Lindblad Expeditions Holdings Inc. (LIND) financial statements: income statement, balance sheet and cash flow
Lindblad Expeditions Holdings Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Lindblad Expeditions Holdings Inc. reported net income of ($34.6M) (+3.3% year on year).
Income statement
Lindblad Expeditions Holdings Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Tour revenues
$771.0M
$644.7M
$569.5M
$421.5M
Cost of tours
$418.0M
$343.7M
$322.4M
$283.2M
General and administrative
$130.0M
$139.9M
$118.4M
$96.3M
Selling and marketing
$114.7M
$87.0M
$71.4M
$61.0M
Depreciation and amortization
$62.8M
$52.6M
$46.7M
$44.0M
Total operating expenses
$725.5M
$623.2M
$558.9M
$484.5M
Operating income
$45.5M
$21.6M
$10.6M
($63.0M)
Interest expense, net
($45.2M)
($45.7M)
($45.0M)
($37.5M)
Gain (loss) on foreign currency
$1.1M
($1.1M)
$751.0K
($1.2M)
Other Nonoperating Income (Expense)
$409.0K
$159.0K
($4.1M)
($307.0K)
Loss on extinguishment of debt
($23.5M)
—
—
—
Total other expense
($67.2M)
($46.6M)
($48.3M)
($39.0M)
Total
($21.8M)
($25.1M)
($37.7M)
($102.1M)
Income tax expense
$2.5M
$3.1M
$3.1M
$6.1M
Net loss
($24.2M)
($28.2M)
($40.9M)
($108.2M)
Net income attributable to noncontrolling interest
$5.5M
$3.0M
$4.7M
$3.2M
Net loss attributable to Lindblad Expeditions Holdings, Inc.
($29.7M)
($31.2M)
($45.6M)
($111.4M)
Series A redeemable convertible preferred stock dividend
$4.9M
$4.6M
$4.4M
$4.7M
Net loss available to stockholders
($34.6M)
($35.8M)
($50.0M)
($116.1M)
Basic (in shares)
55.0M
53.8M
53.3M
52.0M
Diluted (in shares)
55.0M
53.8M
53.3M
52.0M
Basic (in dollars per share)
-$0.63
-$0.67
-$0.94
-$2.23
Diluted (in dollars per share)
-$0.63
-$0.67
-$0.94
-$2.23
Lindblad Expeditions Holdings Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Tour revenues
$199.2M
$208.0M
$240.2M
$167.9M
Cost of tours
$102.6M
$106.7M
$124.4M
$91.4M
General and administrative
$34.2M
$32.0M
$34.8M
$31.1M
Selling and marketing
$32.0M
$35.9M
$30.1M
$26.4M
Depreciation and amortization
$18.5M
$17.7M
$14.9M
$14.7M
Total operating expenses
$187.3M
$192.4M
$204.2M
$163.5M
Operating income
$12.0M
$15.6M
$36.0M
$4.4M
Interest expense, net
($10.5M)
($10.6M)
($11.3M)
($11.6M)
(Loss) gain on foreign currency
($360.0K)
($269.0K)
($318.0K)
$759.0K
Other (expense) income
($4.0K)
$58.0K
$1.1M
$30.0K
Total other expense
($10.9M)
($10.8M)
($34.0M)
($10.8M)
Income (loss) before income taxes
$1.1M
$4.8M
$2.0M
($6.4M)
Income tax provision (benefit)
$1.4M
($1.2M)
($2.6M)
$547.0K
Net income (loss)
($343.0K)
$6.1M
$4.6M
($7.0M)
Net income attributable to noncontrolling interest
$1.1M
($449.0K)
$3.4M
$1.6M
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc.
($1.4M)
$6.5M
$1.2M
($8.5M)
Series A redeemable convertible preferred stock dividend
$0
$497.0K
$1.2M
$1.2M
Net income (loss) available to stockholders
($1.4M)
$6.0M
($49.0K)
($9.7M)
Basic (in shares)
65.5M
60.2M
55.6M
54.6M
Diluted (in shares)
65.5M
61.1M
55.6M
54.6M
Basic (in dollars per share)
-$0.02
$0.10
$0.00
-$0.18
Diluted (in dollars per share)
-$0.02
$0.09
$0.00
-$0.18
Balance sheet
Lindblad Expeditions Holdings Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$256.7M
$183.9M
$156.8M
$87.2M
Restricted cash
$33.0M
$32.2M
$30.5M
$28.8M
Prepaid expenses and other current assets
$78.1M
$62.3M
$57.2M
$41.8M
Total current assets
$367.9M
$278.4M
$244.5M
$183.3M
Property and equipment, net
$522.1M
$518.4M
$526.0M
$539.4M
Goodwill
$60.6M
$59.0M
$42.0M
$42.0M
Intangibles, net
$16.6M
$15.9M
$9.4M
$11.2M
Other long-term assets
$12.7M
$5.1M
$9.4M
$5.5M
Total assets
$980.0M
$876.9M
$831.3M
$788.0M
Unearned passenger revenues
$361.5M
$318.7M
$252.2M
$245.1M
Accrued expenses
$76.7M
$58.1M
—
—
Accounts payable
$22.2M
$13.9M
—
—
Lease liabilities - current portion
$1.2M
$1.8M
$1.9M
$1.7M
Long-term debt - current portion
$3.0K
$29.0K
$47.0K
$23.3M
Total current liabilities
$461.6M
$392.5M
$319.2M
$341.1M
Long-term debt, less current portion
$662.7M
$625.4M
$621.8M
$529.5M
Deferred tax liabilities
$2.2M
$3.5M
$2.1M
—
Other long-term liabilities
$7.0M
$1.0M
$1.9M
$88.0K
Total liabilities
$1.1B
$1.0B
$945.1M
$873.6M
Series A redeemable convertible preferred stock, 165,000 shares authorized; 62,000 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
83.1M
78.2M
73.5M
69.1M
Redeemable noncontrolling interests
$47.9M
$29.4M
$37.8M
$27.9M
Temporary equity
$131.0M
$107.6M
$111.3M
$97.0M
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively
0
0
0
0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 55,421,384 and 54,507,977 issued, 55,323,495 and 54,376,154 outstanding as of December 31, 2025 and December 31, 2024, respectively
6.0K
6.0K
5.0K
5.0K
Additional paid-in capital
$126.9M
$109.5M
$97.1M
$83.8M
Accumulated deficit
($411.4M)
($362.9M)
($322.2M)
($266.5M)
Accumulated other comprehensive income
$0
$288.0K
—
$0
Total stockholder’s deficit
($284.5M)
($253.1M)
($225.1M)
($182.7M)
Total liabilities, mezzanine equity and stockholders’ deficit
$980.0M
$876.9M
$831.3M
$788.0M
Lindblad Expeditions Holdings Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$318.9M
$275.0M
$261.8M
$200.9M
Restricted cash
$46.0M
$46.1M
$28.3M
$46.4M
Prepaid expenses and other current assets
$77.8M
$63.7M
$73.7M
$75.2M
Total current assets
$442.7M
$384.8M
$363.8M
$322.5M
Property and equipment, net
$502.2M
$511.8M
$527.6M
$533.1M
Goodwill
$60.6M
$60.6M
$61.1M
$59.2M
Intangibles, net
$15.5M
$16.0M
$17.4M
$14.7M
Other long-term assets
$12.9M
$14.0M
$6.6M
$7.0M
Total assets
$1.0B
$987.2M
$976.5M
$936.5M
Unearned passenger revenues
$439.9M
$399.2M
$362.3M
$381.7M
Accrued expenses
$68.2M
$47.5M
$54.8M
$57.4M
Accounts payable
$15.0M
$25.0M
$20.6M
$9.8M
Lease liabilities - current portion
$1.7M
$1.5M
$821.0K
$1.1M
Long-term debt - current portion
$0
$0
$10.0K
$8.0K
Total current liabilities
$524.8M
$473.1M
$438.6M
$450.1M
Long-term debt, less current portion
$663.9M
$663.2M
$663.4M
$627.3M
Deferred tax liabilities
$854.0K
$227.0K
$2.5M
$2.4M
Other long-term liabilities
$6.9M
$7.4M
$745.0K
$822.0K
Total liabilities
$1.2B
$1.1B
$1.1B
$1.1B
Series A redeemable convertible preferred stock, 165,000 shares authorized; no shares issued and outstanding as of June 30, 2026, 62,000 shares issued and outstanding as of December 31, 2025
0
0
81.8M
80.6M
Redeemable noncontrolling interests
$33.4M
$33.3M
$46.0M
$39.2M
Temporary equity, including noncontrolling interest
$33.4M
$33.3M
$127.8M
$119.8M
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued and outstanding as of December 31, 2025
0
0
0
0
Common stock, $0.0001 par value, 200,000,000 shares authorized; 65,613,308 and 55,421,384 issued, 65,515,419 and 55,323,495 outstanding as of June 30, 2026 and December 31, 2025, respectively
7.0K
7.0K
6.0K
6.0K
Additional paid-in capital
$216.5M
$218.8M
$128.0M
$118.0M
Accumulated deficit
($412.3M)
($408.9M)
($384.6M)
($381.8M)
Total stockholders’ deficit
($195.8M)
($190.1M)
($256.6M)
($263.8M)
Total liabilities, mezzanine equity and stockholders’ deficit
$1.0B
$987.2M
$976.5M
$936.5M
Cash flow statement
Lindblad Expeditions Holdings Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net loss
($24.2M)
($28.2M)
($40.9M)
($108.2M)
Depreciation and amortization
$62.8M
$52.6M
$46.7M
$44.0M
Amortization of deferred financing costs, net
$3.3M
$3.7M
$3.4M
$2.7M
Amortization of right-to-use lease assets
$1.7M
$893.0K
$811.0K
$608.0K
Stock-based compensation
$13.5M
$9.8M
$13.9M
$7.0M
Deferred income taxes
($1.3M)
$2.1M
$2.7M
$5.5M
(Gain) loss on foreign currency
($1.1M)
$1.1M
($751.0K)
$1.2M
Write-off of unamortized deferred financing costs due to debt extinguishment
$7.1M
$0
$3.9M
$9.0M
Prepaid expenses and other current assets
($11.4M)
($1.2M)
($3.5M)
($18.3M)
Unearned passenger revenues
$39.5M
$53.0M
$7.1M
$32.5M
Other long-term assets
($1.8M)
($2.0M)
($1.9M)
$2.6M
Other long-term liabilities
($462.0K)
$0
$0
$844.0K
Accounts payable and accrued expenses
$25.5M
$1.8M
($5.2M)
$20.5M
Operating lease liabilities
($1.7M)
($995.0K)
($850.0K)
($658.0K)
Net cash provided by operating activities
$111.6M
$92.4M
$25.4M
($2.2M)
Purchases of property and equipment
($47.7M)
($33.5M)
($30.0M)
($38.2M)
Acquisitions (net of cash acquired)
($19.5M)
($10.6M)
$0
$0
Sale of securities
$0
$0
$15.2M
—
Net cash used in investing activities
($67.3M)
($44.1M)
($14.8M)
($49.6M)
Proceeds from long-term debt
$675.0M
$0
$275.0M
$360.0M
Repayments of long-term debt
($635.0M)
($49.0K)
($205.7M)
($352.9M)
Payment of deferred financing costs
($13.2M)
($21.0K)
($7.5M)
($10.9M)
Proceeds from exercise of options
$4.3M
—
—
—
Repurchase under stock-based compensation plans, related tax impacts and noncontrolling interest distributions
($1.5M)
($3.0M)
($1.1M)
($1.1M)
Additional acquisition of redeemable noncontrolling interest
$0
($16.7M)
—
—
Net cash provided by (used in) financing activities
$29.6M
($19.8M)
$60.7M
($4.9M)
Net increase in cash, cash equivalents and restricted cash
$73.6M
$28.8M
$71.3M
($56.7M)
Cash, cash equivalents and restricted cash at beginning of period
$216.1M
$187.3M
$116.0M
$172.7M
Cash, cash equivalents and restricted cash at end of period
$289.7M
$216.1M
$187.3M
$116.0M
Effect of exchange rate changes on cash
($288.0K)
$288.0K
—
—
Interest
$50.8M
$49.4M
$43.7M
$25.8M
Income taxes
$3.2M
$319.0K
$711.0K
$309.0K
Shares issued in connection with acquisition
0
6.0M
0
0
Non-cash preferred stock dividend
$4.9M
$4.6M
$4.4M
$4.7M
Non-cash recognition of new leases
$6.9M
—
—
—
Additional paid-in capital exercise proceeds of option shares
358.0K
145.0K
—
—
Additional paid-in capital exchange proceeds used for option shares
-358.0K
-145.0K
—
—
Lindblad Expeditions Holdings Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$5.7M
$6.1M
($1.4M)
($6.0M)
Depreciation and amortization
$36.2M
$17.7M
$44.9M
$30.0M
Amortization of deferred financing costs, net
$1.3M
$662.0K
$2.7M
$1.8M
Amortization of right-to-use lease assets
$1.5M
$767.0K
$1.3M
$869.0K
Stock-based compensation
$3.7M
$1.7M
$14.5M
$9.1M
Deferred income taxes
($1.4M)
($2.0M)
($984.0K)
($1.1M)
Loss (gain) on foreign currency
$629.0K
$269.0K
($982.0K)
($1.3M)
Prepaid expenses and other current assets
$311.0K
$14.5M
($8.9M)
($11.8M)
Unearned passenger revenues
$78.4M
$37.7M
$41.1M
$63.0M
Other long-term assets
($389.0K)
($539.0K)
($1.0M)
($1.2M)
Accounts payable and accrued expenses
($16.3M)
($26.8M)
$1.1M
($4.9M)
Operating lease liabilities
($1.1M)
($554.0K)
($1.3M)
($924.0K)
Net cash provided by operating activities
$108.5M
$49.5M
$97.1M
$77.6M
Purchases of property and equipment
($14.9M)
($6.9M)
($36.8M)
($29.2M)
Acquisitions (net of cash acquired)
$0
$0
($17.4M)
($15.6M)
Net cash used in investing activities
($14.9M)
($6.9M)
($54.1M)
($44.7M)
Repayments of long-term debt
($3.0K)
($3.0K)
($635.0M)
($21.0K)
Payment of deferred financing costs
($117.0K)
($116.0K)
($11.8M)
$0
Proceeds from exercise of options
$6.6M
$6.6M
—
—
Repurchase under stock-based compensation plans, related tax impacts
($4.6M)
($1.1M)
—
($1.4M)
Additional acquisition of redeemable noncontrolling interest
($19.8M)
($16.6M)
$0
$0
Noncontrolling interest distributions
($604.0K)
($70.0K)
—
—
Net cash used in financing activities
($18.5M)
($11.2M)
$31.3M
($1.4M)
Effect of exchange rate changes on cash
$0
$0
($288.0K)
($288.0K)
Net increase in cash, cash equivalents and restricted cash
$75.2M
$31.3M
$74.0M
$31.2M
Cash, cash equivalents and restricted cash at beginning of period
$289.7M
$289.7M
$216.1M
$216.1M
Cash, cash equivalents and restricted cash at end of period
$364.9M
$321.1M
$290.1M
$247.3M
Interest
$27.0M
$27.0M
$43.9M
$24.7M
Income taxes
$2.4M
$285.0K
$2.2M
$1.3M
Non-cash preferred stock dividend
$497.0K
$497.0K
$3.7M
$2.4M
Non-cash recognition of new leases
$1.6M
$1.4M
—
—
Additional paid-in capital exercise proceeds of option shares
-933.0K
-933.0K
358.0K
—
Additional paid-in capital exchange proceeds used for option shares