Viking Holdings Ltd focused on providing passenger cruises in North America, the United Kingdom, and internationally. It operates through the River and Ocean segments.
Profile & Fundamentals
Viking: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Viking Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
Viking Holdings Ltd focused on providing passenger cruises in North America, the United Kingdom, and internationally. It operates through the River and Ocean segments. The Group defines its products based on the type of cruise offering and language of the cruise service. The River segment provides river cruises outside the United States for English-speaking passengers. The Ocean segment provides ocean cruises for English-speaking passengers. The company provides expedition cruises for English-speaking passengers, Mississippi River cruises for English-speaking passengers and Viking Asia, which includes cruises in languages other than English provided. As of December 31, 2025, Viking Holdings Ltd operated a fleet of 103 ships, including 89 river vessels comprising 59 Longships, 12 smaller classes based on the Longship design,15 other river vessels, and three river vessel charters, including the Viking Saigon, Viking Mississippi, and the Viking Tonle; 12 ocean ships and 2 expedition ships. The company was formerly known as MISA Investments Limited and changed its name to Viking Holdings Ltd in November 2016. The company was founded in 1997 and is based in Pembroke, Bermuda.
Company profile record
Viking Holdings Ltd
Common Stock · Consumer Discretionary · Hotels, Resorts & Cruise Lines
Company
- Company / asset
- Viking Holdings Ltd
- Security type
- Common Stock
- Sector
- Consumer Discretionary
- Industry
- Hotels, Resorts & Cruise Lines
- HQ
- 🇧🇲 BM
- Head office
- 94 Pitts Bay Road, Pembroke, Bermuda, HM 08
Leadership & scale
- Chief executive
- Ms. Leah Talactac
- CEO year born
- 1978
- Full-time employees
- 13K
- Fiscal year end
- December
- IPO date
- 2024-05-01
Fundamentals snapshot
- Market Cap
- USD 36.6B
- P/E
- 27.2x
- Revenue (Q2 26)
- USD 2.2B
- Profit (Q2 26)
- USD 587.4M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 6.5B
- Shares in public float
- 207.2M
- Insider ownership
- 0.96%
Reporting & identifiers
- Symbol
- VIK.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- BMG93A5A1010
- Asset ID
- equity_64670054-ae94-56a7-adec-c0b1d83b5f89
Ownership
Shares Outstanding
Latest: 448.1M | Max: 448.1M | Min: 431.5M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
46.24%
207.2M latest reported shares
Insider Ownership
0.96%
Latest reported insider stake
Short Float
0.04%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
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| Reporting date | Shares outstanding |
|---|---|
| 2022-01-01 | 431,455,000 |
| 2023-01-01 | 431,455,000 |
| 2024-01-01 | 439,760,000 |
| 2025-01-01 | 447,122,000 |
| 2026-01-01 | 448,074,000 |
Top Holders
Available reported ownership records.
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| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| Capital Research Global Investors | 25,523,184 | 5.71% | 2026-06-30 |
| American Funds AMCAP A | 18,819,352 | 4.21% | 2026-06-30 |
| Amvescap Plc. | 14,140,545 | 3.17% | 2026-03-31 |
| FMR Inc | 14,078,142 | 3.15% | 2026-03-31 |
| T. Rowe Price Investment Management,Inc. | 12,550,151 | 2.81% | 2026-03-31 |
| Canada Pension Plan Investment Board | 11,244,744 | 2.52% | 2026-06-30 |
| Select Equity Group LP | 8,601,393 | 1.93% | 2026-06-30 |
| Federated Hermes Inc | 8,239,807 | 1.84% | 2026-06-30 |
| Massachusetts Financial Services Company | 7,895,685 | 1.77% | 2026-03-31 |
| AQR Capital Management LLC | 7,505,707 | 1.68% | 2026-03-31 |
| BlackRock Inc | 7,428,861 | 1.66% | 2026-03-31 |
| Wellington Management Company LLP | 6,157,982 | 1.38% | 2026-06-30 |
| American Century Companies Inc | 4,757,925 | 1.07% | 2026-06-30 |
| NORGES BANK | 4,719,836 | 1.06% | 2026-06-30 |
| UBS Group AG | 3,792,324 | 0.85% | 2026-03-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company has demonstrated strong post-listing financial progress, lifting full-year 2025 revenue by 21.9% to $6.50 billion and expanding trailing twelve-month revenue to $6.97 billion through mid-2026. This growth is powered by expanding passenger cruise days and robust ticket pricing across both river and ocean voyages, with travelers eagerly absorbing premium itineraries. However, headline figures conceal distinct winter seasonality and upcoming cost friction. First-quarter operations are typically loss-making during winter river freezes. Furthermore, while trailing net income reached $1.35 billion, elevated marine fuel prices and customer compensation vouchers issued after summer river droughts will moderate future profit conversion.
The company has demonstrated strong post-listing financial progress, lifting full-year 2025 revenue by 21.9% to $6.50 billion and expanding trailing twelve-month revenue to $6.97 billion through mid-2026. This growth is powered by expanding passenger cruise days and robust ticket pricing across both river and ocean voyages, with travelers eagerly absorbing premium itineraries. However, headline figures conceal distinct winter seasonality and upcoming cost friction. First-quarter operations are typically loss-making during winter river freezes. Furthermore, while trailing net income reached $1.35 billion, elevated marine fuel prices and customer compensation vouchers issued after summer river droughts will moderate future profit conversion.
Revenue, Net Income, and Free Cash Flow
Latest: USD 6.5B | Max: USD 6.5B | Min: USD -2.1B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 28x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Operating profitability widened impressively through fiscal 2025, with operating margin advancing to 23.1% and gross margin reaching 39.0%. This margin strength reflects premium ticket pricing, direct customer bookings that avoid retail agency commissions, and superior overhead absorption as new ocean and river tonnage enter service. However, margins appear to have reached a cyclical peak. Rising marine bunker fuel costs, higher port environmental levies, and customer compensation expenses from low-water river disruptions are emerging cost headwinds. While brand pricing power remains strong, persistent energy and wage inflation will likely compress operating margins toward the low twenties over coming seasons.
Operating profitability widened impressively through fiscal 2025, with operating margin advancing to 23.1% and gross margin reaching 39.0%. This margin strength reflects premium ticket pricing, direct customer bookings that avoid retail agency commissions, and superior overhead absorption as new ocean and river tonnage enter service. However, margins appear to have reached a cyclical peak. Rising marine bunker fuel costs, higher port environmental levies, and customer compensation expenses from low-water river disruptions are emerging cost headwinds. While brand pricing power remains strong, persistent energy and wage inflation will likely compress operating margins toward the low twenties over coming seasons.
Profitability Margins
Latest: 39.0% | Max: 39.0% | Min: <-100.0%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
39.0%
Gross profit / revenue
Operating Margin
23.1%
Operating income / revenue
Net Margin
17.7%
Net income / revenue
FCF Margin
20.0%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
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| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2021-12-31 | 625,101,000 | -2,111,994,000 | -257,850,000 |
| 2022-12-31 | 3,175,979,000 | 398,563,000 | -583,714,000 |
| 2023-12-31 | 4,710,493,000 | -1,850,572,000 | 694,996,000 |
| 2024-12-31 | 5,333,882,000 | 152,331,000 | 1,164,585,000 |
| 2025-12-31 | 6,501,419,000 | 1,147,570,000 | 1,303,090,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 27.82 | Trailing four quarters |
| 2024-12-31 | 138.2 | Trailing four quarters |
Profitability Margins
Matching annual reporting dates. Values are percentages.
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| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2021-12-31 | -46.65 | -120.58 | -337.86 | -41.25 |
| 2022-12-31 | 23.52 | 1.99 | 12.55 | -18.38 |
| 2023-12-31 | 34.07 | 17.32 | -39.29 | 14.75 |
| 2024-12-31 | 36.73 | 20.16 | 2.86 | 21.83 |
| 2025-12-31 | 38.96 | 23.1 | 17.65 | 20.04 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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