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Lindblad Expeditions (LIND) investor relations material

Lindblad Expeditions Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary4 Aug, 2025

Executive summary

  • Revenue grew 23% year-over-year to $167.9M in Q2 2025, driven by higher occupancy, strategic pricing, and acquisitions in both Lindblad and Land Experiences segments.

  • Adjusted EBITDA surged 139% to $24.8M, with significant contributions from both business segments.

  • Net loss improved by $16.1M year-over-year to $9.7M, or $0.18 per diluted share, reflecting better operating results and tax credits.

  • Strategic partnerships, notably with Disney, and expanded sales channels contributed to increased bookings and brand reach.

  • Leadership team strengthened with key hires to support revenue management, maritime operations, planning, and M&A strategy.

Financial highlights

  • Q2 2025 revenue reached $167.9M, up $31.4M or 23% compared to Q2 2024; Lindblad segment up 19%, Land segment up 31%.

  • Adjusted EBITDA increased 139% to $24.8M, with margins expanding 720 basis points to 14.8%.

  • Net loss per diluted share improved to $0.18 from $0.48 year-over-year.

  • Cash and equivalents increased to $247.3M as of June 30, 2025, from $216.1M at year-end 2024.

  • Total debt stood at $635M, with compliance on all covenants.

Outlook and guidance

  • Full-year 2025 tour revenues expected between $725M–$750M; EBITDA guidance raised to $108M–$115M.

  • Net yield per available guest night expected to increase 9–11% year-over-year, up from prior 7–10% guidance.

  • Booking curves for 2025 and 2026 pacing ahead of prior years; 2027 itineraries opened with record weekly sales.

  • Management expects sufficient liquidity to fund operations, debt service, and capital expenditures for at least the next 12 months.

  • Second half of 2025 expected to see higher costs due to investment in growth and international expansion.

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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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