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Lindblad Expeditions Holdings Reports Record Financial Performance for 2025

In a remarkable announcement on February 26, 2026, Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND), a prominent name in expedition cruising and adventure travel, disclosed its financial results for the fourth quarter and the full year of 2025. This report highlights a historical milestone for the company, showcasing not just recovery from the pandemic, but exceptional growth and financial performance.

Impressive Revenue Growth and Adjusted EBITDA

For the year ended December 31, 2025, Lindblad's total revenues surged by an impressive 20% to reach $771 million, up from $644 million in 2024. This growth is attributed to both the Lindblad segment, which reported a 17% increase in tour revenues to $495.6 million, and the Land Experiences segment, which saw a significant 24% rise to $275.4 million. The quarterly performance in Q4 was equally impressive, with revenues escalating to $183.2 million, up 23% from the previous year.

Crucially, the company reported an Adjusted EBITDA of $126.2 million for the whole year, reflecting a striking 38% increase over 2024's figures. This performance marks the highest in the company’s history, demonstrating strong operational efficiency and the ability to attract more guests aboard their vessels.

Insights from Leadership

Natalya Leahy, Chief Executive Officer of Lindblad Expeditions, commented positively on these results. She noted, "2025 delivered the strongest performance in our company’s history, showcasing record guest satisfaction and yield rates. Our commitment to responsible exploration and adventure travel resonates with our guests, allowing us to strengthen our market position continuously."

Earnings and Net Loss

While the company celebrated its revenue growth, it also reported a net loss available to stockholders of $34.6 million, marginally improved from a net loss of $35.8 million in 2024. This slight decrease primarily reflects improved operational results, counteracting the impacts of debt extinguishment and increased operating costs. Despite these challenges, the company remains upbeat about its future trajectory.

Strong Balance Sheet Position

Throughout 2025, Lindblad took significant steps to fortify its balance sheet. It refinanced long-term debt through the issuance of $675 million in senior secured notes, extending maturity to 2030, and boosted its revolving credit facility to $60 million. These strategic financial maneuvers position the company well for future growth and fleet expansion.

In further developments, on February 3, 2026, Lindblad executed a conversion of all outstanding Preferred Stock into approximately 9 million shares of Common Stock, further strengthening its equity structure.

Looking Ahead: Financial Outlook for 2026

Lindblad has ambitious goals for the coming year, projecting tour revenues between $800 million and $850 million for 2026, alongside an expected Adjusted EBITDA of between $130 million and $140 million. The company’s strategic focus on expanding both its travel offerings and enhancing guest experiences continues to drive its growth strategy.

As Lindblad Expeditions Holdings embarks on this exciting new phase, it remains committed to its core values of sustainability and responsible travel while striving to connect curious travelers with unique experiences across the globe.

Conclusion

Lindblad Expeditions Holdings’ record-breaking financial results for 2025 underline the company’s successful navigation of a post-pandemic world and its ongoing commitment to providing exceptional expedition and adventure travel experiences. With a strong foundation and creative financing strategies in place, Lindblad is set for a promising future in the evolving travel landscape.