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Lindblad Expeditions Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.1M in Q3 2026 · $96.0M over twelve months

Operating cash flow$2.8M
Capital spending−$3.9M
Free cash flow−$1.1M
Cash / net income0.1×

Analysis

In Q3 2026, Lindblad Expeditions Holdings generated $2.8M of operating cash flow and spent $3.9M on capital projects, leaving free cash flow of −$1.1M. That is $13.0M less than in Q3 2025 ($11.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was $126M; the largest uses were acquisitions ($56.8M), capital spending ($29.8M), other financing ($27.7M); besides operations, cash came from shares issued ($6.6M); the cash balance rose by $18.0M.

Operating cash flow was $2.8M against net income of $27.1M — 0.1× profit, less cash than reported earnings, worth checking against working capital. The largest differences: deferred revenue −$37.9M, depreciation & amortization +$16.9M, payables −$4.7M.

Free cash flow

Lindblad Expeditions Holdings: free cash flow by quarterLindblad Expeditions Holdings: free cash flow by quarter−$8.2MQ4 2024$35.0MQ1 2025$13.5MQ2 2025$11.9MQ3 2025$3.5MQ4 2025$42.6MQ1 2026$51.1MQ2 2026−$1.1MQ3 2026
Operating cash flow less capital spending.
Lindblad Expeditions Holdings: operating cash flow against capital spendingLindblad Expeditions Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$1.7M$9.9MQ4 2024$48.4M$13.4MQ1 2025$29.2M$15.7MQ2 2025$19.5M$7.6MQ3 2025$14.4M$11.0MQ4 2025$49.5M$6.9MQ1 2026$59.1M$8.0MQ2 2026$2.8M$3.9MQ3 2026
Latest (Q3 2026): Operating cash flow $2.8M, Capital spending $3.9M.

Capital allocation, year by year

Lindblad Expeditions Holdings: where the cash came from (up) and went (down), by fiscal yearLindblad Expeditions Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow $32.5MFY2021: Net borrowing $55.8MFY2021: Capital spending −$96.7MFY2021: Acquisitions −$18.0M$88.3MFY2021FY2022: Operating cash flow −$2.2MFY2022: Net borrowing $7.1MFY2022: Capital spending −$38.2M$7.1MFY2022FY2023: Operating cash flow $25.4MFY2023: Net borrowing $69.3MFY2023: Capital spending −$30.0M$94.7MFY2023FY2024: Operating cash flow $92.4MFY2024: Net borrowing −$49KFY2024: Capital spending −$33.5MFY2024: Acquisitions −$10.6M$92.4MFY2024FY2025: Operating cash flow $112MFY2025: Net borrowing $40.0MFY2025: Shares issued $4.3MFY2025: Capital spending −$47.7MFY2025: Acquisitions −$19.5M$156MFY2025
Over these 5 years operating cash flow totalled $260M; the largest uses were capital spending ($246M) and acquisitions ($48.1M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$275M
Debt$665M
Net debt$390M
Due within a year$3K

Lindblad Expeditions Holdings funds itself: free cash flow was $96.0M over the last twelve months, and $275M of cash and investments stands against $665M of debt ($3K due within a year, 91649.7× covered by cash).

Lindblad Expeditions Holdings: debt maturities by year (FY2025)Lindblad Expeditions Holdings: debt maturities by year (FY2025)$3KYear 1$675MYear 5
Principal due in each year as disclosed in the annual report, against $275M of cash and investments now.

Where the cash came from and went

Lindblad Expeditions Holdings: sources (+) and uses (−) of cash, Q3 2026Lindblad Expeditions Holdings: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$56.7MAcquisitions−$54.6MCapital spending−$3.9MOperating cash flow$2.8MOther financing−$972KExchange rates−$20K
Lindblad Expeditions Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Lindblad Expeditions Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$126MAcquisitions−$56.8MCapital spending−$29.8MOther financing−$27.7MCash drawn (+) / kept (−)−$18.0MShares issued$6.6MNet borrowing (+) / repaid (−)−$20KExchange rates−$20K

From profit to cash

Lindblad Expeditions Holdings: net income to operating cash flow, Q3 2026Lindblad Expeditions Holdings: net income to operating cash flow, Q3 2026Net income$27.1MDepreciation & amortization$16.9MStock-based pay$1.5MDeferred taxes$2.3MPayables−$4.7MDeferred revenue−$37.9MPrepaid and other assets−$3.6MOperating cash flow$2.8M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.8M−$3.9M−$54.6M——$56.7M−$1.1M
Q2 2026$59.1M−$8.0M———−$43.8M$51.1M
Q1 2026$49.5M−$6.9M—−$3K$6.6M−$31.3M$42.6M
Q4 2025$14.4M−$11.0M−$2.2M−$17K—$389K$3.5M
Q3 2025$19.5M−$7.6M−$1.8M−$635M$4.3M−$42.8M$11.9M
Q2 2025$29.2M−$15.7M—−$11K—−$12.1M$13.5M
Q1 2025$48.4M−$13.4M−$15.6M−$10K—−$19.1M$35.0M
Q4 2024$1.7M−$9.9M$182K$29K—$8.4M−$8.2M

Lindblad Expeditions Holdings: income statement and cash flow

Lindblad Expeditions Holdings, Q3 2026: revenue $269M (+12% year over year), operating margin 15.9%. The chart follows the revenue to costs, profit and cash.

Lindblad Expeditions Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.