TLDR
- Viking revenue jumps 21.9% as 2025 profit climbs sharply
- Adjusted EBITDA rises 38.8% amid strong margin growth
- Q4 revenue surges 27.8% on higher ship capacity
- 2026 advance bookings increase 13% to $5.96B
- VKTX stock dips 1.48% despite strong result
Viking Therapeutics, Inc. (VKTX) shares closed at $33.34, down1.48%, for the session. Meanwhile, Viking Holdings Ltd reported strong fourth-quarter and full year 2025 financial results. The company posted double digit revenue growth and sharp profit expansion while entering 2026 with solid advance bookings.
Viking Therapeutics, Inc., VKTX
Viking Therapeutics Performance and 2025 Financial Growth
Viking Holdings delivered revenue of $6.5 billion for full year 2025, up 21.9% from 2024. The company also increased adjusted gross margin by 22.6% to $4.29 billion.
Net income reached $1.15 billion for the year. Adjusted net income attributable to Viking Holdings rose 43.9% to $1.17 billion. Diluted earnings per share stood at $2.57, while adjusted EPS reached $2.61.
Additionally, adjusted EBITDA climbed 38.8% to $1.87 billion. Net yield improved 7.4% year over year to $583. Net leverage strengthened significantly, falling from 2.4x to 1.1x by year end.
Fourth Quarter Results Reflect Higher Capacity and Profitability
During the fourth quarter, Viking increased capacity passenger cruise days by 14.7% compared with 2024. The expansion came from six new river vessels and two additional ocean ships. Occupancy reached 95%, supporting stronger revenue performance.
Fourth quarter revenue rose 27.8% to $1.72 billion. Gross margin increased 38.2% to $652.1 million. Adjusted gross margin advanced 27.3% to $1.11 billion, while net yield grew 7.7% to $546.
Furthermore, adjusted EBITDA climbed 51.3% to $462.8 million. Net income reached $300.3 million, compared with $104.2 million a year earlier. Adjusted net income increased 49.1% to $297.7 million, and diluted EPS improved to $0.67.
2026 Advance Bookings and Fleet Expansion Support Outlook
Viking entered 2026 with higher operating capacity and strong booking momentum. Core product capacity stands 7% above the 2025 season. As of mid February 2026, the company had sold 86% of its capacity passenger cruise days.
Advance bookings for the 2026 season totaled $5.96 billion. This figure marked a 13% increase over the same period last year. Advance bookings per passenger cruise day rose 6% to $859.
The balance sheet also showed solid liquidity and disciplined capital management. The company ended 2025 with $3.8 billion in cash and a $1.0 billion undrawn revolver. Scheduled principal payments for 2026 total $396.8 million, while deferred revenue reached $4.6 billion.
Viking continued fleet expansion through new shipbuilding commitments. The company expects delivery of two ocean ships and ten river ships in 2026. It also secured options for additional ocean vessels and committed to two expedition ships for 2030 and 2031 delivery.
Viking operates more than 100 ships across rivers and oceans worldwide. The company targets travelers seeking destination focused and experience driven journeys. Strong 2025 performance and high 2026 bookings position the business for continued earnings momentum.
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