Viking Holdings told investors Tuesday during its Q4 earnings call that the company has sold 88% of 2025 inventory, with Viking setting a record for monthly revenue in January and daily revenue on Jan. 31.
The company reported that its total revenue of $5.33 billion last year was up 13% year over year. As of Feb. 23, Viking had $5.31 billion in advanced bookings for 2025, which was 26% higher than the advanced bookings for 2024 at the same point in time.
Viking's net income was $104.2 million in Q4 and $153 million for all of 2024. Net income for Q4 includes a loss of $96.3 million from the revaluation of warrants issued by Viking due to stock price appreciation.
The ocean side of the business has 87% of 2025 capacity sold, while 89% of river cruise inventory is sold for 2025.
"Our 2024 performance was quite remarkable," said CEO Torstein Hagen. "While it is not in the Viking spirit to be boastful, I do think that we have much to be proud of."
Viking will continue to grow its fleet, with the addition of 26 river ships and nine ocean ships by 2030. Ten river ships will debut this year, followed by six each in 2026 and 2027, and four in 2028. The company has options for four ships each in 2029 and 2030. Of this year's newbuilds, seven will sail in Europe, two in Egypt and one in Vietnam/Cambodia.
Viking will add one new ocean ship this year, two in 2026, one in 2027, two in 2028, one in 2029 and two in 2030. It has options for two ships each in 2031 and 2032.
Viking says it has 52% of the North America market share for river cruising and a 24% share in luxury ocean cruising.
Reaction to Celebrity River Cruises
Asked about the entry of Celebrity River Cruises in Europe in 2027 and how Viking views the competition, Hagen welcomed the newcomer.
"It's always interesting to see more attention to the space where we have been operating so long, so we wish people welcome," he said. "As you know, we already have a 52% market share. It will take other people a little while to put a substantial dent in that. … I think we'll have 108 river ships by 2028. So 10, more or less, from somebody else will not make an impact on us."
Hagen said Viking has advantages on the river, including its ship design, destinations and marketing power. On the rivers, Hagen said the company is "very obsessed" with docking rights and works diligently to secure the best spots, including a premier location outside the Eiffel Tower in Paris and outside the Karnak temple complex in Egypt.
When asked about expanding the destinations where Viking sails, Hagen said the current offerings are the "bread and butter" of the business. He said Egypt and Vietnam/Cambodia have been "very attractive" to guests.
"Hopefully, we'll go to other similar places," he said.