Lindblad Q3 2025 Revenue Jumps 17% as EBITDA Hits Record

Lindblad Expeditions Holdings reported third-quarter 2025 results showing double-digit revenue growth and a record adjusted EBITDA, while pointing to strong booking trends into 2026 and early momentum for 2027.

For the quarter ended Sept. 30, 2025, the company posted corporate revenue of $240.2 million, up $34.2 million, or 17%, compared with the same period in 2024. Adjusted EBITDA rose to $57.3 million, which Lindblad said was a company record.

Record adjusted EBITDA alongside higher guest satisfaction scores

Chief Executive Officer Natalya Leahy tied the quarter’s operating performance to both financial and customer metrics, saying the period delivered “overall corporate revenue up 17%,” a record level of adjusted EBITDA and the company’s “highest ever measured guest satisfaction scores.”

What drove revenue gains across the two business segments

Lindblad said both of its reporting segments contributed to the year-over-year increase, with higher pricing and improved occupancy supporting expedition cruising results, and additional land trips and higher pricing lifting the land-based business.

• Lindblad segment (expedition cruising): Tour revenues rose 13% year over year to $137.6 million, which the company attributed primarily to higher pricing and improved occupancy. Net yield per available guest night increased 9% to $1,314, while occupancy improved to 88% from 82% in the third quarter of 2024.
• Land Experiences (land-based travel): Tour revenues increased 21% to $102.6 million. Lindblad said the gain was primarily driven by operating additional trips during the quarter and higher pricing.

Net income was pressured by refinancing costs despite improved operations

On a GAAP basis, net loss available to stockholders was $49,000 ($0.00 per diluted share), compared with net income available to stockholders of $21.3 million ($0.36 per diluted share) in the third quarter of 2024.

Lindblad attributed the change largely to $23.5 million of debt refinancing expenses and a $4.2 million decrease in the income tax benefit recorded during the quarter. The company said those impacts were partially offset by improved operating results, including a $1.8 million benefit tied to employee retention tax credits received.

Adjusted EBITDA totaled $57.3 million, up $11.4 million year over year. The Lindblad segment generated adjusted EBITDA of $32.8 million, up $6.5 million, while Land Experiences adjusted EBITDA was $24.5 million, up $4.9 million.

The company said the Lindblad segment benefited from higher tour revenues and employee retention tax credits, alongside higher royalties and commission expense linked to revenue growth and royalty rates under the National Geographic agreement. For Land Experiences, Lindblad cited higher tour revenues, offset in part by increased operating and personnel costs and higher marketing spending aimed at future growth.

Bookings momentum into 2026 and early signs for 2027

Speaking on the company’s third-quarter earnings call, Leahy said booking pace for 2026 remains strong in both segments and is tracking well ahead of the prior year. She also said the company has seen an “encouraging uptick” in 2027 bookings after launching its 2027 deployment.

Leahy said the onboard sales program performed strongly during the quarter, with bookings as a percentage more than tripling year over year. She attributed the performance in part to expedition staff introducing guests to future destinations during trips, helping convert some travelers into repeat customers.

While the company has not issued guidance for 2026, Leahy said Lindblad is working through multiple commercial initiatives implemented during 2025 that have not yet fully flowed through to results. She also said the company is working toward returning to historical occupancy levels of around 90% and is on track to meet that objective.

Capacity expansion: charters, acquisitions, and potential newbuild opportunities

With demand holding up, Lindblad outlined several ways it could expand capacity over time. “This sustained strength in demand for our product presents compelling opportunities to strategically expand our capacity, including through newbuilds and charter partnerships,” Leahy said.

Chartering was framed as a near-term lever to add supply without the same upfront investment as owning ships. Leahy described charters as a “capital-light” approach that can help the company enter markets seasonally, while also noting there are limitations to operating chartered tonnage.

Beyond charters, Leahy said Lindblad is evaluating the potential to purchase existing ships if an opportunity meets the company’s return thresholds and brand requirements.

River cruise expansion and 2027 charter offerings

Leahy said the company’s first European river cruising program outperformed expectations, prompting Lindblad to increase the number of voyages offered for 2027. The expanded slate includes additional spring and summer departures, along with new Christmas market and holiday sailings.

She also said Lindblad announced its 2027 “river collections,” spanning Europe, Egypt, India, and Vietnam.

Balance sheet positioning and growth priorities

Leahy said Lindblad’s work to strengthen the balance sheet supports longer-term plans, positioning the company for growth “well into 2030.”

Chief Financial Officer Rick Goldberg said the improved financial position supports a more active approach to expansion. “With a stronger balance sheet and ample liquidity, we’re well positioned to aggressively pursue accretive growth opportunities,” Goldberg said, including potential fleet expansion via charters, acquisitions and/or newbuilds, as well as additions to the company’s land-based experiences.

Lindblad scheduled its third-quarter 2025 results discussion for Nov. 4, 2025, with a conference call at 9:00 a.m. Eastern Time, and said a transcript would be posted within 48 hours after the call. With revenue and adjusted EBITDA rising year over year, the company said it is focused on converting forward demand into sustained occupancy and yield improvements as it evaluates capacity growth options beyond 2026.

Frequently Asked Questions (FAQs)

How did Lindblad Expeditions perform financially in Q3 2025?

For the quarter ended Sept. 30, 2025, Lindblad Expeditions Holdings reported corporate revenue of $240.2 million, up $34.2 million, or 17%, year over year. Adjusted EBITDA increased to a record $57.3 million, while GAAP net loss available to stockholders was $49,000.

Why did Lindblad report a near-break-even net loss despite higher adjusted EBITDA?

The company said results were impacted primarily by $23.5 million in debt refinancing expenses and a $4.2 million decrease in the income tax benefit recorded during the quarter, partially offset by improved operating performance, including a $1.8 million benefit tied to employee retention tax credits received.

What strategies are driving Lindblad’s growth?

Lindblad attributed revenue growth to higher pricing, improved occupancy in its Lindblad segment, and operating additional trips and higher pricing in Land Experiences. Management also highlighted the onboard sales program, with Leahy saying bookings as a percentage more than tripled year over year, supported by expedition staff introducing guests to future destinations during trips.

What are Lindblad’s plans for its European river cruise program and 2027 river offerings?

Leahy said Lindblad’s first European river cruising program outperformed expectations, leading the company to increase the number of voyages offered for 2027, including additional spring and summer departures and new Christmas market and holiday sailings. She also said the company announced 2027 “river collections” spanning Europe, Egypt, India, and Vietnam.

What is the difference between Lindblad’s Lindblad segment and Land Experiences?

The Lindblad segment covers the company’s expedition cruising business, while Land Experiences relates to its land-based travel offerings, which report separate tour revenue and adjusted EBITDA results.