Gross margin for the first quarter of 2026 was $297.6 million, an increase of $52.1 million, or 21.2%, over the same period in 2025 and Adjusted Gross Margin for the first quarter of 2026 was $717.2 million, an increase of $103.9 million, or 16.9%, over the same period in 2025. Net Yield was $596 for the first quarter of 2025, up 9.5% year-over-year.
For the first quarter of 2026, vessel operating expenses were $357.5 million and vessel operating expenses excluding fuel were $316.1 million. Compared to the same period in 2025, vessel operating expenses increased $47.6 million, or 15.4%, and vessel operating expenses excluding fuel increased $47.9 million, or 17.9%, mainly driven by timing of maintenance and repair costs and the increase in the size of the Company’s fleet in 2026 compared to 2025.
Net loss for the first quarter of 2026 improved to $54.2 million compared to a loss of $105.5 million for the same period in 2025. Adjusted Net Loss attributable to Viking Holdings Ltd for the first quarter of 2026 improved to $49.2 million compared to a loss of $105.5 million for the same period in 2025.
Adjusted EBITDA was $104.8 million, an increase of $32.0 million, or 43.9%, over the same period in 2025. The increase in Adjusted EBITDA was mainly driven by increased Capacity PCDs and higher revenue per PCD.
Diluted EPS was $(0.12) and Adjusted EPS was $(0.11) for the first quarter of 2026, compared to Diluted EPS and Adjusted EPS of $(0.24) for the same period in 2025.
Our first quarter results reflect the seasonality of our business. While our ocean, expedition and Mississippi products operate year-round, the primary cruising season for our river product is from April to October.
“We are very encouraged by the financial results of the first quarter. Increasing capacity together with Net Yield improves our profitability and further strengthens our market leadership,” said Ms. Banh. “In this dynamic macroeconomic environment, we remain focused on delivering superior experiences, optimizing revenue and maintaining disciplined cost management, while prudently investing to support long‑term growth.”
Update on Operating Capacity and Bookings
For our Core Products, operating capacity is 7% higher for the 2026 season compared to the 2025 season and 15% higher for the 2027 season compared to the 2026 season.
As of May 3, 2026, for our Core Products, we had sold 92% of our Capacity PCDs for the 2026 season and 38% for the 2027 season. We had $6,225 million of Advance Bookings for the 2026 season, 13% higher than the 2025 season at the same point in time; and we had $3,403 million of Advance Bookings for the 2027 season, 31% higher than the 2026 season at the same point in time. Advance Bookings per PCD for the 2026 season was $842, 5.5% higher than the 2025 season at the same point in time, and Advance Bookings per PCD for the 2027 season was $986, 11.0% higher than the 2026 season at the same point in time.
“With 2026 mostly booked, our focus has shifted to the 2027 season, which is off to a great start. Capacity for our Core Products is increasing by 15%, and is already 38% booked, with Advance Bookings 31% ahead of last year,” said Ms.Talactac. “Our booked positions for 2026 and 2027 demonstrate the resilience of our loyal customer base and the sustained demand for our product reflecting that travel remains a priority for our customers. These results also underscore the effectiveness of our strategic initiatives including an extended booking window, targeted direct marketing, a broader itinerary offering and a compelling value proposition.”
Balance Sheet and Liquidity
As of March 31, 2026:
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The Company had $4.0 billion in cash and cash equivalents and an undrawn revolver facility of $1.0 billion.
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Scheduled principal payments are $174.4 million for the remainder of 2026 and $197.4 million for 2027.
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Deferred revenue was $5.4 billion.
In March 2026, S&P upgraded Viking Cruises Ltd’s corporate rating to BB+ from BB.
New Build and Capacity
Since our fourth quarter 2025 earnings release, the Company:
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Took delivery of the Viking Eldir, a river vessel that operates in Europe.
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Announced it would build two additional river vessels to operate in Egypt scheduled for delivery in 2028.
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Acquired the Viking Yidun, an ocean ship, from China Merchants Viking Cruises Limited.