Viking Holdings: Initiation Of Coverage – From River Leadership To Ocean Scale — Is Viking Building A Broader Luxury Cruise Platform?

Viking’s first quarter of fiscal year 2026 showed continued growth supported by solid demand and disciplined execution, amid ongoing macroeconomic uncertainties. The company reported total revenue of over $1 billion, a 17.5% increase year-over-year, driven by a 6.6% capacity increase and higher revenue per passenger cruise day (PCD). Adjusted gross margin rose 16.9% to $717 million, with net yield up 9.5% from the prior year. Adjusted EBITDA increased 43.9% to $105 million, while net loss narrowed by more than $51 million to $54.2 million. These results reflect healthy pricing, favorable itinerary mix, and controlled costs, although vessel expenses excluding fuel rose by 10.6%, mainly due to maintenance activities. Viking’s River segment experienced an 8.4% decrease in capacity PCD due to deliberate removal of lower-yielding winter itineraries, yet occupancy remained steady at 93.7%. Despite lower capacity, adjusted gross margin grew 17.2%, and net yield rose 28.