Viking Holdings Ltd. (NYSE:VIK) stock rose after reporting third-quarter 2025 results that topped expectations, delivering adjusted EPS of $1.20 versus the $1.19 estimate and revenue of $1.9996 billion, slightly above the $1.992 billion consensus.

Revenue rose 19.1% from a year earlier, supported by an 11% increase in Capacity Passenger Cruise Days (PCDs), 96% occupancy, and higher revenue per PCD.

Gross margin increased 22.9% to $881.7 million, while adjusted gross margin grew 21.4% to $1,333.7 million. Net yield rose 7.1% to $617.

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Adjusted net income reached $533.8 million compared with $398.6 million in 2024. Diluted EPS was $1.15, and Adjusted EPS was $1.20, both higher year over year.

Adjusted EBITDA increased 26.9% to $703.5 million. Vessel operating expenses were $392.2 million, up 19.1%, and vessel operating expenses excluding fuel were $346.5 million, up 21.7%, reflecting fleet ...