Title
Earning Preview: Viking Holdings Ltd. this quarter’s revenue is expected to increase by 21.45%, and institutional views are bullish
Abstract
Viking Holdings Ltd. will report quarterly results on March 03, 2026 Pre-Market, with the market watching revenue, margins, and earnings per share for confirmation of its year-over-year growth trajectory.
Market Forecast
Consensus estimates derived from the company’s latest projections point to current-quarter revenue of 1.63 billion, EPS of 0.536, and EBIT of 312.48 million; year-over-year growth implied is 21.45% for revenue, 57.79% for adjusted EPS, and 32.06% for EBIT. As a baseline, the prior quarter delivered a gross profit margin of 47.08% and a net profit margin of 25.71%, setting a reference for margin sustainability into the quarter; margin forecasts were not provided alongside revenue and earnings projections.
The main business remains anchored by River Cruises and Ocean Cruises, which together contributed over 92% of last quarter’s revenue; the company’s current-quarter outlook leans on this mix to sustain growth, with earnings implied to outpace sales on operating leverage. River Cruises stands out in scale with 967.43 million in last quarter’s revenue amid total company revenue growth of 19.12% year over year; this footprint positions it as the segment most likely to underpin the quarter’s 21.45% year-over-year topline increase.
Last Quarter Review
Viking Holdings Ltd. reported revenue of 2.00 billion, a gross profit margin of 47.08%, GAAP net profit attributable to the parent of 0.51 billion, a net profit margin of 25.71%, and adjusted EPS of 1.15, with year-over-year growth of 19.12% for revenue and 29.21% for adjusted EPS.
Sequential momentum was constructive: net profit increased 17.09% quarter over quarter, EBIT modestly exceeded consensus by 1.35 million, while adjusted EPS came in 0.04 below estimates. Segment performance showed a diversified revenue base led by River Cruises at 967.43 million (48.38% of revenue), Ocean Cruises at 876.02 million (43.81%), and Other at 156.19 million (7.81%), against the backdrop of total-company revenue up 19.12% year over year.
Current Quarter Outlook
Main Business: River Cruises and Earnings Leverage
River Cruises is the largest contributor by revenue, accounting for 967.43 million in the last quarter, or 48.38% of the mix. The company’s current-quarter projections indicate revenue growth of 21.45% year over year and adjusted EPS growth of 57.79% year over year, which mathematically implies earnings leverage on this expanding base. With last quarter’s gross margin of 47.08% and net margin of 25.71%, the earnings profile already reflects a high value capture within the operating model; if the topline grows at the guided pace, margin resilience would amplify EPS, consistent with the forecasted gap between EPS and revenue growth.
This dynamic matters for the quarter because River’s scale can absorb fixed costs efficiently, enhancing operating leverage when volumes increase and price architecture holds steady. The linkage between a 21.45% revenue growth estimate and a 57.79% EPS growth estimate signals that the company expects its cost-to-serve to grow slower than its revenue this quarter. Such an outcome would be visible in EBIT, which is forecast at 312.48 million with year-over-year growth of 32.06%; while EBIT is not a margin figure, its acceleration versus revenue underscores an expected positive mix of yield, utilization, or cost discipline inside the River/Ocean portfolio. The takeaway for the quarter is straightforward: if River maintains its revenue scale near last quarter’s contribution, it sets up the earnings cascade implied by the projections.
Most Promising Segment: Ocean Cruises’ Incremental Contribution
Ocean Cruises delivered 876.02 million last quarter, representing 43.81% of revenue; this positions the segment as a close second contributor to River by size. In a quarter where total revenue is forecast at 1.63 billion and expected to rise 21.45% year over year, Ocean’s share can play a decisive role in meeting or beating the topline estimate, particularly if itineraries and pricing maintain continuity. Because Ocean is nearly as large as River in the mix, even marginal outperformance relative to internal planning can shift aggregate revenue by tens of millions and, given the company’s leverage profile, translate disproportionately into earnings increments.
From a modeling perspective, the company’s implied operating leverage—EPS up 57.79% year over year versus revenue up 21.45%—means that modest Ocean strength has an outsized effect on EPS when overhead and fixed items are spread across higher base volumes. EBIT directionally supports this view, with a 32.06% year-over-year growth estimate; while we do not have segment-specific EBIT, the consolidated figure indicates that incremental contribution from Ocean could be accretive to profitability. The practical implication is that Ocean’s execution this quarter—keeping capacity productive and cost growth contained—can serve as the swing factor for delivering the EPS trajectory implied by the forecast.
Stock Price Drivers This Quarter
Earnings-per-share trajectory versus consensus is the central variable: management’s estimate of 0.536 in adjusted EPS, up 57.79% year over year, sets a high bar that could support valuation if delivered; any deviation will quickly reflect in price action given the visibility of per-share earnings. Margin sustainability relative to last quarter’s 47.08% gross margin and 25.71% net margin will be scrutinized; if the company converts the 21.45% revenue growth into EPS at the implied pace, investors will infer healthy operating leverage, which implicitly relies on stable unit economics in the quarter. Finally, the revenue mix across River (48.38% of last quarter’s revenue) and Ocean (43.81%) can influence earnings quality; contribution from both segments strengthens the likelihood of meeting the 1.63 billion revenue estimate, but concentration in River without Ocean support would make EPS dependent on efficiency gains rather than balanced volume growth.
Investors will also track the relationship between EBIT and EPS because EBIT of 312.48 million, up 32.06% year over year, serves as a bridge between revenue and net income for the quarter. If EBIT growth underperforms EPS growth materially, the result would imply non-operating or below-the-line items contributing to per-share outcomes; conversely, alignment of EBIT growth with EPS strengthens the case for operating fundamentals supporting earnings. Put together, the stock’s near-term performance hinges on whether the company demonstrates that its margin architecture can translate the 21.45% revenue increase into EPS growth near the 57.79% marker; the closer that conversion is, the more defensible the consensus posture becomes.
Analyst Opinions
The balance of recent institutional commentary inside the current-year window indicates a majority bullish stance. Morgan Stanley maintained an Overweight rating and adjusted its price target to 75.00 on January 16, 2026, reflecting confidence in the company’s revenue and earnings trajectory heading into the quarter. Aggregated data cited alongside that update showed an average rating of Overweight and a mean price target of 72.82, reinforcing the constructive tilt of sell-side views within the monitored period.
The positive bias centers on the company’s ability to convert double-digit revenue growth into outsized EPS gains, as evidenced by the 21.45% year-over-year revenue forecast versus the 57.79% year-over-year EPS forecast. These figures suggest operating leverage that can validate bullish ratings if delivered, and Morgan Stanley’s target increase aligns with that premise. The previous quarter’s financials offer context for this optimism: gross margin at 47.08% and net margin at 25.71% paired with net profit of 0.51 billion demonstrate an earnings engine that supports expansion; sequential net profit grew 17.09%, and EBIT slightly exceeded expectations while EPS missed modestly, indicating both resilience and the sensitivity of per-share outcomes to operating execution.
A majority-bullish interpretation stresses that the quarter’s key tests—meeting the 1.63 billion revenue estimate and aligning EBIT delivery with EPS growth—are tangible and measurable. Should the company match or exceed its own EPS projection of 0.536 while sustaining gross margin near prior levels, it would substantiate Overweight ratings and targets in the low-to-mid 70s range. Conversely, the analytical emphasis from supportive institutions is that, even in the absence of explicit margin guidance for the quarter, the acceleration implied by EBIT and EPS estimates provides a clear framework by which to judge execution: revenue mix anchored by River and complemented by Ocean, combined with disciplined cost control, can achieve the projected year-over-year outcomes. In sum, the preponderance of current-year commentary is bullish, and it is anchored directly to the quantitative forecast the company has put into the market.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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