Viking has reported a significant doubling of its seasonal losses, yet remains positive about its overall performance.
- The company experienced a net loss of $494 million in the first quarter, compared to $214.4 million last year.
- This increase is attributed to the seasonal nature of the business and an expansion in fleet size and occupancy.
- Despite the losses, Viking has secured 91% of its capacity for 2024 and 39% for 2025, showcasing strong demand.
- Viking plans to introduce new itineraries and expand its fleet, indicating a forward-thinking strategy.
Viking, the renowned river, ocean, and expedition cruise line, has seen its net losses more than double in the typically slow first quarter, recording a loss of $494 million against $214.4 million during the same period last year. The company attributes these losses primarily to the seasonal nature of their operations, acknowledging that their main cruising period spans from April to October, which significantly influences revenue flows.
In contrast to the heightened losses, Viking’s total revenue increased by 14.2% to $718.2 million for the three months ending March 31. This growth is largely due to an increase in fleet size and higher occupancy rates, reflecting a robust demand for Viking’s offerings despite the seasonal challenges.
As of March, the company has impressively sold 91% of its available capacity for 2024 and 39% for 2025, driven by an increase in availability by 5% this year and anticipated growth of 12% next year. This strong booking performance equates to $4.5 billion and $2.5 million in advance bookings for the respective years, underscoring the market’s confidence in Viking’s service.
Viking recently concluded a $1.8 billion IPO, gaining $245.5 million in net proceeds, and maintaining a substantial $1.7 billion in cash reserves at the close of the first quarter. These moves fortify Viking’s financial base, empowering them to pursue strategic growth with planned deliveries of new ships this year.
Torstein Hagen, Viking’s chairman and chief executive, expressed satisfaction with the quarterly performance, highlighting the company’s commitment to prioritising guest experience and fostering employee inclusion. Hagen emphasises a contrarian, long-term approach to business management, pivotal to Viking’s continuous evolution.
CFO Leah Talactac echoed similar sentiments, celebrating the strong financial outcomes as evidence of increasing demand and brand strength. Emphasising balance sheet improvement, Talactac pointed to current cash balances and reduced net leverage as key indicators of fiscal health.
Viking is also expanding its geographic footprint by announcing new itineraries in the Great Lakes region for 2026, incorporating Chicago as a new port of call. This strategy marks the commencement of its third operational year in the area with its twin expedition ships, Viking Octantis and Viking Polaris.
Viking remains committed to growth and resilience, leveraging past successes to navigate future challenges.
