# Viking Holdings Ltd (VIK)

Source page: https://stoqly.net/companies/vik

- **Ticker:** VIK (NYSE)
- **Sector:** Industrials / Water Transportation
- **SEC CIK:** 0001745201
- **Latest annual report:** 20-F filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/1745201/000174520126000007/vik-20251231.htm)
- **Data updated:** 2026-11-09

## What the company does

Viking sells cruises on rivers, oceans and expedition routes, taking passengers to destinations on all seven continents. Its trips focus on local history, culture and, on expedition voyages, scientific exploration. The company operates under one Viking brand, with river cruises, ocean voyages, expeditions, Mississippi River trips and Asia Outbound cruises for Mandarin-speaking travelers. Its core customers are curious, affluent, English-speaking travelers aged 55 years and older. Trips include a shore excursion at every port, and the company also sells pre- and post-trip extensions.

Viking’s products include Viking River, Viking Ocean, Viking Expedition, Viking Mississippi and Asia Outbound. Its itineraries cover five oceans, 21 rivers and five lakes, with a focus primarily on Europe and the Mediterranean. In the 2025 season, its North American outbound river market share was 52%, its luxury ocean market share was 27%, its Mississippi river market share was 35% and its Antarctic expedition market share was 9%. Guests book directly through Viking or through travel agents; more than 50% booked directly in 2025. Viking names large public cruise lines as competitors in the ocean market and identifies nearest competitors in its river markets.

Viking operates a fleet of 103 ships, including river vessels, ocean ships and expedition ships. Its ships within each product are nearly identical, which helps simplify maintenance and crew operations; small ships can also dock in ports that larger ships cannot. Viking operates four Longships for Asia Outbound and has an exclusive right to accommodation and services aboard the Viking Yidun for sales to Mandarin-speaking populations in China and guests in other Asian countries. Its principal executive offices are in Pembroke, Bermuda.

## Key figures

- **Last close:** $89.87 on 2026-11-13 (+1.11% on the day)
- **Market cap:** $40.1B
- **P/E (trailing):** 35.0x
- **EPS, trailing 12 months:** $2.57
- **Revenue (FY2025):** $6.5B
- **Revenue growth:** +21.9%
- **Gross margin:** 43.3%
- **Operating margin:** 23.1%
- **Net margin:** 17.7%
- **Return on invested capital:** 50.0%
- **Return on equity:** 263.5%
- **Net debt:** $1.9B
- **Net debt / EBITDA:** 1.0x
- **Change in share count:** +21.7%
- **Piotroski F-score:** 8/9
- **Insider buys, last 90 days:** $0.0M
- **Insider sells, last 90 days:** $5.8M

Definitions: https://stoqly.net/about

## Annual results

From SEC EDGAR XBRL filings. Full table: https://stoqly.net/companies/vik/figures.csv

| US$ millions | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---:|---:|---:|---:|
| Revenue | 3,176 | 4,710 | 5,334 | 6,501 |
| Operating income | 63 | 816 | 1,075 | 1,502 |
| Net income | 415 | -1,851 | 152 | 1,148 |
| Diluted EPS (US$) | -0.73 | -4.42 | 0.36 | 2.57 |
| Operating cash flow | 373 | 1,371 | 2,082 | 2,560 |
| Cash | 1,253 | 1,514 | 2,490 | 3,804 |
| Debt and leases | — | 2,010 | 5,481 | 5,666 |

---

Source: SEC EDGAR filings and end-of-day prices, via Stoqly. For information only — not investment advice or a recommendation to buy, sell or hold any security.