Viking Holdings (VIK) Operating Expenses (2023 - 2025)

Viking Holdings' (VIK) quarterly Operating Expenses came in at -$352.9 million in Q4 2025, down 19.07% year-on-year from -$436.0 million in Q4 2024, and down 32.14% on a QoQ basis 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 -$352.9 million in Q4 2025.

  • On a quarterly basis, Operating Expenses fell 19.07% year-over-year to -$352.9 million in Q4 2025; TTM through Dec 2025 was -$1.1 billion, a 3.17% decrease from a year earlier, with the FY2025 full-year figure at -$1.3 billion, down 14.96% from the prior year.
  • Operating Expenses for Q4 2025 stood at -$352.9 million, down from -$267.0 million in the prior quarter.
  • Over the last five years, Operating Expenses for VIK reached as high as -$205.7 million in Q1 2023 and fell as low as -$352.9 million in Q4 2025.
  • Historically, Operating Expenses has averaged -$264.0 million across 3 years, with a median of -$260.8 million in 2023.
  • On a YoY basis, Operating Expenses climbed as much as 11.87% in 2025 and fell as far as 19.07% in 2025.
  • Year by year, Operating Expenses stood at -$262.6 million in 2023, then fell by 12.85% to -$296.3 million in 2024, then slipped by 19.07% to -$352.9 million in 2025.
  • Per Business Quant data, the three most recent Operating Expenses figures were -$352.9 million in Q4 2025, -$267.0 million in Q3 2025, and -$248.3 million in Q2 2025.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Opex (Qtr)
1 Booking Holdings 136.54 Bn 120.51 Bn 3.46 Bn 4.26 Bn
2 Royal Caribbean Cruises 86.11 Bn 85.59 Bn 2.21 Bn 582.00 Mn
3 Airbnb 82.27 Bn 70.26 Bn 2.10 Bn 2.59 Bn
4 Yatra Online 55.46 Bn 55.47 Bn 10.44 Mn 379,000.00
5 Viking Holdings 44.18 Bn 40.37 Bn 713.43 Mn -352.87 Mn
6 Carnival 34.61 Bn 32.38 Bn - 4.23 Bn
7 Expedia 31.38 Bn 28.88 Bn 3.05 Bn 576.00 Mn
8 Norwegian Cruise Line Holdings 8.54 Bn 8.35 Bn 953.34 Mn 720.40 Mn
9 MakeMyTrip 5.02 Bn 4.60 Bn 199.14 Mn 105.66 Mn
10 Global Business Travel 4.83 Bn 4.43 Bn 490.00 Mn 837.00 Mn

Historic Data

Download Data
DateValue
Dec 31, 2025 -352.87 Mn
Sep 30, 2025 -267.04 Mn
Jun 30, 2025 -248.29 Mn
Mar 31, 2025 -243.86 Mn
Dec 31, 2024 -296.35 Mn
Sep 30, 2024 -280.03 Mn
Jun 30, 2024 -281.73 Mn
Mar 31, 2024 -219.82 Mn
Dec 31, 2023 -262.60 Mn
Sep 30, 2023 -251.06 Mn
Jun 30, 2023 -258.96 Mn
Mar 31, 2023 -205.67 Mn