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LIND

Lindblad Expeditions Holdings, Inc.

LIND

Lindblad Expeditions Holdings, Inc. • NASDAQ
$12.03 ▲ 1.35% (+0.16)
Market Cap $658.21 M
52w High $15.06
52w Low $7.45
Dividend Yield 0%
P/E -17.96
Volume 235.96K
Outstanding Shares 54.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $240.172M ▲ $64.899M ▼ $1.19M ▲ 0.495% ▲ $0.021 ▲ $28.58M ▲
Q2-2025 $167.945M ▼ $72.147M ▼ $-8.518M ▼ -5.072% ▼ $-0.18 ▼ $20.299M ▼
Q1-2025 $179.721M ▲ $76.259M ▲ $1.161M ▲ 0.646% ▲ $-0.001 ▲ $26.89M ▲
Q4-2024 $148.609M ▼ $74.937M ▲ $-25.049M ▼ -16.856% ▼ $-0.48 ▼ $6.663M ▼
Q3-2024 $206.005M $72.036M $22.515M 10.929% $0.39 $42.418M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $261.781M ▲ $976.534M ▲ $1.105B ▼ $-174.772M ▲
Q2-2025 $200.929M ▲ $936.523M ▲ $1.161B ▲ $-263.809M ▼
Q1-2025 $188.854M ▲ $908.829M ▲ $1.129B ▲ $-252.223M ▼
Q4-2024 $183.941M ▼ $876.905M ▼ $1.022B ▲ $-174.959M ▼
Q3-2024 $193.881M $889.822M $1.012B $-149.91M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.19M ▲ $19.527M ▼ $-9.396M ▲ $32.666M ▲ $42.797M ▲ $11.908M ▼
Q2-2025 $-8.518M ▼ $29.215M ▼ $-15.744M ▲ $-1.074M ▼ $12.103M ▼ $13.471M ▼
Q1-2025 $1.011M ▲ $48.399M ▲ $-28.997M ▼ $-327K ▲ $19.081M ▲ $34.984M ▲
Q4-2024 $-25.049M ▼ $1.68M ▼ $-9.691M ▲ $-709K ▼ $-8.432M ▼ $-8.193M ▼
Q3-2024 $25.641M $28.109M $-20.495M $-699K $6.915M $18.355M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Landexperience
Landexperience
 $100.00M ▲$50.00M ▼$60.00M ▲$100.00M ▲
Lindblad Segment
Lindblad Segment
 $180.00M ▲$130.00M ▼$110.00M ▼$140.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Lindblad’s income statement shows a business that has largely healed from the pandemic shock but has not yet translated that recovery into consistent bottom-line profits. Revenue has climbed steadily for several years as travel demand returned, with sales now several times higher than at the pandemic trough. Profitability has improved along the way: the company has moved from heavy operating losses to slightly positive operating income and healthy operating margins relative to its past. EBITDA has turned clearly positive, indicating that the core operations are generating economic value before interest and non-cash charges. However, net income remains negative. The losses are smaller than before, but interest expense, depreciation on a capital-heavy fleet, and other below-the-line items still keep reported earnings in the red. The trajectory is encouraging—better revenues, better margins, shrinking losses—but the company is still in transition rather than firmly in a mature, profit-generating phase.

Balance Sheet

Balance Sheet The balance sheet reflects a specialized, asset-heavy travel operator that has financed growth with significant debt. Total assets have grown modestly and remain anchored by the company’s expedition ships and related equipment. Cash levels are reasonable for day‑to‑day needs but not excessive, which leaves less room for major shocks without refinancing or additional capital. Debt is high and has trended upward, consistent with heavy investment in a modern fleet. At the same time, shareholder equity has swung from positive to meaningfully negative, which means liabilities now exceed book assets. That doesn’t automatically imply liquidity trouble, but it does highlight a leveraged structure and less balance-sheet cushion if business conditions weaken or financing becomes more expensive. Overall, the company’s financial structure is workable as long as operations remain strong, but it leaves limited room for prolonged downturns or large new investments without careful capital planning.

Cash Flow

Cash Flow Cash flow has improved noticeably and looks stronger than the accounting profits alone would suggest. Operating cash flow has moved from material outflows during the pandemic to consistent inflows in recent years, reflecting better bookings, higher occupancy, and improved pricing. This shift is important: it shows the business is now generating cash from its core operations rather than relying mainly on external funding. Capital spending was very heavy earlier in the period, as the company invested in new polar-class ships and fleet upgrades. That spending has since eased to a more moderate level. As a result, free cash flow has turned from deeply negative to positive recently, indicating that the fleet build-out phase is maturing and that the business can begin to self-fund more of its needs. The key question going forward is whether this positive free cash flow can be sustained through economic cycles and used to steadily reduce leverage or fund growth without taking on much more debt.

Competitive Edge

Competitive Edge Lindblad occupies a differentiated niche at the high end of the travel market: small-ship expedition cruising with a strong emphasis on education, nature, and sustainability. Its most distinctive asset is the long-term partnership with National Geographic, now extended well into the future. This alliance provides powerful brand recognition, trusted scientific and educational content, and a steady pipeline of experts and photographers onboard. The tie-in to Disney’s marketing and distribution system adds further reach and credibility. The company’s small-ship focus allows access to remote destinations and intimate experiences that large cruise ships cannot easily replicate. The guest proposition centers on learning, conservation, and authentic exploration rather than traditional mass-market cruise entertainment, which appeals to a specific, often more affluent and mission-driven traveler segment. Risks to the competitive position include the discretionary nature of luxury travel, exposure to geopolitical and environmental disruptions, and growing competition in the expedition cruise space as other operators enter or upgrade their fleets. Nevertheless, Lindblad’s brand, partnerships, operating experience in remote regions, and loyal customer base create a meaningful moat in its chosen niche.

Innovation and R&D

Innovation and R&D Innovation at Lindblad is less about laboratories and patents and more about ship technology, itinerary design, and experience engineering. On the hardware side, the company has invested in advanced polar-class ships with innovative hull designs that improve comfort, safety, and fuel efficiency in rough and icy waters. These vessels are equipped with tools such as underwater cameras, remotely operated vehicles, hydrophones, zodiacs, and kayaks, all aimed at enhancing exploration and education for guests. On the software and product side, Lindblad continually experiments with new itineraries, themed voyages (such as photography- or eclipse-focused trips), and citizen-science programs that allow guests to contribute to real research. Its strong sustainability and conservation agenda is both a brand pillar and an area of ongoing process innovation. The extended National Geographic and Disney relationships also open the door to new co-branded experiences and content-driven trips, which can refresh the product offering without always requiring massive new capital spending. The main financial trade-off is that fleet-related innovation is capital intensive, so future upgrades and expansions must be balanced against the already-elevated debt load.

Summary

Lindblad today looks like a specialized expedition travel company that has largely executed its post‑pandemic recovery plan but still carries the financial scars of that period and its fleet expansion. Operationally, revenue and margins have improved significantly, and cash generation has turned decisively positive, suggesting the underlying business model is working. Strategically, the firm benefits from a distinctive niche, a powerful and long-dated partnership with National Geographic (and, indirectly, Disney), a modern purpose-built fleet, and a brand closely associated with education, conservation, and authentic exploration. Financially, the picture is more mixed. High leverage and negative equity reduce flexibility and increase sensitivity to interest rates and downturns, even as cash flow trends move in the right direction. Future performance will likely hinge on sustaining strong demand and pricing, managing operating and fuel costs, carefully pacing capital expenditures, and using improved cash flows to gradually strengthen the balance sheet. Overall, Lindblad combines a strong strategic position in a growing niche with a balance sheet that still reflects years of disruption and investment. Monitoring booking trends, occupancy, pricing power, debt levels, and the tangible benefits of the Disney/National Geographic partnership would be key for anyone following the company’s progress.

NEWS

November 4, 2025 · 7:30 AM UTC

Lindblad Expeditions Holdings, Inc. Reports 2025 Third Quarter Financial Results

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October 22, 2025 · 4:00 PM UTC

LINDBLAD EXPEDITIONS HOLDINGS, INC. TO REPORT 2025 THIRD QUARTER FINANCIAL RESULTS ON NOVEMBER 4, 2025

Read more