Lindblad Expeditions (NASDAQ:LIND) Issues Earnings Results

27 Feb 2026, 04:00 by Mitch Edgeman · The Markets Daily

Lindblad Expeditions (NASDAQ:LIND – Get Free Report) announced its quarterly earnings results on Thursday. The company reported ($0.45) earnings per share 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 analysts’ expectations 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

NASDAQ:LIND traded down $0.52 during trading hours on Thursday, reaching $20.23. The company’s stock had a trading volume of 809,050 shares, compared to its average volume of 832,038. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -30.65 and a beta of 2.27. The firm has a 50-day simple moving average of $17.11 and a 200-day simple moving average of $14.34. Lindblad Expeditions has a 1 year low of $7.45 and a 1 year high of $21.23.

Key Lindblad Expeditions News

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

Positive Sentiment: Revenue beat and strong top-line momentum — Q4 revenue of $183.18M topped analyst estimates (~$167.7M), and full‑year 2025 revenue rose ~20% to $771.0M, demonstrating demand strength. Lindblad Expeditions’s (NASDAQ:LIND) Q4 CY2025: Beats On Revenue
Positive Sentiment: Record profitability metrics — Adjusted EBITDA was a company record at $126.2M, Net Yield per Available Guest Night rose 14% to $1,335, and occupancy was 88%, all of which support margin expansion and cash generation. Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results
Positive Sentiment: Balance-sheet actions — The company refinanced long‑term debt with $675M of 7.00% senior secured notes (maturity extended to 2030) and increased revolving availability to $60M, reducing near‑term refinancing risk. Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results
Neutral Sentiment: Management signals growth opportunity but capital timing issues — CEO Natalya Leahy said “the right time to grow capacity is now,” but expects a ~4‑year wait for new ship capacity, implying strong demand but delayed supply-driven growth. This supports long‑term revenue prospects while delaying near-term capacity-driven upside. Lindblad’s Leahy: ‘Right Time to Grow Capacity Is Now,’ 4-Year Wait For New Ship
Negative Sentiment: EPS miss increases near‑term pressure — Q4 EPS was a loss of $0.45 vs. consensus loss of $0.32, a $0.13 miss that likely drove the immediate share weakness despite the revenue beat. Lindblad Expeditions (LIND) Reports Q4 Loss, Tops Revenue Estimates
Negative Sentiment: Share‑count and one‑time charges — On Feb 3 all outstanding preferred stock was converted into ~9.0M common shares (dilutive) and the year included a $23.5M loss on extinguishment of debt; both reduce near‑term GAAP earnings and could pressure per‑share metrics. Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results

Analyst Ratings Changes

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

Check Out Our Latest Report on LIND

Insider Transactions at Lindblad Expeditions

In other news, Director Sven-Olof Lindblad sold 233,505 shares of Lindblad Expeditions stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $17.27, for a total value of $4,032,631.35. Following the transaction, the director owned 10,939,274 shares in the company, valued at approximately $188,921,261.98. The trade was a 2.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Benjamin Bressler sold 222,386 shares of the business’s stock in a transaction that occurred on Monday, January 12th. The shares were sold at an average price of $16.08, for a total value of $3,575,966.88. Following the completion of the sale, the chief executive officer owned 23,466 shares of the company’s stock, valued at $377,333.28. The trade was a 90.46% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,782,351 shares of company stock worth $29,808,188 over the last ninety days. Insiders own 34.00% of the company’s stock.

Institutional Trading of Lindblad Expeditions

A number of institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. grew its stake in shares of Lindblad Expeditions by 58.1% in the second quarter. Osaic Holdings Inc. now owns 3,597 shares of the company’s stock worth $41,000 after purchasing an additional 1,322 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in Lindblad Expeditions by 222.1% in the 2nd quarter. Tower Research Capital LLC TRC now owns 4,802 shares of the company’s stock worth $56,000 after buying an additional 3,311 shares during the period. Kemnay Advisory Services Inc. bought a new stake in shares of Lindblad Expeditions in the 4th quarter worth approximately $57,000. Royal Bank of Canada increased its stake in shares of Lindblad Expeditions by 127.1% during the fourth quarter. Royal Bank of Canada now owns 4,494 shares of the company’s stock valued at $65,000 after buying an additional 2,515 shares during the period. Finally, State of Wyoming bought a new position in shares of Lindblad Expeditions during the fourth quarter valued at approximately $136,000. 75.94% of the stock is currently owned by hedge funds and other institutional investors.

Lindblad Expeditions Company Profile

(Get Free Report)

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.