Viking Holdings Ltd (VIK)
SIC breadcrumb: Transportation, Communications, Electric, Gas, And Sanitary Services > SIC Major Group 44 > SIC 4400 Water Transportation
SEC company page: https://www.sec.gov/edgar/browse/?CIK=1745201. Latest filing source: 0001745201-26-000007.
Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.
At a glance
Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
|---|
Financials
Quarterly
Latest quarter (10-Q)
Latest 10-K MD&A (excerpt)
Latest 10-K Item 7 source: 0001745201-26-000007. The complete FY 2025 MD&A is published at /company/VIK/mda/fy2025/.
Results of Operations
Operating results for the years ended December 31, 2025, 2024 and 2023 are shown in the following table:
| Year Ended December 31, | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||||||||
| (in thousands, except per share data) | ||||||||||||
| Consolidated Statements of Operations | ||||||||||||
| Revenue | ||||||||||||
| Cruise and land | $ | 6,051,435 | $ | 4,971,282 | $ | 4,383,524 | ||||||
| Onboard and other | 449,984 | 362,600 | 326,969 | |||||||||
| Total revenue | 6,501,419 | 5,333,882 | 4,710,493 | |||||||||
| Cruise operating expenses | ||||||||||||
| Commissions and transportation costs | (1,359,517 | ) | (1,156,610 | ) | (1,053,874 | ) | ||||||
| Direct costs of cruise, land and onboard | (851,856 | ) | (676,760 | ) | (586,234 | ) | ||||||
| Vessel operating | (1,472,487 | ) | (1,280,711 | ) | (1,211,676 | ) | ||||||
| Total cruise operating expenses | (3,683,860 | ) | (3,114,081 | ) | (2,851,784 | ) | ||||||
| Other operating expenses | ||||||||||||
| Selling and administration | (1,031,235 | ) | (883,889 | ) | (789,040 | ) | ||||||
| Depreciation, amortization and impairment | (284,790 | ) | (260,844 | ) | (253,719 | ) | ||||||
| Total other operating expenses | (1,316,025 | ) | (1,144,733 | ) | (1,042,759 | ) | ||||||
| Operating income | 1,501,534 | 1,075,068 | 815,950 | |||||||||
| Non-operating income (expense) | ||||||||||||
| Interest income | 84,876 | 69,374 | 48,027 | |||||||||
| Interest expense | (362,575 | ) | (380,486 | ) | (528,061 | ) | ||||||
| Currency (loss) gain | (56,100 | ) | 31,542 | (20,815 | ) | |||||||
| Private Placement derivative loss | — | (364,214 | ) | (2,007,089 | ) | |||||||
| Other financial income (loss) | 13 | (261,450 | ) | (151,469 | ) | |||||||
| Income (loss) before income taxes | 1,167,748 | 169,834 | (1,843,457 | ) | ||||||||
| Income tax expense | (19,653 | ) | (16,857 | ) | (6,639 | ) | ||||||
| Net income (loss) | $ | 1,148,095 | $ | 152,977 | $ | (1,850,096 | ) | |||||
| Net income (loss) attributable to Viking Holdings Ltd | $ | 1,147,570 | $ | 152,331 | $ | (1,850,572 | ) | |||||
| Net income attributable to non-controlling interests | $ | 525 | $ | 646 | $ | 476 | ||||||
| Weighted-average ordinary shares and special shares outstanding - Diluted | 446,418 | 366,709 | 221,936 | |||||||||
| Net income (loss) per share attributable to ordinary and special shares - Diluted | $ | 2.57 | $ | 0.36 | $ | (4.42 | ) | |||||
| Other Financial Information: | ||||||||||||
| Adjusted EBITDA | $ | 1,872,088 | $ | 1,348,302 | $ | 1,090,322 | ||||||
| Adjusted Net Income attributable to Viking Holdings Ltd | $ | 1,165,050 | $ | 809,492 | N/A | |||||||
| Adjusted EPS | $ | 2.61 | $ | 1.86 | N/A |
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Table of Contents
The following table reconciles net income (loss), the most directly comparable IFRS Accounting Standards measure, to Adjusted EBITDA for the years ended December 31, 2025, 2024 and 2023:
| Year Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | |||||||||
| (in thousands) | |||||||||||
| Net income (loss) | $ | 1,148,095 | $ | 152,977 | $ | (1,850,096 | ) | ||||
| Interest income | (84,876 | ) | (69,374 | ) | (48,027 | ) | |||||
| Interest expense | 362,575 | 380,486 | 528,061 | ||||||||
| Income tax expense | 19,653 | 16,857 | 6,639 | ||||||||
| Depreciation, amortization and impairment | 284,790 | 260,844 | 253,719 | ||||||||
| EBITDA | 1,730,237 | 741,790 | (1,109,704 | ) | |||||||
| Private Placement derivative loss (a) | — | 364,214 | 2,007,089 | ||||||||
| Warrants loss (b) | — | 261,615 | 107,673 | ||||||||
| Other financial (income) loss | (2,767 | ) | (1,886 | ) | 46,540 | ||||||
| Currency loss (gain) | 56,100 | (31,542 | ) | 20,815 | |||||||
| Share based compensation expense | 88,518 | 14,111 | 17,909 | ||||||||
| Adjusted EBITDA | $ | 1,872,088 | $ | 1,348,302 | $ | 1,090,322 |
(a)
Private Placement derivative loss represented the non-cash loss on the remeasurement of the fair value of the derivatives associated with the Series C Preference Shares. The Series C Preference Shares automatically converted to ordinary shares immediately prior to the consummation of our IPO.
(b)
Warrants loss represented the non-cash loss on the remeasurement of the warrant liability and is included in other financial income (loss) on the consolidated statements of operations. All warrants were exercised in November 2024, at which point the associated liability ceased to be outstanding.
The following tables reconcile net income (loss) attributable to Viking Holdings Ltd, the most directly comparable IFRS Accounting Standards measure, to Adjusted Net Income (Loss) attributable to Viking Holdings Ltd and diluted weighted-average ordinary shares and special shares outstanding, the most directly comparable IFRS Accounting Standards measure, to Adjusted Weighted-Average Shares Outstanding for the years ended December 31, 2025 and 2024. Additionally, the following tables show the calculation of Adjusted EPS for the years ended December 31, 2025 and 2024.
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| (in thousands) | |||||||
| Net income attributable to Viking Holdings Ltd | $ | 1,147,570 | $ | 152,331 | |||
| Interest expense and Private Placement derivative loss related to Series C Preference Shares | — | 396,207 | |||||
| Warrants loss | — | 261,615 | |||||
| Loss (gain), net, for debt extinguishment and modification costs and embedded derivatives associated with debt | 17,480 | (661 | ) | ||||
| Adjusted Net Income attributable to Viking Holdings Ltd | $ | 1,165,050 | $ | 809,492 |
| Year Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| (in thousands) | ||||||
| Weighted average ordinary shares and special shares outstanding – Diluted | 446,418 | 366,709 | ||||
| Outstanding warrants | — | 7,803 | ||||
| Assumed conversion of Series C Preference Shares and preference shares at the beginning of 2024 | — | 61,504 | ||||
| Adjusted Weighted Average Shares Outstanding | 446,418 | 436,016 |
| Year Ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||
| (in thousands, except Adjusted EPS) | ||||||
| Adjusted Net Income attributable to Viking Holdings Ltd | $ | 1,165,050 | $ | 809,492 | ||
| Adjusted Weighted Average Shares Outstanding | 446,418 | 436,016 | ||||
| Adjusted EPS | $ | 2.61 | $ | 1.86 |
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The following table sets forth certain non-IFRS Accounting Standards financial measures for the years ended December 31, 2025 and 2024:
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| Adjusted FCF (in thousands) | $ | 2,175,610 | $ | 1,726,154 | |||
| Adjusted FCF Conversion | 116.2 | % | 128.0 | % | |||
| ROIC | 45.8 | % | 40.8 | % |
The following tables reconcile net cash flow from operating activities, the most directly comparable IFRS Accounting Standards measure, to Adjusted FCF, for the years ended December 31, 2025 and 2024:
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| (in thousands) | |||||||
| Net cash flow from operating activities | $ | 2,560,310 | $ | 2,082,009 | |||
| Interest paid | (314,240 | ) | (355,080 | ) | |||
| Interest payments for lease liabilities | (19,014 | ) | (20,872 | ) | |||
| Interest received | 83,629 | 71,770 | |||||
| Ongoing Capex | (135,075 | ) | (80,258 | ) | |||
| Cash portion of interest expense related to Series C Preference Shares | — | 28,585 | |||||
| Adjusted FCF | $ | 2,175,610 | $ | 1,726,154 |
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| (in thousands) | |||||||
| Investments in PP&E | $ | (1,026,854 | ) | $ | (917,424 | ) | |
| Additions to PP&E for vessels and ships under construction | 890,334 | 836,897 | |||||
| Additions to PP&E for vessels and ships delivered in current period | 1,445 | 269 | |||||
| Ongoing Capex | $ | (135,075 | ) | $ | (80,258 | ) |
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| (in thousands, except Adjusted FCF Conversion) | |||||||
| Adjusted FCF | $ | 2,175,610 | $ | 1,726,154 | |||
| Adjusted EBITDA | 1,872,088 | $ | 1,348,302 | ||||
| Adjusted FCF Conversion | 116.2 | % | 128.0 | % |
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| (in thousands) | |||||||
| Operating income | $ | 1,501,534 | $ | 1,075,068 | |||
| Income tax expense | (19,653 | ) | (16,857 | ) | |||
| Operating income, after tax (a) | $ | 1,481,881 | $ | 1,058,211 |
| Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| (in thousands, except ROIC) | |||||||
| Average indebtedness for four quarters | $ | 5,645,526 | $ | 6,503,078 | |||
| Average debt fees for four quarters | 156,518 | 129,306 | |||||
| Average cash and cash equivalents for four quarters | (3,052,964 | ) | (2,097,717 | ) | |||
| Average shareholders’ equity for four quarters | 483,931 | (1,940,023 | ) | ||||
| Invested Capital (b) | $ | 3,233,011 | $ | 2,594,644 | |||
| ROIC (a) / (b) | 45.8 | % | 40.8 | % |
51
Table of Contents
The following table sets forth selected statistical and operating data on a consolidated basis:
| Statistical and Operating Data | Year Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||||||||
| Consolidated | ||||||||||||
| Vessels operated (a) | 96 | 89 | 84 | |||||||||
| Passengers | 791,582 | 683,717 | 649,669 | |||||||||
| PCDs | 7,353,024 | 6,443,492 | 6,069,070 | |||||||||
| Capacity PCDs | 7,709,620 | 6,886,205 | 6,476,790 | |||||||||
| Occupancy | 95.4 | % | 93.6 | % | 93.7 | % | ||||||
| Adjusted Gross Margin (in thousands) | $ | 4,290,046 | $ | 3,500,512 | $ | 3,070,385 | ||||||
| Net Yield | $ | 583 | $ | 543 | $ | 506 | ||||||
| Vessel operating expenses (in thousands) | $ | 1,472,487 | $ | 1,280,711 | $ | 1,211,676 | ||||||
| Vessel operating expenses excluding fuel (in thousands) | $ | 1,299,417 | $ | 1,105,533 | $ | 1,036,969 | ||||||
| Vessel operating expenses per Capacity PCD | $ | 191 | $ | 186 | $ | 187 | ||||||
| Vessel operating expenses excluding fuel per Capacity PCD | $ | 169 | $ | 161 | $ | 160 |
(a)
Vessels operated includes chartered vessels and the Viking Yidun, which operated select Viking Ocean itineraries and Asia Outbound sailings for the years ended December 31, 2025 and 2024.
The following table sets forth selected statistical and operating data for Viking River and for Viking Ocean:
[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]