LIND Q3 2025 Earnings

Call Details

• Call Title: Lindblad Expeditions Q3 2025 Earnings Call
• Date: November 4, 2025 at 2:00 PM UTC
• Management Team:
  • Natalya Leahy (Chief Executive Officer)
  • Rick Goldberg (Chief Financial Officer)

Call Summary

Financial Performance

• Total company revenues for Q3 2025 were $240 million, up $34 million or 16.6% versus Q3 2024.
• Adjusted EBITDA was $57.3 million, a non-GAAP measure, which increased $11.5 million or 25% year-over-year and represented the highest quarterly adjusted EBITDA in company history.
• Adjusted EBITDA margin expanded 160 basis points year-over-year to 23.8% for the quarter.
• Lindblad (expedition cruise) segment revenues were $138 million, up $16 million or 13.4% versus prior year, and land experience revenues were $103 million, up $18 million or 21.1% versus prior year.
• Net income available to stockholders (GAAP) for Q3 2025 was roughly breakeven, or zero cents per diluted share, and included $23.5 million of debt refinancing expenses.
• Employee retention tax credits contributed $1.8 million in Q3 2025 and $5.3 million year-to-date to adjusted EBITDA.
• Operating expenses before stock-based compensation, transaction expenses, depreciation, interest and taxes increased $22.7 million or 14% versus Q3 2024.

Guidance

• Full-year net yield per available guest night guidance was raised to a growth range of 12.5% to 14%, up from the prior range of 9% to 11%.
• Full-year revenue guidance was raised to a range of $745 million to $760 million, up from prior guidance of $725 million to $750 million.
• Full-year adjusted EBITDA guidance was raised to a range of $119 million to $123 million, up from prior guidance of $108 million to $115 million.
• The company did not provide formal 2026 financial guidance on the call and stated that 2026 guidance will be provided on the next earnings call.
• Management expects marketing expenses to remain elevated in Q4 2025 to support demand generation for 2026 and 2027.
• The company flagged anticipated Q4 2025 EBITDA pressure driven by timing of marketing spend and an increase in dry and wet docks in Q4 2025 versus Q4 2024.