Revenue growth remains volatile with a 23.3% expansion in 2025Q4, yet gross margins have fluctuated significantly, dropping from 49.3% in 2024Q3 to 14.1% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 591.3M | 771.02M | 644.73M | 569.54M | 421.5M | 147.11M | 82.36M | 343.09M | 309.73M | 266.5M | 242.35M | 209.99M | 198.46M | 192.24M | 153.98M | 0 |
| Revenue Growth % | -11.86% | 19.59% | 13.2% | 35.12% | 186.53% | 78.62% | -76% | 10.77% | 16.22% | 9.97% | 15.41% | 5.81% | 3.24% | 24.84% | - | - |
| Cost of Goods Sold | 387.99M | 480.84M | 343.67M | 322.38M | 283.22M | 124.48M | 72.93M | 166.61M | 153.74M | 135.53M | 118.98M | 95.42M | 90M | 96.66M | 71.5M | 0 |
| COGS % of Revenue | - | 62.36% | 53.31% | 56.6% | 67.19% | 84.62% | 88.56% | 48.56% | 49.64% | 50.85% | 49.09% | 45.44% | 45.35% | 50.28% | 46.43% | - |
| Gross Profit | 203.31M | 290.18M | 301.05M | 247.17M | 138.28M | 22.62M | 9.43M | 176.48M | 155.99M | 130.98M | 123.37M | 114.57M | 108.46M | 95.58M | 82.48M | 0 |
| Gross Margin % | 34.38% | 37.64% | 46.69% | 43.4% | 32.81% | 15.38% | 11.44% | 51.44% | 50.36% | 49.15% | 50.91% | 54.56% | 54.65% | 49.72% | 53.57% | - |
| Gross Profit Growth % | - | -3.61% | 21.8% | 78.74% | 511.25% | 140.03% | -94.66% | 13.14% | 19.1% | 6.17% | 7.68% | 5.63% | 13.47% | 15.88% | - | - |
| Operating Expenses | 360.83M | 244.69M | 279.5M | 236.57M | 201.33M | 133.45M | 97.82M | 143.28M | 130.65M | 120.23M | 109.39M | 85.72M | 1.05M | 748.65K | 4.77K | 2.48K |
| OpEx % of Revenue | - | 31.74% | 43.35% | 41.54% | 47.76% | 90.72% | 118.78% | 41.76% | 42.18% | 45.12% | 45.14% | 40.82% | 0.53% | 0.39% | 0% | - |
| Selling, General & Admin | 251.71M | 244.69M | 226.94M | 189.86M | 157.29M | 93.93M | 65.74M | 117.52M | 109.89M | 102.88M | 90.97M | 74.08M | 66.77M | 60.41M | 57.84M | 0 |
| SG&A % of Revenue | - | 31.74% | 35.2% | 33.34% | 37.32% | 63.85% | 79.82% | 34.25% | 35.48% | 38.6% | 37.54% | 35.28% | 33.64% | 31.43% | 37.56% | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 52.56M | 46.71M | 44.04M | 39.52M | 32.08M | 25.77M | -165K | -133K | -1.17M | 5.03M | 1.05M | 748.65K | 4.77K | 2.48K |
| Operating Income | 50.49M | 45.49M | 21.55M | 10.6M | -63.05M | -110.83M | -88.4M | 33.2M | 25.34M | 10.74M | 13.98M | 15.5M | -1.05M | -748.65K | -4.77K | -2.48K |
| Operating Margin % | 8.54% | 5.9% | 3.34% | 1.86% | -14.96% | -75.34% | -107.34% | 9.68% | 8.18% | 4.03% | 5.77% | 7.38% | -0.53% | -0.39% | -0% | - |
| Operating Income Growth % | - | 111.05% | 103.35% | 116.81% | 43.12% | -25.38% | -366.28% | 31.02% | 135.83% | -23.15% | -9.81% | 1572.59% | -40.61% | -15601.64% | -92.49% | - |
| EBITDA | 115.25M | 108.31M | 75.05M | 58.11M | -18.4M | -71.31M | -56.31M | 59.23M | 46.11M | 28.09M | 32.4M | 27.15M | -970.62K | -710.76K | 8.09M | -2.48K |
| EBITDA Margin % | 19.49% | 14.05% | 11.64% | 10.2% | -4.36% | -48.47% | -68.38% | 17.26% | 14.89% | 10.54% | 13.37% | 12.93% | -0.49% | -0.37% | 5.26% | - |
| EBITDA Growth % | 40.64% | 44.32% | 29.14% | 415.88% | 74.2% | -26.62% | -195.08% | 28.46% | 64.11% | -13.29% | 19.35% | 2896.88% | -36.56% | -108.78% | 326872.51% | - |
| D&A (Non-Cash Add-back) | 64.76M | 62.82M | 53.49M | 47.51M | 44.65M | 39.52M | 32.08M | 26.03M | 20.77M | 17.35M | 18.42M | 11.64M | 82.08K | 37.89K | 8.1M | 0 |
| EBIT | 12.32M | 23.48M | 20.65M | 7.28M | -64.59M | -96.61M | -93.25M | 33.23M | 25.34M | 12.21M | 12.01M | 27.99M | -970.62K | -710.76K | -4.77K | -2.48K |
| Net Interest Income | -33.6M | -45.23M | -45.74M | -45.01M | -37.49M | -24.58M | -16.69M | -12.29M | -10.83M | -9.74M | -10.15M | -10.9M | 40.39K | 27.63K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 82.08K | 37.89K | 0 | 0 |
| Interest Expense | 23.02M | 45.23M | 45.74M | 45.01M | 37.49M | 24.58M | 16.69M | 12.29M | 10.83M | 9.74M | 10.15M | 10.9M | 41.69K | 10.26K | 0 | 0 |
| Other Income/Expense | -56.15M | -67.24M | -46.64M | -48.33M | -39.04M | -10.36M | -21.55M | -12.26M | -13.17M | -8.27M | -12.12M | 1.59M | 40.39K | 27.63K | 0 | 0 |
| Pretax Income | -16.45M | -21.75M | -25.09M | -37.73M | -102.08M | -121.19M | -109.94M | 20.94M | 12.17M | 2.47M | 1.86M | 17.09M | -1.01M | -721.02K | -4.77K | -2.48K |
| Pretax Margin % | -2.78% | -2.82% | -3.89% | -6.62% | -24.22% | -82.38% | -133.5% | 6.1% | 3.93% | 0.93% | 0.77% | 8.14% | -0.51% | -0.38% | -0% | - |
| Income Tax | 2.29M | 2.48M | 3.1M | 3.15M | 6.08M | -2.02M | -9.8M | 2.19M | 616K | 10M | -3.2M | -2.65M | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -13.9% | -11.38% | -12.37% | -8.34% | -5.95% | 1.67% | 8.92% | 10.46% | 5.06% | 404.45% | -172.14% | -15.5% | 0% | 0% | 0% | 0% |
| Net Income | -24.38M | -29.72M | -31.18M | -45.61M | -111.38M | -119.21M | -98.74M | 16.35M | 11.35M | -8.66M | 4.86M | 19.74M | -1.01M | -721.02K | -4.77K | -2.48K |
| Net Margin % | -4.12% | -3.85% | -4.84% | -8.01% | -26.42% | -81.03% | -119.89% | 4.77% | 3.67% | -3.25% | 2.01% | 9.4% | -0.51% | -0.38% | -0% | - |
| Net Income Growth % | 6.37% | 4.68% | 31.64% | 59.05% | 6.56% | -20.73% | -703.79% | 44.05% | 231.07% | -278.06% | -75.36% | 2050.2% | -40.4% | -15022.06% | -92.49% | - |
| Net Income (Continuing) | -18.74M | -24.23M | -28.2M | -40.88M | -108.16M | -119.17M | -100.14M | 18.75M | 11.55M | -7.53M | 5.06M | 19.74M | -1.01M | -721.02K | -4.77K | -2.48K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 33.3M | 47.95M | 29.42M | 37.78M | 27.89M | 10.63M | 7.49M | 16.11M | 6.5M | 6.3M | 5.17M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.40 | -0.63 | -0.67 | -0.94 | -2.23 | -2.41 | -2.01 | 0.28 | 0.24 | -0.19 | 0.10 | 0.43 | -0.16 | -0.12 | -0.00 | -0.00 |
| EPS Growth % | 9.97% | 5.97% | 28.72% | 57.85% | 7.47% | -19.9% | -817.86% | 16.67% | 226.32% | -290% | -76.74% | 368.75% | -33.33% | - | - | - |
| EPS (Basic) | - | -0.63 | -0.67 | -0.94 | -2.23 | -2.41 | -2.01 | 0.29 | 0.25 | -0.19 | 0.11 | 0.44 | -0.16 | -0.12 | -0.00 | -0.00 |
| Diluted Shares Outstanding | 61.11M | 54.97M | 53.82M | 53.26M | 52.02M | 50.11M | 49.74M | 49.43M | 46.34M | 44.58M | 46.46M | 45.58M | 6.2M | 5.82M | 18M | 18M |
| Basic Shares Outstanding | 60.25M | 54.97M | 53.82M | 53.26M | 52.02M | 50.11M | 49.74M | 47.44M | 45.38M | 44.58M | 45.65M | 44.92M | 6.2M | 5.82M | 18M | 18M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High Fixed Cost Leverage
As reported in financial statements, LIND demonstrated double-digit revenue growth throughout 2025, peaking at 23.3% in the fourth quarter, yet this top-line expansion remains highly sensitive to seasonal expedition cycles and the inherent volatility of high-ticket, long-lead-time travel bookings across its diverse portfolio of brands.
While the company has successfully scaled revenue, the trajectory appears inconsistent when adjusted for the seasonal nature of polar expeditions. Investors should monitor whether this growth is driven by sustainable pricing power or if it reflects a reliance on promotional discounting to maintain occupancy during off-peak periods.
Based on reported figures, gross margins fluctuated significantly, dropping to 14.1% in 2025Q4 from a high of 49.3% in 2024Q3, suggesting that the company's high-touch service model struggles to absorb sudden shifts in operational costs or occupancy levels during lower-volume quarters.
The wide variance in gross margins indicates that LIND lacks the cost flexibility of larger cruise operators, as its specialized crew and vessel maintenance requirements create a rigid cost floor. This volatility implies that profitability is highly dependent on achieving optimal load factors, leaving little room for error in pricing strategy.
According to recent SEC filings, LIND's operating income remains erratic, swinging from a $36.0M profit in 2025Q3 to a $5.5M loss in 2025Q4, which highlights the difficulty of scaling SG&A expenses efficiently against a backdrop of high fixed costs and significant depreciation from new vessel additions.
The inability to consistently translate revenue growth into operating profit suggests that the company is currently burdened by the capital-intensive nature of its recent fleet expansion. Without a sustained increase in occupancy, the current SG&A structure may continue to exert downward pressure on operating margins.
As indicated by the income statement data, LIND has struggled to maintain positive net income, with losses reaching $25.0M in 2024Q4, a trend that is further complicated by periodic stock-based compensation expenses that dilute shareholder value without providing a clear path to consistent bottom-line profitability.
The persistent net losses, despite top-line growth, suggest that interest expenses and depreciation are currently outpacing operational gains. Investors should scrutinize whether the company's reliance on non-operating items or accounting adjustments is masking the underlying cash-generation challenges inherent in its current business model.
While management emphasizes the unique value of the National Geographic partnership, the income statement suggests that this competitive advantage has not yet yielded a sustainable profit, raising questions about whether the expedition niche is becoming saturated by larger, more efficient luxury cruise competitors.
Short-sellers may focus on the company's inability to achieve consistent profitability despite its premium brand positioning and exclusive access to restricted markets. This warrants further investigation into whether the current cost structure is fundamentally misaligned with the revenue potential of the expedition cruise segment.
Quick answers to the most common questions about buying LIND stock.
For fiscal year 2025, Lindblad Expeditions Holdings, Inc. (LIND) reported total revenue of $771.0M.
Lindblad Expeditions Holdings, Inc. (LIND) reported a net loss of $29.7M for the fiscal year ending 2025.
Lindblad Expeditions Holdings, Inc. (LIND) reported an operating income of $45.5M, resulting in an operating profit margin of 5.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Lindblad Expeditions Holdings, Inc. (LIND) generated $290.2M in gross profit for the year, representing a gross profit margin of 37.6%. This demonstrates the company's core pricing power and production efficiency.