LIND

MKT CAP:$1B

Lindblad Expeditions Holdings, Inc.

Market Cap

$1B

Consumer Cyclical·Travel Services·🇺🇸 United States·NASDAQ

Consumer Cyc.·Travel Services·🇺🇸·NASDAQ

Stock Price

$18.38+$3.94 (+27.29%)

Apr 24, 2026

Company Details

Lindblad Expeditions Holdings, Inc. provides expedition cruising and land-based adventure travel experiences. The company delivers voyages through a fleet of ten owned expedition ships and five seasonal charter vessels under the Lindblad br...

CEO

Benjamin L. Bressler

IPO Date

Jul 3, 2013

Website

world.expeditions.com

Key Metrics TTM

Revenue

$740M

+62.3% YoY

Net Income

-$56M

EPS (Diluted)

-$1.11

Free Cash Flow

$32M

Revenue / Share

$13.38

Gross Margin

36.6%

Operating Margin

3.7%

Net Margin

-7.6%

FCF Margin

4.4%

P/S

1.4x

P/E

—

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Feb 26, 2026

$771MEPS -$0.63

Q4 2025

Feb 26, 2026

$183M+23.3%EPS -$0.45

Q3 2025

Nov 4, 2025

$240MEPS -$0.00

Q2 2025

Aug 4, 2025

$168MEPS -$0.18

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 16	$62M	$36M	$11M
Q3 16	$71M	$38M	$10M
Q4 19	$76M	$34M	-$947.0K
Q1 20	$81M	$39M	$2M
Q4 20	$365.0K	-$10M	-$29M
Q3 21	$65M	$19M	-$18M
Q4 21	$66M	$14M	-$30M
Q1 22	$68M	$10M	-$34M
Q3 22	$145M	$57M	$6M
Q4 22	$118M	$43M	-$15M
Q4 23	$125M	$48M	-$14M
Q4 24	$149M	$67M	-$8M
Q2 25	$168M	$77M	$4M
Q3 25	$240M	$101M	$36M
Q4 25	$183M	$26M	-$6M

Valuation

Quarter	P/S	P/E
Q1 16	—	—
Q3 16	—	—
Q4 19	—	—
Q1 20	3.5x	69.7x
Q4 20	4.4x	—
Q3 21	4.5x	—
Q4 21	4.8x	—
Q1 22	5.1x	—
Q3 22	2.9x	—
Q4 22	2.5x	—
Q4 23	2.2x	—
Q4 24	1.9x	—
Q2 25	1.8x	—
Q3 25	1.5x	—
Q4 25	1.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 16	-$1M	-$8M
Q3 16	$9M	-$9M
Q4 19	$21M	$2M
Q1 20	$15M	-$101M
Q4 20	-$21M	-$23M
Q3 21	-$318.0K	-$64M
Q4 21	$11M	$3M
Q1 22	$5M	-$2M
Q3 22	-$18M	-$24M
Q4 22	-$3M	-$12M
Q4 23	-$10M	-$17M
Q4 24	$2M	-$8M
Q2 25	$29M	$13M
Q3 25	$20M	$12M
Q4 25	$26M	$15M

Capital Expenditures

Quarter	CapEx
Q1 16	$7M
Q3 16	$18M
Q4 19	$19M
Q1 20	$117M
Q4 20	$3M
Q3 21	$64M
Q4 21	$8M
Q1 22	$8M
Q3 22	$6M
Q4 22	$9M
Q4 23	$7M
Q4 24	$10M
Q2 25	$16M
Q3 25	$8M
Q4 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 20	-99.4%	-41.9%
Q3 21	-8.9%	+35.6%
Q4 21	-13.5%	+23.9%
Q1 22	-16.5%	+29.3%
Q3 22	+39566.6%	+371.8%
Q4 22	+82.9%	+62.2%
Q4 23	+91.2%	+46.4%
Q4 24	+119.0%	+53.0%
Q2 25	+16.0%	+17.7%
Q3 25	+103.6%	+53.2%
Q4 25	+46.1%	+35.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 16	$1M	2.2%
Q3 16	$1M	1.9%
Q4 19	$902.0K	1.2%
Q1 20	$898.0K	1.1%
Q4 20	$477.0K	130.7%
Q3 21	$1M	2.2%
Q4 21	$1M	2.2%
Q1 22	$2M	2.7%
Q3 22	$2M	1.1%
Q4 22	$2M	1.4%
Q4 23	$5M	3.7%
Q4 24	$2M	1.7%
Q2 25	$5M	3.2%
Q3 25	$5M	2.2%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 16	$11M	$10M
Q3 16	$13M	$10M
Q4 19	$15M	$13M
Q1 20	$17M	$13M
Q4 20	$9M	$2M
Q3 21	$17M	$10M
Q4 21	$19M	$11M
Q1 22	$21M	$12M
Q3 22	$25M	$16M
Q4 22	$27M	$20M
Q4 23	$33M	$16M
Q4 24	$39M	$21M
Q2 25	$31M	$26M
Q3 25	$35M	$30M
Q4 25	$31M	$30M

Revenue Segments

Quarter	Lindblad Segment	Natural Habitat Segment	Land-experience
Q4 20	$87.0K	$278.0K	—
Q3 21	$33M	—	$31M
Q1 22	$50M	—	$18M
Q3 22	$84M	—	$61M
Q4 22	$80M	—	$38M
Q4 23	$86M	—	$40M
Q2 25	$111M	—	$57M
Q3 25	$138M	—	$103M
Q4 25	$116M	—	$67M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$155M	$0	$155M
Q2 22	$127M	$0	$127M
Q3 22	$116M	$0	$116M
Q4 22	$87M	$14M	$101M
Q1 23	$84M	$0	$84M
Q2 23	$143M	$0	$143M
Q3 23	$168M	$0	$168M
Q4 23	$157M	$0	$157M
Q1 24	$178M	$0	$178M
Q2 24	$168M	$0	$168M
Q3 24	$194M	$0	$194M
Q4 24	$184M	$0	$184M
Q1 25	$189M	$0	$189M
Q2 25	$201M	$0	$201M
Q3 25	$262M	$0	$262M
Q4 25	$257M	$0	$257M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 16	46M	—	—
Q3 16	47M	+0.9%	—
Q4 19	50M	+6.6%	—
Q1 20	50M	+0.0%	—
Q4 20	50M	+0.4%	+8.0%
Q3 21	50M	+0.6%	+7.7%
Q4 21	50M	+0.6%	+1.6%
Q1 22	51M	+0.7%	+2.3%
Q3 22	53M	+4.5%	+6.5%
Q4 22	53M	+0.1%	+5.9%
Q4 23	53M	+0.5%	+5.8%
Q4 24	54M	+1.9%	+7.1%
Q2 25	55M	+0.4%	+2.9%
Q3 25	56M	+1.8%	+4.7%
Q4 25	55M	-0.5%	+3.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 16	$167.3K	368
Q3 16	$192.3K	368
Q4 19	$116.6K	650
Q1 20	$125.0K	650
Q4 20	$880	415
Q3 21	$155.4K	415
Q4 21	$91.0K	720
Q1 22	$94.2K	720
Q3 22	$201.1K	720
Q4 22	$132.5K	890
Q4 23	$132.0K	950
Q4 24	$114.3K	1K
Q2 25	$129.2K	1K
Q3 25	$184.7K	1K
Q4 25	$118.2K	2K

Revenue / Employee