Viking Holdings Ltd (NYSE:VIK) stock fell 0.77% (As on March 4, 11:29:20 AM UTC-4, Source: Google Finance) after the company reported better-than-expected fourth-quarter 2025 results. Adjusted EBITDA of $462.8 million grew 51.3% year over year, owing to increased Capacity PCDs, higher Occupancy and higher revenue per PCD. Adjusted gross margin grew 27.3% from the year-ago quarter. During the fourth quarter of 2025, capacity PCDs grew 14.7% year over year, owing to the growth in the company’s fleet, which included six additional river vessels and two additional ocean ships. Occupancy for the fourth quarter of 2025 was 95.0%. For the fourth quarter of 2025, vessel operating expenses increased 15% year over year, and vessel operating expenses, excluding fuel, increased 17.7% year over year, owing to the increased Capacity PCDs. As of Dec. 31, 2025, VIK had $3.8 billion in cash and cash equivalents and an undrawn revolver facility of $1 billion. The company’s net debt was $2.10 billion. The cruise operator’s adjusted net income attributable to Viking Holdings rose 49.1% to $297.7 million for the quarter. Viking’s balance sheet improved significantly, with net leverage declining to 1.1x as of December 31, 2025, from 2.4x a year earlier.

Moreover, the company’s advance bookings position remains strong. As of February 15, 2026, Viking had sold 86% of its capacity passenger cruise days for the 2026 season, with advance bookings of $5.96 billion, 13% higher than the 2025 season at the same point. Advance bookings per passenger cruise day for 2026 reached $859, up 6% YoY. In addition, the company has entered into option agreements for two additional ocean ships which have an exercise date of July 30, 2028, for delivery in 2034. It has also entered into shipbuilding commitments for two additional expedition ships scheduled for delivery in 2030 and 2031. Based on the committed orderbook, the Company expects to take delivery of 2 ocean ships and 10 river ships in 2026.

VIK in the fourth quarter of FY25 has reported the adjusted earnings per share of 67 cents, beating the analysts’ estimates for the adjusted earnings per share of 54 cents. The company had reported the adjusted revenue growth of 27.8 percent to $1.72 billion in the fourth quarter of FY25, beating the analysts’ estimates for revenue of $1.62 billion. The upside was driven by increased Capacity Passenger Cruise Days (capacity PCDs), higher Occupancy and higher revenue per PCD in 2025.