---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-005736"
form_type: "8-K"
ticker: "LIND"
cik: "0001512499"
company_name: "LINDBLAD EXPEDITIONS HOLDINGS, INC."
filed_at: "2026-02-26T23:59:59+00:00"
generated_at: "2026-05-15T23:32:33.242098+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

# Lindblad reports record 2025 adjusted EBITDA $126.2M, up 38%; guides FY2026 EBITDA $130-140M

## Summary
- Full year 2025 total revenues $771.0M (+20% YoY); net loss $34.6M improved from $35.8M.
- Adjusted EBITDA $126.2M (+38%); net yield per available guest night up 14% to $1,335; occupancy 88%.
- Q4 2025 revenues $183.2M (+23%); adjusted EBITDA $14.2M (+5%).
- Refinanced $675M senior secured notes at 7.00%, maturing 2030; converted all preferred stock to 9M common shares.
- FY2026 guidance: revenues $800-850M, adjusted EBITDA $130-140M; $12M remaining in stock repurchase plan.

## SEC filing metadata
- accession: 0001437749-26-005736
- form_type: 8-K
- ticker: LIND
- cik: 0001512499
- company_name: LINDBLAD EXPEDITIONS HOLDINGS, INC.
- filed_at: 2026-02-26T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1512499/000143774926005736/0001437749-26-005736-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1512499/000143774926005736/lindb20251106_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-005736
- JSON: https://secwatch.observer/filing/0001437749-26-005736.json
- Plain text: https://secwatch.observer/filing/0001437749-26-005736.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.