Lindblad Expeditions (LIND) Q4 2025 earnings summary

Executive summary

• Achieved record financial performance in 2025, with revenues up 20% year-over-year to $771 million and Adjusted EBITDA up 38% to $126.2 million, reflecting strong operational discipline and strategic execution.

• Delivered highest guest satisfaction scores and net yields in company history, with significant improvements in occupancy and expansion of leadership team.

• Net loss available to stockholders narrowed to $34.6 million, including a $23.5 million loss on extinguishment of debt.

• Strengthened balance sheet, reducing net leverage from 4.6x to 3.1x by year-end 2025.

• Expanded fleet and portfolio through acquisitions and charters, including two Galápagos ships and a new three-year charter agreement.

Financial highlights

• Full-year revenues reached $771 million, up 20% year-over-year; Q4 revenues rose 23% to $183.2 million.

• Adjusted EBITDA grew 38% to $126.2 million, with margins expanding 220 basis points to 16.4%.

• Net loss available to stockholders was $34.6 million or $0.63 per diluted share, improved from $0.67 per share in 2024, impacted by a $23.5 million loss on extinguishment of debt.

• Free cash flow for the year was $63.8 million; year-end cash balance was $289.7 million, up $73.6 million.

• Full year tour revenues increased by $126.3 million, driven by $72.3 million growth in the Lindblad segment and $54.0 million in Land Experiences.

Outlook and guidance

• 2026 guidance: revenues of $800–$850 million and Adjusted EBITDA of $130–$140 million.

• Available guest nights expected to increase 4.5–5%, with net yield per guest night up 4–5%.

• Booking momentum remains strong, with 2026 booked revenue already exceeding 2025 and 2027 pacing ahead of 2026.

• EBITDA growth expected to be stronger in the second half of 2026 due to deployment mix and timing of cost credits.