Lindblad Expeditions (LIND) financial statements
Lindblad Expeditions reported revenue of $771M in fiscal 2025, up 13.7% a year over 9 years.
Net income was -$30M and the operating margin 5.9%, against 5.8% in 2016.
Free cash flow was $64M.
The diluted share count rose 18% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lindblad Expeditions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $242M | $267M | $310M | $343M | $82M | $147M | $422M | $570M | $645M | $771M |
| Cost of revenue | $119M | $136M | $154M | $167M | $73M | $124M | $283M | $338M | $363M | $418M |
| Gross profit | $123M | $131M | $156M | $176M | $9M | $23M | $138M | $231M | $282M | $353M |
| Selling, general and admin | $91M | $103M | $110M | $118M | $66M | $94M | $157M | $174M | $208M | $245M |
| Operating income | $14M | $11M | $25M | $33M | -$88M | -$111M | -$63M | $11M | $22M | $45M |
| Pre-tax income | $2M | $2M | $12M | $21M | -$110M | -$121M | -$102M | -$38M | -$25M | -$22M |
| Income tax | -$3M | $10M | $616,000 | $2M | -$10M | -$2M | $6M | $3M | $3M | $2M |
| Net income | $5M | -$9M | $11M | $16M | -$99M | -$119M | -$111M | -$46M | -$31M | -$30M |
| EPS (diluted) | $0.10 | -$0.19 | $0.24 | $0.28 | -$2.01 | -$2.41 | -$2.23 | -$0.94 | -$0.67 | -$0.63 |
| Diluted shares | 46M | 45M | 46M | 49M | 50M | 50M | 52M | 53M | 54M | 55M |
| Gross margin | 50.9% | 49.1% | 50.4% | 51.4% | 11.4% | 15.4% | 32.8% | 40.6% | 43.8% | 45.8% |
| Operating margin | 5.8% | 4.0% | 8.2% | 9.7% | -107.3% | -75.3% | -15.0% | 1.9% | 3.3% | 5.9% |
| Net margin | 2.0% | -3.2% | 3.7% | 4.8% | -119.9% | -81.0% | -26.4% | -8.0% | -4.8% | -3.9% |
Balance sheet
Fiscal years, from Lindblad Expeditions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $135M | $96M | $113M | $102M | $188M | $151M | $101M | $157M | $184M | $257M |
| Inventory | $2M | $2M | $2M | $2M | $2M | $2M | $2M | — | — | — |
| Total current assets | $171M | $132M | $150M | $147M | $229M | $210M | $183M | $245M | $278M | $368M |
| Property, plant and equipment | $186M | $251M | $286M | $358M | $483M | $542M | $539M | $526M | $518M | $522M |
| Goodwill | $22M | $22M | $22M | $22M | $22M | $42M | $42M | $42M | $59M | $61M |
| Total assets | $408M | $424M | $473M | $549M | $757M | $827M | $788M | $831M | $877M | $980M |
| Total current liabilities | $124M | $144M | $159M | $183M | $156M | $289M | $341M | $319M | $392M | $462M |
| Long-term debt | $164M | $164M | $188M | $214M | $471M | $519M | $529M | $622M | $625M | $663M |
| Total liabilities | $289M | $312M | $351M | $409M | $631M | $812M | $874M | $945M | $1.0B | $1.1B |
| Shareholders' equity | $114M | $106M | $116M | $123M | $35M | -$79M | -$183M | -$225M | -$253M | -$285M |
| Net debt | $30M | $69M | $77M | $116M | $295M | $394M | $466M | $465M | $442M | $406M |
Cash flow
Fiscal years, from Lindblad Expeditions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $31M | $53M | $56M | $63M | -$92M | $32M | -$2M | $25M | $92M | $112M |
| Capital spending | $76M | $80M | $54M | $96M | $155M | $97M | $38M | $30M | $34M | $48M |
| Free cash flow | -$45M | -$28M | $2M | -$33M | -$248M | -$64M | -$40M | -$5M | $59M | $64M |
| Stock-based compensation | $5M | $11M | $4M | $4M | $2M | $6M | $7M | $14M | $10M | $13M |
| Net borrowing | -$2M | -$2M | $28M | $28M | $265M | $56M | $7M | $69M | -$49,000 | $40M |
| Free cash flow margin | -18.4% | -10.3% | 0.6% | -9.7% | -300.8% | -43.6% | -9.6% | -0.8% | 9.1% | 8.3% |
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Open LIND in InvestinglyQuestions
What was Lindblad Expeditions's revenue in 2025?
$771M in fiscal 2025, from its 10-K filing.
How much free cash flow does Lindblad Expeditions generate?
$64M in fiscal 2025 (operating cash flow minus capital spending).
From Lindblad Expeditions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.