Filing Flows › Lindblad Expeditions Holdings (LIND) › Q3 2025
Lindblad Expeditions Holdings (LIND) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Lindblad Expeditions Holdings (LIND) reported revenue of $240M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +43% from the quarter before. Operating margin was 15.0%, net earnings $4.6M (1.9% of revenue).
Lindblad Expeditions Holdings, Q3 2025: revenue $240M (+17% year over year), operating margin 15.0%, net earnings $4.6M, operating cash flow $19.5M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $240M | +43% | +17% |
| Operating profit | $36.0M | +716% | +22% |
| Net earnings | $4.6M | — | -82% |
| Operating cash flow | $19.5M | -33% | -31% |
| Free cash flow | $11.9M | -12% | -35% |
What changed
Revenue was $240.2M in Q3 2025, up 17% year over year and up 43% from the previous quarter. Lindblad Segment was the largest line at 57% of revenue. Land-experience added $17.9M year over year (up 21%), 52% of the total change.
Operating profit was $36.0M, a 15.0% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 19% reached operating profit, above the 14% margin then. Total costs grew 16% against revenue growth of 17%. The fastest-growing cost line was Sales & marketing (+20%). Net earnings were $1.2M, down 95% year over year. The tax line was a benefit of $2.6M on pre-tax earnings of $2.0M.
Operating cash flow was $19.5M (down 31% year over year), 427% of net income including minority interests. Non-cash charges added back $14.9M of depreciation and amortization and $5.4M of share-based compensation. Working capital and other items used $5.3M. Capital expenditures of $7.6M left free cash flow of $11.9M.
Questions
What was Lindblad Expeditions Holdings' revenue in the third quarter 2025?
Lindblad Expeditions Holdings (LIND) reported revenue of $240M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +43% from the quarter before.
Was Lindblad Expeditions Holdings profitable in the third quarter 2025?
Operating profit was $36.0M (15.0% of revenue) and net earnings $4.6M.