VIK NYSE Russell 1000 Earnings call
Viking Holdings (VIK) · Q2 2026 results and valuation
Share price: $90.06 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 19 Aug 2026 and 14 May 2026
Net income turned to a profit from a loss last quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
Turned profit
Net income vs Q1 2026
Outlook given
Net income 587.4M vs -54.4M
Revenue +107.9%
2 · How management spoke
Typical
Less upbeat than 52% of company calls
Answers to analysts: cautious, in line with the script.
Similar to last call.
3 · What stood out
Viking Holdings updated its 2026 guidance to expect the delivery of 12 ships in total, consisting of 10 for River and 2 for Ocean.
Valuation
Is Viking Holdings undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.0% growth a year (the standard assumption), the model's fair value is $54.30 a share — the stock trades 66% above it. Today's price assumes 16.0% growth a year.
Current price
$90.06
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+16.0% for 10 yrs
Fair value / share
$54.30
Buy below
$40.73
Price vs fair value
Overvalued 66%
Price vs buy-below price
Overvalued 121%
Read between the lines
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Guidance
VIK updated its 2026 guidance to expect the delivery of 12 ships in total, consisting of 10 for River and 2 for Ocean.
Source quote
“During 2026, we expect to take delivery of 12 ships in total, 10 for River and 2 for Ocean.”
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Figure
Total revenue increased 16.5% year-over-year to $2.2 billion on a consolidated basis.
Source quote
“On a consolidated basis, total revenue for the quarter increased 16.5% year-over-year to $2.2 billion.”
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Dropped
The report notes that management may discuss forward-looking information involving known and unknown risks and uncertainties that could cause actual results to differ from those expressed.
Source quote
“Before we get started, please note our cautionary statement regarding forward-looking information I am joined by Tor Hagen, Executive Chairman; Leah Talactac, President and Chief Executive Officer; and Linh Banh, Chief Financial Officer. During the call, management may discuss information that is forward-looking and involves known and unknown risks, uncertainties and other factors, which may cause the actual results to be different than those expressed or implied.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“As we have shared before, capacity growth, coupled with net yield growth, translates into strong EBITDA improvement and margin expansion.”
“We are very pleased with our performance year-to-date, and our ongoing fleet expansion underscores confidence in the business, the resilience of demand and the long-term growth opportunity before us.”
“Adjusted gross margin grew 11.3% year-over-year, and net yield was $660, up 8.8% year-over-year, driven by strong demand across all regions and favorable itinerary mix.”
Full figures
USD · ROIC.AI fundamentals (NYSE:VIK, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 2.19B | 1.05B | +107.9% | 1.88B | +16.5% |
| Gross profit | 996.6M | 359.7M | +177.1% | 859.3M | +16.0% |
| Operating income | 643.9M | 12.1M | +5238.7% | 545.5M | +18.0% |
| Net income | 587.4M | -54.4M | Turned profit | 439.0M | +33.8% |
| EPS | 1.32 | -0.12 | Turned profit | 0.99 | +32.9% |
| P/E | — | — | — | — | — |
Topics
Most discussed now
- New Really, that future cruise voucher generates the goodwill and in the hopes that they will return for future seasons so...
- These results reflect the continued strong demand for Viking's destination-focused travel experiences and the great execution of its teams…
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Faded since Q1 2026
- Dropped As you're aware, Viking is the market leader in the River North American passenger outbound and its strategy for the...
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- Fading Their leadership, institutional knowledge and day-to-day execution have been critical to Viking's performance and its success.