Viking Holdings (NYSE:VIK) reported a surge in full-year profitability on Tuesday, bolstered by an aggressive fleet expansion and a luxury travel boom that has already filled the vast majority of its 2026 sailing schedule.
The travel giant reported total revenue of $6.5 billion for the fiscal year ended December 31, 2025, a 21.9% increase over the previous year.
The bottom line saw even sharper growth, with adjusted net income attributable to the company jumping 43.9% to $1.17 billion.
Adjusted EBITDA rose 38.8% to $1.87 billion, reflecting Viking’s ability to command premium pricing while scaling its operations.
The company’s "Core Products"—its signature river and ocean cruises—are seeing unprecedented forward demand.
As of February 15, 2026, Viking had already sold 86% of its capacity for the 2026 season.
This high visibility into future revenue has allowed the company to significantly deleverage its balance sheet, with net leverage improving to 1.1x at year-end, down from 2.4x in 2024.
In the fourth quarter alone, revenue grew 27.8% to $1.72 billion.