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Lindblad Expeditions Holdings operates small-ship expedition cruises and land-based adventure travel worldwide, targeting mainly affluent U.S. travelers over age 50. It reports about 12 owned expedition vessels and 10 seasonal charters, plus multiple land brands such as Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys and Thomson Group.
The company emphasizes premium, highly immersive nature- and culture-focused experiences, supported by long-term partnerships with National Geographic (extended through 2040) and World Wildlife Fund. It highlights strong brand recognition, high net yields per available guest night, repeat customers and disciplined expansion across ships and land operators.
Lindblad also stresses sustainability and conservation, including 100% carbon offsets for key brands, elimination of many single-use plastics, and over $25 million granted since 2008 through the LEX-NG Fund. As of June 30, 2025, non-affiliate common stock market value was about $341.6 million, and 65,251,988 shares were outstanding as of February 23, 2026.
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.
LINDBLAD EXPEDITIONS HOLDINGS, INC. CEO Natalya Leahy reported a tax-withholding share disposition related to equity compensation. On this Form 4, 11,842 shares of common stock were surrendered at a price of $20.04 per share to cover tax obligations, a transaction type typically not involving open-market selling. After this administrative disposition, Leahy directly held 277,714 shares of the company’s common stock.
Lindblad Expeditions Holdings, Inc. shareholder Mark D. Ein reports beneficial ownership of 3,333,719 shares of common stock, representing 5.1% of the class. This percentage is based on 64,400,000 shares outstanding as of February 3, 2026.
Ein and Capitol Acquisition Management 2 LLC jointly file this amended Schedule 13G. Capitol Acquisition Management 2 LLC reports 3,005,117 shares, or 4.7% of the class, with sole voting and dispositive power. Ein is deemed to beneficially own shares held by Capitol Acquisition Management 2 LLC through Leland Investments, Inc.
Lindblad Expeditions Holdings, Inc. director and founder Sven-Olof Lindblad filed an amended Schedule 13D reporting beneficial ownership of 10,783,962 shares of common stock, representing 16.7% of the company’s common shares based on 64,400,000 shares outstanding as of February 3, 2026.
The filing details that his stake originated largely from the 2015 merger that took Lindblad public and notes prior contributions of shares to the company’s 2016 CEO Share Allocation Plan and charitable donations. Between January 20 and February 4, 2026, he sold multiple blocks of shares under a Rule 10b5-1 trading plan, including 127,310 shares on February 3, 2026 at a weighted average price of $17.3845 and 80,520 shares on January 20, 2026 at a weighted average price of $15.6688.
The filing states that he will continue to review his investment and may buy, sell, donate, or transfer shares, and in his role as director may participate in discussions about potential strategic or corporate transactions, though he reports no specific current plans beyond those described.
Lindblad Expeditions Holdings director and 10% owner Sven-Olof Lindblad sold 28,002 shares of the company’s common stock on February 4, 2026. The sale was made under a pre-arranged Rule 10b5-1 trading plan at a weighted average price of $17.6069 per share, with actual prices ranging from $17.43 to $17.72. After this transaction, Lindblad still beneficially owns 10,783,962 shares of Lindblad Expeditions common stock.
Lindblad Expeditions Holdings, Inc. officer Benjamin Bressler, identified as Founder & CEO of NHA, reported option exercises and share sales in early February 2026. He exercised stock options for 181,389 shares on February 4, 2026 and 41,000 shares on February 5, 2026 at an exercise price of $8.44 per share.
On the same dates, he sold 181,389 shares at a weighted average price of $18.0448 and 41,000 shares at a weighted average price of $18.0781, in multiple transactions within the stated price ranges. Following these transactions, Bressler directly held 23,466 shares of Lindblad common stock.
A holder of common shares of LIND has filed a notice of proposed sale of 41,000 shares through Wells Fargo Clearing Services on the Nasdaq, with an approximate sale date of 02/05/2026. The filing notes that 55,400,743 shares were outstanding. The 41,000 shares were acquired on 02/05/2026 via stock options, with payment by wire the same day.
Over the prior three months, the same seller, Benjamin Bressler, reported multiple sales of LIND common shares, including 16123 shares for 241440.85 on 12/22/2025 and 222386 shares for 3567553.03 on 01/12/2026, along with several other sizable transactions.
Lindblad Expeditions Holdings, Inc. director and 10% owner Sven-Olof Lindblad reported planned sales of common stock under a Rule 10b5-1 trading plan. On February 2, 2026, he sold 114,659 shares at a weighted average price of $17.1796 and 118,846 shares at $17.3515.
On February 3, 2026, he sold an additional 127,310 shares at a weighted average price of $17.3845. After these transactions, he beneficially owned 10,811,964 common shares directly. For each trade, actual sale prices fell within stated ranges around the reported weighted averages.
A shareholder filed a notice of proposed sale of 181,389 common shares of LIND. The shares are to be sold through Wells Fargo Clearing Services on or around 02/04/2026 on the Nasdaq, with an aggregate market value of $3,265,874.74.
The filing states that these common shares were acquired on 02/04/2026 via stock options, with payment made by wire. It notes that 55,400,743 shares of LIND common stock were outstanding, giving context for the planned sale.
The document also lists recent sales of LIND common shares over the prior three months by Benjamin Bressler, including several transactions between 12/22/2025 and 02/02/2026 with disclosed share counts and gross proceeds.