Viking Q2 Earnings Beat on Capacity Growth and Higher Revenue per PCD

Viking Holdings Ltd (VIK) reported second-quarter 2026 adjusted earnings of $1.31 per share, up 32.3% from 99 cents a year ago and 4.8% above the Zacks Consensus Estimate of $1.25. Total revenues of $2.19 billion increased 16.5% year over year and beat the consensus mark of $2.13 billion by 3.1%.

The top-line gain reflected higher Capacity Passenger Cruise Days (Capacity PCDs) and increased revenue per PCD. Net Yield, which measures adjusted gross margin per passenger cruise day, rose 6.2% to $645.

VIK's Capacity Growth Supports Revenue Expansion

Capacity PCDs increased 10.9% from the year-ago quarter, mainly reflecting fleet growth. Occupancy was 94.4% compared with 95.6% a year earlier. Viking carried 249,999 passengers, up from 224,643, while passenger cruise days increased to 2.23 million from 2.04 million.

Viking defines occupancy as passenger cruise days divided by Capacity PCDs. The company does not allow more than two passengers in a two-berth stateroom, meaning occupancy cannot exceed 100% even when all staterooms are booked.

Cruise and land revenues were $2.03 billion compared with $1.76 billion in the prior-year quarter. Onboard and other revenues reached $158.00 million, up from $125.17 million.

Viking's Gross Margins Advance Year Over Year

Gross margin increased 15.7% year over year to $928.79 million. Adjusted gross margin advanced 16.3% to $1.44 billion, reflecting a $202.02 million increase from the year-ago period.

The company's six-month operating data also showed higher adjusted gross margins for Viking River and Viking Ocean. Viking River generated $855.53 million, up from $768.43 million, while Viking Ocean produced $1.07 billion compared with $887.55 million a year earlier.

VIK's Fleet Growth Drives Vessel Costs Higher

Vessel operating expenses increased 17.1% year over year to $442.33 million. Excluding fuel, vessel operating expenses rose 13.9% year over year to $380.92 million. Viking attributed the increases mainly to the larger fleet in 2026 compared with 2025.

On a unit basis, vessel operating expenses per Capacity PCD increased to $187 from $177. The measure, excluding fuel, rose to $161 from $157. Fuel expense was $61.41 million compared with $43.14 million in the year-ago quarter.

Viking's Profitability Strengthens in Q2

Adjusted EBITDA increased 18.2% year over year to $748.43 million. Net income was $587.70 million, up from $439.24 million, while adjusted net income attributable to Viking increased to $587.44 million from $439.05 million.

Operating income reached $643.90 million compared with $545.53 million a year earlier. Selling and administration expenses increased to $268.67 million from $248.29 million, while depreciation and amortization rose to $84.05 million from $65.44 million.

VIK's Advance Bookings Rise for 2026 and 2027

For its Core Products, VIK had sold 96% of 2026 Capacity PCDs as of Aug. 9, 2026. Operating capacity for the 2026 season is 7.0%, which is above 2025. Advance Bookings totaled $6.39 billion, which is 13.0% above the comparable 2025 level, while Advance Bookings per PCD increased 6.0% to $833.

For 2027, Viking had sold 53% of Capacity PCDs, with operating capacity planned at 15.0%, which is above 2026. Advance Bookings reached $4.71 billion, which is 21.0% higher than the comparable 2026 level, and Advance Bookings per PCD rose 10.0% to $958.

Viking's Balance Sheet and Fleet Build-Out Update

As of June 30, 2026, Viking had $3.99 billion in cash and cash equivalents and an undrawn $1.00 billion revolver. Deferred revenues stood at $5.04 billion. Net debt was $2.40 billion, and Net Leverage was 1.2 times. Scheduled principal payments were $116.70 million for the remainder of 2026 and $233.70 million for 2027.

Since the first quarter of 2026 earnings release, Viking took delivery of the Viking Mira ocean ship and four river vessels. The company expects one additional ocean ship and five river vessels during the remainder of 2026 and exercised options for two ocean ships scheduled for delivery in 2032.

Currently, VIK carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Q2 Performance of Some Other Stocks Belonging to VIK’s Industry

Norwegian Cruise Line Holdings Ltd.NCLH reported second-quarter 2026 results, with earnings and revenues surpassing the Zacks Consensus Estimate. The top line increased while the bottom line fell from the prior-year quarter figure.

Norwegian Cruise reported adjusted earnings per share of 48 cents, beating the Zacks Consensus Estimate of 39 cents by 23.1%. In the prior-year quarter, the company reported adjusted earnings of 51 cents per share.

Quarterly revenues of $2.64 billion surpassed the consensus mark of $2.63 billion by 0.5%. The metric increased 4.9% year over year.

Royal Caribbean Cruises Ltd.RCL reported second-quarter 2026 results, with adjusted earnings and revenues beating the Zacks Consensus Estimate. The top line increased, but the bottom line declined on a year-over-year basis. Post the results, the cruise stock fell 1.2% in the pre-market trading session.

The company reported second-quarter 2026 adjusted earnings of $4.21 per share, which surpassed the Zacks Consensus Estimate of $3.97 by 6.1%. However, adjusted earnings declined 3.9% from $4.38 in the year-ago quarter.

Revenues totaled $4.83 billion, beating the consensus mark of $4.81 billion by 0.5%. The top line increased 6.5% year over year. Results benefited from strong close-in demand, lower-than-expected costs and favorable joint-venture performance. Occupancy remained healthy at 110.2%.

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