Lindblad Expeditions Holdings, Inc. reported third‑quarter 2025 financial results, showing total tour revenues of $240.2 million, a 17 % increase from the same period a year earlier. The Lindblad segment generated $137.6 million and the Land Experiences segment contributed $102.6 million, reflecting strong demand across both marine and land‑based expeditions.
Adjusted EBITDA rose to $57.3 million, up $11.4 million from Q3 2024, driven by higher tour revenues and employee‑retention tax credits. Net income was a loss of $49,000, translating to earnings per share of $0.00, compared with a net income of $21.3 million and a positive EPS in the prior year. The loss was largely due to $23.5 million in debt‑refinancing expenses and a $4.2 million reduction in the tax benefit.
Cash and cash equivalents increased to $290.1 million from $216.1 million at the end of 2024. The company completed a refinancing of long‑term debt, issuing new senior secured notes due 2030 at 7.00 % and reducing the blended borrowing rate by roughly 75 basis points. S&P Global upgraded Lindblad’s corporate credit rating to a stable outlook, citing the firm’s strong operating performance and forward‑booked position.
Prior‑quarter comparisons show Q3 2024 revenue of $206.0 million, net income of $16.8 million, and Adjusted EBITDA of $45.8 million, while Q2 2025 revenue was $167.9 million, net loss $9.7 million, and Adjusted EBITDA $24.8 million. For full‑year 2025, the company guided tour revenues of $745 million to $760 million and Adjusted EBITDA of $119 million to $123 million.
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