Lindblad Expeditions Holdings, Inc. (LIND) Income Statement
LIND 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLIND revenue and net income
Where LIND's revenue goes
2025Each bar shows an amount and its share of revenue. LIND kept −3.9% of revenue as net income.
LIND profit margins
LIND growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +19.6% | +22.3% | +56.4% | +13.9% |
| Gross profit | −3.6% | +28.0% | +98.5% | +9.7% |
| Operating income | +111.0% | — | — | +11.4% |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LIND quarterly EPS vs estimates
Lindblad Expeditions beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 3, 2026 (estimate $0.41).
LIND income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $771.0M | $644.7M | $569.5M | $421.5M | $147.1M | $82.4M | $343.1M | $309.7M | $266.5M | $242.3M |
| Cost of revenue | $480.8M | $343.7M | $322.4M | $283.2M | $124.5M | $72.9M | $166.6M | $153.7M | $135.5M | $119.0M |
| Gross profit | $290.2M | $301.1M | $247.2M | $138.3M | $22.6M | $9.4M | $176.5M | $156.0M | $131.0M | $123.4M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $244.7M | $226.9M | $189.9M | $157.3M | $93.9M | $65.7M | $117.5M | $109.9M | $102.9M | $91.0M |
| Total operating expenses | $244.7M | $279.5M | $236.6M | $201.3M | $133.5M | $97.8M | $143.3M | $130.7M | $120.2M | $109.4M |
| Operating income | $45.5M | $21.6M | $10.6M | −$63.0M | −$110.8M | −$88.4M | $33.2M | $25.3M | $10.7M | $14.0M |
| Interest income | — | — | — | — | — | — | $12.2M | $13.0M | $8.6M | $10.9M |
| Interest expense | $45.2M | $45.7M | $45.0M | $37.5M | $24.6M | $16.7M | $12.3M | $10.8M | $9.7M | $10.1M |
| Income before taxes | −$21.8M | −$25.1M | −$37.7M | −$102.1M | −$121.2M | −$109.9M | $20.9M | $12.2M | $2.5M | $1.9M |
| Income taxes | $2.5M | $3.1M | $3.1M | $6.1M | −$2.0M | −$9.8M | $2.2M | $616,000 | $10.0M | −$3.2M |
| Net income | −$29.7M | −$31.2M | −$45.6M | −$111.4M | −$119.2M | −$98.7M | $16.4M | $11.4M | −$8.7M | $4.9M |
| EBITDA | $86.3M | $74.1M | $54.8M | −$19.9M | −$57.1M | −$61.2M | $59.3M | $43.8M | $29.6M | $30.4M |
| EPS (diluted) | −$0.17 | −$0.60 | −$0.94 | −$2.25 | −$2.41 | −$1.99 | $0.34 | $0.26 | $0.13 | $0.12 |
| Gross margin | 37.6% | 46.7% | 43.4% | 32.8% | 15.4% | 11.4% | 51.4% | 50.4% | 49.1% | 50.9% |
| Operating margin | 5.9% | 3.3% | 1.9% | −15.0% | −75.3% | −107.3% | 9.7% | 8.2% | 4.0% | 5.8% |
| Net margin | −3.9% | −4.8% | −8.0% | −26.4% | −81.0% | −119.9% | 4.8% | 3.7% | −3.2% | 2.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $199.2M | $208.0M | $183.2M | $240.2M | $167.9M | $179.7M | $148.6M | $206.0M | $136.5M | $153.6M | $125.4M | $176.0M |
| Cost of revenue | $121.1M | $124.4M | $157.3M | $139.3M | $91.4M | $92.8M | $81.2M | $104.5M | $92.3M | $84.5M | $77.1M | $95.6M |
| Gross profit | $78.1M | $83.6M | $25.9M | $100.9M | $76.6M | $86.9M | $67.4M | $101.5M | $44.2M | $69.2M | $48.3M | $80.4M |
| Sales, general & admin | $66.2M | $68.0M | $31.4M | $64.9M | $57.5M | $61.0M | $60.1M | $59.3M | $52.4M | $50.0M | $49.1M | $49.4M |
| Total operating expenses | $66.2M | $68.0M | $31.4M | $64.9M | $72.1M | $76.3M | $74.9M | $72.0M | $52.4M | $61.3M | $62.1M | $59.9M |
| Operating income | $12.0M | $15.6M | −$5.5M | $36.0M | $4.4M | $10.6M | −$7.6M | $29.5M | −$8.2M | $7.8M | −$13.8M | $20.5M |
| Interest expense | $10.5M | $10.6M | $10.7M | $11.3M | $11.6M | $11.6M | $11.6M | $11.2M | $11.3M | $11.6M | $11.4M | $11.5M |
| Income before taxes | $1.1M | $4.8M | −$16.9M | $2.0M | −$6.4M | −$475,000 | −$20.0M | $18.5M | −$19.5M | −$4.0M | −$24.9M | $8.5M |
| Income taxes | $1.4M | −$1.2M | $6.0M | −$2.6M | $547,000 | −$1.5M | $5.2M | −$6.7M | $4.5M | $244,000 | $1.6M | $3,000 |
| Net income | −$1.4M | $6.5M | −$23.6M | $1.2M | −$8.5M | $1.2M | −$25.0M | $22.5M | −$24.7M | −$4.0M | −$27.4M | $5.6M |
| EBITDA | $30.8M | $33.8M | $12.2M | $28.6M | $20.3M | $26.9M | $6.7M | $42.3M | $5.8M | $19.4M | −$656,000 | $30.8M |
| EPS (diluted) | −$0.02 | $0.09 | −$0.45 | $0.42 | −$0.17 | $0.03 | −$0.42 | $0.36 | −$0.44 | −$0.10 | −$0.53 | $0.08 |
| Gross margin | 39.2% | 40.2% | 14.1% | 42.0% | 45.6% | 48.3% | 45.3% | 49.3% | 32.4% | 45.0% | 38.5% | 45.7% |
| Operating margin | 6.0% | 7.5% | −3.0% | 15.0% | 2.6% | 5.9% | −5.1% | 14.3% | −6.0% | 5.1% | −11.0% | 11.6% |
| Net margin | −0.7% | 3.1% | −12.9% | 0.5% | −5.1% | 0.6% | −16.9% | 10.9% | −18.1% | −2.6% | −21.9% | 3.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LIND's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LIND financial results
In fiscal year 2025 (ended December 31, 2025), Lindblad Expeditions reported revenue of $771.0 million, up 19.6% from the year before. It had a net loss of $29.7 million, a net profit margin of −3.9%. Diluted earnings per share came to −$0.17. Over five years revenue grew at an average rate of 56.4% a year.
See the LIND stock overview for the latest quote and news, or the LIND chart for price history and technical indicators.
LIND income statement FAQ
What is Lindblad Expeditions's annual revenue?
Lindblad Expeditions reported total revenue of $771.0 million for fiscal year 2025, which ended on December 31, 2025. That was up 19.6% from $644.7 million the previous year.
Is Lindblad Expeditions profitable?
No. Lindblad Expeditions reported a net loss of $29.7 million in fiscal 2025, a net profit margin of −3.9%; its operating margin was 5.9%.
What is Lindblad Expeditions's gross margin?
Lindblad Expeditions's gross margin was 37.6% in fiscal 2025: for every $100 of revenue, Lindblad Expeditions kept $38 after the direct cost of its products and services.
How fast is Lindblad Expeditions growing?
Revenue grew 56.4% a year on average over the last five fiscal years, from $82.4 million to $771.0 million.
What are Lindblad Expeditions's earnings per share?
Lindblad Expeditions earned $-0.17 per diluted share in fiscal 2025, compared with $-0.60 a year earlier.
When will Lindblad Expeditions report its next earnings?
Lindblad Expeditions is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Lindblad Expeditions's fiscal year end?
Lindblad Expeditions's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.