LIND
Lindblad Expeditions Holdings, Inc.14.14
-0.10-0.7%
Dec 16, 4:00:01 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms guidance, eyes fleet growth
Q&A largely reaffirmed prepared remarks on record 2025 results and 2026 guidance of $800M-$850M revenue, $130M-$140M EBITDA, but surfaced factors tilting toward the high end: no geopolitical disruptions, 90%+ occupancy, steady execution. Pricing holds firm with '27 booking curves months ahead of '26, enabling elasticity. Management hunts ship acquisitions and newbuilds—four-year pipeline—but suitable vessels are scarce; they're preferred for land deals. Drydock costs weight Q1/Q4; bookings flow consistently. No newbuilds yet. Watch capacity execution, international ramp.
Key Stats
Market Cap
783.37MP/E (TTM)
-Basic EPS (TTM)
-0.67Dividend Yield
0%Recent Filings
8-K
Taylor named executive officer
Lindblad Expeditions appointed Rear Admiral Keith Taylor (Ret.), its Chief Maritime Officer since April 2025, as an executive officer effective March 19, 2026. The 64-year-old maritime veteran brings 30 years in the U.S. Coast Guard and fleet operations for Carnival brands. Taylor gets $330,000 base, 75% target cash and equity bonuses. No related arrangements disclosed.
8-K
Acquires 95% Natural Habitat stake
Lindblad Expeditions boosted its stake in Natural Habitat to 95% on March 3, 2026, acquiring the extra 5% from founder Ben Bressler for $16,586,787 via his put right under the stockholders' agreement. Bressler retains a 5% noncontrolling interest under ongoing put/call terms. Ownership tightens control.
10-K
FY2025 results
Lindblad Expeditions drove FY2025 tour revenues to $771M, up 20% y/y, with Lindblad segment at $496M (17% y/y) on 13% more guest nights and net yield per available guest night climbing 14% to $1,335; Land Experiences hit $275M (24% y/y) fueled by 16% guest growth and full-year Thomson integration. Q4 momentum shone through 88% occupancy—up 10 points y/y—while operating income swung to $45M from $22M. Yet net loss narrowed just 14% to $24M amid $23M debt refinancing costs. Debt sits at $675M; $290M cash supports $37M charters. Geopolitical risks threaten travel demand.
8-K
Record EBITDA, debt refinanced
Lindblad Expeditions crushed 2025 with tour revenues up 20% to $771.0M and Adjusted EBITDA soaring 38% to $126.2M, fueled by 14% higher net yield at $1,335 and 88% occupancy. Debt refinanced to $675.0M notes maturing 2030; all preferred stock converted to 9.0M common shares on February 3, 2026. Record EBITDA. Guides 2026 Adjusted EBITDA to $130-140M.
8-K
Mandatory preferred conversion set
Lindblad Expeditions issued a Conversion Notice on January 20, 2026, triggering mandatory conversion of all 62,000 shares of 6.0% Series A Preferred Stock into ~9.0 million common shares effective February 3, 2026—after VWAP topped $14.25 for 20 of 30 days ending January 16. Shares outstanding rise from 55.4 million to 64.4 million, eliminating preferred dividends. Balance sheet strengthens; capital flexibility grows. No Preferred Stock remains.
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