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

Viking Holdings (VIK) reported Operating Margin of 20.91% for Q4 2025, up 380.0% year-over-year from 4.36% in Q4 2024, and down 30.86% quarter-over-quarter from 30.24% in Q3 2025.

Viking Holdings (VIK) Operating Margin (2023 - 2025) Analysis & Trends

Viking Holdings (VIK) has 3 years of Operating Margin data on file, last reported at 20.91% in Q4 2025.

  • Operating Margin for Q4 2025 came in at 20.91%, up 380.0% year-over-year; the trailing twelve-month figure through Dec 2025 was 23.1% (up 294.0% YoY), and the FY2025 annual result was 23.1%, up 294.0% from the prior year.
  • Operating Margin slipped to 20.91% in Q4 2025 per VIK's latest filing, from 30.24% in the prior quarter.
  • Over five years, Operating Margin peaked at 30.24% in Q3 2025 and troughed at 18.42% in Q1 2023.
  • A 3-year average of 15.86% and a median of 22.95% in 2023 frame the typical range for Operating Margin.
  • On a YoY basis, Operating Margin climbed as much as 887 bps in 2025 and fell as far as 111 bps in 2025.
  • A 3-year view of Operating Margin shows it stood at 14.09% in 2023, then increased by 21 bps to 17.11% in 2024, then increased by 22 bps to 20.91% in 2025.
  • Business Quant data shows VIK's Operating Margin at 20.91% in Q4 2025, 30.24% in Q3 2025, and 29.01% in Q2 2025.

Peer Comparison

# Company Market Cap Enterprise Value Gross Profit (Qtr) Operating Margin (Qtr)
1 Booking Holdings 131.01 Bn 114.99 Bn 3.46 Bn 22.98%
2 Airbnb 79.86 Bn 67.85 Bn 2.10 Bn 3.21%
3 Royal Caribbean Cruises 75.60 Bn 75.08 Bn 2.21 Bn 26.10%
4 Carnival 37.80 Bn 36.39 Bn - 9.85%
5 Expedia 27.88 Bn 22.09 Bn 3.05 Bn 7.33%
6 Norwegian Cruise Line Holdings 8.56 Bn 8.38 Bn 953.34 Mn 9.99%
7 Global Business Travel 4.79 Bn 4.35 Bn 714.00 Mn 0.36%
8 Travel & Leisure 4.51 Bn 4.25 Bn 926.00 Mn 16.55%
9 Trip.com 4.42 Bn -788.25 Mn 1.74 Bn 16.49%
10 Viking Holdings 405.54 Mn -3.40 Bn 713.43 Mn 20.91%

Historic Data

Download Data
DateValue
Dec 31, 2025 20.91%
Sep 30, 2025 30.24%
Jun 30, 2025 29.01%
Mar 31, 2025 -1.03%
Dec 31, 2024 17.11%
Sep 30, 2024 29.13%
Jun 30, 2024 26.86%
Mar 31, 2024 -9.90%
Dec 31, 2023 14.09%
Sep 30, 2023 27.36%
Jun 30, 2023 24.98%
Mar 31, 2023 -18.42%