Viking (VIK) Q2 2026 Earnings Call: Revenue Up 16.5% as Bookings Remain Strong
Source Tradingkey
Key Takeaways
- Q2 2026 revenue increased 16.5% year over year to $2.2 billion, supported by 10.9% capacity growth and higher revenue per passenger cruise day (PCD).
- Adjusted EBITDA rose 18.2% to $748 million, while adjusted EPS increased 33% to $1.31. Net yield advanced 6.2% to $645.
- Viking’s 2026 core capacity was 96% booked as of August 9, with $6.4 billion of advance bookings. For 2027, 53% was booked despite planned capacity growth of 15%.
- Historically low water levels on parts of the Danube and Rhine had not affected Q2 results, but management expects an impact in Q3 and from future cruise vouchers redeemed in 2027 and 2028.
- More than 50% of Q3 River capacity PCDs had been affected by low-water conditions as of mid-August. Management said customer cancellations represented 10%-12% of the affected capacity, while Viking continued operating without canceling cruises.
- Management continues to target mid-single-digit net yield growth for both 2026 and 2027, while noting that favorable itinerary mix currently supports higher 2027 advance booking rates.
Key Financial Data
| Metric | Q2 2026 | Year-over-year change | Key driver or context |
|---|---|---|---|
| Revenue | $2.2 billion | +16.5% | Higher capacity and revenue per PCD |
| Capacity PCDs | — | +10.9% | Fleet expansion, including seven River vessels and two Ocean ships |
| Adjusted gross margin | $1.4 billion | +16.3% | Capacity and yield growth |
| Net yield | $645 | +6.2% | Strong demand and favorable itinerary mix |
| Vessel expenses excluding fuel per capacity PCD | — | +2.7% | Operating cost increase |
| Adjusted EBITDA | $748 million | +18.2% | Higher capacity and net yields in River and Ocean |
| Net income | $588 million | +$148 million | Compared with Q2 2025 |
| Adjusted net income attributable to Viking Holdings Limited | $587 million | +33.8% | — |
| Adjusted EPS | $1.31 | +33% | — |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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