 2025 was Viking’s announcement that its fleet has grown to more than 100 ships. This milestone represents nearly three decades of consistent development, operational innovation, and expansion into new markets. Viking’s diversified fleet—spanning river longships, ocean vessels, and advanced expedition ships—continues to attract travelers seeking seamless service and meaningful cultural insights.
Source markets such as the United States and Switzerland remained among Viking’s strongest contributors, supported by rising interest in river cruising through Europe, extended ocean itineraries, and bucket-list expedition voyages. As travelers increasingly choose longer journeys with deeper cultural immersion, Viking’s curated approach continues to set the standard for premium exploration.
Exceptional Revenue Growth Driven by Strong Global Demand
Viking reported a total revenue of $1.999 billion for Q3 2025, marking a substantial 19.1% year-over-year increase. A key driver was the 11% rise in Capacity Passenger Cruise Days, fueled by the delivery of four new river vessels, two new ocean ships, and expanded accommodations through the Viking Yi Dun program.
The company’s 96% occupancy rate illustrates the resilience of cruise demand worldwide. With travelers seeking high-quality voyages and culturally rich itineraries, Viking has benefited from strong per-guest spending and higher-value bookings. Net Yield climbed to $617, a 7.1% increase, reflecting guests’ growing interest in premium accommodations, specialty excursions, and extended travel durations.
Improved Margins and Operational Efficiency
Viking’s operational strength was further demonstrated by robust margin improvements. Gross margin reached $881.7 million, up 22.9%, while Adjusted Gross Margin rose to $1.333 billion, a 21.4% increase.
As Viking expanded its global fleet and shore-based programs, operating expenses naturally increased. Vessel operating expenses totaled $392.2 million, with fuel-excluded operating expenses at $346.5 million. These increases reflect the costs of supporting additional ships and enriched guest offerings. However, Viking’s ability to enhance profitability despite higher operating costs highlights effective cost controls, efficient deployment, and consistent guest demand.
Strong Profitability and Rising Earnings
Net income surged to $514 million, a significant increase compared to the previous year, which had been impacted by a one-time warrant revaluation loss. Adjusted Net Income reached $533.8 million, compared to $398.6 million last year, signaling sustainable financial performance.
Adjusted EBITDA reached $703.5 million, a 26.9% jump, supported by high occupancy, robust onboard spending, and the expanded lineup of ocean and river voyages. Diluted earnings per share rose to $1.15, with adjusted diluted EPS at $1.20, further showcasing Viking’s financial resilience.
Record Bookings for 2025 and 2026 Show Confidence in Cruise Tourism
Viking’s forward bookings highlighted remarkable traveler confidence and strong interest in long-term cruise planning. As of November 2025, 96% of Capacity PCDs for the 2025 season had already been sold across the company’s core cruise products. Meanwhile, 70% of 2026 capacity was secured more than a year in advance.
Advance Bookings reached $5.613 billion for 2025, a 21% increase, and $4.925 billion for 2026, reflecting a 14% rise. Additionally, Advance Bookings per PCD increased by 7.5% for 2025 and 5.5% for 2026, emphasizing travelers’ shift toward higher-end itineraries and premium cabins.
Strengthened Liquidity and Financial Stability
As of September 30, 2025, Viking maintained $3 billion in cash and cash equivalents, along with access to a $375 million undrawn revolver. The company’s debt maturity schedule remains manageable, with $956.9 million in principal payments due for the remainder of 2025 and $195 million planned for 2026.
Recent financial milestones include a corporate rating upgrade to Ba2, a $1.7 billion issuance of senior unsecured notes to retire earlier debt, and the expansion of Viking’s revolving credit facility to $1 billion with maturity extended to 2030. These actions signal growing lender confidence and a strong financial foundation for future expansion.
Bright Outlook for 2026 and Beyond
With rising demand for immersive travel experiences, strong financial fundamentals, and an expanding fleet, Viking is well-positioned to accelerate global tourism growth into 2026. The company’s commitment to cultural authenticity, curated itineraries, and world-class onboard service continues to resonate with travelers seeking meaningful exploration.
As river, ocean, and expedition cruising gain global momentum, Viking’s sustained performance signals not just corporate success—but a positive outlook for the entire tourism industry.
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