Viking Holdings Ltd (VIK) Cash Flow Statement
Where VIK’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $2.33B +11.9% vs 2024
- Capital expenditures
- $1.03B 15.8% of revenue
- Free cash flow
- $1.30B 20.0% margin
- Returned to shareholders
- —
- Change in cash
- $1.30B cash at year-end $3.80B
Cash from operations
$2.33B
Capital expenditures
−$1.03B
Share buybacks (net)
+$22.3M
Net borrowing (repayment)
+$71.9M
Other financing
−$85.9M
Change in cash
$1.30B
Drawn to scale: where the cash came from and how it was used. Hover for values.
VIK operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
VIK cash flow trends, 2021–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $701.5M2021 | $2.33B2025 | +35.0%/yr | |
| Capital expenditures | $959.4M2021 | $1.03B2025 | +1.7%/yr | |
| Free cash flow | −$257.9M2021 | $1.30B2025 | — | |
| Free cash flow margin | −41.2%2021 | 20.0%2025 | +61.3 pts | |
| Operating cash flow / net income | 0.902022 | 2.032025 | +1.13 | |
| Stock-based compensation | $23.9M2021 | $88.5M2025 | +38.7%/yr | |
| Dividends paid | $51.2M2021 | $02025 | −100.0% | |
| Share buybacks (net) | $200.0M2021 | $02025 | −100.0% | |
| Capex / revenue | 153.5%2021 | 15.8%2025 | −137.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VIK cash flow by activity
OperatingInvestingFinancingChange in cash
VIK net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
VIK cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Operating activities | |||||
| Net income | $1.15B | $153.0M | −$1.86B | $414.7M | −$2.11B |
| Depreciation & amortization | $284.8M | $260.8M | $253.7M | $278.1M | $204.4M |
| Stock-based compensation | $88.5M | $14.1M | $17.9M | $25.3M | $23.9M |
| Change in working capital | $696.9M | $763.1M | $299.3M | $39.9M | $1.25B |
| Other non-cash items | $112.2M | $890.9M | $2.66B | −$385.2M | $1.34B |
| Cash from operating activities | $2.33B | $2.08B | $1.37B | $372.7M | $701.5M |
| Investing activities | |||||
| Capital expenditures | −$1.03B | −$917.4M | −$676.3M | −$956.4M | −$959.4M |
| Investments (net) | — | −$853.7M | −$634.2M | −$841.5M | −$675.5M |
| Acquisitions & other investing | −$6.5M | $917.4M | $676.3M | $956.4M | $959.4M |
| Cash from investing activities | −$1.03B | −$853.7M | −$634.2M | −$841.5M | −$675.5M |
| Financing activities | |||||
| Dividends paid | $0 | −$18.9M | −$49.6M | −$46.5M | −$51.2M |
| Share repurchases & issuance (net) | $22.3M | $256.3M | $0 | $912,000 | −$200.0M |
| Net borrowing (repayment) | $71.9M | $61.5M | $84.7M | $424.3M | $897.8M |
| Shares issued | $0 | $243.9M | $0 | $912,000 | $700.3M |
| Other financing | −$85.9M | −$790.7M | −$514.8M | −$460.6M | −$383.4M |
| Cash from financing activities | $8.3M | −$247.9M | −$479.7M | −$80.9M | $963.4M |
| Summary | |||||
| Net change in cash | $1.30B | $976.0M | $260.6M | −$559.6M | $986.9M |
| Cash at end of period | $3.80B | $2.49B | $1.51B | $1.25B | $1.81B |
| Free cash flow | $1.30B | $1.16B | $695.0M | −$583.7M | −$257.9M |
| Free cash flow margin | 20.0% | 21.8% | 14.8% | −18.4% | −41.2% |
| Capex / revenue | 15.8% | 17.2% | 14.4% | 30.1% | 153.5% |
| Operating cash flow / net income | 2.03 | 13.61 | — | 0.90 | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $587.4M | −$54.4M | $300.3M | $514.0M | $439.2M | −$105.5M | $116.3M | $374.8M | $159.8M | −$490.7M | −$596.1M | −$1.24B |
| Depreciation & amortization | $84.0M | $75.4M | $80.8M | $69.7M | $65.4M | $68.8M | $73.7M | $61.1M | $61.8M | $65.5M | $62.5M | $62.8M |
| Stock-based compensation | $19.4M | $18.5M | $24.1M | $28.1M | $22.2M | $14.2M | $3.6M | $3.5M | $3.5M | $3.5M | $2.8M | $2.8M |
| Change in working capital | −$347.9M | $658.2M | $378.4M | −$35.4M | −$167.7M | $521.7M | $69.9M | $274.4M | −$58.5M | $477.4M | −$120.0M | −$27.4M |
| Other non-cash items | −$3.9M | −$15.2M | $54.2M | $87.5M | $111.6M | $88.7M | $107.0M | $115.0M | $253.2M | $407.2M | $754.4M | $1.65B |
| Cash from operating activities | $339.0M | $682.5M | $837.8M | $663.9M | $470.7M | $587.9M | $370.5M | $828.7M | $419.8M | $463.0M | $103.6M | $454.3M |
| Investing activities | ||||||||||||
| Capital expenditures | −$735.9M | −$530.9M | −$157.9M | −$54.5M | −$668.1M | −$146.3M | −$550.4M | −$114.1M | −$156.9M | −$96.0M | −$96.8M | −$59.1M |
| Investments (net) | — | — | — | −$29.6M | −$659.7M | −$130.1M | −$533.0M | −$99.9M | −$139.3M | −$81.5M | −$82.1M | −$47.6M |
| Acquisitions & other investing | $0 | −$5.6M | $27.9M | $54.5M | $668.1M | $146.3M | $550.4M | $114.1M | $156.9M | $96.0M | $96.8M | $59.1M |
| Cash from investing activities | −$735.9M | −$536.6M | −$130.1M | −$29.6M | −$659.7M | −$130.1M | −$533.0M | −$99.9M | −$139.3M | −$81.5M | −$82.1M | −$47.6M |
| Financing activities | ||||||||||||
| Dividends paid | $0 | $0 | $0 | $0 | $0 | −$867,000 | −$720,000 | −$720,000 | −$18.2M | −$720,000 | −$25.0M | $0 |
| Share repurchases & issuance (net) | — | — | $22.3M | $12.3M | $9.6M | $5.5M | $256.3M | $243.9M | −$124.1M | −$124.1M | — | — |
| Net borrowing (repayment) | $374.7M | $94.3M | $109.7M | −$78.0M | $101.6M | −$61.4M | $341.2M | −$60.2M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$41.1M | −$3.7M | −$74.2M | −$136.3M | −$88.3M | −$127.7M | −$322.5M | −$374.1M | $30.5M | −$94.4M | −$158.2M | −$196.4M |
| Cash from financing activities | $333.6M | $90.6M | $57.7M | −$202.0M | $22.8M | −$184.5M | $274.2M | −$191.1M | −$111.8M | −$219.2M | −$183.2M | −$196.4M |
| Summary | ||||||||||||
| Net change in cash | −$61.3M | $242.8M | $766.6M | $432.3M | −$160.5M | $275.9M | $104.2M | $543.3M | $168.5M | $159.9M | −$156.9M | $206.2M |
| Cash at end of period | $3.99B | $4.05B | $3.80B | $3.04B | $2.61B | $2.77B | $2.49B | $2.39B | $1.84B | $1.67B | $1.51B | $1.67B |
| Free cash flow | −$396.8M | $151.6M | $679.9M | $609.4M | −$197.4M | $441.6M | −$179.9M | $714.5M | $262.9M | $367.0M | $6.8M | $395.2M |
| Free cash flow margin | −18.1% | 14.4% | 39.4% | 30.5% | −10.5% | 49.2% | −13.3% | 42.6% | 16.6% | 51.1% | 0.6% | 26.2% |
| Capex / revenue | 33.6% | 50.4% | 9.2% | 2.7% | 35.5% | 16.3% | 40.8% | 6.8% | 9.9% | 13.4% | 8.6% | 3.9% |
| Operating cash flow / net income | 0.58 | — | 2.79 | 1.29 | 1.07 | — | 3.19 | 2.21 | 2.63 | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
VIK cash generation
In fiscal 2025 (ended December 31, 2025), Viking generated $2.3 billion of cash from operations (up 11.9%) and spent $1.0 billion on capital expenditures, leaving free cash flow of $1.3 billion, 20.0% of revenue. Cash and equivalents rose by $1.3 billion over the year.
Related: VIK income statement, VIK balance sheet. See the VIK stock overview for the latest quote and news.
VIK cash flow FAQ
What is Viking's free cash flow?
Viking's free cash flow was $1.3 billion in fiscal 2025: $2.3 billion of operating cash flow minus $1.0 billion of capital expenditures It was $1.2 billion a year earlier..
How much cash does Viking generate from operations?
Viking generated $2.3 billion of cash from operating activities in fiscal 2025, 2.03 times its net income of $1.1 billion.
How much does Viking spend on capital expenditures?
Viking spent $1.0 billion on capital expenditures in fiscal 2025, 15.8% of revenue, compared with $917.4 million the year before.