LIND LINDBLAD EXPEDITIONS HOLDINGS, INC.

Overview and Growth

In fiscal 2025, LINDBLAD EXPEDITIONS HOLDINGS, INC. recorded $771.02M of revenue, net loss of $29.72M, and an operating cash inflow of $111.58M. Revenue of $771.02M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $644.73M in fiscal 2024, revenue recorded a 19.6% year-over-year increase. The company reported diluted EPS of -$0.63, adding a shareholder-level measure to the absolute income figures considered below. The company employed $979.96M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.79x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $353.00M as gross profit before recognizing operating expenses and other items. Gross profit represented 45.8% of revenue, showing how much of the top line remained after direct costs. Operating income was $45.49M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 5.9% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The company ended the period with a net loss of $29.72M, extending the operating result through all remaining items. The net loss equaled 3.9% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported a pretax loss of $21.75M, before the effect of income taxes. Pretax margin was -2.8%, reflecting a pre-tax loss equal to 2.8% of revenue. Income tax expense totaled $2.48M, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 3.0% of period-end assets, showing the deficit relative to the asset base. The net loss narrowed to $29.72M from $31.18M in fiscal 2024.

Liquidity and Capital Structure

Total assets were $979.96M, supported by $1.13B of liabilities and -$284.53M of shareholder equity. Equity was negative at -$284.53M, meaning liabilities exceeded the residual book value available to shareholders and weakening balance-sheet resilience. The near-term balance sheet paired $367.88M of current assets with $461.59M of current liabilities at the reporting date. The current ratio was 0.8x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. The company held $256.69M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 55.6% of current liabilities, showing how much near-term coverage came from cash alone. The company carried $662.67M of total debt at period end, which frames its leverage and debt-service burden. Relative to total assets, debt measured 67.6%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 115.7%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 26.2%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 11.8% from $876.90M in fiscal 2024, leaving current total assets higher year over year. Compared with $183.94M in fiscal 2024, the current cash balance moved 39.6% and finished higher.

Cash Flow and Earnings Quality

The company reported $111.58M of operating cash flow, a cash inflow that shows the cash generated by operations. Capital spending was $47.74M, absorbing part of the cash generated from operations before free cash flow. Capital expenditures represented 42.8% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $63.84M, leaving a positive amount after capital expenditures. Free cash flow represented 8.3% of revenue, linking post-investment cash generation with the company’s operating scale. The free-cash-flow-to-assets relationship was 6.5%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.