Filing Flows › Lindblad Expeditions Holdings (LIND) › Q4 2025
Lindblad Expeditions Holdings (LIND) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
Lindblad Expeditions Holdings (LIND) reported revenue of $183M for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and -24% from the quarter before. Operating margin was -3.0%, net loss $22.8M (12.5% of revenue).
Lindblad Expeditions Holdings, Q4 2025: revenue $183M (+23% year over year), operating margin -3.0%, net loss $22.8M, operating cash flow $14.4M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $183M | -24% | +23% |
| Operating profit | −$5.5M | -115% | — |
| Net earnings | −$22.8M | -599% | — |
| Operating cash flow | $14.4M | -26% | +760% |
| Free cash flow | $3.5M | -71% | — |
What changed
Revenue was $183.2M in Q4 2025, up 23% year over year and down 24% from the previous quarter. Lindblad Segment was the largest line at 63% of revenue.
Operating costs exceeded revenue by $5.5M, an operating margin of -3.0%. Total costs grew 21% against revenue growth of 23%. The fastest-growing cost line was Sales & marketing (+43%). The quarter ended with a net loss of $22.8M, after a profit of $4.6M the previous quarter.
Operating cash flow was $14.4M (up 760% year over year). Non-cash charges added back $17.9M of depreciation and amortization. Working capital and other items added $19.4M. Capital expenditures of $11.0M left free cash flow of $3.5M.
Questions
What was Lindblad Expeditions Holdings' revenue in the fourth quarter 2025?
Lindblad Expeditions Holdings (LIND) reported revenue of $183M for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and -24% from the quarter before.
Was Lindblad Expeditions Holdings profitable in the fourth quarter 2025?
Operating loss was $5.5M (-3.0% of revenue) and net loss $22.8M.