Viking Reports Strong Second Quarter 2026 Financial Performance

Viking reported its second quarter 2026 financial results, highlighting strong growth across key metrics. The company saw a 16.5% increase in total revenue, reaching $2.19 billion, alongside an 18.2% rise in Adjusted EBITDA to $748.4 million. These gains were attributed to higher capacity and revenue per passenger cruise day (PCD).

## Financial Performance

Viking’s financial performance in Q2 2026 showed significant year-over-year improvements:

| Metric | Q2 2026 | Q2 2025 | Change | |----------------------------|---------------|---------------|---------| | Total Revenue (millions) | $2,190.5 | $1,880.4 | +16.5% | | Gross Margin (millions) | $928.8 | $803.1 | +15.7% | | Adjusted Gross Margin (millions) | $1,438.9 | $1,236.9 | +16.3% | | Net Yield | $645 | $607 | +6.2% | | Adjusted EBITDA (millions) | $748.4 | $632.9 | +18.2% | | Diluted EPS | $1.31 | $0.99 | +32.3% |

Capacity PCDs increased by 10.9%, driven by fleet expansion, while occupancy remained high at 94.4%. Vessel operating expenses rose by 17.1%, with fuel-excluded expenses up 13.9%, reflecting the larger fleet. Net income grew to $587.7 million, up from $439.2 million in Q2 2025.

## Bookings and Fleet Expansion

Viking reported strong booking trends, with 96% of its 2026 capacity sold and 53% of 2027 capacity booked. Advance bookings for 2026 totaled $6.39 billion, a 13% increase over 2025, while 2027 bookings reached $4.71 billion, up 21% compared to the same period in 2026. Advance bookings per PCD also rose, with 2026 at $833 (+6%) and 2027 at $958 (+10%).

The company expanded its fleet with the delivery of the ocean ship *Viking Mira* and four river vessels: *Viking Annar*, *Viking Fjolvar*, *Viking Dagur* (all operating in Europe), and *Viking Ptah* (operating in Egypt). Additionally, Viking exercised options for two ocean ships scheduled for delivery in 2032.

## Balance Sheet and Liquidity

As of June 30, 2026, Viking held $4.0 billion in cash and cash equivalents, with an undrawn $1.0 billion revolver facility. Scheduled principal payments are $116.7 million for the remainder of 2026 and $233.7 million for 2027. Deferred revenue stood at $5.0 billion.

Leah Talactac, President and CEO of Viking, emphasized the company’s long-term strategy, noting that the results reflect strong demand for Viking’s destination-focused offerings. Linh Banh, CFO, highlighted the robust booking position for 2026 and 2027, reinforcing confidence in the company’s growth trajectory.