Lindblad Expeditions has reported financial results for the fourth quarter and full year ended December 31, 2025.
Natalya Leahy, Chief Executive Officer, said: “In 2025, we delivered the strongest performance in our company’s history — record guest satisfaction, record yield of $1,335, and record Adjusted EBITDA $126.2 million — while strengthening our balance sheet position. These milestones reflect the power of our mission, the strength of our brand, and the incredible dedication of our team. We’re even better positioned to add to our fleet and portfolio of land experience brands.”
Tour Revenues
Full year tour revenues of $771.0 million increased $126.3 million, or 20%, as compared to a year ago. The increase was driven by a $72.3 million increase at the Lindblad segment and a $54.0 million increase at the Land Experiences segment.
Lindblad segment tour revenues of $495.6 million increased $72.3 million, or 17%, compared to a year ago. The increase was driven by a 2% increase in available guest nights, and a 14% increase in net yield per available guest night to $1,335 due to higher pricing and higher occupancy, 88% in 2025 as compared to 78% a year ago.
Land Experiences tour revenues of $275.4 million increased $54.0 million, or 24%, compared to a year ago primarily due to an increase in guests traveled and higher pricing.
Net Income
Net loss available to stockholders for the full year was $34.6 million, $0.63 per diluted share, as compared with a net loss available to stockholders of $35.8 million, $0.67 per diluted share, in 2024. The $1.2 million decrease primarily reflects improved operating results, partially offset a $23.5 million loss on extinguishment of debt, $13.9 million higher commissions and royalties due to higher revenues and $3.6 million higher stock-based compensation expense.
Adjusted EBITDA
Full year Adjusted EBITDA of $126.2 million increased $35.0 million as compared to 2024 driven by a $20.4 million increase at the Lindblad segment and a $14.6 million increase at the Land Experiences segment.
Lindblad segment Adjusted EBITDA of $79.8 million increased $20.4 million as compared to 2024, primarily due to increased tour revenues, partially offset by increased marketing spend to drive long-term growth initiatives and increased royalties associated with the expanded National Geographic agreement.
Land Experiences segment Adjusted EBITDA of $46.5 million increased $14.6 million as compared to 2024, due to increased tour revenues, including a full year of results of Thomson Group, partially offset by higher operating and personnel costs related to additional departures, and higher marketing spend to drive future growth.
FOURTH QUARTER RESULTS
Tour Revenues
Fourth quarter tour revenues of $183.2 million increased $34.6 million, or 23%, as compared to the same period in 2024. The increase was driven by a $25.2 million increase at the Lindblad segment and a $9.3 million increase at the Land Experiences segment.
Lindblad segment tour revenues of $115.9 million increased $25.2 million, or 28%, compared to the fourth quarter a year ago. The increase was driven by an 11% increase in net yield per available guest night to $1,279 due to higher pricing and an increase in occupancy, 87% in 2025 as compared to 78% in the fourth quarter a year ago.
Land Experiences tour revenues of $67.2 million increased $9.3 million, or 16%, compared to the fourth quarter a year ago primarily due to an increase in guests traveled and higher pricing.
Net Income
Net loss available to stockholders for the fourth quarter was $24.8 million, $0.45 per diluted share, as compared with net loss available to stockholders of $26.2 million, $0.48 per diluted share, in the fourth quarter of 2024. The $1.4 million decrease primarily reflects improved operating results and $3.5 million lower stock-based compensation expense, partially offset by $3.0 million higher depreciation and amortization expense driven by capital expenditures on vessels, and reorganizational costs.
Adjusted EBITDA
Fourth quarter Adjusted EBITDA of $14.2 million increased $0.7 million as compared to the same period in 2024 driven by a $2.5 million increase at the Land Experiences segment, partially offset by a $1.8 million decrease at the Lindblad segment.
Lindblad segment Adjusted EBITDA of $4.4 million decreased $1.8 million as compared to the same period in 2024, primarily due to higher operating costs related to additional voyages, increased drydock costs due to timing as compared to prior year, increased royalties associated with the expanded National Geographic agreement and marketing spend to drive long-term growth initiatives, partially offset by increased tour revenues.
Land Experiences segment Adjusted EBITDA of $9.8 million increased $2.5 million as compared to the same period in 2024, due to increased tour revenues, partially offset by increased operating and personnel costs and higher marketing spend to drive future growth.
