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Adjusted EBITDA by Segment
Shows segment-level operating profitability after removing one-time items and non-cash adjustments, highlighting which parts of the business generate steady cash flow. Comparing segments reveals where Lindblad earns the most margin and where investment or cost control is needed.Both segments have flipped from pandemic-era losses to repeatable, seasonally driven profitability, with Land Experiences scaling faster and contributing an increasingly material share during peak quarters while Lindblad remains the primary earnings engine but more volatile. Management’s guidance and booking strength validate continued EBITDA expansion, though early‑2026 margins will be weighed down by a royalty step‑up, lapping tax credits, dry/wet‑dock timing and front‑loaded capacity — mitigated by yield gains, tight cost initiatives and back‑loaded H2 EBITDA strength.
Date | Lindblad | Land Experiences |
|---|---|---|
Jun 30, 2026 | $22.46M | $10.00M |
Mar 31, 2026 | $27.94M | $6.89M |
Dec 31, 2025 | $4.35M | $9.80M |
Sep 30, 2025 | $32.77M | $24.49M |
Jun 30, 2025 | $16.33M | $8.51M |
Mar 31, 2025 | $26.32M | $3.66M |
Dec 31, 2024 | $6.15M | $7.28M |
Sep 30, 2024 | $26.24M | $19.57M |
Jun 30, 2024 | $6.54M | $3.84M |
Mar 31, 2024 | $20.47M | $1.13M |