Executive Summary

Strong quarter with record Adjusted EBITDA: revenue rose 17% to $240.2M and Adjusted EBITDA reached a record $57.3M, up 25% YoY, driven by higher occupancy (88% vs 82%) and 9% higher net yield per available guest night ($1,314) .
Clear beat vs S&P consensus: revenue $240.2M vs $229.7M*, Primary EPS 0.42 vs 0.22*, and EBITDA $51.7M vs $46.8M*; note company-reported GAAP diluted EPS to common was $0.00 due to a $23.5M debt extinguishment charge and preferred dividend, highlighting methodology differences vs S&P Primary EPS .
Guidance raised: FY25 revenue to $745–$760M (from $725–$750M) and Adjusted EBITDA to $119–$123M (from $108–$115M). Net yield growth outlook also raised to 12.5%–14% (from 9%–11%) .
Balance sheet catalyst: completed refinancing into new 7.00% senior secured notes due 2030, extending maturities and lowering blended rate ~75 bps; S&P Global upgraded the company’s corporate credit rating; net leverage at 3.1x supports growth agenda .

Values retrieved from S&P Global for estimate/consensus items are marked with an asterisk (*).

What Went Well and What Went Wrong

What Went Well

Record profitability with operational momentum: “highest level of adjusted EBITDA in the company history,” +25% to $57.3M, with margins expanding 160 bps YoY to 23.8% on higher occupancy and net yields .
Commercial initiatives working: Lindblad segment net yield per AGN up 9% to $1,314 and occupancy up to 88%; Alaska delivered ~16% yield growth; onboard sales bookings more than tripled as a % of total YoY .
Strategic financing and credit upgrade: refinanced into 7.00% notes due 2030, lowering blended borrowing costs ~75 bps and extending maturities; S&P Global credit rating upgrade cited strong operating performance and forward-book position .

What Went Wrong

GAAP EPS optics pressured by refinancing: net loss available to stockholders was ~$0.05M, diluted EPS $0.00, primarily due to $23.5M debt extinguishment expense and lower tax benefit YoY; ERTC provided a $1.8M benefit .
Elevated near-term spend: sales/marketing rose $5.1M (20%) in Q3 to support demand generation; management flagged higher Q4 marketing and six dry/wet docks (vs two in Q4’24), pressuring 2H flow-through .
Higher royalty burden ahead: step-up in National Geographic royalty rates in 2025 with another step-up to reach long-term run-rate in 2026, partially offsetting yield gains .

Financial Results

Q3 2025 vs S&P Global Consensus and Prior Year

Metric	Q3 2024	Q3 2025 (Actual)	S&P Consensus	Surprise
Revenue ($)	$206.0M	$240.2M	$229.7M*	+$10.5M (Beat)
Primary EPS (S&P)	—	0.4196*	0.2234*	+0.1962 (Beat)
GAAP Diluted EPS to common	$0.36	$0.00	—	—
EBITDA (S&P definition) ($)	—	$51.734M*	$46.781M*	+$4.953M (Beat)
Adjusted EBITDA (Company) ($)	$45.8M	$57.3M	—	—

Values retrieved from S&P Global for estimate/consensus items are marked with an asterisk (*).

Notes: Company Adjusted EBITDA differs from S&P “EBITDA” definition. GAAP diluted EPS to common ($0.00) reflects the $23.5M loss on debt extinguishment and preferred dividend; S&P Primary EPS methodology differs from GAAP diluted EPS presentation .

Quarterly Trend (FY25)

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($)	$179.7M	$167.9M	$240.2M
Adjusted EBITDA ($)	$30.0M	$24.8M	$57.3M
GAAP Diluted EPS to common	$0.00	$(0.18)	$0.00
Occupancy (Lindblad)	89%	86%	88%
Net Yield per AGN (Lindblad)	$1,521	$1,241	$1,314

Segment Breakdown (Q3 2025)

Segment	Tour Revenues ($)	Operating Income ($)	Adjusted EBITDA ($)
Lindblad (Marine)	$137.6M	$13.236M	$32.773M
Land Experiences	$102.6M	$22.734M	$24.490M
Total	$240.2M	$35.970M	$57.263M

KPIs (Lindblad Segment)

KPI	Q3 2024	Q3 2025
Available Guest Nights	91,293	95,487
Guest Nights Sold	74,845	84,143
Occupancy	82%	88%
Net Yield per AGN ($)	$1,205	$1,314
Gross Yield per AGN ($)	$1,328	$1,441
Number of Guests	9,414	10,685
Voyages	137	159

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Tour Revenues ($)	FY2025	$725M – $750M	$745M – $760M	Raised
Adjusted EBITDA ($)	FY2025	$108M – $115M	$119M – $123M	Raised
Net Yield Growth (YoY)	FY2025	9% – 11%	12.5% – 14%	Raised

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1 2025 and Q2 2025)	Current Period (Q3 2025)	Trend
Disney/National Geographic distribution	Rolled out revenue management; early Disney travel advisor traction; DVC point redemption launched; youth program relaunched; search volumes up; outbound sales doubled	Disney channels accelerating: earmarked advisors +42% YTD; DVC activation generating bookings/leads; youth “Explorers in Training” boosting family travel (under 18 +24%)	Strengthening
Pricing/Yields/Occupancy	Q1 net yield $1,521 and 89% occupancy; Q2 net yield up 13% to $1,241 and occupancy 86%	Net yield +9% to $1,314; occupancy 88%; Alaska ~16% yield growth	Sustained improvement
Cost innovation/efficiency	>20 initiatives; reduced non-revenue days; added voyages in 2026; margin expansion	Margin +160 bps YoY to 23.8%; renegotiated leases/ports; hired SVP Supply Chain	Ongoing progress
Capacity expansion (charter/new builds)	Added Galápagos ships; European river cruise charter launched; evaluating acquisitions/new builds	Expanded 2027 river program; active evaluation of acquisitions/new builds; 10 charter ships planned in 2026	Scaling via flexible capacity
Bookings/Forward curve	Bookings ahead for 2025/2026; 2027 opened with record weekly sales	2026 pacing significantly ahead; 2027 uptick on launch	Strong forward demand
Macro/royalties	Royalty step-up in 2025 and again in 2026; investing through 2H	Royalties step-up reiterated; macro monitored but demand resilient	Manageable headwind
Financing/Leverage	—	Refinanced into 7.00% notes due 2030; S&P credit rating upgrade; net leverage 3.1x	Improved flexibility

Management Commentary

“We are pleased to report another quarter of very strong performance… record level of adjusted EBITDA… highest ever measured guest satisfaction scores.” — Natalya Leahy, CEO .
“Occupancy reached 88%… net yield increased 9% to $1,314… Alaska… achieving almost 16% yield growth.” — Natalya Leahy, CEO .
“Adjusted EBITDA increasing 25% to $57.3 million and margins expanding 160 basis points to 23.8%.” — Natalya Leahy, CEO .
“We issued $675 million of new senior secured notes… 7%, ~75 bps lower than prior blended rate… net leverage stands at 3.1x… S&P Global… upgraded our corporate credit rating.” — Rick Goldberg, CFO .

Q&A Highlights

Bookings trajectory and 2026: Management not guiding yet but indicated 2026 bookings are significantly ahead; targeting a return to ~90% historical occupancy with maintained price integrity; double-digit yield gains will normalize as occupancy anniversaries .
Pricing power: Expect continued price integrity; demand strong across Alaska, Antarctica fly-cruise, and Galápagos (capacity +40% QoQ in Q3) .
2H and Q4 dynamics: Elevated marketing spend to set up Wave season and six dry/wet docks in Q4 (vs two in Q4’24) will pressure Q4 EBITDA .
Mix and growth vehicles: Comfortable with current mix; 10 charter ships planned in 2026 to add capital-light capacity; evaluating purchases and potential new builds .
Macro lens: Higher-net-worth guests remain resilient; key watch items are geopolitical/macros; royalty step-up ahead in 2026 .

Estimates Context

Q3 2025 vs S&P consensus: Revenue $240.2M vs $229.7M* (beat); Primary EPS 0.4196* vs 0.2234* (beat); EBITDA $51.734M* vs $46.781M* (beat). Company GAAP diluted EPS to common was $0.00 due to refinancing charge and preferred dividend; S&P Primary EPS may reflect methodology differences from GAAP diluted EPS .
Number of estimates: EPS (2), Revenue (3)*.
Values retrieved from S&P Global.

Key Takeaways for Investors

Demand-led outperformance: Record Adjusted EBITDA and raised FY25 outlook underscore pricing and occupancy momentum; forward bookings for 2026/2027 are pacing ahead, a constructive setup for estimate revisions and sentiment .
Quality of beat: Revenue and (S&P-defined) EBITDA beats stem from higher net yields/occupancy and strong Land growth; note ERTC contributed $1.8M in Q3 and $5.3M YTD to EBITDA .
EPS optics vs cash economics: GAAP diluted EPS $0.00 reflects one-time $23.5M refinancing charge; underlying profitability and cash generation improved with $97.1M YTD operating cash flow and $60.4M YTD FCF .
De-risked balance sheet catalyst: 7.00% 2030 notes, extended maturities, S&P upgrade, and 3.1x net leverage support continued capacity additions (charters/acquisitions/new builds) .
Near-term watch items: Q4 margins to be softer on elevated marketing and six docks; 2026 royalty step-up is a manageable headwind if yield/occupancy tailwinds persist .
Strategic flywheels: Disney/DVC channels, onboard sales expansion, and revenue management discipline are increasing repeat rates, lengthening booking windows, and widening top-of-funnel reach .
Medium-term thesis: Structural demand in luxury/experiential travel, capital-light charters, and operational efficiencies position LIND for margin expansion and deleveraging through cycle .

Appendix: Additional Data

Balance Sheet and Liquidity (Selected)

Cash, cash equivalents and restricted cash: $290.1M at 9/30/25 (vs $216.1M at 12/31/24) .
Total debt: $675.0M at 9/30/25; in compliance with covenants .
Free Cash Flow YTD: $60.363M (9M’25) .

Reconciliation Items (Q3 2025)

Debt extinguishment expense: $23.492M .
ERTC (benefit to results): $1.8M in Q3; $5.3M YTD .

Refinancing Details

New $675M 7.00% senior secured notes due 2030 to refinance 2027 6.75% and 2028 9.00% notes; blended rate reduced ~75 bps; revolver upsized/extended to $60M .

All citations:

Q3 2025 8-K press release, results, schedules, and outlook .
Q3 2025 earnings call transcript (prepared remarks and Q&A) .
Q2 2025 press release and earnings call for trend/guidance .
Q1 2025 press release for prior period context .
S&P Global consensus and actuals (asterisked values) via GetEstimates. Values retrieved from S&P Global.

LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND)·Q3 2025 Earnings Summary