Viking tops Q2 earnings expectations as river disruptions weigh on outlook
Ocean passenger growth and stronger revenue metrics were offset by estimated impacts from low water on the Rhine and Danube.
Viking reported adjusted earnings of $1.31 per share for the second quarter of 2026, above analysts’ expectation of $1.24 and 33% higher than in the same period of 2025.
The company’s ocean segment recorded a 22% year-over-year increase in passenger volumes. Revenue per available capacity passenger cruise day, a measure reflecting cruise revenue relative to capacity and sailing days, rose about 10%.
Low-water conditions emerged along sections of the Rhine and Danube in mid-July and were affecting scheduled itineraries for the remainder of the summer, according to the report. Analysts estimate the resulting itinerary changes will reduce Viking’s third-quarter 2026 revenue by approximately $60 million.
Viking is providing affected passengers with future travel credits estimated at about $200 million in total. The credits are expected to be used across 2027 and 2028, depending on passenger redemption patterns.
Following the disruption, analysts revised their full-year 2026 forecasts to approximately $7.34 billion in adjusted revenue and about $2.07 billion in adjusted EBITDA.