Lindblad Posts Record 2025 Net Yield as Revenue Jumps 20%

Lindblad Expeditions said it delivered record net yield and record Adjusted EBITDA in 2025, pointing to higher pricing, stronger occupancy and deployment changes that are shaping its capacity plans for 2026 and beyond.

For the year ended Dec. 31, 2025, total tour revenues rose 20% to $771.0 million, while the company still posted a full-year net loss available to stockholders of $34.6 million, or $0.63 per diluted share.

Chief Executive Officer Natalya Leahy called 2025 the company’s “strongest performance” to date, citing record guest satisfaction, record yield and record Adjusted EBITDA, along with balance sheet progress. “These milestones reflect the power of our mission, the strength of our brand, and the incredible dedication of our team,” Leahy said.

Record yield and revenue growth across both business lines

Lindblad’s net yield reached a record $1,335 in 2025, with the company attributing the improvement to higher pricing and stronger occupancy. In its expedition cruise business, occupancy for 2025 rose to 88%, up from 78% in 2024.

• Total tour revenues: $771.0 million in 2025, up $126.3 million (20%) versus 2024, reflecting gains in both the Lindblad and Land Experiences segments.
• Net yield: $1,335 for 2025, a record level, with net yield per available guest night up 14% year over year.
• Adjusted EBITDA: $126.2 million, up $35.0 million from 2024, with growth in both operating segments.
• Net loss available to stockholders: $34.6 million, or $0.63 per diluted share, compared with a $35.8 million loss in 2024.

Segment results: higher occupancy in expeditions, faster growth in Land Experiences

Lindblad’s core expedition cruise business generated 2025 tour revenues of $495.6 million, up $72.3 million (17%) year over year. The company tied the increase to higher net yield per available guest night and improved occupancy, along with a modest 2% increase in available guest nights.

The Land Experiences segment produced 2025 tour revenues of $275.4 million, up $54.0 million (24%) from the prior year, driven by more guests traveling and higher pricing.

Adjusted EBITDA improved, with higher costs and royalties also rising

Adjusted EBITDA for 2025 totaled $126.2 million, with the Lindblad segment contributing $79.8 million and Land Experiences contributing $46.5 million. The company said Lindblad segment profitability benefited from higher tour revenues, partly offset by increased marketing spending and higher royalties tied to an expanded National Geographic agreement.

In Land Experiences, the company said EBITDA rose on higher tour revenues, including a full year of Thomson Group results, while higher operating, personnel and marketing costs partially offset the gains.

Net loss narrowed slightly, with debt extinguishment and other expenses weighing on results

Lindblad’s net loss available to stockholders improved modestly year over year, which the company attributed primarily to stronger operating performance.

At the same time, 2025 results included a $23.5 million loss on extinguishment of debt, along with higher commissions and royalties tied to higher revenue and an increase in stock-based compensation expense.

Fourth-quarter snapshot: revenue up 23% as yields rose

In the fourth quarter of 2025, total tour revenues increased 23% to $183.2 million. The Lindblad segment reported tour revenues of $115.9 million, up 28%, while Land Experiences reported $67.2 million, up 16%.

The company said higher pricing and stronger occupancy supported results, with fourth-quarter occupancy at 87% versus 78% a year earlier, and net yield per available guest night up 11% to $1,279.

Net loss available to stockholders in the quarter was $24.8 million, or $0.45 per diluted share, compared with a loss of $26.2 million, or $0.48 per diluted share, in the prior-year quarter. Fourth-quarter Adjusted EBITDA totaled $14.2 million, up $0.7 million year over year, as Land Experiences Adjusted EBITDA rose to $9.8 million while the Lindblad segment’s fourth-quarter Adjusted EBITDA was $4.4 million, down from the prior year due to higher operating costs, drydock timing, royalties tied to the National Geographic agreement and marketing spend.

2026 capacity: growth driven by fewer non-revenue days, not new ships

Management said Lindblad expects to expand 2026 capacity largely by reducing non-revenue days rather than adding vessels. Leahy said the company cut non-revenue days by more than 100, freeing time to schedule additional voyages.

“We are now realizing the benefits from last year’s deployment optimization work,” Leahy said, linking the effort to the release of more sailings.

Chief Financial Officer Rick Goldberg said available guest nights for 2026 are expected to increase 4.5% to 5% year over year, with about half of the increase coming from deployment optimization. Leahy said the work is continuing beyond 2026, with the company extending the initiative into 2027 planning and later periods.

Longer-term growth options: charters, acquisitions and potential newbuilds

Leahy said Lindblad is evaluating multiple paths to expand capacity over time, including potential newbuilds and acquisitions. She said a new ship ordered now could take about four years to arrive, while cruise selling typically begins years before delivery, allowing itineraries and deposits to be marketed well ahead of entry into service.

In the nearer term, the company has been using charters and acquisitions to add capacity and broaden deployment. Leahy cited a seasonal 2027 charter of the Greg Mortimer, which will replace two older U.S.-flagged ships in Alaska, as well as the acquisition of two vessels in 2025 for deployment in the Galapagos. She also pointed to new European river charters and extended agreements in Asia as part of the company’s broader planning.

Discussing acquisition opportunities, Goldberg said limited vessel availability is a central constraint. “It’s less about competition and just what’s available in the marketplace,” he said, adding that ships meeting Lindblad’s guest-experience standards are not often on offer.

Looking ahead, the company’s next milestones include executing its 2026 schedule with additional capacity created through efficiency, while continuing to evaluate longer-term growth through charters, acquisitions and potential newbuilds, including the planned Alaska capacity increase tied to the Greg Mortimer charter in 2027.

Frequently Asked Questions (FAQs)

What does “net yield” mean in Lindblad’s results?

Lindblad reports net yield on a per-available-guest-night basis, reflecting the revenue it earns per unit of capacity after certain adjustments. The company said its 2025 net yield rose on higher pricing and improved occupancy.

How is Lindblad increasing 2026 capacity without adding new ships?

Management said the company reduced non-revenue days by more than 100, which allowed it to schedule additional voyages. Lindblad expects available guest nights to rise 4.5% to 5% in 2026, with about half of that increase tied to deployment optimization, according to CFO Rick Goldberg.

Why did Lindblad post a net loss despite higher Adjusted EBITDA?

The company cited items that can weigh on net income even when Adjusted EBITDA improves, including a $23.5 million loss on extinguishment of debt, along with higher commissions and royalties tied to higher revenue and increased stock-based compensation expense.

How is Lindblad expanding in Alaska?

Leahy said Lindblad will retire two older U.S.-flagged ships in Alaska and replace them with a seasonal charter of the Greg Mortimer in 2027. She said that move, paired with optimized Alaska deployment, is expected to lift Alaska capacity by 12% in 2027.

What are Lindblad’s longer-term plans for adding ships?

Leahy said the company is evaluating a mix of newbuilds, acquisitions and charters. She said a newbuild ordered today could take about four years to be delivered, while the company also continues to assess acquisitions and charter arrangements, though management has emphasized that vessels meeting Lindblad’s standards are scarce in the marketplace.