Lindblad Expeditions (LIND) Q3 2025 earnings summary

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.