Lindblad Expeditions (NASDAQ:LIND) Releases Earnings Results, Misses Expectations By $0.13 EPS

Lindblad Expeditions (NASDAQ:LIND) announced its earnings results on Thursday. The company reported ($0.45) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.13), FiscalAI reports. The firm had revenue of $183.18 million during the quarter, compared to analyst estimates of $167.66 million.

Here are the key takeaways from Lindblad Expeditions’ conference call:

• Record 2025 results: Full-year revenue of $771M (+20%), net yield of $1,335 per guest night (company high), and Adjusted EBITDA of $126.2M (+38%) with margin expansion, while net leverage improved from 4.6x to ~3.1x.
• Strong forward bookings and 2026 guidance: Booked revenue for 2026 already exceeds 2025, and the company guides tour revenue of $800M–$850M and Adjusted EBITDA of $130M–$140M with capacity up ~4.5%–5% and net yield +4%–5%.
• Distribution and revenue initiatives gaining traction: Key growth drivers include expanded Disney distribution (agent bookings +35%), onboard sales (~3x bookings vs. 2024), outbound sales +97%, online bookings +52%, extension revenues +45%, and deployment optimization that cut >100 non?revenue days.
• Cost and one?time headwinds: Operating expenses rose materially (operating costs +16.5%), sales & marketing up ~31.8%, Q4 EBITDA was only +5.4% due to dry/wet docks and marketing timing, and 2025 included a $23.5M loss on extinguishment of debt contributing to a $34.6M net loss.

Lindblad Expeditions Stock Performance

Shares of NASDAQ LIND traded down $0.42 during trading hours on Friday, hitting $19.82. The stock had a trading volume of 355,769 shares, compared to its average volume of 813,987. The firm’s 50-day moving average price is $17.11 and its two-hundred day moving average price is $14.34. Lindblad Expeditions has a 52 week low of $7.45 and a 52 week high of $21.23. The company has a market capitalization of $1.10 billion, a P/E ratio of -29.92 and a beta of 2.27.

Analysts Set New Price Targets

Several analysts have issued reports on LIND shares. Stifel Nicolaus boosted their price objective on Lindblad Expeditions from $20.00 to $23.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Citigroup began coverage on shares of Lindblad Expeditions in a research report on Tuesday, December 30th. They issued a “buy” rating on the stock. Benchmark restated a “buy” rating on shares of Lindblad Expeditions in a research report on Thursday, January 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lindblad Expeditions in a research report on Thursday, January 22nd. Finally, Zacks Research downgraded shares of Lindblad Expeditions from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, February 4th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Insider Buying and Selling

In other news, CEO Benjamin Bressler sold 41,000 shares of the firm’s stock in a transaction on Thursday, February 5th. The shares were sold at an average price of $18.08, for a total transaction of $741,280.00. Following the transaction, the chief executive officer owned 23,466 shares in the company, valued at approximately $424,265.28. This trade represents a 63.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Sven-Olof Lindblad sold 28,002 shares of Lindblad Expeditions stock in a transaction on Wednesday, February 4th. The shares were sold at an average price of $17.61, for a total transaction of $493,115.22. Following the completion of the sale, the director directly owned 10,783,962 shares of the company’s stock, valued at approximately $189,905,570.82. The trade was a 0.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 1,782,351 shares of company stock valued at $29,808,188 over the last quarter. Corporate insiders own 34.00% of the company’s stock.

Hedge Funds Weigh In On Lindblad Expeditions

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. increased its holdings in shares of Lindblad Expeditions by 1.3% during the 3rd quarter. Vanguard Group Inc. now owns 2,332,262 shares of the company’s stock valued at $29,853,000 after acquiring an additional 29,642 shares during the last quarter. Geode Capital Management LLC boosted its position in Lindblad Expeditions by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 908,796 shares of the company’s stock worth $13,107,000 after purchasing an additional 5,553 shares during the period. Millennium Management LLC raised its position in shares of Lindblad Expeditions by 115.1% in the third quarter. Millennium Management LLC now owns 834,162 shares of the company’s stock valued at $10,677,000 after purchasing an additional 446,294 shares during the period. Franklin Resources Inc. lifted its stake in shares of Lindblad Expeditions by 0.4% in the third quarter. Franklin Resources Inc. now owns 822,120 shares of the company’s stock worth $10,523,000 after buying an additional 3,157 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Lindblad Expeditions by 26.6% in the third quarter. Arrowstreet Capital Limited Partnership now owns 750,771 shares of the company’s stock worth $9,610,000 after buying an additional 157,786 shares during the last quarter. 75.94% of the stock is currently owned by institutional investors.

Trending Headlines about Lindblad Expeditions

Here are the key news stories impacting Lindblad Expeditions this week:

• Positive Sentiment: Strong full?year performance — 2025 revenue rose 20% to $771.0M and adjusted EBITDA hit a company record $126.2M; net yield and occupancy improved materially, showing healthy demand and pricing power. Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results
• Positive Sentiment: Q4 revenue beat estimates — quarterly revenue of ~$183.2M topped consensus (~$167.7M), supporting the view that demand for expedition cruises remains robust. Lindblad Expeditions (LIND) Reports Q4 Loss, Tops Revenue Estimates
• Neutral Sentiment: Management signaled growth intent — CEO Natalya Leahy said “the right time to grow capacity is now,” but new ship supply has a ~4?year lead time, so any capacity expansion is long?dated. Lindblad’s Leahy: ‘Right Time to Grow Capacity Is Now,’ 4-Year Wait For New Ship
• Neutral Sentiment: FY2026 revenue guidance set to $800M–$850M (consensus ~ $824M) — range brackets consensus but is wide and company didn’t provide clear EPS guidance, leaving room for investor interpretation. Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results
• Negative Sentiment: EPS missed — reported Q4 loss of ($0.45) vs. consensus loss of ($0.32), a $0.13 downside that likely pressured the stock despite the revenue beat. Lindblad Expeditions (LIND) Reports Q4 Loss, Tops Revenue Estimates
• Negative Sentiment: Capital structure changes — conversion of all outstanding preferred into ~9.0M common shares and issuance of $675M of 7.00% senior secured notes (extended maturities) increase share count and interest costs, adding dilution and leverage risk. Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results
• Neutral Sentiment: For more detail, the full earnings call transcript is available for investors reviewing management’s commentary and Q&A. Lindblad Expeditions Holdings, Inc. (LIND) Q4 2025 Earnings Call Transcript

About Lindblad Expeditions

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.