LINDBLAD EXPEDITIONS HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LINDBLAD EXPEDITIONS HOLDINGS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	242	267	310	343	82.4	147	422	570	645	771
Cost of revenue	119	136	154	167	72.9	124	283	338	363	418
Gross profit	123	131	156	176	9.43	22.6	138	231	282	353
Selling and marketing	39.1	42.4	47	54.8	20.2	28.5	61	71.4	87	115
General and administrative	51.9	60.5	62.9	62.7	45.5	65.4	96.3	103	121	130
Operating expenses	109	120	131
Operating income	14	10.7	25.3	33.2	-88.4	-111	-63	10.6	21.6	45.5
Other non-operating income	-12.1	-8.27	-13.2	-12.3	-21.5	-10.4	-39	-48.3	-46.6	-67.2
Pre-tax income	1.86	2.47	12.2	20.9	-110	-121	-102	-37.7	-25.1	-21.8
Income tax	-3.2	10	0.62	2.19	-9.81	-2.02	6.08	3.15	3.1	2.48
Net income to minority interests	0.2	1.13	0.2	2.4	-1.4	0.04	3.22	4.73	2.98	5.5
Net income	4.86	-8.66	11.4	16.4	-98.7	-119	-111	-45.6	-31.2	-29.7
EBITDA	31.1	28.1	46.1	59	-56.3	-71.3	-19	57.3	74.1	108
EPS, basic	0.11	-0.19	0.25	0.29	-2.01	-2.41	-2.23	-0.94	-0.67	-0.63
EPS, diluted	0.10	-0.19	0.24	0.28	-2.01	-2.41	-2.23	-0.94	-0.67	-0.63
Shares, basic (weighted)	45.6	44.6	45.4	47.4	49.7	50.1	52	53.3	53.8	55
Shares, diluted (weighted)	46.5	44.6	46.3	49.4	49.7	50.1	52	53.3	53.8	55

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	135	96.4	113	102	188	151	87.2	157	184	257
Short-term investments						0	13.6	0
Inventory	1.67	1.79	1.6	2.03	2.17	2.28	1.97
Other current assets	20.8	21.4	21.3	29.1	17	27.1	21.2	31	33.7	78.1
Total current assets	171	132	150	147	229	210	183	245	278	368
Property, plant and equipment	186	251	286	358	483	542	539	526	518	522
Lease right-of-use assets				6.11	5.08	4.4	4.35
Goodwill	22.1	22.1	22.1	22.1	22.1	42	42	42	59	60.6
Intangible assets	11.1	9.55	7.98	6.4	4.82	13.2	11.2	9.41	15.9	16.6
Other non-current assets	13.1	10	7.17	9.41	8.06	7.47	12	9.36	5.13	12.7
Total assets	408	424	473	549	757	827	788	831	877	980
Accounts payable	7.57	7.79	9.33	14.6	5.29	9.69	16.6	16.2	13.9	22.2
Accrued liabilities								48.9	58.1	76.7
Deferred revenue		112	123	139	121	213	245	252	319	361
Short-term debt	1.75	1.75	2	4.53	11.3	26.1	23.3	0.05	0.03	0
Total current liabilities	124	144	159	183	156	289	341	319	392	462
Long-term debt	164	164	188	214	471	519	529	622	625	663
Lease liabilities				5.03	3.92	3.18	2.96
Other non-current liabilities			0.55	3.32	0.09	0.25	3.05	1.94	1.02	6.97
Total liabilities	289	312	351	409	631	812	874	945	1,022	1,133
Total debt	175	166	190	218	483	545	553	622	625	663
Paid-in capital	43.1	42.5	41.5	46.3	48.1	58.5	83.9	97.1	109	127
Retained earnings	70.7	63.8	75.2	81.7	-11.6	-136	-267	-322	-363	-411
Other comprehensive income			-0.67	-4.68	-1.6	-0.63	0	0	0.29	0
Shareholders' equity	114	106	116	123	35	-78.6	-183	-225	-253	-285
Total equity	114	106	116	123	35	-78.6	-183	-225	-253	-285
Total liabilities and equity	408	424	473	549	757	827	788	831	877	980
Shares outstanding	45.5	44.8	45.4	49.6	49.8	50.8	53.1	53.3	54.4	55.3

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5.06	-7.53	11.6	18.7	-100	-119	-108	-40.9	-28.2	-24.2
Depreciation and amortization	17.1	17.4	20.8	25.8	32.1	39.5	44	46.7	52.6	62.8
Stock-based compensation	5.41	10.6	4.41	3.57	2.39	5.56	6.99	13.9	9.83	13.5
Deferred income tax	-3.42	8.43	-0.14	1.49	-9.81	-2.06	5.44	2.72	1.75	-1.26
Change in payables	1.96	-0.24	2.15	4.84	-21.1	25.3	20.5	-5.21	1.75	25.5
Cash from operations	31.4	52.9	56.4	62.6	-92.3	32.5	-2.2	25.4	92.4	112
Capital expenditures	-75.9	-80.5	-54.3	-96	-155	-96.7	-38.2	-30	-33.5	-47.7
Acquisitions	-9.95			0	0	-18	0	0	-10.6	-19.5
Purchases of investments					0	0	-15
Cash from investing	-85.9	-80.5	-54.3	-100	-155	-115	-49.6	-14.8	-44.1	-67.3
Debt issued			200	30.5	268	61.7	360	275	0	675
Debt repaid	-1.75	-1.75	-172	-2	-2.84	-5.96	-353	-206	-0.05	-635
Stock issued								0	0	4.26
Cash from financing	-16.4	-13.4	16.5	24.6	343	50.4	-4.87	60.7	-19.8	29.6
Net change in cash	-70.9	-40.9	18.7	-12.9	95.3	-31.8	-56.7	71.3	28.8	73.6
Free cash flow	-44.5	-27.6	2.01	-33.4	-248	-64.2	-40.4	-4.52	58.8	63.8
Interest paid	9.9	10.5	13.4	14.3	16.3	18.3	25.8	43.7	49.4	50.8
Income taxes paid	1	0.97	0.52	1.17	0.7	0.1	0.31	0.71	0.32	3.16

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $28.45 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	46.6%	Gross profit / revenue.
Operating margin	7.0%	Operating income / revenue.
EBITDA margin	15.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-1.1%	Pre-tax income / revenue.
Net margin	-2.1%	Net income / revenue.
FCF margin	13.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	17.2%	Cash from operations / revenue.
Return on assets (ROA)	-1.7%	Net income / average total assets.
Return on invested capital (ROIC)	30.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	8.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	22.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	56.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	36.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	106.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	111.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	46.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	20.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	8.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	11.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.84x	Current assets / current liabilities.
Quick ratio	0.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.61x	(Cash + short-term investments) / current liabilities.
Debt / assets	64.2%	Total debt / total assets.
Liabilities / assets	115.7%	Total liabilities / total assets.
Net debt	$345.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.72x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$82.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$272.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	1.65x	Revenue / average property, plant and equipment.
Days payables	12 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	23.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.26	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.69	Revenue / diluted weighted shares.
FCF per share	$1.67	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.18	Cash from operations / diluted weighted shares.
Book value per share	-$2.99	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$4.15	Tangible book value / shares outstanding.
Cash per share	$4.87	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$1.87B	Share price x shares outstanding.
Enterprise value	$2.21B	Market cap + total debt - cash - short-term investments.
P/S	2.25x	Market cap / revenue.
P/FCF	17.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	13.1x	Market cap / cash from operations, when positive.
EV/Sales	2.66x	Enterprise value / revenue.
EV/EBIT	38.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	20.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.8%	Free cash flow / market cap.
Earnings yield	-0.9%	Net income / market cap (the inverse of P/E).

What was LINDBLAD EXPEDITIONS HOLDINGS, INC.'s revenue in fiscal 2025?

LINDBLAD EXPEDITIONS HOLDINGS, INC. reported revenue of $771.0M for fiscal 2025, 19.6% higher than the year before.

Was LINDBLAD EXPEDITIONS HOLDINGS, INC. profitable in fiscal 2025?

No. It reported a net loss of $29.7M.

How much free cash flow did LINDBLAD EXPEDITIONS HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $111.6M minus capital expenditures of $47.7M left free cash flow of $63.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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