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Lindblad Expeditions (LIND) investor relations material
Lindblad Expeditions Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue rose 17% year-over-year to $240.2 million, driven by increased guest nights, higher pricing, and strong performance across both land and marine segments.
Adjusted EBITDA reached a record $57.3 million, up 25% year-over-year, reflecting strong operational execution.
Net income was roughly break-even due to $23.5 million in debt refinancing expenses.
Occupancy improved to 88% from 82% year-over-year, and guest satisfaction scores reached record highs.
Strategic focus on maximizing revenue, optimizing costs, and pursuing accretive growth opportunities, including charters and acquisitions.
Financial highlights
Q3 2025 total revenues reached $240.2 million, up 17% year-over-year; nine months: $587.8 million, up 18%.
Lindblad segment revenue grew 13% to $137.6 million; Land Experiences segment revenue rose 21% to $102.6 million.
Net yield per available guest night increased 9% to $1,314, the highest Q3 yield in company history.
Adjusted EBITDA was $57.3 million, up 25% year-over-year, with margins expanding 160 basis points to 23.8%.
Cash and equivalents increased to $290.1 million as of September 30, 2025, up from $216.1 million at year-end 2024.
Outlook and guidance
Full-year 2025 tour revenues expected between $745–$760 million; Adjusted EBITDA projected at $119–$123 million.
Net booking curve for 2026 is significantly ahead of the prior year, with strong early 2027 bookings.
Full-year 2025 net yield per available guest night expected to increase 12.5%-14% year-over-year.
Sufficient liquidity and cash flow projected to fund operations, debt service, and capital expenditures for at least the next 12 months.
Marketing expenses expected to remain elevated in Q4 to drive future growth.
Q3 net income excluding debt refinancing costs
Annual interest savings from debt refinancing
Impact of Nat Geo royalty rates on Lindblad EBITDA
What is the capital strategy for fleet growth?
Elaborate on Q4 EBITDA pressure
Disney partnership's future revenue contribution
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Next Lindblad Expeditions earnings date
Q4 202527 Feb, 2026
Next Lindblad Expeditions earnings date
Q4 202527 Feb, 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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