Carnival remains the largest cruise line by revenue and passenger count, and its stock sells at a low valuation. Viking has succeeded in many respects by taking the opposite approach from Carnival.
Viking Holdings Ltd. reported very good Q3 financials. The brand's itineraries continue to attract customers, underlined by continued bookings growth. Fleet growth continues to boost VIK's earnings outlook for upcoming years. Improvements in operational metrics enabled VIK to achieve high earnings growth, making capital returns very good.
VIK's third-quarter 2025 revenues benefit from increased Capacity Passenger Cruise Days (capacity PCDs), higher Occupancy and higher revenue per PCD.
Viking Holdings Ltd ( VIK ) Q3 2025 Earnings Call November 19, 2025 8:00 AM EST Company Participants Carola Mengolini - Vice President of Investor Relations Torstein Hagen - Founder, Chairman & CEO Leah Talactac - President & CFO Conference Call Participants Steven Wieczynski - Stifel, Nicolaus & Company, Incorporated, Research Division Matthew Boss - JPMorgan Chase & Co, Research Division James Hardiman - Citigroup Inc., Research Division Robin Farley - UBS Investment Bank, Research Division Brandt Montour - Barclays Bank PLC, Research Division Stephen Grambling - Morgan Stanley, Research Division Elizabeth Dove - Goldman Sachs Group, Inc., Research Division Raymond Bowers - Wells Fargo Securities, LLC, Research Division Presentation Operator Good morning. My name is Tom, and I will be your conference operator today.
The headline numbers for Viking (VIK) give insight into how the company performed in the quarter ended September 2025, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Viking Holdings (VIK) came out with quarterly earnings of $1.2 per share, beating the Zacks Consensus Estimate of $1.19 per share. This compares to earnings of $0.89 per share a year ago.
Beyond analysts' top-and-bottom-line estimates for Viking (VIK), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended September 2025.
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Viking Holdings delivered strong 2Q25 results, with robust revenue and earnings growth driven by higher capacity and solid pricing power. FY25 is essentially sold out, and FY26 bookings are well ahead of last year, signaling strong demand and validating the expansion strategy. However, FY26 pricing momentum remains soft, especially in the core Ocean segment, raising concerns about sustainable net yield growth.
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Viking NYSE: VIK stock is down approximately 3% after the cruise line's second-quarter earnings report. The company delivered revenue of $1.88 billion, ahead of the $1.84 billion analysts expected.
VIK's second-quarter 2025 revenues benefit from increased Capacity Passenger Cruise Days (capacity PCDs), higher Occupancy and higher revenue per PCD.