Lindblad Expeditions Holdings, Inc. provides marine expedition adventures and travel experience worldwide. It operates through Lindblad and Land Experiences segments. The Lindblad segment provides ship-based expeditions aboard customized, nimble, and intimately-scaled vessels, which offers up-close experiences in the planet's wild and remote places, and capitals of culture; and offers expedition ship which is equipped with state-of-the-art tools for in-depth exploration with infrastructure and ports, such as Antarctica and the Arctic, and places that accessed by a ship comprising GalΓ‘pagos Islands, Alaska, Baja California's Sea of Cortez and Panama, and foster engagement activities. The Land Experiences segment comprises natural habitats, which provides various expedition itineraries in more than 45 countries across seven continents, with eco-conscious expeditions and nature-focused, and small-group tours including polar bear tours and bear adventure; and DuVine provides intimate group cycling and adventure tours around the world with local cycling experts as guides in local cultural, cuisine, and accommodations. This segment also offers off the beaten path, including small group travel, led by local, and experienced guides with focus on wildlife, hiking national parks, and culture; and classic journey, a curated active small-group and private custom journeys centered around cinematic walks led by expert local guides over 50 countries across the world. In addition, it collaborates with National Geographic on expedition planning and to enhance the guest experience by having National Geographic experts, including photographers, writers, marine biologists, naturalists, field researchers and film crews; and partnered with World Wildlife Fund to offer conservation travel. Lindblad Expeditions Holdings, Inc. was founded in 1979 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $771M | $88M | $-30M | $64M | 19.4% | 19.6% | - |
| 2024 | $645M | $74M | $-31M | $59M | 21.4% | 13.2% | - |
| 2023 | $570M | $55M | $-46M | $-5M | 40.1% | 35.1% | - |
| 2022 | $422M | $-20M | $-111M | $-40M | 130.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 421.50 | 569.54 | 644.73 | 771.02 |
| Cost Of Revenue | 283.22 | 338.21 | 362.58 | 418.02 |
| Gross Profit | 138.28 | 231.33 | 282.15 | 353 |
| Operating Expense | 201.33 | 220.73 | 260.59 | 307.51 |
| Operating Income | -63.05 | 10.60 | 21.55 | 45.49 |
| EBITDA | -19.94 | 54.80 | 74.14 | 88.02 |
| EBIT | -64.59 | 7.28 | 20.65 | 23.48 |
| Pretax Income | -102.08 | -37.73 | -25.09 | -21.75 |
| Tax Provision | 6.08 | 3.15 | 3.10 | 2.48 |
| Net Income | -111.38 | -45.61 | -31.18 | -29.72 |
| Net Income Common Stockholders | -116.05 | -49.98 | -35.82 | -34.65 |
| Total Expenses | 484.55 | 558.94 | 623.17 | 725.53 |
| Interest Expense | 37.49 | 45.01 | 45.74 | 45.23 |
| Selling General And Administration | 157.29 | 174.02 | 208.03 | 244.69 |
| Normalized EBITDA | -18.70 | 54.04 | 75.20 | 110.43 |
| Normalized Income | -110.40 | -46.20 | -30.34 | -12.01 |
| Basic EPS | -2.23 | -0.94 | -0.67 | -0.63 |
| Diluted EPS | -2.23 | -0.94 | -0.67 | -0.63 |
| Tax Effect Of Unusual Items | -0.26 | 0.16 | -0.22 | -4.71 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -1.24 | 0.75 | -1.06 | -22.41 |
| Total Unusual Items Excluding Goodwill | -1.24 | 0.75 | -1.06 | -22.41 |
| Net Income From Continuing Operation Net Minority Interest | -111.38 | -45.61 | -31.18 | -29.72 |
| Reconciled Depreciation | 44.65 | 47.51 | 53.49 | 64.53 |
| Reconciled Cost Of Revenue | 282.61 | 337.41 | 361.65 | 416.31 |
| Net Interest Income | -37.49 | -45.01 | -45.74 | -45.23 |
| Net Income From Continuing And Discontinued Operation | -111.38 | -45.61 | -31.18 | -29.72 |
| Total Operating Income As Reported | -63.05 | 10.60 | 21.55 | 45.49 |
| Diluted Average Shares | 52.02 | 53.26 | 53.82 | 54.97 |
| Basic Average Shares | 52.02 | 53.26 | 53.82 | 54.97 |
| Diluted NI Availto Com Stockholders | -116.05 | -49.98 | -35.82 | -34.65 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Preferred Stock Dividends | 4.67 | 4.37 | 4.64 | 4.93 |
| Minority Interests | -3.22 | -4.73 | -2.98 | -5.50 |
| Net Income Including Noncontrolling Interests | -108.16 | -40.88 | -28.20 | -24.23 |
| Net Income Continuous Operations | -108.16 | -40.88 | -28.20 | -24.23 |
| Other Income Expense | -1.54 | -3.31 | -0.91 | -22.01 |
| Other Non Operating Income Expenses | -0.31 | -4.07 | 0.16 | 0.41 |
| Special Income Charges | 0 | 0 | 0 | -23.49 |
| Other Special Charges | 0 | 0 | 0 | 23.49 |
| Gain On Sale Of Security | -1.24 | 0.75 | -1.06 | 1.08 |
| Net Non Operating Interest Income Expense | -37.49 | -45.01 | -45.74 | -45.23 |
| Interest Expense Non Operating | 37.49 | 45.01 | 45.74 | 45.23 |
| Depreciation Amortization Depletion Income Statement | 44.04 | 46.71 | 52.56 | 62.82 |
| Depreciation And Amortization In Income Statement | 44.04 | 46.71 | 52.56 | 62.82 |
| Selling And Marketing Expense | 61 | 71.43 | 87.02 | 114.72 |
| General And Administrative Expense | 96.29 | 102.60 | 121.01 | 129.98 |
| Other Gand A | 96.29 | 102.60 | 121.01 | 129.98 |
| Operating Revenue | 421.50 | 569.54 | 644.73 | 771.02 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Lindblad Expeditions Holdings, Inc.this co. | LIND | $1.2B | - | -3.44 | 19.4% | 14.76 |
| XPEL, Inc. | XPEL | $1.3B | 25.13 | 4.59 | 18.3% | 16.27 |
| Savers Value Village, Inc. | SVV | $1.3B | 58.79 | 2.93 | 5.2% | 12.13 |
| Papa John's International, Inc. | PZZA | $1.3B | 39.87 | -2.74 | -6.9% | 11.68 |
| MasterBrand, Inc. | MBC |
| $1.2B |
| 44.87 |
| 0.89 |
| 2.0% |
| 10.23 |
| Pursuit Attractions and Hospitality, Inc. | PRSU | $1.2B | 50.90 | 1.98 | 3.9% | 11.99 |
| Liquidity Services, Inc. | LQDT | $1.1B | 38.52 | 5.32 | 13.8% | 20.26 |
| LGI Homes, Inc. | LGIH | $1.1B | 14.50 | 0.50 | 3.5% | 31.64 |
| Arhaus, Inc. | ARHS | $1.0B | 15.29 | 2.48 | 16.1% | 10.01 |
| Peer Median | - | 39.19 | 2.23 | 4.5% | 12.06 | |