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Viking Holdings Incurs Loss in Q1, Lags Revenue Estimates
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Key Takeaways
Viking posted Q1 loss per share of 11 cents, narrower than estimates and the year-ago quarter.
Revenues benefit from increased Capacity Passenger Cruise Days (capacity PCDs) and higher revenue per PCD.
Adjusted gross margin grew 43.9% year over year; vessel operating expenses grew 16.9% year over year.
Viking Holdings (VIK - Free Report) ) reported a first-quarter 2026 loss of 11 cents per share (on an adjusted basis), which was narrower than the Zacks Consensus Estimate of a loss of 12 cents per share. In the year-ago reported quarter, Viking Holdings incurred a loss of 24 cents.
Cruise and land revenues of $971.8 million missed the Zacks Consensus Estimate of $985.2 million, but improved on a year-over-year basis. The upside was driven by increased Capacity Passenger Cruise Days (capacity PCDs) and higher revenue per PCD in 2026 (compared with 2025).
Viking Holdings Ltd. Price, Consensus and EPS Surprise
Adjusted EBITDA of $104.8 million grew 43.9% year over year, owing to increased capacity PCDs and higher revenue per PCD.
Adjusted gross margin grew 16.9% from the year-ago quarter.
During the first quarter of 2026, capacity PCDs grew 6.6% year over year owing to growth of the company’s fleet, which included one additional ocean ship. Occupancy for the first quarter of 2026 was 94.7%.
For the first quarter of 2026, vessel operating expenses increased 15.4% year over year, and vessel operating expenses, excluding fuel, increased 17.9% year over year, owing to the timing of maintenance and repair costs and the increase in the size of the company’s fleet in 2026 compared to 2025.
As of March 31, 2026, VIK had $4.0 billion in cash and cash equivalents and an undrawn revolver facility of $1 billion. The company’s net debt was $1.94 billion.
Concurrent with the first quarter of 2026 earnings release, Viking Holdings’ board of directors also announced the appointment of Leah Talactac, president and chief financial officer (CFO), as its new chief executive officer (CEO). Torstein Hagen, chairman and CEO, has been appointed as executive chairman and will continue to serve as chairman of Viking Holdings’ board of directors. The company also unveiled the appointment of Linh Banh, executive vice president of Finance, as the new CFO.
Q1 Performance of Some Other Stocks Belonging to VIK’s Industry
Norwegian Cruise Line Holdings Ltd.(NCLH - Free Report) reported first-quarter 2026 results, with earnings beating the Zacks Consensus Estimate while revenues missed the same. The top and bottom lines improved on a year-over-year basis.
Norwegian Cruise reported adjusted earnings per share (EPS) of 23 cents, beating the Zacks Consensus Estimate of 15 cents by 53.3%. In the prior-year quarter, the company reported adjusted EPS of 10 cents.
Quarterly revenues of $2.33 billion missed the consensus mark of $2.34 billion by 0.5%. The metric increased 9.6% year over year.
Royal Caribbean Cruises Ltd.(RCL - Free Report) reported first-quarter 2026 results, with adjusted earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis. In the first quarter, the company reported adjusted EPS of $3.60, beating the Zacks Consensus Estimate of $3.20. In the year-ago quarter, RCL posted an adjusted EPS of $2.71. Revenues in the quarter totaled $4.45 billion, beating the consensus mark of $4.44 billion. The metric increased 11.3% year over year.
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Viking Holdings Incurs Loss in Q1, Lags Revenue Estimates
Key Takeaways
Viking Holdings (VIK - Free Report) ) reported a first-quarter 2026 loss of 11 cents per share (on an adjusted basis), which was narrower than the Zacks Consensus Estimate of a loss of 12 cents per share. In the year-ago reported quarter, Viking Holdings incurred a loss of 24 cents.
Cruise and land revenues of $971.8 million missed the Zacks Consensus Estimate of $985.2 million, but improved on a year-over-year basis. The upside was driven by increased Capacity Passenger Cruise Days (capacity PCDs) and higher revenue per PCD in 2026 (compared with 2025).
Viking Holdings Ltd. Price, Consensus and EPS Surprise
Viking Holdings Ltd. price-consensus-eps-surprise-chart | Viking Holdings Ltd. Quote
Adjusted EBITDA of $104.8 million grew 43.9% year over year, owing to increased capacity PCDs and higher revenue per PCD.
Adjusted gross margin grew 16.9% from the year-ago quarter.
During the first quarter of 2026, capacity PCDs grew 6.6% year over year owing to growth of the company’s fleet, which included one additional ocean ship. Occupancy for the first quarter of 2026 was 94.7%.
For the first quarter of 2026, vessel operating expenses increased 15.4% year over year, and vessel operating expenses, excluding fuel, increased 17.9% year over year, owing to the timing of maintenance and repair costs and the increase in the size of the company’s fleet in 2026 compared to 2025.
As of March 31, 2026, VIK had $4.0 billion in cash and cash equivalents and an undrawn revolver facility of $1 billion. The company’s net debt was $1.94 billion.
Concurrent with the first quarter of 2026 earnings release, Viking Holdings’ board of directors also announced the appointment of Leah Talactac, president and chief financial officer (CFO), as its new chief executive officer (CEO). Torstein Hagen, chairman and CEO, has been appointed as executive chairman and will continue to serve as chairman of Viking Holdings’ board of directors. The company also unveiled the appointment of Linh Banh, executive vice president of Finance, as the new CFO.
Currently, VIK carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Q1 Performance of Some Other Stocks Belonging to VIK’s Industry
Norwegian Cruise Line Holdings Ltd.(NCLH - Free Report) reported first-quarter 2026 results, with earnings beating the Zacks Consensus Estimate while revenues missed the same. The top and bottom lines improved on a year-over-year basis.
Norwegian Cruise reported adjusted earnings per share (EPS) of 23 cents, beating the Zacks Consensus Estimate of 15 cents by 53.3%. In the prior-year quarter, the company reported adjusted EPS of 10 cents.
Quarterly revenues of $2.33 billion missed the consensus mark of $2.34 billion by 0.5%. The metric increased 9.6% year over year.
Royal Caribbean Cruises Ltd.(RCL - Free Report) reported first-quarter 2026 results, with adjusted earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis. In the first quarter, the company reported adjusted EPS of $3.60, beating the Zacks Consensus Estimate of $3.20. In the year-ago quarter, RCL posted an adjusted EPS of $2.71. Revenues in the quarter totaled $4.45 billion, beating the consensus mark of $4.44 billion. The metric increased 11.3% year over year.