Executive Summary

Q2 delivered broad beats and accelerating momentum: tour revenues grew 23% to $167.9M, net loss/share improved to ($0.18), and Adjusted EBITDA rose 139% to $24.8M with margin expanding to 14.8% as occupancy climbed to 86% and net yield per available guest night reached $1,241 .
Versus S&P Global consensus, LIND beat on revenue ($167.95M vs $158.97M*), EPS (−$0.18 vs −$0.29*), and EBITDA (S&P EBITDA actual $19.08M* vs $12.48M* est.), while company-reported Adjusted EBITDA was $24.84M .
Guidance raised/narrowed: FY25 tour revenue tightened to $725–$750M (from $700–$750M) and Adjusted EBITDA raised to $108–$115M (from $100–$112M); management also lifted net yield growth outlook to 9–11% (from 7–10%) .
Catalysts: stronger bookings for 2025/2026 and record recent weekly sales; Disney/National Geographic channel traction; and liability management via a new $675M 7.000% 2030 secured note to refinance 2027 and 2028 notes and tender for 6.750% 2027s (Total Consideration $1,009.98 per $1,000 for early tenders) .

What Went Well and What Went Wrong

What Went Well
- Occupancy, yield and mix: “Revenue increased by 23%… Occupancy rose to 86%… Net yields grew 14% to $1,241, a historic high for second quarter” .
- Margin expansion and execution: Adjusted EBITDA grew 139% to $24.8M; margins expanded 720 bps to 14.8% on cost innovation and scale, with fuel costs just 3.8% of Lindblad segment revenue .
- Commercial progress: Disney/National Geographic channels, onboard sales rollout, and charters drove booking curves ahead of last year; “last week, we recorded the highest weekly sales in the history of National Geographic Lindblad Expeditions” .
What Went Wrong
- Profitability still constrained: GAAP net loss to stockholders remains ($9.7M) ($0.18/share), with interest expense of $11.6M; earnings also benefited from $3.4M employee retention tax credits (non-recurring) .
- Elevated S&M and royalties: sales/marketing rose 44% YoY on higher royalties/commissions and demand-generation; National Geographic royalty step-up in 2025 with another step to run-rate in 2026 .
- H2 flow-through tempered: despite raised FY EBITDA, implied 2H EBITDA is below last year as 2025 is an “investment year” (higher opex to seed 2026 occupancy/yield trajectory) .

Financial Results

Summary P&L and EBITDA vs prior periods

Metric	Q2 2024	Q1 2025	Q2 2025
Tour Revenues ($M)	136.50	179.72	167.95
Net Loss Avail. to Stockholders ($M)	(25.82)	(0.04)	(9.74)
Diluted EPS ($)	(0.48)	0.00	(0.18)
Adjusted EBITDA ($M)	10.38	29.98	24.84
Adjusted EBITDA Margin (%)	—	—	14.8%

Actual vs S&P Global consensus (Q2 2025)

Metric	Actual	Consensus	Surprise
Tour Revenues ($M)	167.95	158.97*	+$8.98M
Diluted EPS ($)	(0.18)	(0.29)*	+$0.11
EBITDA ($M, S&P basis)	19.08*	12.48*	+$6.60M
Adjusted EBITDA ($M, company)	24.84	—	—

Values retrieved from S&P Global*

Segment performance

Segment	Q2 2024 Revenue ($M)	Q1 2025 Revenue ($M)	Q2 2025 Revenue ($M)	Q2 2024 Adj. EBITDA ($M)	Q1 2025 Adj. EBITDA ($M)	Q2 2025 Adj. EBITDA ($M)
Lindblad (Expeditions)	93.05	131.11	111.05	6.54	26.32	16.33
Land Experiences	43.45	48.61	56.90	3.84	3.66	8.51
Total	136.50	179.72	167.95	10.38	29.98	24.84

KPIs (Lindblad segment)

KPI	Q2 2024	Q1 2025	Q2 2025
Available Guest Nights	77,404	75,325	81,515
Guest Nights Sold	60,174	66,974	70,198
Occupancy (%)	78%	89%	86%
Gross Yield per AGN ($)	1,202	1,741	1,362
Net Yield per AGN ($)	1,094	1,521	1,241
Voyages	121	121	153
Number of Guests	7,773	8,543	9,937

Balance sheet snapshot

Metric	Dec 31, 2024	Jun 30, 2025
Cash, Cash Equivalents & Restricted Cash ($M)	216.14	247.33
Total Debt ($M)	635.00	635.00
Unearned Passenger Revenues ($M)	318.67	381.69
Stockholders’ Deficit ($M)	(253.11)	(263.81)

Context: Q2 benefited from $3.4M ERTC; sales/marketing increased with royalty/commission step-ups; fuel cost efficiency improved (fuel 3.8% of Lindblad segment revenues) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Tour Revenues ($M)	FY 2025	$700–$750	$725–$750	Narrowed higher (raised midpoint)
Adjusted EBITDA ($M)	FY 2025	$100–$112	$108–$115	Raised
Net Yield YoY Growth (%)	FY 2025	7%–10%	9%–11%	Raised

Reconciliation framework provided for Adjusted EBITDA; company does not guide GAAP EPS .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q4’24, Q1’25)	Current Period (Q2’25)	Trend
Disney/National Geographic channels	Prior: expanded partnership; higher royalties; multi-channel activation underway .	+45% bookings from Disney “earmarked” advisors; DVC point redemption access; record weekly sales; growing multi-generational demand .	Strengthening distribution; higher royalty expense near term .
Occupancy & Net Yield	Q4’24 OCC 78%, Q1’25 OCC 89% and record net yield $1,521 .	OCC 86% with 5% capacity growth; net yield $1,241 (highest Q2); yield guidance raised to 9–11% .	Sustained mix/price strength; seasonality normalizing.
Cost innovation & non-revenue days	Q1’25: launching procurement/crew/drydock optimization .	Non-revenue days cut 38% in 2027 plan; +4 voyages added to 2026 .	Structural utilization gains.
Bookings & demand	Q1’25: 2025/2026 bookings ahead; wave season record .	2025/2026 pacing ahead; opened 2027 itineraries; “highest weekly sales” last week .	Momentum building despite macro.
Financing & balance sheet	YE’24 debt $635M; cash $216M .	New $675M 7.000% 2030 notes; tender for 6.750% 2027s (Total Consideration $1,009.98) and redemption of 9.000% 2028s .	Refinancing to term out maturities, optimize cost of capital.
Product expansion	River cruise charter announced for 2026 .	2026 river program >50% booked; added East Africa safari camps; expanded youth program .	Broadening TAM; premium experiential focus.
ESG and community	Ongoing initiatives highlighted .	First ESG report next quarter; EV tourism vehicle in Peru; local community programs .	Enhanced disclosure and impact.

Management Commentary

“Revenue increased by 23%, including 19% in our core Lindblad segment… Occupancy rose to 86%… Net yields grew 14% to $1,241… Adjusted EBITDA increased 149%… margins expanding 720 basis points to 14.8%.” — CEO/CFO prepared remarks .
“Our booking curves continue to pace well ahead of prior year for both 2025 and 2026… we recorded the highest weekly sales in the history of National Geographic Lindblad Expeditions.” — CFO .
“Thanks to improved dry dock and transition voyage planning, we've reduced non‑revenue days by 38% between 2025 and 2027… added four voyages in 2026.” — CEO .
“There was a step up in royalties associated with our agreement with National Geographic that happened in 2025, and there will be a subsequent step up… in 2026.” — CFO .
“We are raising full year guidance… revenue to $725–$750 million and Adjusted EBITDA to $108–$115 million.” — CFO .

Q&A Highlights

H2 earnings cadence: Street flagged implied 2H EBITDA below 2H last year; management reiterated 2025 is an investment year (higher opex to drive 2026 occupancy/yields) .
Sales/marketing and royalties: Elevated S&M tied to demand-gen and royalty/commission mix; NG royalty step-up in 2025 with further step to long-term run-rate in 2026 .
Capacity/DRY dock optimization: Non-revenue days reduced 38% in 2027; four 2026 voyages added; voyages are “booking really well” .
Customer mix: Disney channel increasing multigenerational/family travel; youth programs expanding; core affluent/experiential demographic intact .
Fleet growth: Active across acquisitions, charters (including river), and evaluating newbuilds as one of several options .

Estimates Context

Q2 vs S&P Global consensus: Revenue beat by ~$9.0M; EPS beat by $0.11; EBITDA (S&P basis) beat by ~$6.6M. Company-reported Adjusted EBITDA was higher than S&P EBITDA due to non-GAAP add-backs (e.g., stock-based comp, transaction costs, FX, ERTC) .
Forward adjustments: Raised net yield growth to 9–11% and higher FY EBITDA likely drive upward estimate revisions for out-quarters; management flagged higher near-term opex as 2025 investments limit H2 flow-through .

Actuals vs estimates table provided above; values retrieved from S&P Global for consensus and S&P EBITDA.*

Key Takeaways for Investors

Strong Q2 operating momentum with broad beats and 720 bps EBITDA margin expansion to 14.8% underscores pricing power and utilization gains; occupancy and net yields are the core drivers .
Guidance raised/narrowed (revenue, EBITDA; yield growth) with bookings pacing ahead into 2026/2027 supports positive estimate revisions despite heavier 2025 investment spending .
Channel strategy working: Disney/National Geographic ecosystem and onboard sales are expanding reach and repeat bookings; charters and youth programs deepen mix resilience .
Structural levers (dry dock optimization, deployment, procurement) should sustain productivity tailwinds (38% fewer non-revenue days in 2027; added 2026 voyages) .
Balance sheet actions (new $675M 7.000% 2030 notes; tender/redemption of 2027/2028 notes) reduce refinancing risk and improve duration, offset by still-high absolute leverage and interest burden .
Watch items: elevated S&M and royalty step-ups through 2026; recurring GAAP losses (interest expense) even as non-GAAP EBITDA improves; ERTC benefit in Q2 is non-recurring .
Near-term trading: raised guidance and record bookings are upside catalysts; medium-term thesis hinges on sustained yield/occupancy, execution on channel/charter expansion, and deleveraging from higher free cash generation.

Footnote: Values retrieved from S&P Global*

LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND)·Q2 2025 Earnings Summary