Viking Holdings Financials

VIK

FY2025 annual

Revenue $6.5B +21.9% YoY

Net Income $1.1B +650.5% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow Not reported for FY2025

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

Viking Holdings (VIK) reported $6.5B in revenue for fiscal year 2025, up 21.9% from the prior fiscal year. This page shows its 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 2026-08-15

Cash conversion and operating-liability financing are the dominant mechanics as profitability and equity recover.

In FY2025, operating cash flow of $2.56B was more than twice net income of $1.15B, extending the same profit-to-cash gap already visible in FY2024. Because long-term debt stayed near $212M while equity rose from -$219M to positive territory, the balance-sheet repair came mainly from internally generated cash rather than refinancing.

The current ratio was only 0.8x despite $3.80B of cash, which means near-term obligations still exceed near-term assets and the operating cycle helps fund the business. That matters because long-term debt was just $212M, so this is a liquidity-shape issue more than a classic solvency problem.

The earnings picture also changed shape: net margin rose from 2.9% in FY2024 to 17.7% in FY2025, so profit recovery was not merely a revenue effect. With interest expense still around $19M, more of the improvement appears to reflect operating performance than a balance sheet stretched for growth.

Financial Health Signals

Financial health score not available

Viking Holdings does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

7/7

Viking Holdings passes 7 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 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 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 generated $6.5B in revenue in fiscal year 2025. This represents an increase of 21.9% from the prior year.

Net Income

$1.1B

YoY+650.5%

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

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Cash & Debt

$3.8B

YoY+52.8%

Viking Holdings held $3.8B in cash against $212.4M in long-term debt as of fiscal year 2025, with $5.7B of liabilities due within a year.

Free Cash Flow

Not reported for fiscal year 2025.

Dividends Per Share

Not reported for fiscal year 2025.

Shares Outstanding

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

17.7%

YoY+14.8pp

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

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

None of these metrics is reported for fiscal year 2025.

VIK Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VIK annual income statement

Metric	FY25	FY24	FY23	FY22
Revenue	$6.5B+21.9%	$5.3B+13.2%	$4.7B+48.3%	$3.2B
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

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
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

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EPS (Diluted).

VIK Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VIK annual 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

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

VIK annual 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
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

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
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

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.

VIK Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

VIK annual financial ratios

Metric	FY25	FY24	FY23	FY22
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+0.2x	0.62+0.1x	0.54	N/A
Debt-to-Equity	0.19	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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+0.2x	0.630.0x	0.640.0x	0.630.0x	0.62	N/A	N/A	N/A
Debt-to-Equity	0.19-0.1x	0.27-0.4x	0.69	N/A	N/A	N/A	N/A	N/A

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, FCF Margin.

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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Where Viking Holdings Ranks

Frequently Asked Questions

What is Viking Holdings's annual revenue?

Viking Holdings (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's revenue growing?

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

Is Viking Holdings profitable?

Yes, Viking Holdings (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 have?

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

What is Viking Holdings's net profit margin?

Viking Holdings (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's return on equity (ROE)?

Viking Holdings (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's operating cash flow?

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

What are Viking Holdings's total assets?

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

What is Viking Holdings's current ratio?

Viking Holdings (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's debt-to-equity ratio?

Viking Holdings (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's return on assets (ROA)?

Viking Holdings (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's Piotroski F-Score?

Viking Holdings (VIK) has a Piotroski F-Score of 7 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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's earnings high quality?

Viking Holdings (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.