Key Highlights

● Total revenue rose 16.5% to $2,190.5 million in the second quarter.

● Net income was $587.7 million, or $1.31 per diluted share.

● Net Yield increased 6.2% to $645.

● The company announced a share repurchase program of up to $1 billion.

Viking Holdings Ltd (NYSE:VIK) operates river, ocean, expedition and Mississippi cruises, marketed mainly to North America, the United Kingdom, Australia and New Zealand. Its ordinary shares trade on the New York Stock Exchange under VIK, and the company reports in US dollars under IFRS Accounting Standards. According to its filings, it has ordinary and special share classes, with 314,950,576 ordinary shares and 127,771,124 special shares outstanding at the end of 2024.

The company describes a fleet of more than 100 ships, including 21 rivers and five oceans, sailing on all seven continents. The second-quarter release said Viking had operated 99 vessels in the period, including chartered ships, against 90 a year earlier. Since its first-quarter release it took delivery of the ocean ship Viking Mira and four river vessels, and its committed orderbook implies one more ocean ship and five river vessels later in 2026.

Second-quarter 2026 results

Viking reported second-quarter results on August 19, 2026. Total revenue was $2,190.5 million, up 16.5%, with cruise and land revenue of $2,032.5 million and onboard and other revenue of $158.0 million. Operating income rose to $643.9 million from $545.5 million, and net income was $587.7 million compared with $439.2 million. Diluted earnings per share were $1.31 against $0.99. Adjusted EBITDA, a non-IFRS measure, increased 18.2% to $748.4 million.

Operating metrics moved in the same direction. Passengers rose to 249,999 from 224,643, and capacity grew 10.9%, although occupancy eased to 94.4% from 95.6%. Net Yield, the company's revenue-per-capacity measure, increased 6.2% to $645.

For the six months to June 30, revenue was $3,244.2 million and net income $533.5 million, up from $333.8 million. Operating cash flow was $1,131.3 million, while investment in property, equipment and intangibles reached $1,266.8 million, reflecting the newbuilding program.

Bookings, balance sheet and capital return

As of August 9, 2026, management reported that 96% of 2026 capacity had been sold, with advance bookings of $6,386 million, up 13%. For 2027, 53% of capacity was sold, with advance bookings of $4,711 million, up 21%, and operating capacity is planned to be 15% higher. Advance bookings are a management-reported indicator, not revenue, and cancellations or pricing changes could alter the eventual outcome.

At June 30, 2026, Viking held cash of $3,985.4 million and an undrawn $1.0 billion revolver, giving total liquidity of roughly $5.0 billion. Net leverage was reported at 1.2 times. Long-term debt was $5,738.3 million, and deferred revenue, largely customer deposits, was $5,040.9 million. Shareholders' equity was $1,652.4 million.

On September 10, 2026 the company announced a share repurchase program of up to $1 billion. No duration or share number was specified, the program may be changed or stopped at any time, and Viking is not obliged to buy any particular amount.

Capacity Growth and Customer Deposits

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Viking gave no numerical full-year 2026 guidance, only management's description of a strong position for the balance of the year. Risks visible in the figures include rising vessel operating expenses, which grew 17.1%, heavy capital spending, the expansion of capacity and the company's reliance on customer deposits. Wider risks for the cruise industry include fuel costs, regulation and disruption to travel.