Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Viking Holdings Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2024
FY2024
FY2025
Revenue
3,176
4,710
5,334
6,501
Cost of revenue
2,152
2,852
3,114
3,684
Gross profit
1,024
1,859
2,220
2,818
Selling, general and administrative
683
789
884
1,031
Operating income
62.7
816
1,075
1,502
Pre-tax income
424
-1,843
170
1,168
Income tax
8.9
6.64
16.9
19.7
Net income to minority interests
-0.05
0.48
0.65
0.53
Net income
415
-1,851
152
1,148
EPS, basic
1.11
-4.42
0.36
2.59
EPS, diluted
-0.73
-4.42
0.36
2.57
Balance sheet
FY2022
FY2024
FY2024
FY2025
Cash and equivalents
1,253
1,514
2,490
3,804
Receivables
345
239
142
Inventory
54.6
91.5
95.8
Total current assets
2,353
3,217
4,503
Lease right-of-use assets
277
269
263
279
Goodwill
8
8
8
Total assets
8,576
10,121
12,233
Accounts payable
245
236
259
Total current liabilities
4,364
5,221
5,717
Lease liabilities
228
208
212
Total liabilities
13,846
10,340
11,111
Total debt
2,010
5,481
5,666
Paid-in capital
-44.6
5,009
5,031
Retained earnings
-5,423
-5,289
-4,165
Shareholders' equity
-5,273
-223
1,094
Minority interests
3.72
3.75
27.6
Total equity
-3,422
-5,269
-219
1,121
Total liabilities and equity
8,576
10,121
12,233
Cash flow statement
FY2022
FY2024
FY2024
FY2025
Net income
415
-1,850
153
1,148
Cash from operations
373
1,371
2,082
2,560
Cash from investing
-842
-634
-854
-949
Debt issued
670
1,069
401
2,131
Debt repaid
-228
-964
-309
-2,019
Dividends paid
-46.5
-49.3
-18.2
0
Cash from financing
-80.9
-480
-248
-306
Exchange rate effect
-9.86
3.12
-4.44
9.41
Net change in cash
-560
261
976
1,314
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $80.30 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
43.3%
Gross profit / revenue.
Operating margin
23.1%
Operating income / revenue.
Pre-tax margin
18.0%
Pre-tax income / revenue.
Net margin
17.7%
Net income / revenue.
Operating cash flow margin
39.4%
Cash from operations / revenue.
Effective tax rate
1.7%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
263.5%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
10.3%
Net income / average total assets.
Return on invested capital (ROIC)
51.6%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue
15.9%
Selling, general and administrative expense / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
21.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
27.0%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
26.9%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
40.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y
39.7%
Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y
188.2%
Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y
653.3%
Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y
40.4%
Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y
613.9%
EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y
23.0%
Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y
90.1%
Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
20.9%
Total assets vs the same period a year earlier. Only from a positive base.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.79x
Current assets / current liabilities.
Quick ratio
0.69x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.67x
(Cash + short-term investments) / current liabilities.
Debt / equity
5.18x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
46.3%
Total debt / total assets.
Liabilities / assets
90.8%
Total liabilities / total assets.
Net debt
$1.86B
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
$2.57
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$2.59
Net income per basic share, as reported (split-adjusted).
Payout ratio
0.0%
Dividends paid / net income, when net income is positive.
Valuation
Metric
Value
How it is calculated
Market cap
$35.80B
Share price x shares outstanding.
Enterprise value
$37.66B
Market cap + total debt - cash - short-term investments.
P/E
31.2x
Market cap / net income. Only when net income is positive.
P/S
5.51x
Market cap / revenue.
P/B
32.7x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
33.0x
Market cap / tangible book value, when positive.
P/OCF
14.0x
Market cap / cash from operations, when positive.
EV/Sales
5.79x
Enterprise value / revenue.
EV/EBIT
25.1x
Enterprise value / operating income, when both are positive.
Earnings yield
3.2%
Net income / market cap (the inverse of P/E).
Dividend yield
0.0%
Dividends paid over the period / market cap.
Shareholder yield
0.0%
(Dividends paid + share buybacks) / market cap.
What was Viking Holdings Ltd's revenue in fiscal 2025?
Viking Holdings Ltd reported revenue of $6.50B for fiscal 2025, 21.9% higher than the year before.
Was Viking Holdings Ltd profitable in fiscal 2025?
Yes. Net income was $1.15B, a net margin of 17.7%.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.