Viking Holdings Ltd (NYSE:VIK) stock fell 1.28% (As on August 20, 11:22:07 AM UTC-4, Source: Google Finance) after the company posted inline earnings for the second quarter of FY25. Adjusted EBITDA of $632.9 million grew 28.5% year over year, owing to increased Capacity Passenger Cruise Days (capacity PCDs), higher Occupancy and higher revenue per PCD. Adjusted gross margin grew 19.2% from the year-ago quarter. During the second quarter of 2025, capacity PCDs grew 8.8% year over year owing to growth in the company’s fleet, which included three additional river vessels, one additional ocean ship and the Viking Yi Dun accommodation agreement. Occupancy for the second quarter of 2025 was 95.6%. For the second quarter of 2025, vessel operating expenses increased 14.8% year over year, and vessel operating expenses, excluding fuel, increased 17.7% year over year, owing to the increase in the size of the company’s fleet in 2025 compared with 2024. As of June 30, 2025, VIK had $2.6 billion in cash and cash equivalents and an undrawn revolver facility of $375.0 million. The company’s net debt was $3.22 billion. Adjusted Net Income attributable to Viking Holdings Ltd for the second quarter of 2025 was $439.0 million compared to $349.1 million for the same period in 2024.

VIK in the second quarter of FY25 has reported the adjusted earnings per share of 99 cents, which matches the analysts’ estimates for the adjusted earnings per share of 99 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 18.5 percent to $1.88 billion in the second quarter of FY25, beating the analysts’ estimates for revenue of $1.83 billion. The upside was driven by increased capacity PCDs, higher Occupancy and higher revenue per PCD in 2025. Net Yield was $607, an increase of 8.0% compared to the same period in 2024. Net Leverage was 2.1x as of June 30, 2025.  As of August 10, 2025, for its Core Products, Viking had sold 96% of its Capacity Passenger Cruise Days for the 2025 season and 55% of its Capacity Passenger Cruise Days for the 2026 season. Deferred revenue was $4.4 billion.

Additionally, since the first quarter 2025 earnings release, the Company took delivery of the Viking Vesta, an ocean ship and took delivery of the Viking Amun, a river vessel that will operate in Egypt. The company has announced it would start operating two river vessels in India, with the first launching in 2027 and the second in 2028. Based on the committed orderbook, the Company expects to take delivery of six river vessels during the remainder of 2025.