TLDR
- Viking revenue increases 21.9% as 2025 profit sees a sharp rise
- Adjusted EBITDA grows 38.8% alongside robust margin expansion
- Q4 revenue jumps 27.8% driven by increased ship capacity
- 2026 advance bookings grow 13% to $5.96B
- VKTX stock declines 1.48% in spite of strong performance
Viking Therapeutics, Inc. (VKTX) shares ended the session at $33.34, a decrease of 1.48%. Viking Holdings Ltd concurrently announced robust financial outcomes for the fourth quarter and the full year of 2025. The company reported double-digit revenue growth and significant profit improvement as it moves into 2026 with a healthy level of advance bookings.
Viking Therapeutics Performance and 2025 Financial Growth
reported full-year 2025 revenue of $6.5 billion, a 21.9% increase from 2024. The adjusted gross margin also grew by 22.6% to $4.29 billion.
Net income for the year was $1.15 billion. Adjusted net income attributable to Viking Holdings increased by 43.9% to $1.17 billion. Diluted earnings per share were $2.57, and adjusted EPS came in at $2.61.
In addition, adjusted EBITDA rose 38.8% to $1.87 billion. Net yield improved by 7.4% year-over-year to $583. Net leverage improved substantially, declining from 2.4x to 1.1x by the end of the year.
Fourth Quarter Results Reflect Higher Capacity and Profitability
In the fourth quarter, capacity passenger cruise days expanded by 14.7% compared to 2024. This growth was fueled by the addition of six new river vessels and two more ocean ships. Occupancy hit 95%, contributing to enhanced revenue.
Fourth-quarter revenue increased 27.8% to $1.72 billion. Gross margin grew 38.2% to $652.1 million. Adjusted gross margin advanced 27.3% to $1.11 billion, and net yield increased 7.7% to $546.
Moreover, adjusted EBITDA climbed 51.3% to $462.8 million. Net income was $300.3 million, up from $104.2 million in the prior-year period. Adjusted net income rose 49.1% to $297.7 million, and diluted EPS improved to $0.67.
2026 Advance Bookings and Fleet Expansion Support Outlook
Viking began 2026 with greater operating capacity and robust booking trends. Core product capacity is 7% higher than the 2025 season. By mid-February 2026, the company had sold 86% of its capacity passenger cruise days.
Advance bookings for the 2026 season amounted to $5.96 billion. This represents a 13% increase compared to the same time last year. Advance bookings per passenger cruise day increased 6% to $859.
The balance sheet also demonstrated strong liquidity and prudent capital management. The company concluded 2025 with $3.8 billion in cash and a $1.0 billion undrawn revolving credit facility. Scheduled principal payments for 2026 are $396.8 million, and deferred revenue stood at $4.6 billion.
maintained its fleet expansion with new shipbuilding commitments. The company anticipates the delivery of two ocean ships and ten river ships in 2026. It also secured options for more ocean vessels and committed to two expedition ships for delivery in 2030 and 2031.
Viking operates a fleet of over 100 ships on rivers and oceans around the globe. The company focuses on travelers looking for destination-oriented and experience-based journeys. The strong 2025 results and substantial 2026 bookings set the stage for ongoing earnings growth.
