Lindblad Expeditions (LIND 4.95%), a leading provider of premium small-ship adventure travel and land-based expeditions, released its earnings for the second quarter of fiscal 2025 on August 4, 2025. The headline news was a substantial beat on both revenue and earnings per share, with revenue (GAAP) of $167.9 million, outpacing analyst expectations of $158.8 million. The company also delivered a reduced loss, reporting EPS (GAAP) of ($0.18) compared to the anticipated ($0.27). These results mark a significant turnaround from the prior-year period and indicate positive momentum, particularly within both the marine and land adventure segments. Despite achieving higher occupancy, increased yields, and growth in both its legacy and newer operations, Lindblad remains unprofitable, closing the quarter with a GAAP net loss. Overall, management highlighted robust demand, capacity expansion, and ongoing strength in their core customer base.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (GAAP) | ($0.18) | ($0.27) | ($0.48) | 62.5% |
| Revenue | $167.9 million | N/A | $136.5 million | 23.0% |
| Revenue – Lindblad Segment | $111.0 million | N/A | $93.1 million | 19.0% |
| Revenue – Land Experiences Segment | $56.9 million | N/A | $43.4 million | 31.0% |
| Occupancy (Lindblad Segment) | 86% | N/A | 78% | 8.0 pp |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Company Profile and Recent Strategic Direction
Lindblad Expeditions specializes in expedition cruises and adventure trips, blending marine-based exploration with land experiences. It distinguishes itself through small-group travel focusing on nature, wildlife, and cultural immersion, often in partnership with organizations such as National Geographic.
Recently, the company's focus has been on expanding its offerings through strategic acquisitions and vessel additions, while deepening partnerships to reach a wider audience. Success depends on sustaining premium pricing, maintaining high occupancy rates, and diversifying through land-based adventures. Key initiatives also include advancing sustainability programs and appealing to an affluent, older demographic seeking immersive travel.
Quarterly Highlights and Drivers
Lindblad Expeditions delivered a marked improvement in core operations during Q2 2025. Revenue (GAAP) rose to $167.9 million, up 23.0% from the prior-year period, and far exceeded analyst estimates. EPS (GAAP) loss narrowed to ($0.18), significantly ahead of both consensus and the comparable period. Adjusted EBITDA reached $24.8 million, rising 139.0% year over year, pointing to expanding operating leverage within the business.
The Lindblad segment, which covers expedition cruises, posted revenue of $111.0 million, climbing 19.0% from the prior year. Occupancy rose to 86%, an increase of 8 percentage points, with net yield per available guest night (a travel industry metric representing net revenue per night per guest) up 13% to $1,241. This improvement was supported by both higher capacity -- with the addition of new vessels like National Geographic Delfina and Gemini -- and increased pricing. The segment also reported a rise in voyages operated, 153 versus 121 last year, and maximum guest capacity climbed to 11,393. Adjusted EBITDA in this segment rose to $16.3 million, benefiting from higher revenues and credits related to employee retention, though partially offset by higher marketing and royalty costs.
In the Land Experiences segment, which encompasses land-based adventure travel and safaris, revenue jumped 31.0% year over year to $56.9 million. This segment benefited from the expanded integration of Wineland-Thomson Adventures, driving incremental growth and accounting for its first full quarter of contribution. Adjusted EBITDA in Land Experiences more than doubled, reaching $8.5 million, but rising costs related to integration and marketing highlight the operational challenges of scaling newly acquired brands.
The ongoing partnership with National Geographic remains central to Lindblad's value proposition, with extended collaboration aimed at bringing in new customer segments. The company also foregrounded sustainability, touting 100 % carbon offset expeditions, the reduction of single-use plastics, and support for local artisans in the Galápagos region. Notably, the company continued to increase capacity and still boosted occupancy, a positive sign for continued demand among its core affluent audience, as evidenced by a 5% increase in capacity and occupancy rising to 86%.
Looking Ahead
For FY2025, Lindblad management guided for tour revenues in the range of $725 million to $750 million and adjusted EBITDA (non-GAAP) between $108 million and $115 million. The company also introduced guidance for net yield per available guest night, targeting growth of 7% to 10%. Management stated that booking curves are ahead of prior year levels for both 2025 and 2026, but cautioned that some inconsistency was seen in April, reflecting a measured outlook on future reservations.
Investors should monitor the company’s large debt load, which stood at $635.0 million as of the end of the quarter, alongside ongoing losses despite improving cash generation. Yields and occupancy rates will be critical metrics in the coming quarters, with management's ability to integrate acquisitions, manage debt service costs, and sustain growth among affluent travelers central to future performance.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
