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| Date | Value |
|---|---|
| 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% |