Lindblad Expeditions Holdings Inc
NASDAQ:LIND
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Lindblad Expeditions Holdings Inc
NASDAQ:LIND
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Lindblad Expeditions Holdings Inc
Lindblad Expeditions Holdings, Inc. engages in the provision of expedition cruising and travel services. The company is headquartered in New York City, New York and currently employs 720 full-time employees. The company went IPO on 2013-05-10. The firm operates through two segments: Lindblad and Land Experiences. The Lindblad segment primarily provides ship-based expeditions aboard customized, nimble and intimately scaled vessels. Each expedition ship is fully equipped with state-of-the-art tools for exploration and the majority of expeditions involve travel to remote places with limited infrastructure and ports, such as Antarctica and the Arctic, or places that are accessed by a ship, such as the Galapagos Islands, Alaska, Baja California’s Sea of Cortez and Panama. The Land Experiences segment includes its four primarily land-based brands, Natural Habitat, DuVine, Off the Beaten Path and Classic Journeys. Natural Habitat offers approximately 100 different expedition itineraries in more than 45 countries spanning all seven continents. DuVine offers intimate group cycling and adventure tours around the world.
Lindblad Expeditions Holdings, Inc. engages in the provision of expedition cruising and travel services. The company is headquartered in New York City, New York and currently employs 720 full-time employees. The company went IPO on 2013-05-10. The firm operates through two segments: Lindblad and Land Experiences. The Lindblad segment primarily provides ship-based expeditions aboard customized, nimble and intimately scaled vessels. Each expedition ship is fully equipped with state-of-the-art tools for exploration and the majority of expeditions involve travel to remote places with limited infrastructure and ports, such as Antarctica and the Arctic, or places that are accessed by a ship, such as the Galapagos Islands, Alaska, Baja California’s Sea of Cortez and Panama. The Land Experiences segment includes its four primarily land-based brands, Natural Habitat, DuVine, Off the Beaten Path and Classic Journeys. Natural Habitat offers approximately 100 different expedition itineraries in more than 45 countries spanning all seven continents. DuVine offers intimate group cycling and adventure tours around the world.
Record Year: Lindblad Expeditions delivered record revenue of $771 million in 2025, up 20% year-over-year, with record net yields and EBITDA.
Strong Q4: Fourth quarter revenue rose 23% to $183.2 million, with Lindblad segment revenue up 28% and occupancy reaching 87%.
Profitability: Adjusted EBITDA for the year increased 38% to $126.2 million; EBITDA margin improved 220 basis points to 16.4%.
Guidance Raised: 2026 guidance calls for $800–850 million in revenue and $130–140 million in adjusted EBITDA, both increases over 2025.
Bookings Momentum: 2026 bookings have already surpassed 2025 levels, with 2027 bookings pacing even further ahead; pricing remains strong.
Capacity Growth: Mid-single digit capacity growth expected in 2026, mainly from fleet and deployment optimization.
Balance Sheet: Net leverage improved from 4.6x to 3.1x; mandatory conversion of preferred stock further simplified the capital structure.
Strategic Expansion: Added 2 Galapagos ships, completed a tuck-in acquisition, and expanded charter and international operations.
