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Travel services · Consumer Cyclical · Fiscal year ends Dec 31
Lindblad Expeditions reported revenue of $771M in the fiscal year ended Dec 2025, up 19.6% from the year before. Operating income was $45M, an operating margin of 5.9%, and net income was −$30M. Operating cash flow of $112M less capital expenditure of $48M left free cash flow of $64M. Net debt was $406M.
Ranks among the 9 travel services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 147 | 422 | 570 | 645 | 771 |
| Cost of revenue | 124 | 283 | 338 | 363 | 418 |
| Gross profit | 22.6 | 138 | 231 | 282 | 353 |
| Selling, general & admin | 93.9 | 157 | 174 | 208 | 245 |
| Operating income | −111 | −63.0 | 10.6 | 21.6 | 45.5 |
| Net interest incomeBanks | −24.6 | −37.5 | −45.0 | −45.7 | −45.2 |
| Pre-tax income | −121 | −102 | −37.7 | −25.1 | −21.8 |
| Income tax | −2.0 | 6.1 | 3.1 | 3.1 | 2.5 |
| Net income | −119 | −111 | −45.6 | −31.2 | −29.7 |
| Diluted EPS | −2.41 | −2.23 | −0.94 | −0.67 | −0.63 |
| Diluted shares | 50.1 | 52.0 | 53.3 | 53.8 | 55.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 151 | 87.2 | 157 | 184 | 257 |
| Inventory | 2.3 | 2.0 | – | – | – |
| Current assets | 210 | 183 | 245 | 278 | 368 |
| Net PP&E | 542 | 539 | 526 | 518 | 522 |
| Goodwill | 42.0 | 42.0 | 42.0 | 59.0 | 60.6 |
| Total assets | 827 | 788 | 831 | 877 | 980 |
| Payables | 9.7 | 16.6 | 16.2 | 13.9 | 22.2 |
| Deferred revenue | 213 | 245 | 252 | 319 | 361 |
| Current liabilities | 289 | 341 | 319 | 392 | 462 |
| Short-term debt | 26.1 | 23.3 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 519 | 529 | 622 | 625 | 663 |
| Total liabilities | 812 | 874 | 945 | 1,022 | 1,133 |
| Shareholders' equity | −78.6 | −183 | −225 | −253 | −285 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 32.5 | −2.2 | 25.4 | 92.4 | 112 |
| Capital expenditure | 96.7 | 38.2 | 30.0 | 33.5 | 47.7 |
| Free cash flow | −64.2 | −40.4 | −4.5 | 58.8 | 63.8 |
| Depreciation & amortisation | 39.5 | 44.0 | 46.7 | 52.6 | 62.8 |
| Stock-based compensation | 5.6 | 7.0 | 13.9 | 9.8 | 13.5 |
| Acquisitions | 18.0 | 0.0 | 0.0 | 10.6 | 19.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 186.5% | 35.1% | 13.2% | 19.6% |
| Operating income growth (YoY) | – | – | – | 103.3% | 111.0% |
| Gross margin | 15.4% | 32.8% | 40.6% | 43.8% | 45.8% |
| Operating margin | −75.3% | −15.0% | 1.9% | 3.3% | 5.9% |
| Net margin | −81.0% | −26.4% | −8.0% | −4.8% | −3.9% |
| ROCEEBIT ÷ (assets − current liabilities) | −20.6% | −14.1% | 2.1% | 4.4% | 8.8% |
| Free cash flow margin | −43.6% | −9.6% | −0.8% | 9.1% | 8.3% |
| Cash conversion (CFO ÷ net income) | −0.27x | 0.02x | −0.56x | −2.96x | −3.75x |
| Inventory days | 7 | 3 | – | – | – |
| Payable days | 28 | 21 | 17 | 14 | 19 |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 394 | 466 | 465 | 442 | 406 |
| Current ratio | 0.73x | 0.54x | 0.77x | 0.71x | 0.80x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.