Viking Holdings beats Q2 estimates with $1.31 EPS on record bookings

Viking Holdings reported Q2 earnings of $1.31 a share, beating the $1.27 consensus, on revenue of $2.19 billion.

Analysts see further upside, with 15 covering the cruise operator setting a median price target of $95, while BMO Capital Markets' Tristan Thomas-Martin and Bernstein's Richard Clarke target $115 and $120, respectively.

Revenue of $2.19 billion topped the $2.166 billion consensus by $24.6 million, and EPS of $1.31 compares with $0.99 a year earlier, a 32 percent jump. The beat extends a run of strong growth, with revenue expected to rise 14.1 percent for the quarter.

Metric	Actual	Consensus	Beat/Miss
Revenue	$2.19B	$2.166B	+$24.6M
EPS	$1.31	$1.27	+$0.04

The results come as Viking expands its fleet and locks in demand early. Management said advance bookings for core products remain strong, with 96 percent of 2025 capacity and 55 percent of 2026 capacity already sold at higher rates, supporting mid-single-digit pricing growth.

The company reported record advance bookings for 2026 and 2027, supported by fleet expansion and enhanced guest experiences, according to its earnings presentation. Liquidity and leverage remain healthy.

The stock closed at $98.29, up 18.25 percent over 90 days and 65.97 percent over the past year, though it eased 3.21 percent in the seven sessions before the release. At that level, Viking trades at 36.6 times earnings, above the 34.5 times fair ratio and the 23.8 times US hospitality average, according to Simply Wall St data.

Institutional investors have been active, with 398 funds adding shares and 250 trimming positions in the latest quarter. Canada Pension Plan Investment Board cut 8.9 million shares, while Wellington Management added 5.3 million. Insiders have sold 27 times in the past six months with no purchases, according to Quiver Quantitative.

The earnings beat shows management expects demand for premium cruising to hold up as capacity grows. Investors will watch the earnings call for updated guidance on 2026 pricing and the pace of new ship deliveries.

This article is for informational purposes only and does not constitute investment advice.