Viking Holdings (VIK) Operating Expenses (2023 - 2025)
Viking Holdings (VIK) posted quarterly Operating Expenses of -$272.0 million for Q4 2025, down 21.18% year-over-year from -$345.1 million in Q4 2024, and down 1.87% quarter-over-quarter from -$267.0 million in Q3 2025.
Viking Holdings (VIK) Operating Expenses (2023 - 2025) Analysis & Trends
Viking Holdings (VIK) has reported Operating Expenses for 3 consecutive years, with -$272.0 million the latest figure, recorded in Q4 2025.
- In Q4 2025, Operating Expenses fell 21.18% year-over-year to -$272.0 million; the TTM figure through Dec 2025 stood at -$1.0 billion (down 16.67% YoY), while the FY2025 annual figure was -$1.0 billion, down 16.67% from the prior year.
- Operating Expenses slipped to -$272.0 million in Q4 2025 per VIK's latest filing, from -$267.0 million in the prior quarter.
- Across five years, Operating Expenses topped out at -$188.3 million in Q3 2023 and bottomed at -$272.0 million in Q4 2025.
- Historically, Operating Expenses has averaged -$225.3 million across 3 years, with a median of -$220.2 million in 2024.
- Annual changes were most pronounced in 2024 — Operating Expenses slipped 6.88% — and 2025, when it decreased 21.95%.
- Viking Holdings' Operating Expenses stood at -$199.5 million in 2023, then dropped by 12.55% to -$224.5 million in 2024, then fell by 21.18% to -$272.0 million in 2025.
- Business Quant data shows VIK's Operating Expenses at -$272.0 million in Q4 2025, -$267.0 million in Q3 2025, and -$248.3 million in Q2 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Booking Holdings | 159.34 Bn | 142.12 Bn | 4.98 Bn | 4.85 Bn |
| 2 | Airbnb | 108.60 Bn | 96.53 Bn | 2.98 Bn | 2.85 Bn |
| 3 | Royal Caribbean Cruises | 81.57 Bn | 80.88 Bn | 2.29 Bn | 513.00 Mn |
| 4 | Viking Holdings | 44.18 Bn | 40.38 Bn | 713.43 Mn | -272.04 Mn |
| 5 | Carnival | 38.51 Bn | 36.29 Bn | - | 4.23 Bn |
| 6 | Expedia | 38.08 Bn | 30.96 Bn | 3.91 Bn | 2.34 Bn |
| 7 | Trip.com | 29.19 Bn | 17.73 Bn | 1.86 Bn | -703.23 Mn |
| 8 | Norwegian Cruise Line Holdings | 8.73 Bn | 8.51 Bn | 1.05 Bn | 690.41 Mn |
| 9 | MakeMyTrip | 5.85 Bn | 5.09 Bn | 212.91 Mn | 114.09 Mn |
| 10 | Global Business Travel | 4.94 Bn | 4.47 Bn | 514.00 Mn | 846.00 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Dec 31, 2025 | -272.04 Mn |
| Sep 30, 2025 | -267.04 Mn |
| Jun 30, 2025 | -248.29 Mn |
| Mar 31, 2025 | -243.86 Mn |
| Dec 31, 2024 | -224.50 Mn |
| Sep 30, 2024 | -218.98 Mn |
| Jun 30, 2024 | -220.59 Mn |
| Mar 31, 2024 | -219.82 Mn |
| Dec 31, 2023 | -199.47 Mn |
| Sep 30, 2023 | -188.25 Mn |
| Jun 30, 2023 | -195.65 Mn |
| Mar 31, 2023 | -205.67 Mn |