In a world where travel companies are still patching the sails after a few stormy years, Lindblad Expeditions has somehow caught a following wind. The small-ship specialist has reported record revenue, full boats and guests so happy they might hug the crew all in a single quarter.
The company, traded on NASDAQ under the ticker LIND, saw revenue rise 17 per cent to US $240.2 million for the September quarter. That’s no small feat in a market still nursing post-pandemic hangovers and plenty of economic indigestion.
Chief executive Natalya Leahy called it “a testament to our great team and disciplined focus on strategic priorities and unforgettable guest experiences.” Translation: people are paying handsomely to be cold, wet and deliriously happy somewhere near the Antarctic Circle.
She wasn’t exaggerating. Lindblad’s ships, the sort that prefer penguins to ports, posted their highest-ever guest satisfaction scores. “Both our land and marine segments grew strongly,” she said, “while we achieved a record level of adjusted EBITDA.” That’s corporate speak for: the tills are ringing again.
Cruising Where Wi-Fi Fears to Tread
The Lindblad segment, which runs the expedition fleet, pulled in US$137.6 million, up 13 per cent on last year. Occupancy lifted to 88 per cent and yield per guest night jumped nine per cent to US $1,314, proving there’s a market for those who’d rather photograph glaciers than queue for a buffet.
Guests aren’t just buying cabins; they’re buying bragging rights. A voyage to the Galápagos or Svalbard is as much social currency as it is adventure. The company’s tie-up with National Geographic gives it an edge few rivals can match — it’s hard to compete with a naturalist at your dinner table and a polar bear outside the porthole.
On land, the story’s just as sunny. Lindblad’s Land Experiences division, which covers everything from African safaris to jungle treks, surged 21 per cent to US $102.6 million. More trips, higher prices, same wide-eyed guests, a reminder that when people spend on memories, they spend deeply.
A Few Accounting Icebergs
For all that buoyancy, the numbers weren’t entirely champagne and confetti. Lindblad reported a net loss of just US $49,000, effectively even, thanks to a US $23.5 million debt refinancing hit and a US $4.2 million drop in tax benefits. These are one-off items, the kind accountants file under “perfectly respectable excuses.”
Strip those away, and the underlying story looks much stronger. Adjusted EBITDA rose to US $57.3 million, up US $11.4 million from last year. The ships contributed US $6.5 million of that gain, while the land operations added US $4.9 million. Even an employee-retention tax credit threw in a helpful US$1.8 million, the fiscal equivalent of finding a forgotten note in your jacket pocket.
Steady as She Goes
Leahy, a realist in a blazer rather than a dreamer in a captain’s hat, isn’t banking on fair weather forever. But she’s convinced Lindblad’s mix of exploration, education, and sustainability gives it staying power. “We’re positioned for durable and profitable growth well into 2030,” she said, the sort of statement that makes investors reach for a fresh pen.
That durability may rest on timing. The post-COVID traveller has grown weary of queues, crowds and the chorus of slot machines. Expedition cruising, smaller, quieter, richer in story, is the antithesis. And in that niche, Lindblad remains the yardstick.
Its vessels are nimble enough to nose up fjords and small enough for the captain to know your name. Guests return home not just sunburnt but educated, sometimes even inspired, a claim few cruise lines can make without laughter from the back row.
Beyond the Balance Sheet
What makes Lindblad’s result more than just another corporate bulletin is what it says about travel’s direction. After years of uncertainty, the appetite for genuine experience, salt spray, campfire stories, and something real has returned.
And in that space between commerce and curiosity, Lindblad has found its rhythm. Numbers aside, the company has become a kind of cultural barometer: proof that exploration, when done well, never goes out of style.
So while others in the industry are still searching for their sea legs, Lindblad’s already plotting new courses. And if the CEO sounds quietly smug, well, she’s earned it. Few businesses can claim to make a profit while reminding the rest of us just how big the planet still is.
For more information, go to: Lindblad Expeditions.
By Sandra Jones – (c) 2025
Read time: 6 minutes.
About the Writer
Sandra has spent much of her working life untangling the world for others, one itinerary, one dream, one frazzled traveller at a time. With years spent in some of Australia’s best-known travel agencies, she’s the calm voice on the line when flights go missing, luggage takes its own holiday, or someone decides to “see Europe properly” in nine days.
A qualified travel consultant with a knack for making sense of chaos, Sandra fine-tuned her skills through a specialised advisory course, the sort that teaches both knowledge and patience in equal measure. But the storyteller in her was never far away. A later foray into writing gave her the perfect excuse to blend that industry wisdom with her gift for words.
Now, through Global Travel Media, Sandra shares the small truths of travel, its frustrations, laughter, and quiet moments that make every journey worth the fuss.
