NYSE : VIK
Viking Holdings Ltd — Financial statements
Consumer Discretionary · Travel Services · Bermuda
Last price 87.47 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 39.07B
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Financial statements
Viking Holdings Ltd (VIK) reported revenue of 6.97B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 6.97B | 6.50B | 5.33B | 4.71B | 3.18B | 625.10M |
| Cost of Revenue | 3.88B | 3.61B | 3.05B | 2.79B | 2.10B | 696.84M |
| Gross Profit | 3.09B | 2.89B | 2.29B | 1.92B | 1.08B | -71.74M |
| Selling, General & Admin | 1.08B | 1.03B | 883.89M | 789.04M | 682.81M | 459.06M |
| Other Operating Expenses | 74.03M | 74.03M | 65.28M | 63.96M | 54.70M | 15.44M |
| Operating Expenses | 1.46B | 1.39B | 1.21B | 1.11B | 972.12M | 678.91M |
| Operating Income | 1.62B | 1.50B | 1.08B | 815.95M | 106.19M | -750.65M |
| Interest Expense | -350.93M | -362.57M | -380.49M | -528.06M | -456.64M | -384.49M |
| Interest & Investment Income | 95.30M | 84.88M | 69.37M | 48.03M | 14.04M | 1.93M |
| Earnings From Equity Investments | -5.20M | -5.20M | -7.90M | -7.00M | -2.40M | -7.70M |
| Currency Exchange Gain (Loss) | 10.12M | -56.10M | 31.54M | -20.82M | -35.03M | 5.40M |
| Other Non Operating Income (Expenses) | 1.04M | 5.21M | -617.76M | -2.15B | 823.16M | -680.05M |
| EBT Excluding Unusual Items | 1.37B | 1.17B | 169.83M | -1.84B | 449.32M | -1.82B |
| Gain (Loss) on Sale of Assets | 75.59M | |||||
| Asset Writedown | -13.30M | |||||
| Other Unusual Items | -28.60M | -367.23M | ||||
| Pretax Income | 1.37B | 1.17B | 169.83M | -1.84B | 407.42M | -2.11B |
| Income Tax Expense | 23.79M | 19.65M | 16.86M | 6.64M | 8.90M | 5.03M |
| Earnings From Continuing Operations | 1.35B | 1.15B | 152.98M | -1.85B | 398.52M | -2.11B |
| Minority Interest in Earnings | -718.00K | -525.00K | -646.00K | -476.00K | 45.00K | 248.00K |
| Net Income | 1.35B | 1.15B | 152.33M | -1.85B | 398.56M | -2.11B |
| Preferred Dividends & Other Adjustments | 20.55M | -869.53M | 161.97M | -947.12M | ||
| Net Income to Common | 1.35B | 1.15B | 131.78M | -981.04M | 236.59M | -1.16B |
| Shares Outstanding (Basic) | 445.03M | 443.50M | 364.01M | 221.94M | 221.94M | 225.73M |
| Shares Outstanding (Diluted) | 447.71M | 446.42M | 366.71M | 221.94M | 406.20M | 225.73M |
| EPS (Basic) | 3.03 | 2.59 | 0.36 | -4.42 | 1.07 | -5.16 |
| EPS (Diluted) | 3.01 | 2.57 | 0.36 | -4.42 | -0.77 | -5.16 |
| Free Cash Flow | 1.15B | 1.53B | 1.16B | 695.00M | -583.71M | -257.85M |
| Free Cash Flow Per Share | 2.58 | 3.44 | 3.18 | 3.13 | -1.44 | -1.14 |
| Gross Margin | 44.28% | 44.48% | 42.84% | 40.82% | 33.95% | -11.48% |
| Operating Margin | 23.27% | 23.09% | 20.16% | 17.32% | 3.34% | -120.08% |
| Profit Margin | 19.33% | 17.65% | 2.47% | -20.83% | 7.45% | -186.35% |
| Free Cash Flow Margin | 16.56% | 23.59% | 21.83% | 14.75% | -18.38% | -41.25% |
| EBITDA | 1.91B | 1.76B | 1.32B | 1.07B | 324.10M | -546.24M |
| EBITDA Margin | 27.40% | 27.14% | 24.67% | 22.71% | 10.21% | -87.38% |
| D&A For EBITDA | 288.02M | 262.81M | 240.72M | 253.72M | 217.91M | 204.41M |
| EBIT | 1.62B | 1.50B | 1.08B | 815.95M | 106.19M | -750.65M |
| EBIT Margin | 23.27% | 23.09% | 20.16% | 17.32% | 3.34% | -120.08% |
| Effective Tax Rate | 1.73% | 1.68% | 9.93% | 2.19% | ||
| Revenue as Reported | 6.97B | 6.50B | 5.33B | 4.71B | 3.18B | 625.10M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.99B | 3.80B | 2.49B | 1.51B | 1.25B | 1.81B |
| Short-Term Investments | 11.02M | 20.00M | 10.46M | 20.50M | 20.55M | 106.41M |
| Cash & Short-Term Investments | 4.00B | 3.82B | 2.50B | 1.53B | 1.27B | 1.92B |
| Accounts Receivable | 142.03M | 85.62M | 190.61M | 268.98M | 522.89M | 673.67M |
| Other Receivables | 56.42M | 48.41M | 88.09M | 54.90M | 51.62M | |
| Receivables | 147.53M | 142.04M | 239.02M | 357.07M | 577.78M | 725.29M |
| Inventory | 110.36M | 95.78M | 91.47M | 54.60M | 45.38M | 32.70M |
| Prepaid Expenses | 243.77M | 183.03M | 159.18M | 139.95M | 116.24M | 119.01M |
| Restricted Cash | 75.79M | |||||
| Other Current Assets | 416.63M | 258.20M | 226.74M | 190.97M | 151.52M | 114.65M |
| Total Current Assets | 4.91B | 4.50B | 3.22B | 2.35B | 2.16B | 2.91B |
| Property, Plant & Equipment | 8.59B | 7.45B | 6.66B | 5.97B | 5.47B | 4.57B |
| Long-Term Investments | 8.50M | 19.60M | 12.73M | 10.47M | 6.50M | 7.16M |
| Other Intangible Assets | 90.89M | 86.75M | 61.06M | 62.12M | 65.89M | 80.37M |
| Long-Term Deferred Tax Assets | 53.79M | 55.18M | 55.43M | 42.85M | 16.23M | 20.47M |
| Long-Term Deferred Charges | 57.41M | 55.88M | 69.24M | 61.54M | 27.25M | |
| Other Long-Term Assets | 128.19M | 63.62M | 59.58M | 67.62M | 76.32M | 76.62M |
| Total Assets | 13.78B | 12.23B | 10.12B | 8.58B | 7.86B | 7.69B |
| Accounts Payable | 327.44M | 259.01M | 236.38M | 244.58M | 194.89M | 108.16M |
| Accrued Expenses | 379.48M | 328.79M | 284.45M | 241.43M | 185.01M | 137.18M |
| Current Portion of Long-Term Debt | 205.91M | 374.61M | 469.77M | 253.02M | 251.56M | 211.63M |
| Current Portion of Leases | 29.20M | 26.48M | 28.94M | 24.67M | 22.99M | 10.92M |
| Current Unearned Revenue | 5.04B | 4.61B | 4.06B | 3.49B | 3.32B | 3.49B |
| Other Current Liabilities | 110.89M | 123.21M | 139.67M | 113.61M | 126.85M | 87.75M |
| Total Current Liabilities | 6.09B | 5.72B | 5.22B | 4.36B | 4.10B | 4.04B |
| Long-Term Debt | 5.74B | 5.13B | 4.87B | 5.04B | 4.94B | 4.54B |
| Long-Term Leases | 219.04M | 212.44M | 207.59M | 227.96M | 239.42M | 87.32M |
| Long-Term Deferred Tax Liabilities | 6.26M | 4.70M | 4.08M | 5.26M | 4.04M | |
| Other Long-Term Liabilities | 81.29M | 48.04M | 40.65M | 4.21B | 2.07B | 2.90B |
| Total Liabilities | 12.13B | 11.11B | 10.34B | 13.85B | 11.35B | 11.57B |
| Common Stock | 4.52M | 4.51M | 4.48M | 2.25M | 2.25M | 86.00K |
| Additional Paid-In Capital | 5.39B | 5.34B | 5.22B | 178.49M | 133.62M | 115.90M |
| Retained Earnings | -3.63B | -4.16B | -5.29B | -5.42B | -3.59B | -3.95B |
| Treasury Stock | -124.11M | -124.11M | -124.11M | |||
| Comprehensive Income & Other | -17.53M | 36.08M | -36.11M | -31.13M | -38.05M | -56.19M |
| Total Common Equity | 1.62B | 1.09B | -222.73M | -5.27B | -3.50B | -3.89B |
| Minority Interest | 27.47M | 27.56M | 3.75M | 3.72M | 3.26M | 2.40M |
| Shareholders' Equity | 1.65B | 1.12B | -218.98M | -5.27B | -3.49B | -3.88B |
| Total Liabilities & Equity | 13.78B | 12.23B | 10.12B | 8.58B | 7.86B | 7.69B |
| Total Debt | 6.19B | 5.74B | 5.57B | 5.55B | 5.45B | 4.85B |
| Net Cash (Debt) | -2.20B | -1.92B | -3.07B | -4.01B | -4.18B | -2.93B |
| Net Cash Per Share | -4.90 | -4.29 | -8.38 | -18.09 | -10.29 | -12.97 |
| Filing Date Shares Outstanding | 446.64M | 445.68M | 442.95M | 221.94M | 221.94M | 225.73M |
| Total Common Shares Outstanding | 446.64M | 445.68M | 442.72M | 221.94M | 221.94M | 225.73M |
| Working Capital | -1.18B | -1.21B | -2.00B | -2.01B | -1.94B | -1.13B |
| Book Value Per Share | 3.64 | 2.45 | -0.50 | -23.76 | -15.76 | -17.22 |
| Tangible Book Value | 1.53B | 1.01B | -283.79M | -5.34B | -3.56B | -3.97B |
| Tangible Book Value Per Share | 3.43 | 2.26 | -0.64 | -24.04 | -16.05 | -17.58 |
| Land | 117.33M | 114.06M | 96.94M | 21.79M | 17.82M | 15.38M |
| Machinery | 9.14B | 8.03B | 7.29B | 6.72B | 6.18B | 5.13B |
| Construction In Progress | 1.10B | 964.37M | 722.72M | 420.62M | 230.13M | 406.46M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.35B | 1.15B | 152.33M | -1.85B | 398.56M | -2.11B |
| Depreciation & Amortization | 310.01M | 284.79M | 260.84M | 253.72M | 234.61M | 204.41M |
| Other Amortization | 33.64M | 31.70M | 31.72M | 38.39M | 34.64M | 21.47M |
| Loss (Gain) From Sale of Assets | -75.59M | |||||
| Asset Writedown & Restructuring Costs | 13.30M | |||||
| Stock-Based Compensation | 90.04M | 88.52M | 14.11M | 17.91M | 25.26M | 23.90M |
| Other Operating Activities | 199.06M | 310.82M | 859.87M | 2.61B | -373.58M | 1.39B |
| Change in Accounts Receivable | -401.00K | -8.18M | ||||
| Change in Inventory | -18.28M | -4.31M | -36.55M | -9.22M | -12.68M | -7.02M |
| Change in Unearned Revenue | 649.44M | 543.82M | 574.76M | 167.40M | -167.78M | 1.46B |
| Change in Other Net Operating Assets | 7.09M | 145.54M | 215.75M | 141.59M | 222.81M | -196.23M |
| Operating Cash Flow | 2.63B | 2.56B | 2.08B | 1.37B | 372.67M | 701.54M |
| Capital Expenditures | -1.48B | -1.03B | -917.42M | -676.34M | -956.38M | -959.39M |
| Divestitures | 400.00M | |||||
| Investment in Securities | -6.50M | -8.50M | -7.00M | 100.00M | -118.00M | |
| Other Investing Activities | 97.36M | 83.87M | 72.21M | 49.11M | 14.88M | 1.86M |
| Investing Cash Flow | -1.38B | -949.48M | -853.71M | -634.23M | -841.50M | -675.53M |
| Long-Term Debt Issued | 2.13B | 400.99M | 1.07B | 670.31M | 1.30B | |
| Long-Term Debt Repaid | -2.06B | -339.46M | -984.34M | -246.02M | -399.26M | |
| Lease Payments | -35.35M | -39.45M | -30.71M | -20.59M | -18.33M | -10.76M |
| Net Debt Issued (Repaid) | 500.71M | 71.91M | 61.53M | 84.74M | 424.29M | 897.80M |
| Issuance of Common Stock | 22.75M | 22.26M | 256.22M | 912.00K | ||
| Repurchase of Common Stock | -124.11M | -200.00M | ||||
| Common Dividends Paid | -18.23M | -49.29M | -46.46M | -51.22M | ||
| Other Financing Activities | -403.50M | -400.14M | -423.31M | -515.10M | -459.67M | -382.13M |
| Financing Cash Flow | 119.96M | -305.96M | -247.90M | -479.65M | -80.93M | 963.45M |
| Foreign Exchange Rate Adjustments | 3.97M | 9.41M | -4.44M | 3.12M | -9.86M | -2.55M |
| Net Cash Flow | 1.38B | 1.31B | 975.96M | 260.57M | -559.63M | 986.91M |
| Free Cash Flow | 1.15B | 1.53B | 1.16B | 695.00M | -583.71M | -257.85M |
| Free Cash Flow Margin | 16.56% | 23.59% | 21.83% | 14.75% | -18.38% | -41.25% |
| Free Cash Flow Per Share | 2.58 | 3.44 | 3.18 | 3.13 | -1.44 | -1.14 |
| Levered Free Cash Flow | 405.81M | 721.69M | 560.99M | 146.43M | -774.29M | |
| Unlevered Free Cash Flow | 591.51M | 916.59M | 767.07M | 438.08M | -523.53M | |
| Free Cash Flow After Leases | 1.12B | 1.49B | 1.13B | 674.41M | -602.04M | -268.61M |
| Cash Interest Paid | 333.66M | 333.25M | 375.95M | 430.52M | 416.17M | 348.92M |
| Cash Income Tax Paid | 9.93M | 6.12M | 4.76M | 5.65M | 9.36M | 13.84M |
| Change in Working Capital | 653.24M | 696.91M | 763.13M | 299.34M | 39.87M | 1.25B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 39.45B | 31.68B | 19.02B | |||
| Enterprise Value | 41.65B | 34.28B | 21.94B | |||
| Last Close Price | 87.47 | 71.41 | 44.06 | |||
| PE Ratio | 29.37 | 27.61 | 144.30 | |||
| Forward PE | 24.60 | 22.70 | 20.97 | |||
| PS Ratio | 5.61 | 4.87 | 3.56 | |||
| PB Ratio | 24.04 | 28.25 | -86.84 | |||
| P/TBV Ratio | 25.47 | 31.46 | ||||
| P/FCF Ratio | 33.86 | 20.66 | 16.33 | |||
| P/OCF Ratio | 14.84 | 12.37 | 9.13 | |||
| PEG Ratio | 0.92 | 0.65 | ||||
| EV/Sales Ratio | 5.92 | 5.27 | 4.11 | |||
| EV/EBITDA Ratio | 21.61 | 19.43 | 16.67 | |||
| EV/EBIT Ratio | 25.45 | 22.83 | 20.41 | |||
| EV/FCF Ratio | 35.76 | 22.36 | 18.84 | |||
| Debt / Equity Ratio | 3.75 | 5.12 | -25.45 | -1.05 | -1.56 | -1.25 |
| Debt / EBITDA Ratio | 3.21 | 3.21 | 4.17 | 5.19 | 16.00 | |
| Debt / FCF Ratio | 5.37 | 3.74 | 4.79 | 7.98 | ||
| Net Debt / Equity Ratio | 1.33 | 1.71 | -14.03 | -0.76 | -1.20 | -0.75 |
| Net Debt / EBITDA Ratio | 1.15 | 1.09 | 2.33 | 3.75 | 12.89 | -5.36 |
| Net Debt / FCF Ratio | 1.90 | 1.25 | 2.64 | 5.78 | -7.16 | -11.36 |
| Asset Turnover | 0.56 | 0.58 | 0.57 | 0.57 | 0.41 | |
| Inventory Turnover | 38.36 | 38.56 | 41.74 | 55.77 | 53.73 | |
| Quick Ratio | 0.68 | 0.69 | 0.53 | 0.43 | 0.45 | 0.65 |
| Current Ratio | 0.81 | 0.79 | 0.62 | 0.54 | 0.53 | 0.72 |
| Return on Equity (ROE) | 139.62% | 254.46% | ||||
| Return on Assets (ROA) | 8.14% | 8.40% | 7.19% | 6.21% | 0.85% | |
| Return on Invested Capital (ROIC) | 47.65% | 37.19% | 21.25% | 20.48% | 2.81% | -20.59% |
| Return on Capital Employed (ROCE) | 21.10% | 23.00% | 21.90% | 19.40% | 2.80% | -20.60% |
| Earnings Yield | 3.40% | 3.62% | 0.80% | |||
| FCF Yield | 2.95% | 4.84% | 6.12% | |||
| Payout Ratio | 11.97% | 11.66% | ||||
| Buyback Yield / Dilution | -1.34% | -21.74% | -65.23% | 45.36% | -79.95% |