Viking Holdings Ltd. (NYSE:VIK) stock traded higher Wednesday after the cruise operator reported second-quarter 2026 results that beat Wall Street expectations, supported by higher capacity, pricing and strong demand.
Viking reported adjusted earnings of $1.31 per share, beating the analyst estimate of $1.26. Quarterly revenue rose 16.5% year over year to $2.19 billion, beating the $2.15 billion estimate.
Viking Revenue Growth, Higher Yield Lift Results
Gross margin rose 15.7% year over year to $928.8 million, while adjusted gross margin increased 16.3% to $1.44 billion. Net yield, a measure of revenue per passenger cruise day, increased 6.2% to $645.
Capacity passenger cruise days increased 10.9% year over year, driven mainly by fleet growth, while occupancy stood at 94.4%.
Adjusted EBITDA rose 18.2% to $748.4 million. Viking attributed the increase mainly to higher capacity and revenue per passenger cruise day. Net income climbed to $587.7 million from $439.2 million a year earlier.
Vessel operating expenses rose 17.1% to $442.3 million. Vessel operating expenses excluding fuel increased 13.9% to $380.9 million. Viking attributed both increases mainly to its larger fleet.
“Our second quarter results reflect the continued execution of our long-term strategy and the strength of the Viking brand,” President and CEO Leah Talactac said. She said strong demand for Viking’s destination-focused offerings helped drive revenue and adjusted EBITDA growth.
Bookings Strengthen For 2026 And 2027 Seasons
As of Aug. 9, Viking had sold 96% of capacity passenger cruise days for its core products for the 2026 season and 53% for the 2027 season.
Advance bookings for 2026 totaled $6.39 billion, 13% higher than the 2025 season at the same point. Advance bookings for 2027 reached $4.71 billion, up 21% from the comparable point for the 2026 season.
Advance bookings per passenger cruise day stood at $833 for 2026, up 6% from the comparable prior-year figure. The figure for 2027 reached $958, up 10%.
Operating capacity for Viking’s core products is 7% higher for the 2026 season than in 2025 and is set to increase another 15% in 2027.
“With 96% of our 2026 capacity for our Core Products already sold, we are in a strong position for the balance of the year,” CFO Linh Banh said. Banh also pointed to the company’s 2027 booked position and continued demand for Viking’s offerings.
Balance Sheet Remains Strong
Viking ended June with about $4 billion in cash and cash equivalents and an undrawn $1 billion revolving credit facility. Deferred revenue stood at $5 billion, while net leverage was 1.2 times.
Scheduled principal payments total $116.7 million for the remainder of 2026 and $233.7 million in 2027.
Since its first-quarter 2026 earnings release, Viking took delivery of the Viking Mira ocean ship and four river vessels. The company also exercised options for two additional ocean ships scheduled for delivery in 2032.
Based on its committed order book, Viking expects to take delivery of one ocean ship and five river vessels during the remainder of 2026.
Viking Price Action
VIK Price Action: Viking Holdings shares were up 1.36% at $99.63 during premarket trading on Wednesday, according to Benzinga Pro data.
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