Lindblad Expeditions (LIND) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue grew 23% year-over-year to $167.9 million, driven by higher guest nights, strategic initiatives, and acquisitions including Thomson Group and Torcatt Enterprises Limitada.

• Adjusted EBITDA surged 139% to $24.8 million, with significant contributions from both Lindblad and Land Experiences segments.

• Net loss improved by $16.1 million year-over-year to $9.7 million, or $0.18 per diluted share.

• Strategic partnerships, notably with Disney, and expanded product offerings such as the European river experience and National Geographic campaigns, are driving momentum.

• Operating income reached $4.4 million, a turnaround from a $8.2 million loss in Q2 2024.

Financial highlights

• Q2 2025 tour revenues reached $167.9 million, up $31.4 million (23%) from Q2 2024.

• Lindblad segment revenue grew 19% to $111 million; Land Experiences segment up 31% to $57 million.

• Adjusted EBITDA margin expanded 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 $247.3 million as of June 30, 2025, up from $216.1 million at year-end 2024.

Outlook and guidance

• Full-year 2025 tour revenues expected between $725 million and $750 million.

• Adjusted EBITDA guidance raised to $108 million–$115 million.

• Net yield per available guest night expected to rise 9%-11% year-over-year.

• Bookings for 2025 and 2026 pacing ahead of prior years; 2027 itineraries recently opened with record sales week.

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