Viking Holdings Ltd Earnings Summary — Q2 FY2026

• Revenue increased by 17.5% year-over-year to $1.05 billion, driven by strong demand in both Cruise and Land segments.
• Operating performance turned positive with an operating income of $12.1 million compared to a loss of $9.3 million in the prior year quarter.
• Net loss narrowed significantly to $54.2 million from a $105.5 million loss, aided by a substantial reduction in currency losses.
• The ocean cruise segment continues to scale, contributing to an 32% increase in onboard and other revenues.
• Direct vessel operating expenses grew by 15.3%, trailing revenue growth and indicating improved operational efficiency.
• The company maintains a high-leverage profile with significant long-term debt related to its ongoing new-build program for river and ocean ships.

Management remains focused on expanding its fleet capacity through 2028, targeting the affluent 'Thinking Person’s Cruise' demographic. Forward bookings remain robust, providing high revenue visibility for the remainder of the fiscal year.

Improving

The transition to positive operating income and a significant narrowing of net losses suggests the company is successfully scaling its new ocean and expedition capacity.

Viking is positioned for a strong 2026 season with high occupancy rates and premium pricing power. Expansion into the ocean and expedition segments is providing high-margin growth offsets to the mature river segment.