← Research LibraryThe BriefFY2025 20-F · headline figures audited against SEC data
Viking, the river, ocean and expedition cruise line, grew revenue 21.9% to $6.50B in 2025 on more ships and 95.4% occupancy, and with IPO-era derivative losses gone, net income rose to $1.15B from $152.3M
The read at a glance✓ Audited against SEC data
- Growth — Revenue up 21.9% to $6.50B; capacity up and occupancy 95.4%OK
- Profitability — Operating margin 23.10%, up 294 bps; net income $1.15BOK
- Balance sheet — $5,665.5 million of debt against $3,803.9 million of cashWatch
- Accounting quality — Distress and manipulation scores not available; long-tenured auditorNote
- Capital allocation — No dividend planned; cash goes to new shipsNote
- Insider signal — 27 sales, no purchases; founder holds about 87% of votesWatch
Business
Viking sells destination-focused cruises under one brand across river, ocean and expedition cruising, aimed at curious, affluent, English-speaking travelers aged 55 and older. Founded in 1997 with four river vessels, it now runs a fleet of 103 small ships, including 59 near-identical river Longships and 12 ocean ships. Repeat guests made up 54% of the 2025 season, and it has invested $3.6 billion in marketing since 1997.
Latest filings
- 6-K · Company announcement (foreign filer)2026-09-11
- 6-K · Company announcement (foreign filer)2026-08-19
- 6-K · Company announcement (foreign filer)2026-08-19
- 6-K · Company announcement (foreign filer)2026-05-15
- 6-K · Company announcement (foreign filer)2026-05-14
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about Viking Holdings Ltd, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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