Lindblad reported FY 2025 tour revenues of USD 771.0 million (+20%), with a net loss available to stockholders of USD 34.6 million and Adjusted EBITDA of USD 126.2 million (+38%). For Q4 2025, tour revenues were USD 183.2 million (+23%), net loss available to stockholders was USD 24.8 million, and Adjusted EBITDA was USD 14.2 million (+5%). FY 2025 Net Yield per Available Guest Night rose to USD 1,335 (+14%) and occupancy was 88%; in Q4, net yield per available guest night was USD 1,279 (+11%) with 87% occupancy. By segment in FY 2025, Lindblad tour revenues were USD 495.6 million (+17%) and Land Experiences tour revenues were USD 275.4 million (+24%). Lindblad said it refinanced long-term debt with USD 675.0 million of 7.00% senior secured notes, extending maturities to 2030, and increased revolving credit facility availability to USD 60.0 million. The company also said all 62,000 outstanding preferred shares were mandatorily converted on Feb. 3, 2026 into about 9.0 million common shares, and it had repurchased 875,218 shares and 6.0 million warrants for USD 23.0 million under its USD 35.0 million buyback plan as of Feb. 23, 2026 (USD 12.0 million remaining). Lindblad guided for FY 2026 tour revenues of USD 800 million to USD 850 million and Adjusted EBITDA of USD 130 million to USD 140 million.

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