What factors drove the changes in Lindblad's revenue and profit?

What were the key takeaways from Lindblad’s earnings call?

What guidance did Lindblad's management provide for the next earnings period?

What is Lindblad's gross profit margin?

Did Lindblad beat or miss consensus estimates last quarter?

What is Lindblad's latest dividend and current dividend yield?

What does Lindblad do and what are its main business segments?

What is the revenue and EPS growth rate for Lindblad year over year?

- **Record 2025 Performance**: $771M revenue (+19.6%), $126.2M EBITDA (+38%), 88% occupancy, and $1,335 net yield.
- **2026 Guidance**: $800-850M revenue, $130-140M EBITDA, 4-5% yield growth, and 4.5-5% capacity expansion.
- **Strategic Wins**: +97% outbound sales, +3x onboard bookings, and 2026 bookings surpassing 2025 revenue.
- **Fleet & Growth**: Evaluating newbuilds (4-year timeline), 12% Alaska capacity increase, and Earthwatch acquisition.
- **Risk Management**: 2026 EBITDA weighted to H2, with geopolitical and dry dock cost risks.

**【CEO Opening Remarks】**
- Full year 2025 revenue reached $771 million (+19.6% YoY), with Lindblad segment revenue up 17.1% to $495.6 million and Land Experiences up 24.4% to $275.4 million.
- Record adjusted EBITDA of $126.2 million (+38%), driven by 14.1% net yield growth to $1,335 per guest night and 10ppt occupancy improvement to 88%.
- 2026 guidance: Revenue $800-850 million, EBITDA $130-140 million, with 4.5-5% capacity growth and 4-5% yield growth.
- Strategic pillars: 1) Revenue optimization via Disney partnerships (+35% bookings), onboard sales (+3x 2024), and outbound sales (+97%); 2) Cost innovation (100+ non-revenue days reduced); 3) Growth via Galapagos ship acquisitions, Alaska charters, and Earthwatch acquisition.
- 2026 bookings surpass 2025 revenue, with 2027 bookings pacing ahead of 2026 levels.

**【CFO Financial Commentary】**
- Q4 2025 revenue up 23% to $183.2 million, with Lindblad segment +27.8% and Land Experiences +16.1%.
- Adjusted EBITDA $14.2 million (+5.4%), despite Q4 dry dock costs.
- 2025 free cash flow $63.8 million, ending cash $289.7 million, and net leverage reduced to 3.1x.
- 2026 cost structure: 20+ cost innovation initiatives, 4% fuel cost reduction, and $10M lower capex.
- EBITDA growth weighted to H2 due to deployment mix and royalty step-up.

**【Q&A Highlights】**
- **Booking Momentum**: 2026 bookings exceed 2025 revenue, 2027 bookings ahead of 2026 pace, with U.K. market bookings at 50% of 2025 in first 6 weeks.
- **Pricing Strategy**: Maintaining price integrity, booking curve expansion enabling yield growth.
- **Fleet Expansion**: Actively evaluating newbuilds (4-year delivery timeline) and charters, with 12% Alaska capacity increase in 2027.
- **Cost Risks**: Geopolitical disruptions and dry dock timing (Q1/Q4 weighted costs).
- **International Growth**: U.K. market expansion and planned Australia initiatives.
- **Competitive Landscape**: Limited vessel availability meeting Lindblad's standards; preferred buyer for founder-led land experiences.

Lindblad Expeditions Holdings, Inc. (LIND) Q4 2025 Earnings Call Transcript

- **Record Financials**: Q3 revenue up 16.6% to $240M, EBITDA at $57.3M (25% growth), highest margins in company history.
- **Demand Strength**: 88% occupancy, 9% yield growth, and 24% increase in young travelers highlight strong demand.
- **Strategic Wins**: Disney bookings up 42%, onboard sales tripled, and 2027 charters expanded to new markets.
- **Debt Optimization**: 75bps rate reduction and $675M refinancing enhance financial flexibility.
- **Guidance Uptick**: Full-year net yield growth raised to 12.5-14%, reflecting confidence in luxury travel recovery.

**【Management Opening Remarks】**
- CFO Rick Goldberg provided procedural reminders, including forward-looking statements and non-GAAP financial measures.

**【CEO Summary Section】**
- **Revenue and Profit Growth**: Q3 revenue rose 16.6% to $240M, with Lindblad segment up 13.4% and Land segment up 21.1%. Adjusted EBITDA reached $57.3M, a 25% increase, with margins expanding to 23.8%.
- **Operational Highlights**: Lindblad occupancy hit 88% (up 6pts), yielding $13.14 per guest night (9% growth). Alaska yields grew 16%, and Land segment revenue per guest rose 8%.
- **Strategic Pillars**: 
  1. **Revenue Generation**: Disney partnerships drove 42% booking growth; onboard sales tripled YoY.
  2. **Cost Optimization**: $1.8M in tax credits and debt refinancing reduced rates by 75bps.
  3. **Growth Opportunities**: 2027 charters expanded to Europe, Egypt, India, and Vietnam.
- **Sustainability**: Arctic science programs and National Geographic collaborations enhance brand differentiation.

**【CFO Financial Commentary】**
- **Financial Health**: Ended Q3 with $290M cash and $60.4M free cash flow. Debt refinancing at 7% lowered interest costs.
- **Guidance Update**: Full-year net yield growth raised to 12.5-14%, revenue to $745-760M, and EBITDA to $119-123M.
- **Balance Sheet Strength**: S&P upgraded credit rating; net leverage at 3.1x.

**【Q&A Highlights】**
- **2026 Bookings**: Strong momentum in both segments, with 2027 bookings showing early interest.
- **Yield Growth**: Expect normalization post-double-digit growth, maintaining price integrity.
- **Macro Environment**: Minimal impact from macroeconomic factors; focus on luxury travel demand.
- **Growth Strategy**: Charter expansion and selective acquisitions to drive capacity growth.
- **Financing**: Comfortable with current leverage; exploring accretive opportunities.


Lindblad Expeditions Holdings, Inc. (LIND) Q3 2025 Earnings Call Transcript

- **Record Q2 Performance**: 23% revenue growth, 139% EBITDA expansion, and 86% occupancy highlight strong execution.
- **Disney Partnership Payoff**: 45% booking increase from Disney渠道 and 250K+ new customer access points.
- **Cost Efficiency**: Fuel costs down 230bps, despite 13.5% OpEx growth.
- **Future Growth Investments**: 2025 EBITDA guidance reflects $57MH2 (vs $59M last year), with costs for international expansion and ESG initiatives.
- **Sustainable Expansion**: 38% reduction in non-revenue days and 4 new 2026 voyages driving capacity utilization.

**【CEO Opening Remarks】**
- **Revenue Growth**: Q2 revenue increased 23% YoY to $167M, driven by 19% growth in Lindblad segment and 31% in Land segment. Occupancy rose to 86% (+11pts) despite 5% capacity increase.
- **Profitability**: Adjusted EBITDA surged 139% to $24.8M, with margins expanding 720bps to 14.8%. Net yield reached $1,241, a Q2 record.
- **Strategic Initiatives**: 
  - 4 new 2026 voyages added via optimized dry dock planning.
  - Disney partnership bookings up 45%, with 250K+ Disney Vacation Club members now eligible to redeem points for expeditions.
  - National Geographic Reframed Travel campaign drove 122% search volume increase.
- **Leadership Expansion**: Hired 4 new executives, including Chief Revenue Management Officer and Chief Maritime Officer, to drive operational excellence.
- **Sustainability**: Announced first ESG report and electrified vehicle fleet in Peru.

**【CFO Financial Commentary】**
- **Top Line**: Lindblad segment revenue +19% to $111M, Land segment +31% to $57M (including Wineland Thomson Adventures acquisition).
- **Cost Control**: Fuel costs as % of Lindblad revenue down 230bps to 3.8%. Sales & marketing expenses +44% due to Disney royalties and demand gen.
- **Balance Sheet**: Cash increased $31.2M to $247.3M, driven by $77.6M in operating cash flow.
- **Guidance Update**: 
  - Net yield growth narrowed to 9-11% (prev 7-10%).
  - Revenue range raised to $725-750M (prev $700-750M).
  - EBITDA guidance raised to $108-115M (prev $100-112M).

**【Q&A Highlights】**
- **Investment in Growth**: 2025 is an "investment year" with costs for international expansion, Disney partnership, and ESG initiatives front-loaded.
- **Sales & Marketing**: Royalty expenses step up in 2025, with full run rate in 2026. Focus on multi-gen travel (e.g., Explorers & Training program booking 25% of summer trips).
- **Vessel Optimization**: 38% reduction in non-revenue days (2025-2027) via dry dock planning. 4 new 2026 voyages already 50%+ booked.
- **Fleet Strategy**: Exploring used vessel acquisitions and new builds, but prioritizing charters (e.g., 3-year European river cruise charter).

Lindblad Expeditions Holdings, Inc. (LIND) Q2 2025 Earnings Call Transcript

- **Record Q1 Growth**: 17% revenue rise, 39% EBITDA increase, 89% occupancy—highest since 2019 despite 49% capacity expansion.
- **Strategic Wins**: Disney partnerships drive 38% Land segment growth; UK brand launch targets 50+ agents; 2026 European river cruises announced.
- **Financial Strength**: $235M cash, 7%-10% net yield guidance, and 2026 bookings ahead of prior year despite macro uncertainty.
- **Operational Excellence**: Fuel costs down 180bps, three new 2026 voyages via dry dock optimization.

**【CEO Summary Section】**
- Q1 2025 revenue increased 17% to $180 million, driven by 11% growth in the Lindblad segment and 38% in Land Experiences. Adjusted EBITDA rose 39% to $30 million, with occupancy jumping 14 points to 89%.
- Strategic pillars progress: onboard sales pilot boosted repeat bookings, Disney partnerships expanded reach, and UK brand introduction targeted 50+ travel agents. European river cruises launching in 2026.
- 2025 net yield guidance: 7%-10% growth, despite 49% capacity expansion since 2019. 2026 bookings ahead of prior year.

**【CFO Financial Highlights】**
- Lindblad segment revenue $131M (+11%), Land Experiences $49M (+38%). Fuel costs down 180bps to 5.6% of Lindblad revenue.
- Operating expenses up 13.4%, driven by sales team expansion and National Geographic royalties. Free cash flow healthy at $48.4M from operations.
- Balance sheet: $235M cash, reaffirmed FY25 tour revenue guidance of $700M-$750M and EBITDA $100M-$112M.

**【Q&A Key Takeaways】**
- Occupancy surge due to Disney partnerships, charter growth, and dynamic pricing. April bookings less consistent but recent weeks show momentum.
- Antarctica Fly Cruise sold out for 2026, with capacity expansion for 2027. Dynamic pricing system enabling yield optimization.
- 2026 voyages added via dry dock optimization, demonstrating cost innovation progress.

Lindblad Expeditions (LIND)-6 May 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: $645M revenue (+13%), $91.2M EBITDA (+28%), driven by Lindblad (+7%) and Land Experiences (+29%).
- **Strategic Growth**: 2025 Antarctica program expands to 24 voyages, 2 new Galapagos vessels targeting luxury travelers.
- **Disney Partnership**: Direct mail campaigns and Disney travel agency integrations to tap new high-end audiences.
- **2025 Outlook**: Tour revenue $700-750M, EBITDA $100-112M, with investments in sales & marketing and fleet expansion.
- **Sustainability Leadership**: 45 conservation projects, including Floreana Island restoration, reinforcing brand differentiation.


**【Sven-Olof Lindblad Opening Remarks】**
- Celebrated Lindblad's 45th anniversary, highlighting its mission to deliver life-enhancing experiences and sustainability.
- Announced the transition to new leadership: Natalya Leahy as CEO and Rick Goldberg as CFO, emphasizing their experience and alignment with the company's purpose.
- Highlighted the diverse portfolio of 12 owned ships, 9 chartered vessels, and 5 land-based companies as a foundation for growth.

**【Natalya Leahy CEO Presentation】**
- **Financial Performance**: 2024 revenue of $645M (+13%), EBITDA of $91.2M (+28%), driven by Lindblad segment (+7%) and Land Experiences (+29%).
- **Strategic Initiatives**: 
  - Launched Antarctica Direct fly-cruise program (4 → 24 voyages in 2026, >50% booked).
  - Introduced 2 new Galapagos vessels (Gemini, Delfina) targeting high-net-worth travelers.
  - Seaware booking platform and onboard tech upgrades to enhance pricing and cost management.
- **Sustainability Efforts**: 45 conservation projects, including Floreana Island restoration.
- **2025 Growth Pillars**: 
  1. Revenue maximization via occupancy, pricing, and deployment.
  2. Cost optimization through operational efficiency.
  3. Expansion via fleet, charters, and brand acquisitions.
- **Disney Partnership**: Direct mail campaigns and Disney travel agency integrations to reach new audiences.

**【Rick Goldberg CFO Financial Review】**
- **2024 Results**: 
  - Total revenue $645M, EBITDA $91.2M.
  - Lindblad segment: +7% tour revenue, 78% occupancy, $1,170 net yield.
  - Land Experiences: +29% revenue, driven by Thomson acquisition.
- **Cost Management**: 
  - Fuel costs 6.3% of Lindblad revenue (↓70bps vs. 2023).
  - Sales & marketing +21.8% due to National Geographic royalties and marketing spend.
- **2025 Guidance**: 
  - Tour revenue $700-750M, EBITDA $100-112M.
  - Investments in sales force, dry dock optimization, and new vessels (Gemini, Delfina).

**【Q&A Highlights】**
- **2025 EBITDA Guidance**: Lower midpoint reflects investments in sales & marketing (e.g., Disney partnerships) and fleet expansion, but bookings ahead of prior year suggest strong 2026 recovery.
- **Long-Term Growth**: Focus on organic expansion (Antarctica program, land segment) and accretive acquisitions (e.g., African safari charters).
- **Disney Impact**: Early campaigns show <8% guest overlap, with promising returns for 2025. Earmarked travel agencies will expand reach to high-end travelers.


Actual										-0.04	-0.8	-0.56	-0.59	-0.66	-0.71	-0.5	-0.54	-0.85	-0.59	-0.18	-0.63	-0.01	-0.48	0.08	-0.53	-0.1	-0.48	0.36	-0.48	0	-0.18	0	-0.45
Forecast										0.0717	-0.66	-0.502	-0.5664	-0.55	-0.575	-0.4827	-0.482	-0.59	-0.522	-0.295	-0.4598	-0.1994	-0.325	0.04	-0.2828	-0.045	-0.2475	0.1857	-0.2604	-0.07	-0.2692	0.1925	-0.3267
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-155.79%	-21.21%	-11.55%	-4.17%	-20.00%	-23.48%	-3.58%	-12.03%	-44.07%	-13.03%	+38.98%	-37.02%	+94.98%	-47.69%	+100.00%	-87.41%	-122.22%	-93.94%	+93.86%	-84.33%	+100.00%	+33.14%	-100.00%	-37.74%

LIND

LIND fundamentals

LIND Q4 2025 Earnings

Earnings Call

You can ask Aime

LIND

LIND fundamentals

LIND Q4 2025 Earnings

Earnings Call

LIND Earnings Call Summary for Q4/20259:00 AM on Feb 26, 2026

LIND Earnings Call Summary for Q3/20259:00 AM on Nov 4, 2025

LIND Earnings Call Summary for Q2/20258:30 AM on Aug 4, 2025

LIND Earnings Call Summary for Q1/20258:30 AM on May 6, 2025

LIND Earnings Call Summary for Q4/20248:30 AM on Feb 27, 2025

You can ask Aime