Viking Holdings generated revenue of $2.19 billion during the second quarter of 2026 as increased capacity and higher revenue per passenger cruise day supported another period of growth.
The cruise company said revenue for the three months ended 30 June increased by 16.5% from $1.88 billion in the corresponding quarter of 2025. Net income rose from $439.2 million to $587.7 million, while diluted earnings per share increased from $0.99 to $1.31.
Viking's forward booking position also remains strong. As of 9 August, the company had sold 96% of the capacity passenger cruise days available across its core products for the 2026 season. It had sold 53% of its 2027 capacity despite planning a further 15% increase in capacity next year.
Revenue and earnings increase
Viking recorded an adjusted gross margin of $1.44 billion for the quarter, an increase of 16.3%. Adjusted EBITDA rose by 18.2% to $748.4 million, compared with $632.9 million a year earlier.
Net yield, which Viking calculates by dividing adjusted gross margin by passenger cruise days, increased by 6.2% to $645. The company attributed the broader improvement in revenue and adjusted EBITDA principally to additional capacity and higher revenue per passenger cruise day.
Capacity passenger cruise days increased by 10.9% year on year as Viking expanded its fleet. Occupancy during the quarter was 94.4%.
Viking does not permit more than two passengers to occupy a two-berth stateroom. Its occupancy measure therefore cannot exceed 100% and may remain below that level when a cabin is sold for single occupancy.
Advance bookings pass $11 billion across two seasons
Advance bookings for Viking's 2026 core products stood at $6.386 billion on 9 August, 13% higher than the equivalent booking position for the 2025 season. Advance bookings per available passenger cruise day were 6% higher at $833.
For 2027, advance bookings had reached $4.711 billion. That was 21% above the comparable 2026 position, while advance bookings per passenger cruise day were 10% higher at $958.
Together, the two published seasonal totals represent almost $11.1 billion in advance bookings. These figures are ticketed booking values rather than revenue already recognised and include cruises, land extensions and air arrangements.
Viking defines its core products as Viking River, Viking Ocean, Viking Expedition and Viking Mississippi when marketed in North America, the United Kingdom, Australia and New Zealand. The 96% and 53% sold figures therefore relate specifically to those products and source markets rather than every voyage sold globally.
Chief financial officer Linh Banh said the 2026 position left Viking strongly placed for the remainder of the year, while the 2027 figures demonstrated continued demand as the company expands capacity.
Five ships delivered since the first-quarter update
Viking has taken delivery of five vessels since publishing its first-quarter results. The additions comprise ocean ship Viking Mira and four river vessels: Viking Annar, Viking Fjolvar, Viking Dagur and Egypt-bound Viking Ptah.
The company has also exercised options for two further ocean ships scheduled for delivery in 2032.
Based on its committed orderbook, Viking expects to receive another ocean ship and five river vessels during the remainder of 2026. That programme will continue increasing available capacity after the 10.9% year-on-year rise recorded during the second quarter.
Cash position and debt
Viking held approximately $3.99 billion in cash and cash equivalents at the end of June and had an undrawn revolving credit facility of $1 billion. Deferred revenue stood at $5.04 billion.
The company reported net leverage of 1.2 times. Scheduled principal repayments comprise $116.7 million during the remainder of 2026 and $233.7 million in 2027.
Demand supports continued expansion
President and chief executive Leah Talactac said the results reflected the strength of Viking's brand and the continued execution of its long-term strategy. She highlighted fleet growth alongside new land extensions and shore excursions intended to enhance the guest experience and provide additional sources of revenue.
The results present a positive picture of demand as Viking adds ships across its ocean and river businesses. The 2027 booking position is particularly significant because more than half of the expanded capacity has already been sold, at a higher booking value per passenger cruise day than at the same stage for 2026.
Adjusted EBITDA, adjusted gross margin and net yield are non-IFRS measures used by Viking to analyse its performance. The company cautions that such measures may not be directly comparable with similarly named figures reported by other businesses.