Viking Q4 Earnings & Revenues Surpass Estimates, Improve Y/Y

Core Insights - Viking Holdings (VIK) reported strong fourth-quarter 2025 results, with earnings and revenues exceeding expectations and showing year-over-year improvement [1][9] Financial Performance - Quarterly earnings were 67 cents per share, surpassing the Zacks Consensus Estimate of 54 cents, reflecting a 49% increase from the previous year [1][9] - Total revenues reached $1.72 billion, exceeding the Zacks Consensus Estimate of $1.62 billion, and improved by 27.8% year-over-year [2][9] - Adjusted EBITDA was $462.8 million, a 51.3% year-over-year growth, driven by increased Capacity Passenger Cruise Days (PCDs), higher occupancy, and higher revenue per PCD [2] - Adjusted gross margin increased by 27.3% compared to the same quarter last year [2][9] Operational Metrics - Capacity PCDs grew by 14.7% year-over-year due to fleet expansion, which included six additional river vessels and two ocean ships [3] - Occupancy for the fourth quarter was reported at 95.0% [3] - Vessel operating expenses increased by 15% year-over-year, with expenses excluding fuel rising by 17.7% [3] Financial Position - As of December 31, 2025, VIK had $3.8 billion in cash and cash equivalents, along with an undrawn revolver facility of $1 billion [4] - The company's net debt stood at $2.10 billion [4] - VIK currently holds a Zacks Rank 2 (Buy) [4] Industry Comparison - Norwegian Cruise Line Holdings Ltd. (NCLH) reported mixed results for the fourth quarter of 2025, with earnings meeting estimates but revenues missing [5][6] - Marriott Vacations Worldwide Corporation (VAC) also reported mixed results, with adjusted earnings beating estimates while revenues fell short [7][8]