--- title: "Lindblad Expedite | 8-K: FY2025 Revenue Beats Estimate at USD 771.02 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/277042099.md" datetime: "2026-02-26T12:40:28.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/277042099.md) - [en](https://longbridge.com/en/news/277042099.md) - [zh-HK](https://longbridge.com/zh-HK/news/277042099.md) --- # Lindblad Expedite | 8-K: FY2025 Revenue Beats Estimate at USD 771.02 M Revenue: As of FY2025, the actual value is USD 771.02 M, beating the estimate of USD 755.48 M. EPS: As of FY2025, the actual value is USD -0.63. EBIT: As of FY2025, the actual value is USD 90.72 M. ### Full Year 2025 Financial and Operational Highlights #### Overall Performance Lindblad Expeditions Holdings, Inc. reported total revenues of $771.0 million for the full year 2025, marking a 20% increase compared to the previous year . Net loss available to stockholders decreased by $1.2 million to -$34.6 million, which includes a -$23.5 million loss on extinguishment of debt . Adjusted EBITDA increased by 38% to $126.2 million . Net Yield per Available Guest Night reached $1,335, representing a 14% increase, and Occupancy stood at 88% . #### Segment Revenue - **Lindblad Segment:** Tour revenues for the Lindblad segment were $495.6 million, an increase of 17% year-over-year . This growth was driven by a 2% increase in available guest nights and a 14% increase in net yield per available guest night to $1,335, alongside an occupancy rate of 88% compared to 78% a year ago . - **Land Experiences Segment:** Land Experiences segment tour revenues rose by 24% to $275.4 million, primarily due to an increase in guests traveled and higher pricing . #### Segment Adjusted EBITDA - **Lindblad Segment:** Adjusted EBITDA for the Lindblad segment increased by $20.4 million to $79.8 million compared to 2024 . - **Land Experiences Segment:** The Land Experiences segment’s Adjusted EBITDA increased by $14.6 million to $46.5 million compared to 2024 . #### Cash Flow and Liquidity (Full Year 2025) - Cash and cash equivalents and restricted cash totaled $289.7 million as of December 31, 2025, up from $216.1 million as of December 31, 2024 . - Net cash provided by operating activities was $111,583 thousand . - Net cash used in investing activities was -$67,267 thousand . - Net cash provided by financing activities was $29,564 thousand . - Free Cash Flow was $63,838 thousand . - The Company’s total debt position as of December 31, 2025, was $675.0 million . #### Lindblad Segment Operational Metrics (Full Year 2025) - Available Guest Nights were 328,617 . - Guest Nights Sold totaled 287,830 . - Net Cruise Cost per Available Guest Night was $1,141 . - Net Cruise Cost Excluding Fuel per Available Guest Night was $1,068 . - Gross Cruise Cost per Available Guest Night was $1,314 . ### Fourth Quarter 2025 Financial and Operational Highlights #### Overall Performance (Q4 2025) Lindblad Expeditions Holdings, Inc. reported total tour revenues of $183.2 million for the fourth quarter of 2025, an increase of 23% compared to the same period in 2024 . Net loss available to stockholders for the quarter was -$24.8 million, a decrease of $1.4 million compared to -$26.2 million in the fourth quarter of 2024 . Adjusted EBITDA increased by $0.7 million to $14.2 million compared to the same period in 2024 . Net Yield per Available Guest Night was $1,279, and Occupancy was 87% . #### Segment Revenue (Q4 2025) - **Lindblad Segment:** Tour revenues for the Lindblad segment increased by 28% to $115.9 million . - **Land Experiences Segment:** Land Experiences segment tour revenues increased by 16% to $67.2 million . #### Segment Adjusted EBITDA (Q4 2025) - **Lindblad Segment:** Adjusted EBITDA for the Lindblad segment decreased by $1.8 million to $4.4 million compared to the same period in 2024 . - **Land Experiences Segment:** The Land Experiences segment’s Adjusted EBITDA increased by $2.5 million to $9.8 million compared to the same period in 2024 . ### Financial Outlook for Full Year 2026 Lindblad Expeditions Holdings, Inc. expects full-year 2026 tour revenues to be between $800 million and $850 million . Adjusted EBITDA is projected to be between $130 million and $140 million for the full year 2026 . ### Related Stocks - [LIND.US](https://longbridge.com/en/quote/LIND.US.md) ## Related News & Research - [Lindblad Expeditions (NASDAQ:LIND) Sees Significant Drop in Short Interest](https://longbridge.com/en/news/279103657.md) - [Key facts: Bloom Energy supply 2.8 GW; files 8-K on unregistered sales](https://longbridge.com/en/news/282739037.md) - [Hyatt Studios Jacksonville / St. Johns Town Center Now Open | H Stock News](https://longbridge.com/en/news/283023403.md) - [Northland Securities Estimates RELL FY2026 Earnings](https://longbridge.com/en/news/282488579.md) - [Valmont appoints John Schwietz as Executive Vice President, CFO and Corporate Secretary](https://longbridge.com/en/news/282899516.md)