Viking Holdings Ltd. reported second-quarter 2026 adjusted earnings of $1.31 per share, above the $1.24 consensus estimate and the $1.26 figure cited in separate analyst tracking. Revenue rose 16.5% year over year to $2.19 billion, exceeding the $2.15 billion estimate, while adjusted EBITDA increased 18.2% to $748.4 million and net income rose to $587.7 million from $439.2 million. Net yield, or revenue per passenger cruise day, climbed 6.2% to $645, capacity passenger cruise days increased 10.9%, and occupancy reached 94.4%. Shares nevertheless fell to $91.43 from $98.29 before the release as investors assessed historically low European river levels, related operating costs and guest compensation vouchers that are expected to pressure margins through 2027 and 2028. As of Aug. 9, Viking had sold 96% of its core-product capacity for 2026 and 53% for 2027. Advance bookings totaled $6.39 billion for 2026 and $4.71 billion for 2027, up 13% and 21%, respectively, from comparable points in the prior booking cycles. Viking ended June with about $4 billion in cash and cash equivalents, an undrawn $1 billion revolving credit facility and net leverage of 1.2 times.