Viking Holdings (VIK) Operating Expenses (2023 - 2025)
Viking Holdings (VIK) reported 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 3 years of Operating Expenses data on file, last reported at -$272.0 million in Q4 2025.
- Operating Expenses for Q4 2025 came in at -$272.0 million, down 21.18% year-over-year; the trailing twelve-month figure through Dec 2025 was -$1.0 billion (down 16.67% YoY), and the FY2025 annual result was -$1.0 billion, down 16.67% from the prior year.
- Operating Expenses declined to -$272.0 million in Q4 2025 per VIK's latest filing, from -$267.0 million in the prior quarter.
- Over five years, Operating Expenses peaked at -$188.3 million in Q3 2023 and troughed at -$272.0 million in Q4 2025.
- A 3-year average of -$225.3 million and a median of -$220.2 million in 2024 frame the typical range for Operating Expenses.
- The sharpest annual moves came in 2024 and 2025: Operating Expenses slipped 6.88% in 2024, then decreased 21.95% in 2025.
- A 3-year view of Operating Expenses shows it stood at -$199.5 million in 2023, then slipped by 12.55% to -$224.5 million in 2024, then declined 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 | 131.01 Bn | 114.99 Bn | 3.46 Bn | 4.26 Bn |
| 2 | Airbnb | 79.86 Bn | 67.85 Bn | 2.10 Bn | 2.59 Bn |
| 3 | Royal Caribbean Cruises | 75.60 Bn | 75.08 Bn | 2.21 Bn | 582.00 Mn |
| 4 | Carnival | 37.80 Bn | 36.39 Bn | - | 3.94 Bn |
| 5 | Expedia | 27.88 Bn | 22.09 Bn | 3.05 Bn | 797.00 Mn |
| 6 | Norwegian Cruise Line Holdings | 8.56 Bn | 8.38 Bn | 953.34 Mn | 720.40 Mn |
| 7 | Global Business Travel | 4.79 Bn | 4.35 Bn | 714.00 Mn | 837.00 Mn |
| 8 | Travel & Leisure | 4.51 Bn | 4.25 Bn | 926.00 Mn | 802.00 Mn |
| 9 | Trip.com | 4.42 Bn | -788.25 Mn | 1.74 Bn | -1.38 Bn |
| 10 | Viking Holdings | 405.54 Mn | -3.40 Bn | 713.43 Mn | -272.04 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 |