Viking 2026 Cruise Bookings Hit 55%, Fleet Grows

Published on Aug 19, 2025, 3:17 pm CDT

6 min read

Viking reported another strong quarter and an even stronger forward book. On its August 19 earnings release, the line said 96 percent of 2025 capacity is sold and 55 percent of 2026 capacity is already spoken for as of August 10, 2025. Second quarter revenue rose 18.5 percent to $1.88 billion on higher occupancy and pricing, with adjusted EPS at $0.99. Capacity will keep rising as new river and ocean ships enter service, including an expanding Nile program and India's Brahmaputra in 2027.

Key Points

Why it matters: Viking 2026 cruise bookings are pacing well ahead, signaling resilient premium demand.
Travel impact: Popular sailings will tighten early, so advisors should book preferred dates and cabins now.
What's next: Six more river ships are due this year, plus a long runway of deliveries through 2031.
Booked revenue stands at $5.64 billion for 2025 and $3.88 billion for 2026.
Ocean 2026 is 45 percent sold, about $1.58 billion, while river 2026 is 64 percent sold, about $1.98 billion.

Snapshot

Viking's core products are effectively sold out for 2025 and more than half booked for 2026, reflecting steady demand from the line's affluent base. As of August 10, 2025, advance bookings total $5.64 billion for 2025, up 21 percent year over year, and $3.88 billion for 2026, up 13 percent. In the second quarter, occupancy reached 95.6 percent, capacity increased 8.8 percent, and net yield rose 8 percent to $607, lifting adjusted EBITDA to $632.9 million. Operating capacity is set to be 12 percent higher for 2025 than 2024, and 9 percent higher for 2026 than 2025, supported by a deep orderbook across river, ocean, and expedition.

Background

Viking has grown from a river specialist to a three-category cruise brand with river, ocean, and expedition ships sailing worldwide. The current fleet includes 85 river vessels and 12 ocean ships, plus two expedition vessels serving Antarctica and the Great Lakes. Expansion is concentrated where the brand over-indexes with culture-seeking travelers, including Egypt and India. On August 18, Viking took delivery of Viking Amun for the Nile, part of a plan to reach 12 Nile vessels by 2027. The company also announced two purpose-built ships for India, debuting on the Brahmaputra beginning in late 2027. Viking opened 2027 to 2028 departures across all products on August 1, extending the booking window and reinforcing its longer planning cycle. For more on the India program, see Viking Brahmaputra River Cruise Debuts in 2027 and Viking Opens 2027 to 28 Voyages, Reveals Viking Lyra.

Latest Developments

Segment booking mix points to steady demand

Viking's forward book shows healthy, if unsurprising, differences by segment. On the ocean side, the company reported 2026 ocean bookings at 45 percent of capacity, equal to about $1.58 billion in advance bookings as of August 10, 2025. River is further ahead, with 64 percent of 2026 capacity booked, equal to about $1.98 billion. Across all core products, Viking had sold 55 percent of 2026 capacity and recorded $3.88 billion in total advance bookings, with advance bookings per passenger cruise day up 4 percent year over year. The mix suggests river customers continue to book earlier, while ocean's longer sales curve leaves more shoulder-season space that advisors can still target for value.

Orderbook adds ships on the Nile and beyond

Fleet growth remains central to the strategy. Since the first quarter, Viking has taken delivery of the ocean ship Viking Vesta and the Egypt-based river vessel Viking Amun. The company expects six additional river vessels to deliver during the remainder of 2025. Looking ahead, Viking plans 27 more river ships by 2028 and 10 additional ocean ships by 2031, taking the ocean and expedition fleet to 23 by that date. On the Nile specifically, five more ships are slated within two years, bringing that river fleet to 12 vessels by 2027. The brand's India expansion begins in late 2027 on the Brahmaputra, reinforcing a push into high-value, less-traveled regions that fit Viking's destination-first positioning.

Capacity and revenue climb in Q2

Quarterly metrics underline the strength of the model. Second quarter capacity passenger cruise days increased 8.8 percent year over year. Net yield rose to $607, up 8 percent, as occupancy reached 95.6 percent. Total revenue advanced 18.5 percent to $1.88 billion, while adjusted EBITDA grew 28.5 percent to $632.9 million. Management cited continued solid demand from the core guest demographic, supported by higher revenue per passenger cruise day and a modestly larger fleet. With operating capacity projected to be 12 percent higher for 2025 and 9 percent higher for 2026, booked revenue of $5.64 billion for 2025 and $3.88 billion for 2026 provides strong visibility.

Analysis

For travel advisors, the headline is simple. Inventory is closing quickly on 2025, and the 2026 curve is tightening in key seasons. Viking's balance between early-booking river guests and a somewhat longer ocean sales tail gives you tactical flexibility, but the window for top-deck, midship cabins and holiday departures will not stay open long. The 4 percent rise in advance bookings per passenger cruise day for 2026 suggests pricing remains disciplined even as capacity grows, a sign that value-driven promotions may stay targeted and date specific.

Fleet expansion is not just scale for scale's sake. New Nile capacity, plus India's Brahmaputra, allows Viking to redirect demand into higher-yield, experience-forward itineraries that deepen brand loyalty. That should sustain onboard spend and support net yield, even if broader consumer sentiment wobbles. The orderbook through 2031, including 27 river ships and 10 ocean ships, signals long-term confidence and secures berth supply in congested ports, a competitive edge when rivals face docking constraints.

Risks remain. Ocean's 2026 bookings, at 45 percent of capacity, leave more runway to fill, so price integrity will be tested if macro conditions soften. Weather volatility on European rivers and Egypt's seasonality can force itinerary tweaks that challenge operations. Still, Viking's booked revenue of $9.52 billion across 2025 and 2026 provides a cushion, and the diversified product map spreads risk across regions and trip types. Advisors should lean into longer booking horizons, combination cruise-and-land products, and waitlist strategies on sold-through dates.

Final Thoughts

Viking's message is consistent, book early, and book the right ship for the right season. River is leading the 2026 curve, while ocean still offers choice if you move now. The line's expanding footprint on the Nile and its 2027 India debut will add sought-after inventory in culture-rich regions, but those cabins will go first. Lock premium staterooms and shoulder-season values before fall promotions narrow availability. With revenue visibility high and capacity climbing, advisors who plan ahead will match guests to the best itineraries, cabins, and sailing dates across Viking 2026 cruise bookings.