The strong revenue and EBITDA growth, combined with favorable guidance, suggests continued momentum in premium expedition travel demand. The debt refinancing improves the balance sheet. Traders should monitor occupancy rates and yield trends as leading indicators of sustained pricing power.
Price Chart
Executive Summary
Lindblad Expeditions reported strong 2025 full-year results with total revenue up 20% to $771.0 million and Adjusted EBITDA up 38% to $126.2 million, driven by higher pricing and occupancy. The company refinanced its debt and issued guidance for 2026 revenue of $800-$850 million and Adjusted EBITDA of $130-$140 million, indicating continued growth momentum.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue increased 20% to $771.0 million
- Adjusted EBITDA increased 38% to $126.2 million, the highest in company history
- Net yield per available guest night increased 14% to $1,335 with 88% occupancy
- Company refinanced long-term debt with $675.0 million of 7.00% senior secured notes
- 2026 guidance: revenue of $800-$850 million and Adjusted EBITDA of $130-$140 million
Financial Impact
Revenue increased $126.3 million (20%) and Adjusted EBITDA increased $35.0 million (38%) in 2025
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Lindblad | $495.6M | +17.0% |
| Land Experiences | $275.4M | +24.0% |
Risk Factors
- High reliance on travel demand which could be impacted by economic downturns or geopolitical events
- Increased marketing spend and vessel capital expenditures could pressure margins
- Execution risk in fleet expansion plans
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-005736 |
| Document: lindb20251106_8k.htm | 0001437749-26-005736 |
| Document: 0001437749-26-005736-index-headers.html | 0001437749-26-005736 |
| Document: 0001437749-26-005736-index.html | 0001437749-26-005736 |
| Document: 0001437749-26-005736.txt | 0001437749-26-005736 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 6w ago | 8-K | $26.09 $27.24 | ▲ +4.41% | ▲ +4.08% | $35.09 (+34.50%) |
Aug 9, 2026 11w ago | Institutional Cluster | $33.04 $32.84 | ▼ −0.61% | ▼ −0.29% | $35.09 (+6.20%) |
Aug 3, 2026 12w ago | 8-K | $33.12 $34.09 | ▲ +2.93% | ▲ +1.13% | $35.09 (+5.95%) |
May 29, 2026 21w ago | 144 | $22.96 $22.70 | ▼ −1.13% | ▼ −1.28% | $35.09 (+52.83%) |
May 29, 2026 21w ago | 144 | $22.96 $22.70 | ▼ −1.13% | ▼ −1.28% | $35.09 (+52.83%) |
May 22, 2026 22w ago | Insider Cluster | $21.37 $22.57 | ▲ +5.62% | ▲ +5.60% | $35.09 (+64.20%) |
May 15, 2026 23w ago | Insider Cluster | $19.16 $18.46 | ▼ −3.65% | ▼ −3.00% | $35.09 (+83.14%) |
May 11, 2026 24w ago | 144 | $19.02 $19.02 | · 0.00% | ▼ −0.54% | $35.09 (+84.49%) |
May 11, 2026 24w ago | Insider Cluster | $19.48 $19.02 | ▼ −2.36% | ▼ −2.22% | $35.09 (+80.13%) |
May 8, 2026 24w ago | 144 | $19.48 $19.02 | ▼ −2.36% | ▼ −2.22% | $35.09 (+80.13%) |
US Market Status
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