LIND on Nasdaq

Lindblad Expeditions Holdings Inc.

American cruise line

Lindblad Expeditions Holdings Inc. is an American expedition travel company headquartered in New York City.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 19, 2026.

Overview

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  • TickerLIND on Nasdaq1
  • IndustryTransportation Services1
  • HeadquartersNew York, New York1
  • Legal formpublic company1
  • Incorporated inDE4
  • Business address11 West 42Nd Street, Suite 22 B3, New York, Ny 100364
  • Filer categoryAccelerated filer4

Lindblad Expeditions Holdings Inc. is an American expedition travel company headquartered in New York City. Founded in 1979 as Special Expeditions by Sven-Olof Lindblad, the company operates a fleet of 12 small ships, carrying between 28 and 150 guests, and offers expedition cruises to destinations on all seven continents in partnership with National Geographic.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

5.9%Operating margin6
-3.9%Net margin6
19.6%Revenue growth, 20256
$63.8MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Lindblad brought in 64% of the revenue Lindblad Expeditions Holdings Inc. broke down this way in fiscal 2025.

  1. Lindblad$495.6M664%up 17% from 2024
  2. Land-experience$275.4M636%up 24% from 2024
Business segments by year
Business segments202320242025
Lindblad$397.4M$423.3M$495.6M
Land-experience$172.1M$221.4M$275.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue54¢$418.0M
  • Other costs45¢$350.5M
  • Income tax0¢$2.5M

Out of $771.0M in revenue.6 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending43¢$47.7M
  • Kept or used elsewhere57¢$63.8M

Out of $111.6M of cash from operations.6

Financial statements

Revenue789106$771.0M in 2025+125% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $343.1M$343.1M20192020: $82.4M$82.4M2020−76%2021: $147.1M$147.1M2021+79%2022: $421.5M$421.5M2022+187%2023: $569.5M$569.5M2023+35%2024: $644.7M$644.7M2024+13%2025: $771.0M$771.0M2025+20%
Operating income789106$45.5M in 2025+37% since 2019
-$150.0M-$100.0M-$50.0M0$50.0M2019: $33.2M$33.2M20192020: -$88.4M-$88.4M20202021: -$110.8M-$110.8M2021+25%2022: -$63.0M-$63.0M2022−43%2023: $10.6M$10.6M20232024: $21.6M$21.6M2024+103%2025: $45.5M$45.5M2025+111%
Net income789106-$29.7M in 2025
-$150.0M-$100.0M-$50.0M0$50.0M2019: $16.4M$16.4M20192020: -$98.7M-$98.7M20202021: -$119.2M-$119.2M2021+21%2022: -$111.4M-$111.4M2022−7%2023: -$45.6M-$45.6M2023−59%2024: -$31.2M-$31.2M2024−32%2025: -$29.7M-$29.7M2025−5%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Tour revenues$771.0M$644.7M$569.5M
Cost of tours$418.0M$362.6M$338.2M
General and administrative$130.0M$121.0M$102.6M
Selling and marketing$114.7M$87.0M$71.4M
Depreciation and amortization$62.8M$52.6M$46.7M
Total operating expenses$725.5M$623.2M$558.9M
Operating income$45.5M$21.6M$10.6M
Interest expense, net-$45.2M-$45.7M-$45.0M
Gain (loss) on foreign currency$1.1M-$1.1M$751.0K
Other Nonoperating Income (Expense)$409.0K$159.0K-$4.1M
Loss on extinguishment of debt-$23.5M$0$0
Total other expense-$67.2M-$46.6M-$48.3M
Total-$21.8M-$25.1M-$37.7M
Income tax expense$2.5M$3.1M$3.1M
Net loss-$24.2M-$28.2M-$40.9M
Net income attributable to noncontrolling interest$5.5M$3.0M$4.7M
Net loss attributable to Lindblad Expeditions Holdings, Inc.-$29.7M-$31.2M-$45.6M
Series A redeemable convertible preferred stock dividend$4.9M$4.6M$4.4M
Net loss available to stockholders-$34.6M-$35.8M-$50.0M
Basic (in shares)55.0M shares53.8M shares53.3M shares
Diluted (in shares)55.0M shares53.8M shares53.3M shares
Basic (in dollars per share)-$0.63-$0.67-$0.94
Diluted (in dollars per share)-$0.63-$0.67-$0.94

Compare Lindblad Expeditions Holdings Inc. with another company

The story

Lindblad Travel (1958–1989)

Lars-Eric Lindblad founded Lindblad Travel in Connecticut in 1958. Lindblad Travel led the first tourist expedition to Antarctica in 1966 and was among the first companies to bring tourists to the Galápagos Islands starting in 1967. Later, after launching the first private, purpose-built expedition ship, the Lindblad Explorer, it pioneered tourist expeditions to the Arctic, Tierra del Fuego, the Falkland Islands, the Seychelles, Easter Island, Indonesia, the Amazon River, and many others. In 1984 Lindblad Travel led the first tourist expedition through the Northwest Passage from Newfoundland to the Bering Strait.

Regarded as the father of ecotourism, Lars-Eric Lindblad believed strongly that travel to difficult-to-reach places encouraged a desire to preserve and protect the planet. In addition to leading expeditions in remote wilderness areas, Lindblad Travel also led trips to hard-to-visit countries such as China, Vietnam, and Cambodia. The company ceased operations in 1989.

Special Expeditions (1979–2003)

Lars-Eric Lindblad passed along his passion for adventure, exploration, and conservation to his son, Sven-Olof Lindblad, who joined him on expeditions from an early age. In 1979 Sven-Olof Lindblad founded Special Expeditions as a subsidiary of Lindblad Travel. Special Expeditions decoupled from Lindblad Travel in 1982 and was renamed Lindblad Expeditions in 2000.

National Geographic partnership (after 2004)

Since 2004, Lindblad Expeditions has partnered with National Geographic, operating under the co-brand Lindblad Expeditions–National Geographic. The partnership integrates Lindblad expedition staff with National Geographic scientists and media personnel, and company vessels carry the "National Geographic" name. Lindblad-operated itineraries are also sold through National Geographic Expeditions. In November 2023, the companies extended their agreement through 2040, following The Walt Disney Company’s acquisition of National Geographic Partners. The renewal expanded Lindblad's marketing access across Disney's portfolio, including Disney Cruise Line and Disney Vacation Club, and permits development of co-branded river cruises and potential larger vessels (295–530 passengers).

The company expanded its fleet in the 2010s. In 2013, it acquired Orion Expedition Cruises and renamed its vessel National Geographic Orion. It ordered its first purpose-built ships in 2015: National Geographic Quest and National Geographic Venture, U.S.-flagged vessels launched in 2017 and 2018 for domestic service. They were followed by National Geographic Endurance (2020) and National Geographic Resolution (2021), which primarily operate in the Arctic and Antarctic regions.

Lindblad also expanded into land-based travel. In 2016, it acquired a controlling interest in Natural Habitat Adventures. In 2021, it acquired Off the Beaten Path, DuVine, and Classic Journeys. The company acquired Thomson Safaris for approximately US$30 million in 2024. These brands continue to operate independently.

Lindblad Expeditions went public in July 2015.

Sven Lindblad retired as CEO in 2021. Dolf Berle was appointed CEO later that year, stepped down in 2023, and was succeeded again by Lindblad. In December 2024, the company announced that Lindblad would step down again and become co-chair of the Board, with Natalya Leahy appointed CEO effective January 1, 2025.

Read the full text

In March 2026, Lindblad Expeditions acquired an additional 5% interest in Natural Habitat from its founder, Ben Bressler, for approximately $16.6 million, increasing its ownership of the company to 95%.

In September 2026, Lindblad acquired a 60% controlling interest in White Desert, PNR Airways, and Echo Charlie for approximately $61 million, plus approximately $6 million for cash on the balance sheet. White Desert operates luxury Antarctic expeditions, including air-based journeys to the interior of Antarctica, while Echo Charlie provides aviation-based experiential travel. Lindblad has options to acquire the remaining interests in the businesses in 2030 and 2031.

From Wikipedia’s article on Lindblad Expeditions, shared under CC BY-SA 4.0.5

Leadership

Who has led Lindblad Expeditions Holdings Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (24)

Products and brands

Lindblad Expedition currently owns and operates a fleet of 12 vessels, which it supplements with chartered vessels.

From Wikipedia’s article on Lindblad Expeditions, shared under CC BY-SA 4.0.5

Subsidiaries and ownership

Subsidiaries

  • Lindblad Expeditions LLC

From Wikidata.1

Former names

  • Capitol Acquisition Corp. IIFeb 15, 2011 to Jul 1, 20154

Timeline

  1. Apr 2, 2025New chief executive Benjamin Bressler becomes CEO15
  2. Jan 3, 2025New chief executive Natalya Leahy becomes CEO14
  3. May 19, 2021New chief executive Dolf A. Berle becomes CEO16
  4. Jul 9, 2015New chief executive Sven-Olof Lindblad becomes CEO17
  5. Jul 3, 2013Went public Listed on NASDAQ1

Filings

451 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 60 major events, 267 insider forms, 28 large holders, 74 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Sep 15, 20268-K EDGAR
  3. Sep 3, 20264 EDGAR
  4. Sep 3, 20264 EDGAR
  5. Aug 14, 2026SCHEDULE 13G/A EDGAR
  6. Aug 12, 20264 EDGAR
  7. Aug 11, 20264 EDGAR
  8. Aug 11, 20264 EDGAR
  9. Aug 11, 20264 EDGAR
  10. Aug 11, 20264 EDGAR
  11. Aug 11, 20264 EDGAR
  12. Aug 11, 20264 EDGAR
  13. Aug 11, 20264 EDGAR
  14. Aug 11, 20264 EDGAR
  15. Aug 11, 20264 EDGAR
  16. Aug 11, 20264 EDGAR
  17. Aug 11, 20264 EDGAR
  18. Aug 3, 202610-Q EDGAR
  19. Aug 3, 20268-K EDGAR
  20. Jul 29, 2026SCHEDULE 13G EDGAR

The 451 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

122 open-market trades by officers, directors and large owners since October 2021: 20 buys and 102 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 17, 2026BISNOW MICHAEL ELLIOTTDirectorSale44,642$24.21$1.1MForm 4
Jun 4, 2026Dryden L. DysonDirectorSale39,946$22.04$880.4KForm 4
May 29, 2026Dryden L. DysonDirectorSale52,747$23.09$1.2MForm 4
May 21, 2026Byus TreyChief Expedition OfficerSale10,000$20.05$200.5KForm 4
May 21, 2026FAHEY JOHN M JRDirectorSale2,000$20.26$40.5KForm 4
May 14, 2026FAHEY JOHN M JRDirectorSale1,000$19.40$19.4KForm 4
May 12, 2026FAHEY JOHN M JRDirectorSale1,000$19.40$19.4KForm 4
May 11, 2026FAHEY JOHN M JRDirectorSale3,500$20.04$70.1KForm 4
May 11, 2026Byus TreyChief Expedition OfficerSale26,460$20.23$535.3KForm 4
Mar 10, 2026FAHEY JOHN M JRDirectorSale7,768$17.66$137.2KForm 4
Mar 9, 2026Smith, Jr. Thomas S.DirectorSale56,000$17.57$983.9KForm 4
Feb 5, 2026BRESSLER BENJAMIN*Founder & CEO of NHASale41,000$18.08$741.3KForm 4
Feb 4, 2026Lindblad Sven-OlofDirectorSale28,002$17.61$493.1KForm 4
Feb 4, 2026BRESSLER BENJAMIN*Founder & CEO of NHASale181,389$18.04$3.3MForm 4
Feb 3, 2026Lindblad Sven-OlofDirectorSale127,310$17.38$2.2MForm 4
Feb 2, 2026Lindblad Sven-OlofDirectorSale233,505$17.27$4.0MForm 4
Feb 2, 2026BRESSLER BENJAMIN*Founder & CEO of NHASale87,478$17.08$1.5MForm 4
Jan 30, 2026Lindblad Sven-OlofDirectorSale78,283$16.66$1.3MForm 4
Jan 29, 2026Lindblad Sven-OlofDirectorSale105,356$16.84$1.8MForm 4
Jan 29, 2026BRESSLER BENJAMIN*Founder & CEO of NHASale33,338$17.02$567.4KForm 4

All 122 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC6,636,712$187.4M0.0%+2,519,362
BlackRock, Inc.4,340,762$122.6M0.0%+835,165
Ariel Investments, LLC2,762,484$78.0M0.8%−676,579
Vanguard Capital Management LLC2,129,727$60.1M0.0%+23,447
Goldman Sachs Group Inc1,773,203$50.1M0.0%+846,020
Driehaus Capital Management LLC1,467,275$41.4M0.2%+281,376
Select Equity Group, L.P.1,452,792$41.0M0.2%+394,737
Principal Financial Group Inc1,393,582$39.4M0.0%−136,286
Arrowstreet Capital, Limited Partnership1,277,903$36.1M0.0%+4,994
UBS Group AG1,236,927$34.9M0.0%+142,613
Geode Capital Management, LLC1,236,442$34.9M0.0%+217,626
Invesco Ltd.1,213,915$34.3M0.0%+1,088,537
State Street Corp1,063,599$30.0M0.0%+193,681
Royce & Associates LP1,053,568$29.8M0.2%−16,218
Black Diamond Financial, LLC959,964$27.1M2.4%−108,398
Dimensional Fund Advisors LP938,138$26.5M0.0%+152,019
Loomis Sayles & Co L P888,303$25.1M0.0%New
Vanguard Portfolio Management LLC868,760$24.5M0.0%+461,609
Pinnacle Associates Ltd800,048$22.6M0.2%−40,275
Morgan Stanley797,758$22.5M0.0%+162,436
Bank of New York Mellon Corp685,618$19.4M0.0%−278,030
Penn Capital Management Company, LLC595,133$16.8M1.1%−242,151
Silvercrest Asset Management Group LLC590,217$16.7M0.1%−188,868
Nuveen, LLC577,775$16.3M0.0%−63,354
Aqr Capital Management LLC483,348$13.6M0.0%+229,720

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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