VIKING HOLDINGS LTD Financials

VIK

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows VIKING HOLDINGS LTD (VIK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI VIK FY2025 2026-04-22

Low working-capital demands and early cash collection let growth rebuild equity faster than the balance sheet first suggests.

From FY2023 to FY2025, operating cash flow rose from $1.37B to $2.56B while staying positive through a major earnings swing. Because receivables were only $142M against $6.50B of FY2025 revenue, the sub-1.0x current ratio looks less like inventory or credit-sales strain and more like a model funded by customer cash and other current obligations.

The move from negative equity in FY2024 to positive equity of $1.12B in FY2025 was more than an accounting reset. Cash also climbed to $3.80B, so the balance sheet improvement came with real liquidity accumulation.

The liability load still matters, but it does not read like a heavily borrowed balance sheet. Interest expense was only $19M in FY2025 against long-term debt of about $212M, implying most obligations are operating in nature rather than traditional financial leverage.

Financial Health Signals

Financial Profile 45/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of VIKING HOLDINGS LTD's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

VIKING HOLDINGS LTD's revenue surged 21.9% year-over-year to $6.5B, reflecting rapid business expansion. This strong growth earns a score of 62/100.

Leverage

VIKING HOLDINGS LTD carries a low D/E ratio of 0.19, meaning only $0.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

VIKING HOLDINGS LTD's current ratio of 0.79 is below the typical benchmark, resulting in a score of 10/100. However, the company holds substantial cash reserves (67% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Returns

100

VIKING HOLDINGS LTD earns a strong 102.4% return on equity (ROE), meaning it generates $102 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100.

Piotroski F-Score Strong

7/9

VIKING HOLDINGS LTD passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.23x

For every $1 of reported earnings, VIKING HOLDINGS LTD generates $2.23 in operating cash flow ($2.6B OCF vs $1.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$6.5B

YoY+21.9%

VIKING HOLDINGS LTD generated $6.5B in revenue in fiscal year 2025. This represents an increase of 21.9% from the prior year.

EBITDA

N/A

Net Income

$1.1B

YoY+650.5%

VIKING HOLDINGS LTD reported $1.1B in net income in fiscal year 2025. This represents an increase of 650.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$3.8B

YoY+52.8%

VIKING HOLDINGS LTD held $3.8B in cash against $212.4M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

17.7%

YoY+14.8pp

VIKING HOLDINGS LTD's net profit margin was 17.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 14.8 percentage points from the prior year.

Return on Equity

102.4%

VIKING HOLDINGS LTD's ROE was 102.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

VIK Income Statement

Metric	FY25	FY24	FY23	FY22
Revenue	$6.5B+21.9%	$5.3B+13.2%	$4.7B+48.3%	$3.2B
Cost of Revenue	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A
Interest Expense	$19.2M-9.0%	$21.1M-6.5%	$22.5M+91.1%	$11.8M
Income Tax	$19.7M+16.6%	$16.9M+153.9%	$6.6M-25.4%	$8.9M
Net Income	$1.1B+650.5%	$153.0M+108.3%	-$1.9B-546.2%	$414.7M
EPS (Diluted)	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$1.7B-13.8%	$2.0B+6.3%	$1.9B+109.6%	$897.1M-33.5%	$1.3B-19.6%	$1.7B+5.8%	$1.6B+121.0%	$718.2M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$5.0M-27.8%	$6.9M+50.3%	$4.6M+45.1%	$3.2M+9.5%	$2.9M-40.6%	$4.9M-34.9%	$7.5M+366.1%	$1.6M
Net Income	$300.3M-41.6%	$514.0M+17.0%	$439.2M+516.5%	-$105.5M-201.2%	$104.2M-72.6%	$379.7M+137.7%	$159.8M+132.6%	-$490.7M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VIK Balance Sheet

Metric	FY25	FY24	FY23	FY22
Total Assets	$12.2B+20.9%	$10.1B+18.0%	$8.6B	N/A
Current Assets	$4.5B+40.0%	$3.2B+36.7%	$2.4B	N/A
Cash & Equivalents	$3.8B+52.8%	$2.5B+64.5%	$1.5B+20.8%	$1.3B
Inventory	$95.8M+4.7%	$91.5M+67.5%	$54.6M	N/A
Accounts Receivable	$142.0M-40.6%	$239.0M-30.7%	$344.8M	N/A
Goodwill	$8.0M0.0%	$8.0M0.0%	$8.0M	N/A
Total Liabilities	$11.1B+7.5%	$10.3B-25.3%	$13.8B	N/A
Current Liabilities	$5.7B+9.5%	$5.2B+19.6%	$4.4B	N/A
Long-Term Debt	$212.4M+2.3%	$207.6M-8.9%	$228.0M	N/A
Total Equity	$1.1B+612.1%	-$219.0M+95.8%	-$5.3B-54.0%	-$3.4B
Retained Earnings	-$4.2B+21.3%	-$5.3B+2.5%	-$5.4B	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$12.2B+6.2%	$11.5B+3.6%	$11.1B+3.9%	$10.7B+5.8%	$10.1B	N/A	N/A	N/A
Current Assets	$4.5B+16.8%	$3.9B+11.3%	$3.5B-6.3%	$3.7B+14.9%	$3.2B	N/A	N/A	N/A
Cash & Equivalents	$3.8B+25.2%	$3.0B+16.6%	$2.6B-5.8%	$2.8B+11.1%	$2.5B+4.4%	$2.4B+29.5%	$1.8B+10.1%	$1.7B
Inventory	$95.8M-2.9%	$98.6M+7.1%	$92.1M+0.4%	$91.7M+0.3%	$91.5M	N/A	N/A	N/A
Accounts Receivable	$142.0M+9.1%	$130.2M-24.0%	$171.3M-26.2%	$232.2M-2.9%	$239.0M	N/A	N/A	N/A
Goodwill	$8.0M	N/A	N/A	N/A	$8.0M	N/A	N/A	N/A
Total Liabilities	$11.1B+3.7%	$10.7B-1.1%	$10.8B-1.2%	$11.0B+6.1%	$10.3B	N/A	N/A	N/A
Current Liabilities	$5.7B-6.5%	$6.1B+13.0%	$5.4B-8.1%	$5.9B+12.8%	$5.2B	N/A	N/A	N/A
Long-Term Debt	$212.4M-2.9%	$218.9M+14.0%	$191.9M-1.5%	$194.9M-6.1%	$207.6M	N/A	N/A	N/A
Total Equity	$1.1B+39.6%	$803.5M+188.7%	$278.3M+204.1%	-$267.5M-22.1%	-$219.0M+68.2%	-$688.9M+37.0%	-$1.1B+81.0%	-$5.8B
Retained Earnings	-$4.2B	N/A	N/A	N/A	-$5.3B	N/A	N/A	N/A

VIK Cash Flow Statement

Metric	FY25	FY24	FY23	FY22
Operating Cash Flow	$2.6B+23.0%	$2.1B+51.8%	$1.4B+268.0%	$372.7M
Capital Expenditures	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A
Investing Cash Flow	-$949.5M-11.2%	-$853.7M-34.6%	-$634.2M+24.6%	-$841.5M
Financing Cash Flow	-$306.0M-23.4%	-$247.9M+48.3%	-$479.7M-492.7%	-$80.9M
Dividends Paid	$0-100.0%	$18.2M-63.0%	$49.3M+6.1%	$46.5M
Share Buybacks	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$837.8M+26.2%	$663.9M+41.1%	$470.7M-19.9%	$587.9M+58.7%	$370.5M-55.3%	$828.7M+97.4%	$419.8M-9.3%	$463.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$130.1M-338.7%	-$29.6M+95.5%	-$659.7M-407.1%	-$130.1M+75.6%	-$533.0M-433.6%	-$99.9M+28.3%	-$139.3M-70.9%	-$81.5M
Financing Cash Flow	$57.7M+128.6%	-$202.0M-984.9%	$22.8M+112.4%	-$184.5M-167.3%	$274.2M+243.5%	-$191.1M-70.9%	-$111.8M+49.0%	-$219.2M
Dividends Paid	$0	$0+100.0%	-$867K-200.0%	$867K	$0	$0-100.0%	$17.5M+2331.8%	$720K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VIK Financial Ratios

Metric	FY25	FY24	FY23	FY22
Gross Margin	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A
Net Margin	17.7%+14.8pp	2.9%+42.1pp	-39.3%-52.3pp	13.1%
Return on Equity	102.4%	N/A	N/A	N/A
Return on Assets	9.4%+7.9pp	1.5%+23.1pp	-21.6%	N/A
Current Ratio	0.79+0.2	0.62+0.1	0.54	N/A
Debt-to-Equity	0.19+1.1	-0.95-0.9	-0.04	N/A
FCF Margin	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	17.4%-8.3pp	25.7%+2.3pp	23.4%+35.1pp	-11.8%-19.5pp	7.7%-14.9pp	22.6%+12.6pp	10.1%+78.4pp	-68.3%
Return on Equity	26.8%-37.2pp	64.0%-93.8pp	157.8%	N/A	N/A	N/A	N/A	N/A
Return on Assets	2.5%-2.0pp	4.5%+0.5pp	4.0%+4.9pp	-1.0%-2.0pp	1.0%	N/A	N/A	N/A
Current Ratio	0.79+0.2	0.630.0	0.64+0.0	0.63+0.0	0.62	N/A	N/A	N/A
Debt-to-Equity	0.19-0.1	0.27-0.4	0.69+1.4	-0.73+0.2	-0.95	N/A	N/A	N/A
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.79), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

What is VIKING HOLDINGS LTD's annual revenue?

VIKING HOLDINGS LTD (VIK) reported $6.5B in total revenue for fiscal year 2025. This represents a 21.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is VIKING HOLDINGS LTD's revenue growing?

VIKING HOLDINGS LTD (VIK) revenue grew by 21.9% year-over-year, from $5.3B to $6.5B in fiscal year 2025.

Is VIKING HOLDINGS LTD profitable?

Yes, VIKING HOLDINGS LTD (VIK) reported a net income of $1.1B in fiscal year 2025, with a net profit margin of 17.7%.

How much debt does VIKING HOLDINGS LTD have?

As of fiscal year 2025, VIKING HOLDINGS LTD (VIK) had $3.8B in cash and equivalents against $212.4M in long-term debt.

What is VIKING HOLDINGS LTD's net profit margin?

VIKING HOLDINGS LTD (VIK) had a net profit margin of 17.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is VIKING HOLDINGS LTD's return on equity (ROE)?

VIKING HOLDINGS LTD (VIK) has a return on equity of 102.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is VIKING HOLDINGS LTD's operating cash flow?

VIKING HOLDINGS LTD (VIK) generated $2.6B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are VIKING HOLDINGS LTD's total assets?

VIKING HOLDINGS LTD (VIK) had $12.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What is VIKING HOLDINGS LTD's current ratio?

VIKING HOLDINGS LTD (VIK) had a current ratio of 0.79 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is VIKING HOLDINGS LTD's debt-to-equity ratio?

VIKING HOLDINGS LTD (VIK) had a debt-to-equity ratio of 0.19 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is VIKING HOLDINGS LTD's return on assets (ROA)?

VIKING HOLDINGS LTD (VIK) had a return on assets of 9.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is VIKING HOLDINGS LTD's Piotroski F-Score?

VIKING HOLDINGS LTD (VIK) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are VIKING HOLDINGS LTD's earnings high quality?

VIKING HOLDINGS LTD (VIK) has an earnings quality ratio of 2.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is VIKING HOLDINGS LTD?

VIKING HOLDINGS LTD (VIK) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.