LIND · Lindblad Expeditions Holdings, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | $106.74M | - | $124.37M | $91.39M | $92.85M | - | $104.49M | $78.64M | $79.30M | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $32.05M | - | $34.81M | $31.08M | $32.72M | - | $34.30M | $34.15M | $32.39M | - |
| Total Operating Expenses | $192.40M | - | $204.20M | $163.54M | $169.11M | - | $176.52M | $144.71M | $145.76M | - |
| D&A | $17.67M | - | $14.93M | $14.67M | $15.29M | - | $12.73M | $13.64M | $11.32M | - |
| Operating Income | $15.62M | - | $35.97M | $4.41M | $10.61M | - | $29.48M | ($8.21M) | $7.85M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | ($1.23M) | - | ($2.56M) | $547.0K | ($1.49M) | - | ($6.75M) | $4.45M | $244.0K | - |
| Net Income | $6.50M | - | $1.19M | ($8.52M) | $1.16M | - | $22.52M | ($24.67M) | ($3.98M) | - |
| EPS - Basic | $0.10 | - | $0.00 | ($0.18) | $0.00 | - | $0.39 | ($0.48) | ($0.10) | - |
| EPS - Diluted | $0.09 | - | $0.00 | ($0.18) | $0.00 | - | $0.36 | ($0.48) | ($0.10) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $275.01M | $256.69M | $261.78M | $200.93M | $188.85M | $183.94M | $193.88M | $168.12M | $177.72M | $156.84M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $24.98M | $22.23M | $20.65M | $9.83M | $10.69M | $13.86M | $16.90M | $8.46M | $21.04M | $16.15M |
| Current Assets | $384.75M | $367.88M | $363.79M | $322.52M | $295.83M | $278.43M | $287.85M | $283.56M | $286.56M | $244.50M |
| Total Assets | $987.18M | $979.96M | $976.53M | $936.52M | $908.83M | $876.90M | $889.82M | $858.34M | $868.04M | $831.30M |
| Current Liabilities | $473.12M | $461.59M | $438.61M | $450.08M | $420.54M | $392.45M | $386.11M | $382.51M | $357.56M | $319.22M |
| Long-term Debt | $663.22M | $662.67M | $663.44M | $627.27M | $626.35M | $625.42M | $624.50M | $623.59M | $622.68M | $621.78M |
| Total Liabilities | $1.14B | $1.13B | $1.11B | $1.08B | $1.05B | $1.02B | $1.01B | $1.01B | $984.49M | $945.06M |
| Stockholders' Equity | ($190.13M) | ($284.53M) | ($256.59M) | ($263.81M) | ($252.22M) | ($253.11M) | ($226.88M) | ($255.49M) | ($227.40M) | ($225.06M) |
| Retained Earnings | ($408.94M) | ($411.40M) | ($384.57M) | ($381.82M) | ($365.72M) | ($362.88M) | ($334.62M) | ($354.84M) | ($326.46M) | ($322.21M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $49.47M | - | - | - | $48.40M | - | - | - | $43.92M | - |
| Investing Cash Flow | ($6.89M) | - | - | - | ($29.00M) | - | - | - | ($6.47M) | - |
| Financing Cash Flow | ($11.24M) | - | - | - | ($327.0K) | - | - | - | ($622.0K) | - |
| CapEx | $6.89M | - | - | - | $13.41M | - | - | - | $6.47M | - |
| Free Cash Flow | $42.59M | - | - | - | $34.98M | - | - | - | $37.45M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | 6.55 | - | - | - | 30.13 | - | - | - | -9.41 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | -23.2% | - | - | - | - | - | -42.8% | - | - | - |
| Return on assets | 0.7% | - | 0.1% | -0.9% | 0.1% | - | 2.5% | -2.9% | -0.5% | - |
| Return on equity | -3.4% | - | -0.5% | 3.2% | -0.5% | - | -9.9% | 9.7% | 1.7% | - |
| Return on invested capital | 3.3% | - | 7.0% | 1.0% | 2.2% | - | 7.4% | -1.8% | 1.6% | - |
| Liquidity | ||||||||||
| Current ratio | 0.81 | 0.80 | 0.83 | 0.72 | 0.70 | 0.71 | 0.75 | 0.74 | 0.80 | 0.77 |
| Quick ratio | 0.81 | 0.80 | 0.83 | 0.72 | 0.70 | 0.71 | 0.75 | 0.74 | 0.80 | 0.77 |
| Cash ratio | 0.58 | 0.56 | 0.60 | 0.45 | 0.45 | 0.47 | 0.50 | 0.44 | 0.50 | 0.49 |
| Leverage | ||||||||||
| Debt / Equity | -3.49 | -2.33 | -2.59 | -2.38 | -2.48 | -2.47 | -2.75 | -2.44 | -2.74 | -2.76 |
| Debt / Assets | 0.67 | 0.68 | 0.68 | 0.67 | 0.69 | 0.71 | 0.70 | 0.73 | 0.72 | 0.75 |
| Debt / EBITDA | 19.92 | - | 13.03 | 32.87 | 24.17 | - | 14.79 | 114.86 | 32.49 | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | -5.19 | -3.44 | -3.81 | -3.55 | -3.60 | -3.46 | -3.92 | -3.36 | -3.82 | -3.69 |
| Liabilities / Assets | 1.16 | 1.16 | 1.13 | 1.15 | 1.16 | 1.17 | 1.14 | 1.18 | 1.13 | 1.14 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 85d | - | 61d | 39d | 42d | - | 59d | 39d | 97d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 192.2x | - | - | - | - | - | 25.7x | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | 43.4x | - | 21.9x | 55.7x | 36.4x | - | 23.9x | 179.0x | 49.2x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 47.1% | - | 22.0% | - | 35.2% | - | 44.0% | 3.4% | -37.0% | - |
| Net income growth (YoY) | 459.9% | - | -94.7% | 65.5% | - | - | 299.3% | -0.8% | - | - |
| EPS growth (YoY) | - | - | - | 62.5% | - | - | 350.0% | 0.0% | -900.0% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 21.7% | - | - | - | -6.6% | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 24.6% | -12.4% | -13.1% | -3.3% | -10.9% | -12.5% | -14.4% | -24.7% | -27.7% | -23.2% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$771.02M totalLindblad Segment$495.64M · 64.3%
Landexperience$275.38M · 35.7%
Product / service
$359.45M totalGuest Ticket$292.15M · 81.3%
Other Tour$67.29M · 18.7%
Peer comparison
Same SIC group: Transportation Services
Comparing LINDBLAD EXPEDITIONS HOLDINGS against the 5 most active filers in the same SIC group.