Filing Flows › Lindblad Expeditions Holdings (LIND) › Q2 2025
Lindblad Expeditions Holdings (LIND) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 4, 2025
Lindblad Expeditions Holdings (LIND) reported revenue of $168M for the second quarter 2025 (Q2 2025), +23% from a year earlier and -7% from the quarter before. Operating margin was 2.6%, net loss $7.0M (4.1% of revenue).
Lindblad Expeditions Holdings, Q2 2025: revenue $168M (+23% year over year), operating margin 2.6%, net loss $7.0M, operating cash flow $29.2M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $168M | -7% | +23% |
| Operating profit | $4.4M | -58% | — |
| Net earnings | −$7.0M | -789% | — |
| Operating cash flow | $29.2M | -40% | +57% |
| Free cash flow | $13.5M | -61% | +20% |
What changed
Revenue was $167.9M in Q2 2025, up 23% year over year and down 7% from the previous quarter. Lindblad Segment was the largest line at 66% of revenue. Lindblad Segment added $18.0M year over year (up 19%), 57% of the total change.
Operating profit was $4.4M, a 2.6% margin (up 8.6 points year over year). Total costs grew 13% against revenue growth of 23%. The fastest-growing cost line was Sales & marketing (+44%). The quarter ended with a net loss of $7.0M, after a profit of $1.0M the previous quarter. Net interest and other expense of $10.8M was the main reason.
Operating cash flow was $29.2M (up 57% year over year). Non-cash charges added back $14.7M of depreciation and amortization and $5.4M of share-based compensation. Working capital and other items added $16.1M. Capital expenditures of $15.7M left free cash flow of $13.5M.
Questions
What was Lindblad Expeditions Holdings' revenue in the second quarter 2025?
Lindblad Expeditions Holdings (LIND) reported revenue of $168M for the second quarter 2025 (Q2 2025), +23% from a year earlier and -7% from the quarter before.
Was Lindblad Expeditions Holdings profitable in the second quarter 2025?
Operating profit was $4.4M (2.6% of revenue) and net loss $7.0M.