Lindblad Expeditions (NASDAQ:LIND) executives highlighted record financial performance and strong forward bookings during the company’s fourth-quarter and full-year 2025 earnings call, citing improved yields, higher occupancy, and continued progress across strategic initiatives aimed at growth and operating discipline.
Record 2025 results and improved balance sheet
Chief Executive Officer Natalya Leahy said 2025 delivered “record guest satisfaction scores and record financial performance,” alongside progress across three strategic pillars focused on revenue optimization, cost innovation and asset utilization, and accretive growth opportunities.
Chief Financial Officer Rick Goldberg provided segment details, reporting that Lindblad segment revenue was $495.6 million, up 17.1%, as occupancy increased from 78% to 88% and net yield per available guest night rose 14.1% to $1,335. Land Experiences revenue increased 24.4% to $275.4 million, driven by a 16% increase in guests and a 7% increase in revenue per guest.
Fourth-quarter performance and cost drivers
In the fourth quarter, Leahy said revenue increased 23% to $183.2 million. She noted the Lindblad segment delivered 28% revenue growth, driven by an 11% increase in net yields to $1,279 per guest night and occupancy rising to 87% from 78% in the prior-year quarter. Land Experiences revenue rose 16%, which management described as continued momentum.
Goldberg said fourth-quarter Adjusted EBITDA was $14.2 million, up about 5.4% year over year. He attributed the quarterly EBITDA mix to a $2.5 million increase in Land Experiences EBITDA, partially offset by a $1.8 million decline in Lindblad segment EBITDA. Management reiterated that the quarter was impacted by more dry and wet docks and a shift in the timing of marketing spend to support wave season.
For 2025 expenses, Goldberg said operating expenses (before stock-based compensation, transaction-related expenses, depreciation and amortization, interest, and taxes) rose 16.5%, reflecting additional voyages and trips and a full-year inclusion of Thomson Group results. He noted fuel costs were 4.8% of Lindblad segment revenue, down 150 basis points from 2024. Sales and marketing rose 31.8% due primarily to higher royalties and commission expenses and investments in demand generation.
The company reported a net loss available to stockholders of $34.6 million, or $0.63 per diluted share, compared with $0.67 per diluted share in 2024. Goldberg said the improved operating performance was offset by a $23.5 million loss on extinguishment of debt tied to an August refinancing and higher depreciation and amortization, primarily from the addition of the National Geographic Gemini and Delfina to the fleet.
Strategic initiatives: distribution, digital, and deployment
Leahy outlined several commercial initiatives supporting revenue growth, including expanded distribution through Disney, onboard expedition sales, outbound sales, and increased online bookings. She said bookings from earmarked Disney travel agents increased 35% for the full year, while the onboard expedition sales program generated nearly 3x as many bookings in 2025 compared to 2024. She added that the percentage of guests booking within 30 days of a voyage doubled after the program launched.
Online bookings increased 52% year over year, which Leahy attributed to demand generation through the National Geographic partnership and enhancements to the company’s web platform. In Q&A, she cited updates that improved search engine capabilities and the booking flow, and said National Geographic and Disney were “driving more leads” to the company’s website.
On capacity and deployment, management said fleet optimization efforts reduced non-revenue days by over 100, allowing the company to release additional voyages. The company expects mid-single-digit capacity growth in 2026 driven largely by dry dock and deployment optimization, and said it has extended that work into 2027 planning.
Acquisitions, charters, and responsible exploration
Leahy highlighted recent expansion efforts, including the acquisition of two Galápagos ships, a new three-year charter agreement with Greg Mortimer to increase and modernize Alaska capacity, and the tuck-in acquisition of Earthwatch and Natural Habitat.
She also emphasized the company’s conservation and education efforts. Leahy said Lindblad made a record $3 million investment through the Lindblad Expeditions–National Geographic Fund in 2025, supporting conservation, research, and education initiatives. She said the company supported 36 scientist education and storytelling projects, hosted visiting scientists on 25 voyages, and welcomed 35 teacher fellows. She also cited more than $50,000 raised by teams to support gray whale research.
2026 outlook: higher capacity, yield growth, and strong bookings
Management guided 2026 tour revenue to a range of $800 million to $850 million and Adjusted EBITDA of $130 million to $140 million. Goldberg said available guest nights are expected to increase 4.5% to 5%, aided by deployment optimization, a full-year contribution from the new Galápagos vessels, and additional charter offerings. Capacity growth is expected to be weighted toward the first half of the year.
Net yield per available guest night is expected to increase 4% to 5%, though management anticipates more modest yield growth early in the year due to capacity growth outside core, most profitable geographies, with stronger performance in the second half.
Executives repeatedly pointed to strong demand indicators. Leahy said the company had a “record wave season,” and both she and Goldberg said booked revenue for 2026 has already surpassed full-year 2025 revenue. They also said 2027 bookings are pacing ahead of 2026 at the same point last year, which Leahy said is expanding booking curves and supporting pricing integrity in core destinations including the Galápagos, Antarctica, and Alaska.
On the cost side, Goldberg said key moving pieces in 2026 include lapping employee retention tax credits (with the majority having hit in Q2 2025), the step-up to the final run-rate royalty under the National Geographic agreement effective January 1, and the company’s cost innovation efforts, which include more than 20 targeted initiatives. He said dry and wet dock costs are expected to be weighted toward Q1 and Q4.
Goldberg added that capital expenditures are expected to be about $10 million lower year over year, reflecting optimized capital spending and the one-time impact in 2025 of refurbishing the National Geographic Gemini and Delfina.
In Q&A, Leahy said the company believes it can return to historical occupancy levels around 90%, while also noting performance depends on the booking curve and the absence of geopolitical or other unexpected disruptions. On fleet growth, Leahy said the “right time to grow capacity…is now,” citing recent ship additions and charters, while adding that management is actively evaluating acquisitions and new builds but has “nothing to announce yet.” She said a potential new build pipeline would be approximately four years.
About Lindblad Expeditions (NASDAQ:LIND)
Lindblad Expeditions (NASDAQ: LIND) is a global leader in expedition cruising, specializing in immersive small-ship voyages to some of the world’s most remote and wildlife-rich regions. The company operates a fleet of purpose-built vessels designed to navigate challenging waters and shorelines, offering guests up-close encounters with natural environments such as the polar ice caps, the Galápagos Islands, Costa Rica’s rainforests and the waterways of Alaska, Patagonia and the Arctic.
Founded on the pioneering spirit of Lars-Eric Lindblad, regarded as the father of expedition travel, Lindblad Expeditions carries forward a legacy of discovery that dates back to the 1960s.
