Viking Holdings has announced that an impressive **92% of its 2025 capacity** is already sold, with strong bookings for April and May surpassing last year’s performance, illustrating a robust recovery in the travel industry.
### Strong Quarterly Performance
The momentum is evident in Viking’s **first-quarter results** for 2025. The cruise line reported **total revenues of $897.1 million**, representing a **24.9% increase** compared to the same period in 2024. This significant growth can be attributed to higher passenger volumes and an increase in revenue per passenger, particularly in the ocean cruise sector, where capacity continues to see expansion.
**Passenger numbers** rose by **14.4%** from 90,449 to 103,482 in the first quarter of 2025. Sean Jenkins from Hedgeye Research noted, “The company delivered a monster Q1,” emphasizing Viking’s strong performance.
### Revenue Breakdown
Ticket revenue for cruises and land vacations jumped by **25.6%**, totaling **$835 million**. Moreover, a favorable development for travel advisors was the **27.8% increase** in commissions and transportation costs, now amounting to **$175 million**. Specifically, ocean revenue climbed from **$448 million** to **$559 million**, while river revenue, despite facing seasonal softness, increased from **$165.4 million** to **$214.1 million**.
### Financial Recovery
A key highlight was the reduction in net loss for the quarter, which decreased to **$105.5 million**, a marked improvement from the **$490.7 million loss** reported during the same quarter last year. This sharp decline in losses is partly due to the absence of one-time costs associated with the company’s IPO in 2024.
### Record Bookings and Future Outlook
Viking Chairman **Torstein Hagen** pointed out that January 2025 was the “best booking month in company history.” With positive trends in bookings for April and May, the outlook for 2026 appears optimistic as well. However, some analysts, including Jenkins, have observed signs of potential softening in the market. He highlighted that details regarding capacity for 2026 indicate a slip year-over-year, with concerns about pricing also showing signs of a slowdown.
For more information on Viking’s offerings and latest developments in the cruise industry, visit [Viking’s official website](https://www.vikingcruises.com).
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