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Lindblad Expeditions
Lindblad Expeditions (LIND) investor relations material
Lindblad Expeditions Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Achieved record financial performance in 2025, with revenues up 20% year-over-year to $771 million and Adjusted EBITDA up 38% to $126.2 million, reflecting strong operational discipline and strategic execution.
Delivered highest guest satisfaction scores and net yields in company history, with significant improvements in occupancy and expansion of leadership team.
Net loss available to stockholders narrowed to $34.6 million, including a $23.5 million loss on extinguishment of debt.
Strengthened balance sheet, reducing net leverage from 4.6x to 3.1x by year-end 2025.
Expanded fleet and portfolio through acquisitions and charters, including two Galápagos ships and a new three-year charter agreement.
Financial highlights
Full-year revenues reached $771 million, up 20% year-over-year; Q4 revenues rose 23% to $183.2 million.
Adjusted EBITDA grew 38% to $126.2 million, with margins expanding 220 basis points to 16.4%.
Net loss available to stockholders was $34.6 million or $0.63 per diluted share, improved from $0.67 per share in 2024, impacted by a $23.5 million loss on extinguishment of debt.
Free cash flow for the year was $63.8 million; year-end cash balance was $289.7 million, up $73.6 million.
Full year tour revenues increased by $126.3 million, driven by $72.3 million growth in the Lindblad segment and $54.0 million in Land Experiences.
Outlook and guidance
2026 guidance: revenues of $800–$850 million and Adjusted EBITDA of $130–$140 million.
Available guest nights expected to increase 4.5–5%, with net yield per guest night up 4–5%.
Booking momentum remains strong, with 2026 booked revenue already exceeding 2025 and 2027 pacing ahead of 2026.
EBITDA growth expected to be stronger in the second half of 2026 due to deployment mix and timing of cost credits.
Assess the impact of preferred stock conversion
Q4 Lindblad segment EBITDA decline drivers
Funding strategy for fleet and brand expansion
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Next Lindblad Expeditions earnings date
Q1 20265 May, 2026
Lindblad Expeditions
Next Lindblad Expeditions earnings date
Q1 20265 May, 2026
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Frequently asked questions
Lindblad Expeditions Holdings, Inc. is a travel and expedition company specializing in ship-based adventure travel experiences. The company operates a fleet of expedition ships and offers immersive voyages to remote and exotic destinations, including the Arctic, Antarctica, the Galápagos Islands, and other unique locations. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.
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