Lindblad Expeditions shares experienced a dramatic upward movement following the release of unexpectedly strong quarterly results. The company’s stock advanced more than 7% during pre-market trading, signaling a robust recovery for the expedition travel specialist.
Strategic Refinancing Strengthens Financial Position
The company successfully completed a strategic debt refinancing initiative, replacing existing bonds with $675 million in new Senior Secured Notes carrying a reduced interest rate of 7.00%. This financial maneuvering has significantly enhanced the company’s liquidity position, which now stands at $290.1 million—representing a $74 million increase since the beginning of the year.
Record-Breaking Quarterly Metrics
The third quarter of 2025 delivered outstanding financial performance for Lindblad Expeditions. Revenue reached $240.2 million, marking a 17% year-over-year increase that substantially exceeded analyst projections. Adjusted EBITDA surged 25% higher to $57.3 million.
Despite reporting a nominal net loss of $49,000 attributable to refinancing expenses, the company’s adjusted earnings per share of $0.33 dramatically outperformed the $0.22 consensus estimate. These results provide compelling evidence that demand for luxury expedition travel continues to flourish.
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Operational Excellence Across Business Segments
Both core business divisions contributed significantly to the company’s impressive results:
- Lindblad Segment: Tour revenues increased 13% to $137.6 million
- Guest Night Net Yield achieved a record level of $1,314
- Occupancy rates improved from 82% to 88%
- Land Experiences: Demonstrated even stronger growth with a 21% revenue increase to $102.6 million
Upward Revision of Future Projections
The company has raised its full-year guidance, reflecting growing confidence in its operational trajectory. Total 2025 revenue is now projected in the range of $745-$760 million, upgraded from previous estimates of $725-$750 million. Adjusted EBITDA is anticipated to reach $119-$123 million.
Perhaps most notably, the company now expects Guest Night Net Yield to increase by 12.5-14%—a substantial upward revision from the original projection of 9-11%. Forward bookings for 2026 and 2027 are already tracking significantly ahead of comparable prior-year periods.
The outstanding quarterly performance, strengthened balance sheet, and improved outlook collectively position Lindblad Expeditions for continued momentum, though market observers continue to monitor whether this positive trend can be sustained over the longer term.
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