Record EBITDA and 20% revenue growth for Lindblad (NASDAQ: LIND)

Rhea-AI Filing Summary

Lindblad Expeditions Holdings reported strong 2025 growth with record profitability despite remaining in a net loss. Full-year tour revenues rose 20% to $771.0 million, driven by both the Lindblad and Land Experiences segments. Adjusted EBITDA increased 38% to a record $126.2 million, supported by a 14% rise in net yield per available guest night to $1,335 and higher occupancy of 88% versus 78% a year earlier.

Net loss available to stockholders narrowed slightly to $34.6 million, including a $23.5 million loss on extinguishment of debt. The company refinanced long-term debt with $675.0 million of 7.00% senior secured notes maturing in 2030 and expanded its revolving credit facility to $60.0 million. Cash and restricted cash increased to $289.7 million as of December 31, 2025, while total debt was $675.0 million.

On February 3, 2026, all 62,000 shares of Series A preferred stock were mandatorily converted into approximately 9.0 million common shares. Lindblad has a $35.0 million stock repurchase plan, under which it has spent $23.0 million to buy back 875,218 shares and 6.0 million warrants, leaving $12.0 million authorized. The company issued 2026 Adjusted EBITDA guidance of $130–$140 million.

Positive

• Record profitability and strong growth: 2025 tour revenues increased 20% to $771.0 million and Adjusted EBITDA rose 38% to a record $126.2 million, driven by higher yields and occupancy across both cruise and land segments.
• Improved liquidity and extended maturities: Cash and restricted cash rose to $289.7 million, while $675.0 million of 7.00% senior secured notes extended debt maturity to 2030 and revolver capacity increased to $60.0 million.

Negative

• Continuing net losses and heavy interest burden: Net loss available to stockholders was $34.6 million in 2025, including a $23.5 million loss on extinguishment of debt, and net interest expense remained high at $45.2 million.
• Common equity dilution from preferred conversion: On February 3, 2026, 62,000 preferred shares were mandatorily converted into approximately 9.0 million common shares, increasing the common share count.

Insights

Travel & leisure equity analyst

Revenue and EBITDA grew strongly in 2025, but leverage and dilution remain key factors.

Lindblad Expeditions delivered solid top-line and margin expansion. Tour revenues rose 20% to $771.0 million, and Adjusted EBITDA climbed 38% to a record $126.2 million, helped by higher pricing, a 14% increase in net yield per available guest night to $1,335, and occupancy improving to 88%.

Despite better operations, the company reported a net loss available to stockholders of $34.6 million, weighed down by a $23.5 million loss on extinguishment of debt and higher commissions and royalties. Leverage remains significant, with total debt of $675.0 million and interest expense of $45.2 million in 2025.

Balance sheet actions were meaningful. Management refinanced into $675.0 million of 7.00% senior secured notes maturing in 2030, increased revolver capacity to $60.0 million, and boosted cash and restricted cash to $289.7 million. The mandatory conversion of 62,000 preferred shares into about 9.0 million common shares and ongoing buybacks—$23.0 million spent with $12.0 million remaining—reshape the capital structure ahead of 2026 Adjusted EBITDA guidance of $130–$140 million.

false 0001512499 0001512499 2026-02-26 2026-02-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 26, 2026

LINDBLAD EXPEDITIONS HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-35898	27-4749725
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)
11 West 42nd Street, Suite 22 B3, New York, New York		10036
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (212) 261-9000

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		LIND		The NASDAQ Stock Market LLC

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On February 26, 2026, the Company issued a press release announcing its financial results for its fourth quarter and full year ended December 31, 2025.

This Item 2.02 and the press release attached hereto are being furnished by the Company pursuant to Item 2.02 “Results of Operations and Financial Condition.” In accordance with General Instruction B.2 of Form 8-K, the information contained in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed incorporated by reference into any of the Company’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01.  Financial Statements and Exhibits

(d) Exhibits

Exhibit Number		Description
99.1		Press Release dated February 26, 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LINDBLAD EXPEDITIONS HOLDINGS, INC.

(registrant)

Date: February 26, 2026		By:	/s/ Frederick Goldberg
		Name:	Frederick Goldberg
		Title:	Chief Financial Officer

Exhibit 99.1

Lindblad Expeditions Holdings, Inc. Reports

2025 Fourth Quarter and Full Year Financial Results

2025 Delivered the Strongest Adjusted EBITDA Performance in Company History

Highlights:

●	Total revenues increased 20% to $771.0 million
●	Net loss available to stockholders decreased $1.2 million to $34.6 million; including a $23.5 million loss on extinguishment of debt
●	Adjusted EBITDA increased 38% to $126.2 million
●	Net Yield per Available Guest Night increased 14% to $1,335 and Occupancy was 88%
●	Refinanced long-term debt with $675.0 million of 7.00% senior secured notes, extending debt maturity to 2030, and increased the amount available under our revolving credit facility to $60.0 million
●	On February 3, 2026, all outstanding Preferred Stock was converted into 9.0 million shares of Common Stock

NEW YORK, February 26, 2026 – Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company” or “Lindblad”), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the fourth quarter and full year ended December 31, 2025.

Natalya Leahy, Chief Executive Officer, said “In 2025, we delivered the strongest performance in our company’s history — record guest satisfaction, record yield of $1,335, and record Adjusted EBITDA $126.2 million — while strengthening our balance sheet position. These milestones reflect the power of our mission, the strength of our brand, and the incredible dedication of our team. We're even better positioned to add to our fleet and portfolio of land experience brands.”

FULL YEAR RESULTS

Tour Revenues

Full year tour revenues of $771.0 million increased $126.3 million, or 20%, as compared to a year ago. The increase was driven by a $72.3 million increase at the Lindblad segment and a $54.0 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $495.6 million increased $72.3 million, or 17%, compared to a year ago. The increase was driven by a 2% increase in available guest nights, and a 14% increase in net yield per available guest night to $1,335 due to higher pricing and higher occupancy, 88% in 2025 as compared to 78% a year ago.

Land Experiences tour revenues of $275.4 million increased $54.0 million, or 24%, compared to a year ago primarily due to an increase in guests traveled and higher pricing.

Net Income

Net loss available to stockholders for the full year was $34.6 million, $0.63 per diluted share, as compared with a net loss available to stockholders of $35.8 million, $0.67 per diluted share, in 2024. The $1.2 million decrease primarily reflects improved operating results, partially offset a $23.5 million loss on extinguishment of debt, $13.9 million higher commissions and royalties due to higher revenues and $3.6 million higher stock-based compensation expense.

Adjusted EBITDA

Full year Adjusted EBITDA of $126.2 million increased $35.0 million as compared to 2024 driven by a $20.4 million increase at the Lindblad segment and a $14.6 million increase at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $79.8 million increased $20.4 million as compared to 2024, primarily due to increased tour revenues, partially offset by increased marketing spend to drive long-term growth initiatives and increased royalties associated with the expanded National Geographic agreement.

Land Experiences segment Adjusted EBITDA of $46.5 million increased $14.6 million as compared to 2024, due to increased tour revenues, including a full year of results of Thomson Group, partially offset by higher operating and personnel costs related to additional departures, and higher marketing spend to drive future growth.

FOURTH QUARTER RESULTS

Tour Revenues

Fourth quarter tour revenues of $183.2 million increased $34.6 million, or 23%, as compared to the same period in 2024. The increase was driven by a $25.2 million increase at the Lindblad segment and a $9.3 million increase at the Land Experiences segment.

Lindblad segment tour revenues of $115.9 million increased $25.2 million, or 28%, compared to the fourth quarter a year ago. The increase was driven by an 11% increase in net yield per available guest night to $1,279 due to higher pricing and an increase in occupancy, 87% in 2025 as compared to 78% in the fourth quarter a year ago.

Land Experiences tour revenues of $67.2 million increased $9.3 million, or 16%, compared to the fourth quarter a year ago primarily due to an increase in guests traveled and higher pricing.

Net Income

Net loss available to stockholders for the fourth quarter was $24.8 million, $0.45 per diluted share, as compared with net loss available to stockholders of $26.2 million, $0.48 per diluted share, in the fourth quarter of 2024. The $1.4 million decrease primarily reflects improved operating results and $3.5 million lower stock-based compensation expense, partially offset by $3.0 million higher depreciation and amortization expense driven by capital expenditures on vessels, and reorganizational costs.

Adjusted EBITDA

Fourth quarter Adjusted EBITDA of $14.2 million increased $0.7 million as compared to the same period in 2024 driven by a $2.5 million increase at the Land Experiences segment, partially offset by a $1.8 million decrease at the Lindblad segment. 

Lindblad segment Adjusted EBITDA of $4.4 million decreased $1.8 million as compared to the same period in 2024, primarily due to higher operating costs related to additional voyages, increased drydock costs due to timing as compared to prior year, increased royalties associated with the expanded National Geographic agreement and marketing spend to drive long-term growth initiatives, partially offset by increased tour revenues.

Land Experiences segment Adjusted EBITDA of $9.8 million increased $2.5 million as compared to the same period in 2024, due to increased tour revenues, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth. 

		For the three months ended December 31,																For the years ended December 31,
(In thousands)		2025				2024				Change				%				2025				2024				Change				%
Tour revenues:
Lindblad		$	115,928			$	90,683			$	25,245				28	%		$	495,642			$	423,306			$	72,336				17	%
Land Experiences			67,253				57,926				9,327				16	%			275,377				221,421				53,956				24	%
Total tour revenues		$	183,181			$	148,609			$	34,572				23	%		$	771,019			$	644,727			$	126,292				20	%
Operating income (loss):
Lindblad		$	(12,498	)		$	(13,018	)		$	520				4	%		$	7,055			$	(2,928	)		$	9,983				341	%
Land Experiences			6,992				5,448				1,544				28	%			38,432				24,481				13,951				57	%
Total operating (loss) income		$	(5,506	)		$	(7,570	)		$	2,064				(27	)%		$	45,487			$	21,553			$	23,934				111	%
Adjusted EBITDA:
Lindblad		$	4,354			$	6,149			$	(1,795	)			(29	)%		$	79,775			$	59,400			$	20,375				34	%
Land Experiences			9,797				7,281				2,516				35	%			46,463				31,832				14,631				46	%
Total adjusted EBITDA		$	14,151			$	13,430			$	721				5	%		$	126,238			$	91,232			$	35,006				38	%

Balance Sheet and Liquidity

The Company’s cash and cash equivalents and restricted cash were $289.7 million as of December 31, 2025, as compared with $216.1 million as of December 31, 2024. The increase primarily reflects $111.6 million in cash from operations due primarily to increased bookings for future travel and timing of operating expense payments, and $29.6 million in cash from financing activities primarily related to the $26.8 million in net cash provided by the refinancing of our long-term debt, partially offset by $67.3 million in cash used by investing activities primarily for vessel capital expenditure improvements and for acquisitions.

As of December 31, 2025, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants.

Preferred Shares

On January 20, 2026, the Company issued a Notice of Conversion to each holder of the Preferred Stock, providing that the Company intended to exercise its right, pursuant to the terms of the Certificate of Designations of the Preferred Stock, to effect a mandatory conversion (the “Mandatory Conversion”) of all the shares of Preferred Stock. The Company established the effective date of the Mandatory Conversion as February 3, 2026, at which time, all 62,000 outstanding shares of Preferred Stock were converted into approximately 9.0 million shares of Common Stock, in accordance with the terms of the Certificate of Designations.

FINANCIAL OUTLOOK 

The Company’s current expectations for the full year 2026 are as follows:

● Tour revenues of $800 - $850 million

● Adjusted EBITDA of $130 - $140 million

STOCK REPURCHASE PLAN

The Company currently has a $35.0 million stock repurchase plan in place. As of February 23, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of February 23, 2026, there were 65.3 million shares common stock outstanding.

NON-GAAP FINANCIAL MEASURES

The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.

The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.

Conference Call Information

The Company has scheduled a conference call at 8:30 a.m. Eastern Time on February 26, 2026, to discuss the earnings of the Company. The conference call can be accessed by dialing 1-800-715-9871 (United States), 1-646-307-1963 (International).

The Access Code is 5396422. A replay of the call will be available at the Company’s investor relations website, investors.expeditions.com.

About Lindblad Expeditions Holdings, Inc.

Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company”) is a leader in global expedition travel, offering immersive, ship- and land-based journeys on all seven continents through its six pioneering brands. In collaboration with National Geographic, Lindblad Expeditions operates and sells ship-based voyages under the National Geographic-Lindblad Expeditions co-brand, allowing guests to explore remote destinations alongside scientists and naturalists, embodying Lindblad’s belief that it isn’t only what travelers see, but how they see it that matters. The Company’s award-winning land-based brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, and Wineland-Thomson Adventures—provide extraordinary wildlife, cultural, and adventure-focused travel experiences. Driven by a mission to improve the relationship between people and the planet and a decades-long commitment to explore responsibly, the Company connects curious travelers with transformative experiences in some of the planet’s most inspiring places. 

To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, visit investors.expeditions.com. 

Forward Looking Statements

Certain matters discussed in this press release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company’s financial projections and may also generally be identified as such because the context of such statements will include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or words of similar import. Similarly, statements that describe the Company’s financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown. These factors include, but are not limited to, the following: (i) adverse general economic and/or geopolitical factors that, negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to ;travel restrictions, weather events, mechanical failures, pandemics or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vii) management of our growth and our ability to execute on our planned growth, including our ability to successfully close merger and acquisition transactions and integrate acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (x) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xi) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiii) adverse publicity regarding the travel and cruise industry in general; (xiv) the result of future financing efforts; and (xv) those risks described in the Company’s filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company’s performance may be found in its filings with the SEC, which are available at http://www.sec.gov or at http://www.expeditions.com in the Investor Relations section of the Company’s website. 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(In thousands, except share and per share data)

		As of December 31,
		2025				2024
ASSETS
Current Assets:
Cash and cash equivalents		$	256,692			$	183,941
Restricted cash			33,043				32,202
Prepaid expenses and other current assets			78,145				62,290
Total current assets			367,880				278,433
Property and equipment, net			522,123				518,390
Goodwill			60,609				59,031
Intangibles, net			16,599				15,923
Other long-term assets			12,747				5,128
Total assets		$	979,958			$	876,905
LIABILITIES
Current Liabilities:
Unearned passenger revenues		$	361,481			$	318,666
Accrued expenses			76,732				58,054
Accounts payable			22,227				13,860
Lease liabilities - current portion			1,151				1,845
Long-term debt - current portion			3				29
Total current liabilities			461,594				392,454
Long-term debt, less current portion			662,671				625,425
Deferred tax liabilities			2,224				3,537
Other long-term liabilities			6,968				1,024
Total liabilities			1,133,457				1,022,440
Commitments and contingencies			-				-
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively			83,079				78,155
Redeemable noncontrolling interests			47,948				29,424
			131,027				107,579
STOCKHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively			-				-
Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,421,384 and 54,507,977 issued, 55,323,495 and 54,376,154 outstanding as of December 31, 2025 and December 31, 2024, respectively			6				6
Additional paid-in capital			126,873				109,473
Accumulated deficit			(411,405	)			(362,881	)
Accumulated other comprehensive income			-				288
Total stockholder’s deficit			(284,526	)			(253,114	)
Total liabilities, mezzanine equity and stockholders’ deficit		$	979,958			$	876,905

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Operations

(In thousands, except share and per share data)

		For the three months ended December 31,								For the years ended December 31,
		2025				2024				2025				2024
Tour revenues		$	183,181			$	148,609			$	771,019			$	644,727
Operating expenses:
Cost of tours			109,407				85,391				418,018				362,581
General and administrative			31,363				34,937				129,976				121,013
Selling and marketing			29,994				20,976				114,716				87,018
Depreciation and amortization			17,923				14,875				62,822				52,562
Total operating expenses			188,687				156,179				725,532				623,174
Operating (loss) income			(5,506	)			(7,570	)			45,487				21,553
Other (expense) income:
Interest expense, net			(10,728	)			(11,598	)			(45,231	)			(45,738	)
Gain (loss) on foreign currency			95				(1,017	)			1,077				(1,065	)
Other (expense) income			(725	)			150				409				159
Loss on extinguishment of debt			-				-				(23,492	)			-
Total other expense			(11,358	)			(12,465	)			(67,237	)			(46,644	)
Loss before income taxes			(16,864	)			(20,035	)			(21,750	)			(25,091	)
Income tax expense			5,978				5,154				2,475				3,104
Net loss			(22,842	)			(25,189	)			(24,225	)			(28,195	)
Net income (loss) attributable to noncontrolling interest			713				(141	)			5,496				2,984
Net loss attributable to Lindblad Expeditions Holdings, Inc.			(23,555	)			(25,048	)			(29,721	)			(31,179	)
Series A redeemable convertible preferred stock dividend			1,259				1,187				4,926				4,641
Net loss available to stockholders		$	(24,814	)		$	(26,235	)		$	(34,647	)		$	(35,820	)
Weighted average shares outstanding:
Basic			55,303,371				54,368,520				54,970,812				53,817,462
Diluted			55,303,371				54,368,520				54,970,812				53,817,462
Undistributed loss per share available to stockholders:
Basic		$	(0.45	)		$	(0.48	)		$	(0.63	)		$	(0.67	)
Diluted		$	(0.45	)		$	(0.48	)		$	(0.63	)		$	(0.67	)

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(In thousands)

		For the years ended December 31,
		2025				2024
Cash Flows From Operating Activities
Net loss		$	(24,225	)		$	(28,195	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			62,822				52,562
Amortization of deferred financing costs and other, net			3,329				3,699
Amortization of right-to-use lease assets			1,734				893
Stock-based compensation			13,461				9,833
Deferred income taxes			(1,262	)			2,052
Loss (gain) on foreign currency			(1,077	)			1,065
Write-off of unamortized issuance costs related to debt refinancing			7,111				-
Changes in operating assets and liabilities
Prepaid expenses and other current assets			(11,386	)			(1,238	)
Unearned passenger revenues			39,516				52,966
Other long-term assets			(1,787	)			(2,037	)
Other long-term liabilities			(462	)			-
Accounts payable and accrued expenses			25,475				1,750
Operating lease liabilities			(1,666	)			(995	)
Net cash provided by (used in) operating activities			111,583				92,355
Cash Flows From Investing Activities
Purchases of property and equipment			(47,745	)			(33,520	)
Acquisition (net of cash acquired)			(19,522	)			(10,559	)
Net cash used in investing activities			(67,267	)			(44,079	)
Cash Flows From Financing Activities
Proceeds from long-term debt			675,000				-
Repayments of long-term debt			(635,036	)			(49	)
Payment of deferred financing costs			(13,194	)			(21	)
Proceeds from exercise of options			4,259				0
Repurchase under stock-based compensation plans, related tax impacts and noncontrolling interest distributions			(1,465	)			(2,974	)
Additional acquisition of redeemable noncontrolling interest			-				(16,721	)
Net cash (used in) provided by financing activities			29,564				(19,765	)
Effect of exchange rate changes on cash			(288	)			288
Net increase in cash, cash equivalents and restricted cash			73,592				28,799
Cash, cash equivalents and restricted cash at beginning of period			216,143				187,344
Cash, cash equivalents and restricted cash at end of period		$	289,735			$	216,143

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands)

(unaudited)

Reconciliation of Net Income to Adjusted EBITDA - Consolidated
		For the three months ended December 31,								For the years ended December 31,
		2025				2024				2025				2024
Net loss		$	(22,842	)		$	(25,189	)		$	(24,225	)		$	(28,195	)
Interest expense, net			10,728				11,598				45,231				45,738
Income tax expense			5,978				5,154				2,475				3,104
Depreciation and amortization			17,923				14,875				62,822				52,562
(Gain) loss on foreign currency			(95	)			1,017				(1,077	)			1,065
Other expense (income)			725				(150	)			716				(159	)
Stock-based compensation			(1,028	)			2,470				13,461				9,833
Debt extinguishment			-				-				23,492				-
Legal settlement			1,028				3,000				1,028				3,000
Transaction-related costs			24				655				897				3,913
Reorganization costs			1,710				-				2,543				371
Acquisition gain			-				-				(1,125	)			-
Adjusted EBITDA		$	14,151			$	13,430			$	126,238			$	91,232

Reconciliation of Operating (Loss) Income to Adjusted EBITDA - Lindblad Segment
		For the three months ended December 31,								For the years ended December 31,
		2025				2024				2025				2024
Operating (loss) income		$	(12,498	)		$	(13,019	)		$	7,055			$	(2,928	)
Depreciation and amortization			16,219				13,441				56,891				48,433
Stock-based compensation			(1,073	)			2,647				13,113				9,656
Legal settlement			-				3,000				-				3,000
Transaction-related costs			(4	)			80				173				868
Reorganization costs			1,710				-				2,543				371
Adjusted EBITDA		$	4,354			$	6,149			$	79,775			$	59,400

Reconciliation of Operating (Loss) Income to Adjusted EBITDA - Land Experiences Segment
		For the three months ended December 31,								For the years ended December 31,
		2025				2024				2025				2024
Operating income		$	6,992			$	5,449			$	38,432			$	24,481
Depreciation and amortization			1,704				1,434				5,931				4,129
Transaction-related costs			28				575				724				3,045
Stock-based compensation			45				(177	)			348				177
Legal settlement			1,028				-				1,028				-
Adjusted EBITDA		$	9,797			$	7,281			$	46,463			$	31,832

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands, except for Available Guest Nights,
Gross Yield, Net Yield and guest metrics)

(unaudited)

Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities		For the years ended December 31,
		2025				2024
Net cash provided by operating activities		$	111,583			$	92,355
Less: purchases of property and equipment			(47,745	)			(33,520	)
Free Cash Flow		$	63,838			$	58,835

		For the three months ended December 31,								For the years ended December 31,
		2025				2024				2025				2024
Available Guest Nights			76,290				69,040				328,617				323,691
Guest Nights Sold			66,515				53,959				287,830				253,941
Occupancy			87	%			78	%			88	%			78	%
Maximum Guests			9,960				8,463				42,866				38,964
Number of Guests			8,828				6,794				37,993				31,489
Voyages			128				95				561				475

Calculation of Gross and Net Yield per Available Guest Night		For the three months ended December 31,								For the years ended December 31,
		2025				2024				2025				2024
Guest ticket revenues		$	96,545			$	77,328			$	428,349			$	373,055
Other tour revenue			19,383				13,355				67,293				50,251
Tour Revenues			115,928				90,683				495,642				423,306
Less: Commissions			(5,172	)			(3,367	)			(20,521	)			(17,157	)
Less: Other tour expenses			(13,180	)			(7,889	)			(36,276	)			(27,306	)
Net Yield		$	97,576			$	79,427			$	438,845			$	378,843
Available Guest Nights			76,290				69,040				328,617				323,691
Gross Yield per Available Guest Night		$	1,520			$	1,313			$	1,508			$	1,308
Net Yield per Available Guest Night			1,279				1,150				1,335				1,170

		For the three months ended December 31,								For the years ended December 31,
(In thousands)		2025				2024				2025				2024
Operating income (loss)		$	(12,498	)		$	(13,019	)		$	7,055			$	(2,928	)
Cost of tours			71,587				52,769				258,679				230,075
General and administrative			17,973				22,368				83,731				79,995
Selling and marketing			22,647				15,124				89,286				67,731
Depreciation and amortization			16,219				13,441				56,891				48,433
Less: Commissions			(5,172	)			(3,367	)			(20,521	)			(17,157	)
Less: Other tour expenses			(13,180	)			(7,889	)			(36,276	)			(27,306	)
Net Yield		$	97,576			$	79,427			$	438,845			$	378,843

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES

Supplemental Financial Schedules

(In thousands, except for Available Guest Nights,
Gross and Net Cruise cost Per Available Guest Night and guest metrics)

(unaudited)

Calculation of Gross Cruise Cost and Net Cruise Cost Lindblad Segment		For the three months ended December 31,								For the years ended December 31,
		2025				2024				2025				2024
Cost of tours		$	71,587			$	52,769			$	258,679			$	230,075
Plus: Selling and marketing			22,647				15,124				89,286				67,731
Plus: General and administrative			17,973				22,367				83,731				79,995
Gross Cruise Cost			112,207				90,260				431,696				377,801
Less: Commissions			(5,172	)			(3,367	)			(20,521	)			(17,157	)
Less: Other tour expenses			(13,180	)			(7,889	)			(36,276	)			(27,306	)
Net Cruise Cost			93,855				79,004				374,899				333,338
Less: Fuel Expense			(6,277	)			(6,753	)			(24,032	)			(26,648	)
Net Cruise Cost Excluding Fuel			87,578				72,251				350,867				306,690
Non-GAAP Adjustments:
Stock-based compensation			1,073				(2,647	)			(13,113	)			(9,656	)
Legal settlement			-				(3,000	)			-				-
Transaction-related costs			4				(80	)			(173	)			(868	)
Reorganization costs			(1,710	)			-				(2,543	)			(371	)
Adjusted Net Cruise Cost Excluding Fuel		$	86,945			$	66,524			$	335,038			$	292,795
Adjusted Net Cruise Cost		$	93,222			$	73,277			$	359,070			$	319,443
Available Guest Nights			76,290				69,040				328,617				323,691
Gross Cruise Cost per Available Guest Night		$	1,471			$	1,307			$	1,314			$	1,167
Net Cruise Cost per Available Guest Night			1,230				1,144				1,141				1,030
Net Cruise Cost Excluding Fuel per Available Guest Night			1,148				1,047				1,068				947
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night			1,140				964				1,020				905
Adjusted Net Cruise Cost per Available Guest Night			1,222				1,061				1,093				987

Reconciliation of 2026 Adjusted EBITDA guidance:

(in millions)		Full Year 2026
(Loss) income before income taxes		$	(6	)			to			$	14
Depreciation and amortization			77				to				75
Interest expense, net			43				to				41
Stock-based compensation			11				to				8
Other			5				to				2
Adjusted EBITDA		$	130				to			$	140

A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure. 

 Operational and Financial Metrics

Adjusted EBITDA is net income (loss) excluding depreciation and amortization, net interest expense, other income (expense), income tax (expense) benefit, (gain) loss on foreign currency, (gain) loss on transfer of assets, reorganization costs, and other supplemental adjustments. Other supplemental adjustments include certain non-operating items such as stock-based compensation, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure as it reflects certain operating drivers of the business, such as sales growth, operating costs, selling and administrative expense, and other operating income and expense. We believe Adjusted EBITDA helps provide a more complete understanding of the underlying operating results and trends and an enhanced overall understanding of our financial performance and prospects for the future. Adjusted EBITDA is not intended to be a measure of liquidity or cash flows from operations or a measure comparable to net income as it does not take into account certain requirements, such as unearned passenger revenues, capital expenditures and related depreciation, principal and interest payments, and tax payments. Our use of Adjusted EBITDA may not be comparable to other companies within the industry.

The following metrics apply to the Lindblad segment:

Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for Non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation, reorganization costs and acquisition-related expenses.

Available Guest Nights is a measurement of capacity available for sale and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period. We also record the number of guest nights available on our limited land programs in this definition.

Gross Cruise Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.

Gross Yield per Available Guest Night represents tour revenues divided by Available Guest Nights.

Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.

Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).

Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.

Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.

Net Yield represents tour revenues less commissions and direct costs of other tour revenues.

Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.

Number of Guests represents the number of guests that travel with us in a period.

Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.

Voyages represent the number of ship expeditions completed during the period.

####

Category: Financial

SOURCE Lindblad Expeditions Holdings, Inc.

FAQ

How did Lindblad Expeditions (LIND) perform financially in 2025?

Lindblad Expeditions grew strongly in 2025. Tour revenues rose 20% to $771.0 million, while Adjusted EBITDA increased 38% to a record $126.2 million. Net loss available to stockholders narrowed slightly to $34.6 million, reflecting better operations but also debt extinguishment costs.

What were Lindblad Expeditions’ 2025 profitability and margin trends?

Profitability improved despite a remaining net loss. Adjusted EBITDA reached $126.2 million, up 38% year over year. Net yield per available guest night rose 14% to $1,335, and occupancy improved to 88%, supporting higher margins even with increased marketing and royalty costs.

How strong was Lindblad Expeditions’ balance sheet and liquidity at year-end 2025?

Liquidity strengthened during 2025. Cash and restricted cash increased to $289.7 million as of December 31, 2025, primarily from $111.6 million in cash from operations. Total debt was $675.0 million, and the company was in compliance with its debt covenants.

What capital structure changes did Lindblad Expeditions (LIND) make, including preferred stock and refinancing?

The company significantly reshaped its capital structure. It refinanced long-term debt with $675.0 million of 7.00% senior secured notes maturing in 2030 and increased its revolver to $60.0 million. All 62,000 preferred shares converted into about 9.0 million common shares on February 3, 2026.

Does Lindblad Expeditions have a stock repurchase plan and how much has been used?

Yes, Lindblad maintains a $35.0 million repurchase program. As of February 23, 2026, it had repurchased 875,218 shares and 6.0 million warrants for $23.0 million, leaving $12.0 million available under the plan and 65.3 million common shares outstanding.

What guidance did Lindblad Expeditions provide for 2026 Adjusted EBITDA?

The company issued a higher Adjusted EBITDA outlook for 2026. It expects full-year 2026 Adjusted EBITDA between $130 million and $140 million. The reconciliation highlights assumed ranges for loss or income before taxes, depreciation and amortization, interest expense, stock-based compensation, and other items.

How did Lindblad Expeditions’ segments perform in 2025?

Both segments contributed to growth. Lindblad segment tour revenues rose 17% to $495.6 million, while Land Experiences grew 24% to $275.4 million. Segment Adjusted EBITDA reached $79.8 million for Lindblad and $46.5 million for Land Experiences, both up substantially year over year.

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EXHIBIT 99.1 - LINDBLAD EXPEDITIONS FOURTH QUARTER AND FULL YEAR EARNINGS PRESS 572.4 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.5 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 11.2 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 15.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.3 KB