Viking Holdings Reports 16.5% Revenue Growth, Books 96% of 2026 Capacity
The Bermuda-based cruise operator posted second-quarter revenue of $2.19 billion and outlined aggressive fleet expansion plans through 2032.
Strong Quarter Driven by Fleet Growth
Viking Holdings Ltd (NYSE: VIK) reported second-quarter revenue of $2,190.5 million, representing a 16.5% increase compared to the same period in 2025, according to a 6-K filing submitted August 19, 2026. The Bermuda-domiciled cruise operator, which carries a market capitalization of approximately $44 billion, attributed the growth primarily to increased capacity and higher revenue per passenger cruise day (6-K filing, 2026-08-19).
Adjusted EBITDA for the quarter reached $748.4 million, up 18.2% year-over-year, while both diluted and adjusted earnings per share came in at $1.31, compared to $0.99 in the prior-year period. Net yield—a key metric representing adjusted gross margin per passenger cruise day—increased 6.2% to $645 (6-K filing, 2026-08-19).
"Our second quarter results reflect the continued execution of our long-term strategy and the strength of the Viking brand," said Leah Talactac, President and CEO, in the filing. "During the quarter, our revenue increased 16.5%, driving an 18.2% year-over-year increase in Adjusted EBITDA, reflecting strong demand for our destination-focused offerings" (6-K filing, 2026-08-19).
Capacity Utilization and Forward Bookings
The company reported occupancy of 94.4% for the second quarter, with capacity passenger cruise days increasing 10.9% over the same period in 2025, driven primarily by fleet expansion. As of August 9, 2026, Viking had sold 96% of its capacity passenger cruise days for the 2026 season and 53% for the 2027 season across its core products, which include Viking River, Viking Ocean, Viking Expedition, and Viking Mississippi (6-K filing, 2026-08-19).
Advance bookings totaled $6.386 billion for the 2026 season, 13% higher than the comparable point for the 2025 season, and $4.711 billion for the 2027 season, representing a 21% increase over the prior year. Advance bookings per passenger cruise day for 2027 stood at $958, up 10% year-over-year (6-K filing, 2026-08-19).
"With 96% of our 2026 capacity for our Core Products already sold, we are in a strong position for the balance of the year," said CFO Linh Banh. "We are also very pleased with our booked position for 2027" (6-K filing, 2026-08-19).
Fleet Expansion and Balance Sheet
Viking took delivery of five vessels since its first-quarter earnings release: the ocean ship Viking Mira and four river vessels including the Viking Annar, Viking Fjolvar, Viking Dagur, and Viking Ptah. The company also exercised options for two additional ocean ships scheduled for delivery in 2032 and expects to receive one ocean ship and five river vessels during the remainder of 2026 (6-K filing, 2026-08-19).
Operating capacity for core products is 7% higher for the 2026 season versus 2025 and 15% higher for 2027 compared to 2026 (6-K filing, 2026-08-19).
As of June 30, 2026, Viking reported $4.0 billion in cash and cash equivalents with an undrawn $1.0 billion revolver facility. Net leverage stood at 1.2x, with scheduled principal payments of $116.7 million due for the remainder of 2026 and $233.7 million for 2027. Deferred revenue reached $5.0 billion (6-K filing, 2026-08-19).
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This article was generated by MarginX from the 6-K filing on 2026-08-19. It is not investment advice.