Lindblad Expeditions Q4 adjusted EBITDA beats expectations

Lindblad Expeditions Holdings

26/02/2026 12:46

Overview

Expedition travel provider's Q4 adjusted EBITDA beat analyst expectations

Company's 2025 revenue grew 20% yr/yr to $771 mln

Company refinanced long-term debt, extending maturity to 2030

Outlook

Company expects 2026 tour revenues of $800 mln to $850 mln

Lindblad projects 2026 adjusted EBITDA between $130 mln and $140 mln

Result Drivers

HIGHER PRICING AND OCCUPANCY - Lindblad segment revenue increased due to higher pricing and occupancy rates, reaching 88% in 2025 compared to 78% a year ago

INCREASED TOUR REVENUES - Land Experiences segment revenue rose due to more guests and higher pricing

STRATEGIC REFINANCING - Co refinanced long-term debt with $675 mln of senior secured notes, extending maturity to 2030

Company press release: ID:nPnb7wLDTa

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Tour Revenue
$183.18 mln
Q4 Net Income
-$24.80 mln
Q4 Adjusted EBITDA
Beat
$14.15 mln
$10.76 mln (5 Analysts)
Q4 Operating Income
-$5.51 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the hotels, motels & cruise lines peer group is "buy"

Wall Street's median 12-month price target for Lindblad Expeditions Holdings Inc is $18.00, about 13.3% below its February 25 closing price of $20.75

The stock recently traded at 247 times the next 12-month earnings vs. a P/E of 146 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)