[VIK] Viking: Q3 2026 Earnings Preview on Low River Water and Ocean Pricing

Viking (VIK) is a river and ocean cruise company built around affluent North American travelers aged 55 and older[1], and the Drillr earnings calendar shows its Q3 2026 earnings, covering the Third quarter 2026 (three months ended September 30, 2026), scheduled for 2026-11-17[2]. The latest reported quarter is the second quarter of 2026: total revenue was $2.19 billion, up 16.5% year over year, adjusted EBITDA was $748 million, up 18.2%, net income attributable to Viking was $587 million and adjusted EPS was $1.31[3]. Consolidated occupancy was 94.4%, below 95.6% a year earlier, while net yield rose 6.3% to $645[4]. Viking does not give quarterly numerical guidance; on its August 19 call, management reaffirmed a mid-single-digit annual net yield growth target for both the river and ocean segments, including 2027, and said some financial impact from low water and vouchers would show up in the third quarter, without putting a figure on it[5]. MarketBeat's November 10 compilation of analyst expectations puts third-quarter EPS at $1.27 and revenue at $2.21 billion[6].

Three things matter most in this report. The first is whether the river segment held up through low water: in August the company said more than half of third-quarter river capacity was affected by low water on the Danube and Rhine, and about 10-12% of affected voyages were ultimately canceled[7], while derived second-quarter river occupancy (first half minus first quarter) had already slipped to 95.0% from 96.0% a year earlier[8][9], so third-quarter river occupancy and net yield will show how large the hit was. The second is whether the ocean segment can hold pricing while capacity keeps growing: derived second-quarter ocean capacity rose 12.7%, occupancy of 95.8% was roughly flat and net yield rose 9.2% to $656[8][9], so a clear slowdown in third-quarter pricing would suggest new berths are starting to rely on discounts. The third is the quality of 2027 bookings: as of August 9, 2027-season advance bookings were $4.71 billion, up 21%, and advance bookings per passenger cruise day (PCD) were $958, up 10%[10], but management acknowledged that a meaningful share of that increase came from higher-priced itineraries such as Egypt and Vietnam selling first[11], so the per-PCD growth rate in the third-quarter report will show how quickly that mix effect fades.

Company Background and Business Structure

Viking positions itself as a cruise line for "curious, affluent" travelers aged 55 and older, selling destination experiences rather than onboard entertainment. Its ocean ships carry fewer than 1,000 passengers, can dock in ports that larger ships cannot reach, and focus mostly on Northern Europe and the Mediterranean rather than the Caribbean routes favored by large cruise lines[1]. Bermuda is the company's home country, and as a foreign private issuer it reports under IFRS and furnishes quarterly information on Form 6-K rather than Form 10-Q; its principal shareholder controls a majority of the voting power, which makes Viking a controlled company under NYSE rules[12]. In 2026, founder Torstein Hagen became executive chairman and Leah Talactac became chief executive officer[13].

The company has two reporting segments of roughly similar size. Viking River runs a fleet of European Longships designed to carry about 20% more guests than standard European river vessels[1]; in 2025 the segment had 3,421,332 capacity PCDs, 96.0% occupancy, a $578 net yield and $1.90 billion of adjusted gross margin[14]. Viking Ocean launched in 2015 with one ship and has grown to 12 ships[1]; in 2025 it had 3,650,314 capacity PCDs, 95.0% occupancy, a $572 net yield and $1.99 billion of adjusted gross margin[14]. Viking also operates expedition and Mississippi River ships, which are counted with the river and ocean segments in company-wide capacity[10]. In the first quarter of 2026, the company added the ocean ship Viking Idun, dedicated to Chinese outbound travelers, and added higher-yielding river capacity in Egypt and Vietnam[13].

Nearly all revenue comes from cruise fares, and the heaviest costs are transportation, ship operations and direct marketing. In 2025, total revenue was $6.50 billion, made up of $6.05 billion from cruise and land and $450 million from onboard and other; commissions and transportation costs were $1.36 billion, direct costs were $852 million, vessel operating costs were $1.47 billion and selling and administration was $1.03 billion[12]. More than 50% of 2025 guests booked directly with Viking, and its marketing database covers more than 57 million North American households[15]. Guests pay in advance, creating a large deferred revenue balance, and the company has historically financed up to 80% of newbuild contract prices[16]. Management anticipates 12 new ship deliveries in 2026, 10 river and 2 ocean[5].

Financial History and Current Position

The annual record shows Viking growing revenue and widening margins at the same time over the past three years. According to the 2025 Form 20-F, total revenue rose from $4.71 billion in 2023 to $5.33 billion in 2024 and $6.50 billion in 2025, up 21.9% in 2025; operating income was $816 million, $1.08 billion and $1.50 billion, and adjusted EBITDA was $1.09 billion, $1.35 billion and $1.87 billion[12]. Net income attributable to Viking was a loss of $1.85 billion in 2023 and a profit of $152 million in 2024, with those two years weighed down by pre-IPO private placement derivative losses of $2.01 billion and $364 million; in 2025, net income attributable to Viking was $1.15 billion and adjusted EPS was $2.61[12].

The 2026 quarters show that Viking's profits are concentrated in the European peak season. Derived by subtracting the second quarter from the first half, first-quarter revenue was about $1.05 billion with a net loss attributable to Viking of about $54 million; second-quarter revenue was $2.19 billion and operating income was $644 million, almost all of the $656 million first-half operating income[3]. Consolidated capacity in the second quarter was 2,364,226 PCDs, up about 10.9%, but occupancy fell from 95.6% to 94.4%[4].

Customer prepayments still underpin the balance sheet and cash flow. Operating cash flow in the first half of 2026 was $1.13 billion, including a $436 million increase in deferred revenue; investments in ships and intangible assets were $1.27 billion, while the company drew $800 million in new long-term debt and repaid $318 million[16]. At June 30, cash was $3.99 billion, deferred revenue was $5.04 billion (versus $4.61 billion at the end of 2025) and long-term debt was $5.74 billion[17], and the company also had an undrawn $1.0 billion revolving credit facility[16]. On the call, management cited net debt of $2.4 billion and net leverage of 1.2x at June 30, with all bond maturities in 2028 or later and scheduled principal payments of $117 million for the rest of 2026 and $234 million for 2027[5]. On September 10, the board authorized a share repurchase program of up to $1 billion[18].

Operating Model

Viking's segment profit can be understood through one equation: adjusted gross margin equals occupied passenger cruise days multiplied by net yield, and occupied days equal capacity PCDs multiplied by occupancy. In 2025, 3,285,444 river PCDs at $578 come to about $1.90 billion, and 3,468,423 ocean PCDs at $572 come to about $1.99 billion[14]. Because 2025-season guests booked an average of 11 months ahead and paid seven months before departure[15], most of the next quarter's revenue is already locked in by advance bookings at the start of the quarter, and the real in-quarter variables are cancellations, ship-swap costs and a small amount of close-in selling.

Operating income depends on how much of adjusted gross margin is left after ship operations, marketing and depreciation. In 2025, vessel operating costs were $1.47 billion, selling and administration was $1.03 billion and depreciation, amortization and impairment was $285 million, leaving operating income of $1.50 billion and a 23.1% operating margin, with $363 million of interest expense below that line[12]. Fuel is the main variable element of vessel operating costs: second-quarter consolidated fuel expense was about $61.4 million (vessel operating costs of $442 million minus $381 million excluding fuel), up about 42% from about $43.1 million a year earlier[4]. Management said ocean operations are more sensitive to fuel prices, while river fuel for 2026 is mostly covered by fixed-price contracts signed in 2025[13]. Higher fuel and airfare costs reduce operating income in the same quarter, whereas higher fares only flow through as the next round of bookings sails.

Cash flow runs ahead of profit, and that is a defining feature of Viking's business model. Operating cash flow roughly equals adjusted EBITDA plus the increase in deferred revenue, minus interest and taxes; because guests pay early, Viking had a working capital deficit of $1.18 billion at June 30, including $5.04 billion of deferred revenue[16], so booking growth itself generates cash. Newbuild spending sits on the other side: management guided to committed ship capital expenditure of about $1.9 billion in 2026, or about $650 million net of financing, and about $1.0 billion in 2027, or about $260 million net of financing[5]. A booking slowdown would reach cash through deferred revenue within one or two quarters, while the profit effect would be recognized only when the cruises sail.

Industry and Competitive Position

Viking leads the luxury cruise niche by scale and has built operating advantages through direct selling and a uniform fleet. Based on luxury ocean market share for the 2025 season, Viking is the world's largest luxury ocean line, with a 27% share[1]; in May 2026 management cited a current share of 24% and a goal of up to 30%[13]. The company believes that generating early demand through direct marketing lets it secure bookings earlier than the large public cruise lines[15]. Its identical Longship design allowed it to position ships on either side of low-water stretches and transfer guests during record low water in 2022, when 14% of its Rhine River sailings involved ship swaps and those sailings still received high guest quality ratings[19].

Those advantages have clear limits. European rivers experienced significant low water in both 2018 and 2022, disrupting or canceling some cruises, and in such cases Viking provides cash refunds or future cruise vouchers[19]. Ocean operations are more sensitive to fuel prices, higher transatlantic airfares add cost pressure, and the Chinese domestic cruise market has intense price competition and limited room for differentiation[13]. The disclosures cited here cover only Viking itself and lack like-for-like pricing and occupancy comparisons with other luxury cruise lines, so any judgment about relative position relies mainly on the company's own market share figures.

Core Debates

Will low water on the Danube and Rhine push Viking's third-quarter river profits backward?

River cruising is one of Viking's core third-quarter profit sources, and this quarter coincided with widespread low water. As of August 9, 2026-season river advance bookings were $3.02 billion, about 47% of the company-wide $6.39 billion[20][10]; in 2025, river adjusted gross margin was $1.90 billion, up 16.2%, with 96.0% occupancy and a $578 net yield[14]. Derived by subtracting the first quarter from the first half, second-quarter 2026 river adjusted gross margin was about $702 million, up 10.1%[8][9], and the third quarter is also European peak season. On its August 19 call, the company said more than half of third-quarter river capacity was affected by low water[7], and that some financial impact would show up in the third quarter, without putting a figure on it[5].

The evidence so far shows that the disruption is real but not yet measured. Viking has relied on nearly identical Longships stationed on either side of shallow stretches and has had no full cruise cancellations to date, but about 10-12% of affected voyages were ultimately canceled, and incremental transportation and operating costs will also fall into the third quarter[7]. As a baseline, derived second-quarter river occupancy was 95.0% (1,094,278 ÷ 1,152,116) versus 96.0% a year earlier; derived net yield was $641, up 5.3%, and first-half river net yield was $660 versus $607 a year earlier[8][9]. The alternative reading is that ship swaps let the large majority of guests complete their trips, higher-priced Egypt itineraries offset part of the loss, third-quarter pricing can still grow and the damage is a one-off cost; in the 2022 low-water episode, 14% of Rhine sailings needed ship swaps and those sailings still received high guest quality ratings[19].

Low water reaches the financial statements through three channels. Canceled voyages reduce occupied passenger days, lowering occupancy, and refunds reduce revenue; extra spending on ship swaps, buses and hotels goes into commissions and transportation costs and directly lowers river adjusted gross margin; and vouchers usable through 2028 act as discounts on new bookings when redeemed, depressing net yield later[7]. Multiplying more than 50% of capacity affected by a 10-12% cancellation rate gives a rough estimate that about 5-6% of third-quarter river passenger days were canceled, which, measured against the roughly $702 million second-quarter river adjusted gross margin, equals about $35 million to $42 million of margin[8]. This estimate assumes the cancellation rate can be applied to passenger days, whereas the company gave the rate for affected voyages, and the two may not match.

The third-quarter report can test this debate in four ways. One is whether derived river occupancy holds at 95.0% or falls below 94.0%; another is whether derived river net yield still grows more than 5% year over year; a third is whether the company quantifies refunds, vouchers and extra transportation costs, along with the full-quarter share of affected capacity; and a fourth is whether 2027-season river booking growth recovers from 11% in August to the 13% capacity growth rate[20]. A year-over-year decline in derived river adjusted gross margin would show that low-water losses outweighed capacity growth; occupancy of at least 95.0% with net yield growth would make low water look more like a one-off cost. Management has kept its mid-single-digit net yield growth target for 2027[11], and whether voucher redemptions push river growth below that target will only be fully testable in 2027.

Can Viking fill its new ocean berths without cutting prices?

Ocean cruising is already Viking's largest profit source, and it is also where capacity is growing fastest. In 2025, ocean adjusted gross margin was $1.99 billion, up 30.9%, as capacity PCDs grew 17.9%[14]; ocean capacity rises another 9% for the 2026 season and 18% for the 2027 season[20], and management aims to lift its luxury ocean market share from 24% to 30%[13]. Derived by subtracting the first quarter from the first half, second-quarter 2026 ocean adjusted gross margin was about $605 million, up 23.0%[8][9].

So far, the new berths have not been filled by cutting prices. Derived second-quarter ocean capacity was 962,744 PCDs, up 12.7%; occupancy was 95.8% (922,618 ÷ 962,744), roughly flat against 95.9% a year earlier; and net yield was $656, up 9.2%[8][9]. As of August 9, 96% of 2026-season ocean capacity was sold, advance bookings per PCD were $768 versus $721 a year earlier, and 2027-season ocean advance bookings were up 29%[20]. On a consolidated basis, second-quarter vessel operating expense excluding fuel was $161 per capacity PCD, compared with $157 a year earlier[4].

The ocean transmission chain is longer than the river one and more exposed to costs. New ship deliveries add ocean capacity PCDs, the direct-marketing database sells the new berths roughly a year ahead, and occupancy multiplied by net yield determines ocean adjusted gross margin; higher fuel prices raise vessel operating costs, and most ocean fuel is not locked in[13]. Using the derived second-quarter figures of 922,618 ocean passenger days and a $656 net yield, each 1% decline in net yield would reduce quarterly ocean adjusted gross margin by about $6 million[8][9]. The alternative reading is that part of first-half net yield growth came from a higher-priced itinerary mix, that new ships and the Chinese-market Viking Idun carry lower prices, and that as capacity growth accelerates, pricing growth could slip below the mid-single digits[13].

The third quarter needs to be read across capacity, pricing and cost at the same time. Specifically, the questions are whether derived ocean capacity grows more than 9%, whether occupancy stays level with a year earlier and net yield grows more than 5%, whether ocean adjusted gross margin grows faster than capacity, and whether consolidated vessel operating cost per PCD excluding fuel is diluted by the new ships. A year-over-year decline in derived ocean net yield would show that new capacity is starting to rely on discounts; fuel inflation eating into pricing gains, or lower-priced Chinese outbound business dragging on the ocean mix, would also weaken the current reading.

How much of the 10% rise in 2027 booking prices is real pricing, and how much is itinerary mix?

Viking's advance bookings directly set the next year's revenue and its cash on hand, because 2025-season guests booked an average of 11 months ahead and paid seven months before departure[15]. As of August 9, 53% of 2027-season capacity was sold, advance bookings were $4.71 billion, up 21%, and advance bookings per PCD were $958, up 10%, while company-wide 2027 capacity grows 15%[10]. Deferred revenue was $5.04 billion at June 30, up from $4.61 billion at the end of 2025[17], and in September the company authorized a $1 billion share repurchase program[18].

Booking momentum for 2027 is diverging between the two segments. Ocean 2027-season advance bookings were up 29%, ahead of 18% capacity growth, at $877 per PCD versus $781 a year earlier; river bookings were up only 11%, behind 13% capacity growth, with 42% of capacity sold at $1,029 per PCD versus $942 a year earlier[20]. On the August call, management acknowledged that a meaningful portion of the per-PCD increase came from higher-priced new itineraries such as Egypt and Vietnam selling earlier in the booking cycle, and that growth would moderate as more core European inventory sells, while reaffirming its mid-single-digit net yield growth target for 2027; vouchers are not included in advance bookings and instead act as discounts on new bookings when redeemed[11].

Bookings reach the financial statements through deferred revenue and occupancy. Direct and travel-agent bookings first bring in deposits and final payments, which sit in deferred revenue and cash until the cruise sails and the revenue is recognized[16]; the gap between bookings and capacity sets the room for next-quarter occupancy, and the per-PCD price sets net yield. Against $4.71 billion of 2027-season advance bookings, each percentage point less of per-PCD growth corresponds to about $47 million of locked-in revenue[10]. The alternative reading is that the 10% price increase is mostly a mix effect, and bookings are outrunning capacity only because higher-priced itineraries went on sale first, not because core European demand is accelerating[11].

The third-quarter report needs to answer four questions. One is whether 2027-season booking growth stays above 15% capacity growth; another is whether per-PCD growth falls below 5%; a third is whether 2027-season river booking growth recovers to the 13% capacity growth rate; and a fourth is whether deferred revenue at September 30 holds at the June 30 level of $5.04 billion and whether buybacks have started. If 2027-season booking growth falls below capacity growth, Viking will need more close-in promotions; if deferred revenue drops below the level at the start of the year, the internal funding source for newbuilds weakens, at a time when first-half 2026 investment in ships and intangible assets already reached $1.27 billion[16].

Risks and Falsifiers

Control and the leadership transition are a governance risk. Viking is a controlled company under NYSE rules and, as a foreign private issuer, furnishes quarterly information on Form 6-K[12]; in 2026, Torstein Hagen became executive chairman and Leah Talactac became chief executive officer[13]. This matters in two ways: quarterly reports disclose only year-to-date segment data, so single-quarter segment results have to be derived, and capital allocation decisions such as new ship orders and the $1 billion buyback are made by a board led by the principal shareholder[18]. If the new management keeps the established newbuild plan and the mid-single-digit net yield target, and executes buybacks without weakening liquidity, this risk has not materialized.

Fuel and airfare costs hit operating income directly in the quarter they occur. Oil prices rose in 2026, ocean fuel is largely unhedged, and higher transatlantic airfares are an added headwind[13]; second-quarter consolidated fuel expense was about $61.4 million, up about 42%, far faster than capacity growth[4], and commissions and transportation costs were $454 million, or 20.7% of revenue[3]. If third-quarter consolidated fuel expense growth falls back toward capacity growth and commissions and transportation costs are no higher than the second quarter's 20.7% of revenue, the impact of this risk is limited.

Low water on European rivers is a recurring operating risk, having occurred in 2018, 2022 and 2026[19][7]. Using more than 50% of capacity affected and a 10-12% cancellation rate, a rough estimate is that about 5-6% of third-quarter river passenger days were canceled; measured against roughly $702 million of second-quarter river adjusted gross margin, that equals about $35 million to $42 million of margin, before costs for ship swaps, buses and hotels and voucher discounts during the redemption period[8]. If derived third-quarter river occupancy is at least 95.0% and net yield grows year over year, current concerns about the low-water hit are overstated.

Rapid ocean capacity growth puts pressure on pricing. Ocean capacity grows 9% for the 2026 season and 18% for the 2027 season[20], and the company has added a ship dedicated to Chinese outbound travelers[13]. Based on derived second-quarter figures of 922,618 passenger days and $656, each 1% decline in ocean net yield would cut quarterly adjusted gross margin by about $6 million, and the faster capacity grows, the larger the effect of discounting[8][9]. If derived third-quarter ocean net yield grows at least 5% and occupancy is level with a year earlier, this risk has not materialized.

Growth in booking prices may come mostly from itinerary mix. Management said per-PCD growth would slow as European inventory sells[11]; with 2027 capacity growing 15%, each percentage point less of per-PCD growth equals about $47 million of locked-in revenue against the $4.71 billion of advance bookings as of August 9[10]. If the third-quarter report shows 2027-season per-PCD growth of at least 6%, core pricing is stronger than management described.

What to Watch Next

• River low water: whether derived river occupancy holds at the second-quarter level of 95.0% (96.0% a year earlier); a drop below 94.0% would suggest more than a one-off cost.
• River low water: whether derived river net yield, $641 in the second quarter (+5.3%), still grows more than 5%; a decline would show low water eroding pricing.
• River low water: whether derived river adjusted gross margin, about $702 million in the second quarter (+10.1%), still grows; a decline would mean losses outweighed capacity growth.
• River low water: whether Viking quantifies refunds, vouchers and extra costs; a voucher total well above the outside estimate of about $150 million would weaken the current reading.
• Ocean expansion: whether ocean net yield grows more than 5% while capacity grows more than 9%, against second-quarter figures of +12.7% capacity, 95.8% occupancy and a $656 net yield (+9.2%).
• Ocean expansion: whether vessel operating cost excluding fuel, $161 per PCD in the second quarter, is diluted by new ships, and whether fuel expense growth (about +42% to $61.4 million) slows toward capacity growth.
• Booking quality: whether 2027-season per-PCD growth, now 10% at $958 on $4.71 billion of bookings (+21%), stays at 6% or more rather than falling below 5%.
• Booking quality: whether deferred revenue at September 30 holds at the June 30 level of $5.04 billion and stays above $4.61 billion at the start of the year, and whether the $1 billion buyback has begun.

Conclusion

Viking's business runs on two sets of variables: capacity, occupancy and net yield in the river and ocean segments determine adjusted gross margin, and deferred revenue from guest prepayments determines cash. At June 30, 2026, the company held $3.99 billion of cash and $5.04 billion of deferred revenue[17], and second-quarter revenue grew 16.5%[3], so its financial position is not stretched. The unresolved relationship is how the peak-season river low-water hit, ocean pricing under capacity expansion, and the split between real pricing and mix in 2027 booking prices together determine whether the mid-single-digit net yield growth target for 2027 is met[11].

Independent analysis published after August 19 is scarce, and only one piece offers concrete numbers. In an article updated November 2, Ralph Grizzle of River Cruise Advisor cited a Barron's estimate that low water could cost Viking $30 million to $50 million in lost revenue and that Viking may have issued about $150 million in future-cruise vouchers; the article also cited a UBS estimate that voucher redemptions would reduce Viking's overall net yields by less than 1% in each of 2027 and 2028, and on that basis told readers not to expect cheaper 2027 fares[21]. This outside view bears directly on the river low-water debate: if the estimates hold, the direct third-quarter revenue loss is limited, but vouchers carry the impact into 2027 and 2028. It is an outside interpretation rather than a company disclosure, and the other coverage mostly consisted of brokers adjusting their views on the stock without verifiable operating figures, so whether the third-quarter report quantifies vouchers and losses is the first test of these estimates.

The combination that would materially strengthen the current understanding is derived third-quarter river occupancy holding near 95.0% with net yield growth, ocean net yield up more than 5% with flat occupancy, 2027-season booking growth still ahead of 15% capacity growth, and deferred revenue at September 30 of at least $5.04 billion. Conversely, a year-over-year decline in derived river adjusted gross margin, falling ocean net yield, 2027 per-PCD growth below 5%, and a disclosed voucher total well above the outside estimate of about $150 million would indicate that low water and mix effects will weigh on 2027 more heavily than currently visible.

Sources

[1] VIK 20-F filed 2026-03-03 business and demographic · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000007/vik-20251231.htm

[2] Drillr earnings calendar 2026-11-10 VIK Q3 2026 · 2026-11-10 · Drillr earnings calendar

[3] VIK 6-K filed 2026-08-19 Q2 2026 results · 2026-08-19 · 6-K · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000021/vik-20260630.htm

[4] VIK 6-K filed 2026-08-19 Q2 2026 operating statistics · 2026-08-19 · 6-K · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000021/vik-20260630.htm

[5] VIK Q2 2026 earnings call 2026-08-19 guidance · 2026-08-19 · earnings-call · https://gateway.drillr.ai/mcp/private

[6] MarketBeat 2026-11-10 VIK Q3 2026 preview · 2026-11-10 · MarketBeat(汇总分析师预期) · https://www.marketbeat.com/instant-alerts/upcoming-viking-vik-expected-to-release-quarterly-earnings-on-tuesday-2026-11-10/

[7] VIK Q2 2026 earnings call 2026-08-19 low water · 2026-08-19 · earnings-call · https://gateway.drillr.ai/mcp/private

[8] VIK 6-K filed 2026-08-19 Q2 2026 segment statistics · 2026-08-19 · 6-K · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000021/vik-20260630.htm

[9] VIK 6-K filed 2026-05-14 Q1 2026 segment statistics · 2026-05-14 · 6-K · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000017/vik-20260331.htm

[10] VIK 6-K filed 2026-08-19 booking environment · 2026-08-19 · 6-K · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000021/vik-20260630.htm

[11] VIK Q2 2026 earnings call 2026-08-19 booking mix Q&A · 2026-08-19 · earnings-call · https://gateway.drillr.ai/mcp/private

[12] VIK 20-F filed 2026-03-03 · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000007/vik-20251231.htm

[13] VIK Q1 2026 earnings call 2026-05-14 · 2026-05-14 · earnings-call · https://gateway.drillr.ai/mcp/private

[14] VIK 20-F filed 2026-03-03 segment statistics · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000007/vik-20251231.htm

[15] VIK 20-F filed 2026-03-03 booking and payment · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000007/vik-20251231.htm

[16] VIK 6-K filed 2026-08-19 cash flow and liquidity · 2026-08-19 · 6-K · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000021/vik-20260630.htm

[17] VIK 6-K filed 2026-08-19 balance sheet · 2026-08-19 · 6-K · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000021/vik-20260630.htm

[18] VIK 6-K filed 2026-09-11 share repurchase · 2026-09-11 · 6-K · https://www.sec.gov/Archives/edgar/data/1745201/000119312526389285/6-k_-_share_repurchase_2.htm

[19] VIK 20-F filed 2026-03-03 low water risk · 2026-03-03 · 20-F · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000007/vik-20251231.htm

[20] VIK 6-K filed 2026-08-19 ocean and river bookings · 2026-08-19 · 6-K · https://www.sec.gov/Archives/edgar/data/1745201/000174520126000021/vik-20260630.htm

[21] River Cruise Advisor 2026-11-02 Europe 2026 drought cost · 2026-11-02 · River Cruise Advisor · https://rivercruiseadvisor.com/2026/09/what-did-europes-2026-drought-really-cost-river-cruising-and-will-it-cost-you/