VIK

MKT CAP:$37B

Viking Holdings Ltd

Market Cap

$37B

Consumer Cyclical·Travel Services·🇧🇲 Bermuda·NYSE

Consumer Cyc.·Travel Services·🇧🇲·NYSE

Stock Price

$82.33+$10.06 (+13.91%)

Apr 24, 2026

Company Details

Viking Holdings Ltd engages in the passenger shipping and other forms of passenger transport in North America, the United Kingdom, and internationally. It operates through River and Ocean segments. The company also operates as a tour entrep...

CEO

Torstein Hagen

IPO Date

Jun 14, 2010

Website

www.viking.com

Key Metrics TTM

Revenue

$6.5B

+27.4% YoY

Net Income

$1.1B

EPS (Diluted)

$2.57

Free Cash Flow

$1.5B

Revenue / Share

$14.54

Gross Margin

39.0%

Operating Margin

23.1%

Net Margin

17.7%

FCF Margin

23.5%

P/S

5.6x

P/E

31.8x

Earnings Reports

FY 2025

Mar 3, 2026

$6.5B+21.9%EPS $2.57

Q4 2025

Mar 3, 2026

$1.7BEPS $0.67

Q3 2025

Nov 19, 2025

$2.0B+19.1%EPS $1.15

Q2 2025

Aug 19, 2025

$1.9B+18.5%EPS $0.99

Q1 2025

May 20, 2025

$897M+24.9%EPS -$0.24

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 22	$881M	$226M	$27M
Q1 23	$629M	$90M	-$116M
Q2 23	$1.5B	$559M	$363M
Q3 23	$1.5B	$601M	$412M
Q4 23	$1.1B	$358M	$158M
Q1 24	$718M	$149M	-$70M
Q2 24	$1.6B	$648M	$427M
Q3 24	$1.7B	$709M	$490M
Q1 25	$897M	$235M	-$9M
Q2 25	$1.9B	$794M	$546M
Q3 25	$2.0B	$872M	$605M
Q4 25	$1.7B	$633M	$361M

Valuation

Quarter	P/S	P/E
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	1.4x	—
Q4 23	1.4x	—
Q1 24	1.3x	—
Q2 24	1.5x	—
Q3 24	2.5x	—
Q1 25	3.5x	—
Q2 25	3.9x	27.3x
Q3 25	4.2x	22.1x
Q4 25	5.0x	28.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 22	$194M	-$143M
Q1 23	$225M	$99M
Q2 23	$588M	$194M
Q3 23	$454M	$395M
Q4 23	$104M	$7M
Q1 24	$348M	$252M
Q2 24	$420M	$218M
Q3 24	$829M	$715M
Q1 25	$588M	$442M
Q2 25	$471M	-$197M
Q3 25	$664M	$609M
Q4 25	$833M	$675M

Capital Expenditures

Quarter	CapEx
Q4 22	$337M
Q1 23	$126M
Q2 23	$395M
Q3 23	$59M
Q4 23	$97M
Q1 24	$95M
Q2 24	$156M
Q3 24	$114M
Q1 25	$146M
Q2 25	$668M
Q3 25	$55M
Q4 25	$158M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 23	+27.1%	+12.6%
Q1 24	+14.2%	+5.9%
Q2 24	+9.1%	+6.3%
Q3 24	+11.4%	+8.6%
Q1 25	-19.9%	-5.7%
Q2 25	+161.8%	+69.3%
Q3 25	+26.0%	+20.2%
Q4 25	+2.7%	+14.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 22	$6M	0.7%
Q1 23	$7M	1.1%
Q2 23	$5M	0.4%
Q3 23	$3M	0.2%
Q4 23	$3M	0.3%
Q1 24	$4M	0.5%
Q2 24	$4M	0.2%
Q3 24	$3M	0.2%
Q1 25	$14M	1.6%
Q2 25	$22M	1.2%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	S&M	SG&A
Q4 22	—	$199M
Q1 23	—	$206M
Q2 23	—	$196M
Q3 23	—	$188M
Q4 23	—	$199M
Q1 24	—	$220M
Q2 24	—	$221M
Q3 24	—	$219M
Q1 25	—	$244M
Q2 25	—	$248M
Q3 25	$267M	—
Q4 25	—	$272M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$1.3B	$945.0K	$1.3B
Q1 23	$0	$2.5B	$2.5B
Q3 23	$1.7B	$0	$1.7B
Q4 23	$1.5B	$20M	$1.5B
Q1 24	$1.7B	$0	$1.7B
Q2 24	$1.8B	$0	$1.8B
Q3 24	$2.4B	$0	$2.4B
Q4 24	$2.3B	$0	$2.3B
Q1 25	$2.8B	$0	$2.8B
Q2 25	$2.4B	$11M	$2.5B
Q3 25	$3.0B	$10M	$3.0B
Q4 25	$3.8B	$0	$3.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 22	431M	—	—
Q1 23	431M	0.0%	—
Q2 23	431M	0.0%	—
Q3 23	431M	0.0%	—
Q4 23	431M	0.0%	0.0%
Q1 24	222M	-48.6%	-48.6%
Q2 24	367M	+65.4%	-14.9%
Q3 24	436M	+18.6%	+0.9%
Q1 25	443M	+1.7%	+2.7%
Q2 25	446M	+0.6%	+100.8%
Q3 25	443M	-0.5%	+20.8%
Q4 25	447M	+0.8%	+2.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q1 25	$74.8K	12K
Q2 25	$156.7K	12K
Q3 25	$166.6K	12K
Q4 25	$132.6K	13K

Revenue / Employee