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Dec 31, 2025
Lindblad Expeditions Q4 2025 Earnings Report
Lindblad Expeditions reported higher revenue and improved Adjusted EBITDA in the fourth quarter of 2025, while narrowing its net loss year over year.
Key Takeaways
In Q4 2025, Lindblad Expeditions increased tour revenues 23% to 183181000 and delivered Adjusted EBITDA of 14151000, while net loss available to stockholders improved to 24814000.
Tour revenues increased 23% year over year to 183181000.
Adjusted EBITDA rose to 14151000 from 13430000 in the prior year period.
Net loss available to stockholders narrowed to 24814000 from 26235000.
Net yield per available guest night increased to 1279 with occupancy of 87%.
Revenue by Segment
Forward Guidance
For full year 2026, the company expects tour revenues between 800000000 and 850000000 and Adjusted EBITDA between 130000000 and 140000000.
Positive Outlook
- Tour revenues expected between 800000000 and 850000000 for 2026.
- Adjusted EBITDA expected between 130000000 and 140000000.
- Refinanced long-term debt extending maturity to 2030.
- Increased revolving credit facility capacity to 60000000.
- Conversion of preferred stock into common equity strengthens capital structure.
Challenges Ahead
- Net loss continued in the fourth quarter.
- Operating loss of 5506000 in Q4 2025.
- Higher depreciation and amortization expenses year over year.
- Increased selling and marketing expenses to drive growth.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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