Overview
- Revenue reached $1.9996 billion, up 19.1% year over year, with adjusted EBITDA of $703.5 million and adjusted EPS of $1.20 slightly topping the $1.19 consensus.
- Occupancy ran at 96% with net yield up 7.1%, and gross margin rose 22.9% to $881.7 million, reflecting stronger pricing and operating leverage.
- As of Nov. 2, 96% of 2025 PCDs and 70% of 2026 were sold, with advance bookings of $5.613 billion for 2025 and $4.925 billion for 2026, and bookings per PCD of $782 and $861, respectively.
- The company surpassed 100 ships after taking four new river vessels, with capacity supported by two ocean ships and the Viking Yi Dun agreement, options for eight more river vessels, and two additional river vessel deliveries expected by year-end.
- Liquidity and credit improved with $3.0 billion in cash, an upsized $1.0 billion revolver, $1.7 billion of senior notes due 2033, $4.3 billion in deferred revenue, and a Moody’s upgrade to Ba2, while shares traded up about 5% intraday post-report.