Lindblad Expeditions Holdings, Inc.
expeditions.comWhat Do They Do?
Runs ship-based expedition voyages and land-based adventure trips for individual travelers and families.
10-K for FY2025, filed Feb 26, 2026The Lindblad segment consists primarily of ship-based expeditions aboard customized, nimble and intimately-scaled vessels that are designed…View ↗
The Land Experiences segment consists of our primarily land-based adventure brands, providing tours, trips, safaris and journeys centered…View ↗
Our offerings appeal to a wide range of travelers, both individuals and families, with affluent individuals in the U.S. aged 50 years or…View ↗
How Do They Make Money?
Guests pay deposits before trips; ticket revenue is earned over the duration of each expedition, trip or tour. They also pay for onboard purchases when bought and cancellation fees when they cancel.
10-K for FY2025, filed Feb 26, 2026Revenues are measured based on consideration specified in the Company’s contracts with guests and are recognized as the related performance…View ↗
Tour revenues also include revenues from the sale of goods and services onboard the Company’s ships, cancellation fees and trip insurance.…View ↗
The Company’s guests remit deposits in advance of tour embarkation. Guest deposits consist of guest ticket revenues as well as revenues…View ↗
$771M
-
10-K for FY2025, filed Feb 26, 2026
$771M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Lindblad Segment
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
64%
FY2022: 66%
|
Lindblad Segment, FY2025
$495.6M Sources
|
Sold outright |
|
Land-experience
Sold outright
10-K for FY2025, filed Feb 26, 2026 |
36%
FY2022: 34%
|
Land-experience, FY2025
$275.4M Sources
|
Sold outright |
Who Are Their Customers?
Individuals and families book expedition voyages and land adventures directly, including online or by phone; travel agents and wholesalers also sell trips, and National Geographic’s travel division sells Lindblad voyages.
10-K for FY2025, filed Feb 26, 2026Our offerings appeal to a wide range of travelers, both individuals and families, with affluent individuals in the U.S. aged 50 years or…View ↗
Our largest channel for expedition sailing guest bookings is direct contact, either by guests calling and speaking with our expedition…View ↗
We also generate significant bookings from travel agents and wholesalers, representing approximately 32% of expedition sailing guest ticket…View ↗
We have a longstanding relationship with the National Geographic Society, which began in 2004, and was founded on a shared interest in…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $29.7M in FY2025, but brought in more cash than it spent: $63.9M of free cash flow.
10-K for FY2025, filed Feb 26, 2026
$45.5MView ↗
10-K for FY2025, filed Feb 26, 2026
−$29.7MView ↗
10-K for FY2025, filed Feb 26, 2026
$63.9MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 3, 2026
−$1.4MView ↗
- ▼ −83% (Loss)
- vs −$8.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 3, 2026
Open tableView ↗
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Sep 14, 2026
Acquired controlling stakes in three Antarctic travel and aviation companies
Bought a 60% interest in White Desert, PNR Airways and Echo Charlie for approximately $61 million.
Sources
8-K, filed Sep 15, 2026
Pursuant to the Purchase Agreement, the Company acquired a 60% controlling interest in each of the Purchased Companies for an aggregate…View ↗
Thomson Group travel
The older report names Natural Habitat, DuVine, Off the Beaten Path and Classic Journeys; the latest also describes Thomson Group’s East African safaris, Kilimanjaro treks and lodge.
10-K for FY2022, filed Mar 10, 2023 10-K for FY2025, filed Feb 26, 2026Lindblad has been providing marine expedition adventures and travel experiences globally to its guests since 1979. Our expedition cruising…View ↗
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