Viking sells destination-focused cruises to affluent, English-speaking travelers aged 55 and older. The product emphasizes cultural enrichment over onboard entertainment — no children, no casinos, no hidden fees, with a shore excursion included at every port and all-inclusive pricing covering Wi-Fi, meals, and beverages. Viking operates across three categories: river cruising on small vessels (~190 passengers) across 21 rivers globally; ocean cruising on small ships (~930-998 passengers) with global itineraries; and expedition cruising to remote destinations like Antarctica and the Arctic. Viking also runs a domestic U.S. riverboat on the Mississippi and an Asia Outbound product for Mandarin-speaking guests. Viking sells directly to customers (over 50% of bookings) and through travel agents, supported by a proprietary marketing database of over 57 million North American households that allows Viking to generate demand without discounting. River cruising (~48% of gross margin) is the original business, where Viking holds ~52% North American outbound market share. Ocean cruising (~52% of gross margin) is the faster-growing segment, where Viking holds ~27% luxury ocean market share. Fleet expansion is the primary growth driver, with 10 additional ocean ships committed by 2031 and 17 river vessels on order, implying ~55% fleet berth growth by 2031. Geographic expansion into Egypt, India, and China supplements fleet growth. Viking's guests book ~11 months in advance and pay ~7 months before departure, creating a large deferred revenue balance and strong revenue visibility.