LIND on Nasdaq

Lindblad Expeditions Holdings Inc.

American cruise line

Lindblad Expeditions Holdings Inc. is an American expedition travel company headquartered in New York City. Founded in 1979 as Special Expeditions by Sven-Olof Lindblad, the company operates a fleet of 12 small ships, carrying between 28 and 150 guests, and offers expedition cruises to destinations on all seven continents in partnership with National Geographic.3 Wikipedia text CC BY-SA 4.0

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Last updated Oct 21, 2026.

Overview

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  • TickerLIND on Nasdaq1
  • IndustryTransportation Services1
  • HeadquartersNew York, New York1
  • Legal formpublic company1
  • Incorporated inDE4
  • Business address11 West 42Nd Street, Suite 22 B3, New York, Ny 100364
  • Filer categoryAccelerated filer4

Lindblad Expeditions Holdings Inc. is an American expedition travel company headquartered in New York City. Founded in 1979 as Special Expeditions by Sven-Olof Lindblad, the company operates a fleet of 12 small ships, carrying between 28 and 150 guests, and offers expedition cruises to destinations on all seven continents in partnership with National Geographic.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

5.9%Operating margin7
-3.9%Net margin7
19.6%Revenue growth, 20257
$63.8MFree cash flow7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Lindblad brought in 64% of the revenue Lindblad Expeditions Holdings Inc. broke down this way in fiscal 2025.

  1. Lindblad$495.6M764%up 17% from 2024
  2. Land-experience$275.4M736%up 24% from 2024
Business segments by year
Business segments202320242025
Lindblad$397.4M$423.3M$495.6M
Land-experience$172.1M$221.4M$275.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue54¢$418.0M
  • Other costs45¢$350.5M
  • Income tax0¢$2.5M

Out of $771.0M in revenue.7 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending43¢$47.7M
  • Kept or used elsewhere57¢$63.8M

Out of $111.6M of cash from operations.7

Financial statements

Revenue8910117$771.0M in 2025+125% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $343.1M$343.1M20192020: $82.4M$82.4M2020−76%2021: $147.1M$147.1M2021+79%2022: $421.5M$421.5M2022+187%2023: $569.5M$569.5M2023+35%2024: $644.7M$644.7M2024+13%2025: $771.0M$771.0M2025+20%
Operating income8910117$45.5M in 2025+37% since 2019
-$150.0M-$100.0M-$50.0M0$50.0M2019: $33.2M$33.2M20192020: -$88.4M-$88.4M20202021: -$110.8M-$110.8M2021+25%2022: -$63.0M-$63.0M2022−43%2023: $10.6M$10.6M20232024: $21.6M$21.6M2024+103%2025: $45.5M$45.5M2025+111%
Net income8910117-$29.7M in 2025
-$150.0M-$100.0M-$50.0M0$50.0M2019: $16.4M$16.4M20192020: -$98.7M-$98.7M20202021: -$119.2M-$119.2M2021+21%2022: -$111.4M-$111.4M2022−7%2023: -$45.6M-$45.6M2023−59%2024: -$31.2M-$31.2M2024−32%2025: -$29.7M-$29.7M2025−5%

Every line of the income statement as filed: the last 3 fiscal years, latest first.7

Period ending2025-12-312024-12-312023-12-31
Tour revenues$771.0M$644.7M$569.5M
Cost of tours$418.0M$362.6M$338.2M
General and administrative$130.0M$121.0M$102.6M
Selling and marketing$114.7M$87.0M$71.4M
Depreciation and amortization$62.8M$52.6M$46.7M
Total operating expenses$725.5M$623.2M$558.9M
Operating income$45.5M$21.6M$10.6M
Interest expense, net-$45.2M-$45.7M-$45.0M
Gain (loss) on foreign currency$1.1M-$1.1M$751.0K
Other Nonoperating Income (Expense)$409.0K$159.0K-$4.1M
Loss on extinguishment of debt-$23.5M$0$0
Total other expense-$67.2M-$46.6M-$48.3M
Total-$21.8M-$25.1M-$37.7M
Income tax expense$2.5M$3.1M$3.1M
Net loss-$24.2M-$28.2M-$40.9M
Net income attributable to noncontrolling interest$5.5M$3.0M$4.7M
Net loss attributable to Lindblad Expeditions Holdings, Inc.-$29.7M-$31.2M-$45.6M
Series A redeemable convertible preferred stock dividend$4.9M$4.6M$4.4M
Net loss available to stockholders-$34.6M-$35.8M-$50.0M
Basic (in shares)55.0M shares53.8M shares53.3M shares
Diluted (in shares)55.0M shares53.8M shares53.3M shares
Basic (in dollars per share)-$0.63-$0.67-$0.94
Diluted (in dollars per share)-$0.63-$0.67-$0.94

Compare Lindblad Expeditions Holdings Inc. with another company

Corporate structure

Lindblad Expeditions Holdings Inc. sits at the top of its group. 40 entities, 7 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Lindblad Expeditions Holdings Inc.

  • ARIEL INVESTMENTS, LLC Filed SCHEDULE 13G/A on Lindblad Expeditions Holdings Inc., latest Aug 14, 2026 (8 filings since Aug 10, 2022)
  • BlackRock Filed SCHEDULE 13G on Lindblad Expeditions Holdings Inc., latest Jul 29, 2026 (4 filings since Oct 18, 2024)
  • FMR LLC Filed SCHEDULE 13G/A on Lindblad Expeditions Holdings Inc., latest Jul 8, 2026 (5 filings since Feb 9, 2022)
  • MSD Partners, L.P. Filed SCHEDULE 13G/A on Lindblad Expeditions Holdings Inc., latest May 15, 2026 (3 filings since Feb 14, 2023)
  • EIN MARK Filed SCHEDULE 13G/A on Lindblad Expeditions Holdings Inc., latest Feb 17, 2026 (5 filings since Feb 14, 2022)
  • Sven-Olof Lindblad Filed SCHEDULE 13D/A on Lindblad Expeditions Holdings Inc., latest Feb 10, 2026 (4 filings since Nov 22, 2021)
  • Lindblad Expeditions Holdings Inc. New York, New York
    • BTA Europe SARL Subsidiary · France
    • Classic Journeys, LLC Subsidiary · California, United States
    • DuVine Cycling and Adventure Co. Subsidiary · Massachusetts, United States
    • Fillmore Pearl (Cayman) II, Ltd. Subsidiary · Cayman Islands
    • Fillmore Pearl Holding, Ltd Subsidiary · Cayman Islands
    • Leleshwa Safari Company (Tanzania) Ltd Subsidiary · Tanzania
    • LEX Endurance Ltd. Subsidiary · Cayman Islands
    • LEX Esprit Ltd. Subsidiary · Cayman Islands
    • LEX Explorer LLC Subsidiary · Nevada, United States
    • LEX Galapagos Partners IV LLC Subsidiary · Nevada, United States
    • LEX Galápagos Partners I LLC Subsidiary · Nevada, United States
    • LEX Galápagos Partners II LLC Subsidiary · Nevada, United States
    • LEX Galápagos Partners III LLC Subsidiary · Nevada, United States
    • LEX Quest LLC Subsidiary · Nevada, United States
    • LEX Venture LLC Subsidiary · Nevada, United States
    • Lindblad Bluewater II Limited Subsidiary · Cayman Islands
    • Lindblad Expeditions, LLC Subsidiary · Delaware, United States
    • Lindblad Global Trading, Inc. Subsidiary · New York, United States
    • Lindblad Maritime Enterprises, Ltd. Subsidiary · Cayman Islands
    • Lindblad Maritime Ventures, Inc. Subsidiary · Delaware, United States
    • Marventura de Turismo Cia. Ltda. Subsidiary · Ecuador
    • Metrohotel Cia. Ltda. Subsidiary · Ecuador
    • Natural Habitat Safaris East Africa Limited Subsidiary · Kenya
    • Natural Habitat, Inc. Subsidiary · Colorado, United States
    • Nature Discovery Limited Subsidiary · Tanzania
    • and 14 more

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Lindblad Expeditions Holdings Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$926.6M7 Dec 31, 2025$863.4M7 Dec 31, 2024+7.3%
Accumulated depreciation$404.4M7 Dec 31, 2025$345.0M7 Dec 31, 2024+17.2%
Property and equipment, net$522.1M7 Dec 31, 2025$518.4M7 Dec 31, 2024+0.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$256.7M7 Dec 31, 2025$183.9M7 Dec 31, 2024+39.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$60.6M7 Dec 31, 2025$59.0M7 Dec 31, 2024+2.7%
Intangible assets, net (excluding goodwill)$16.6M7 Dec 31, 2025$15.9M7 Dec 31, 2024+4.2%
Finite-lived intangibles, gross$31.7M7 Dec 31, 2025$28.4M7 Dec 31, 2024+11.6%
Accumulated amortization-$15.1M7 Dec 31, 2025-$12.5M7 Dec 31, 2024−21.1%
Finite-lived intangibles, net$16.6M7 Dec 31, 2025$15.9M11 Dec 31, 2024+4.2%

Properties, in its own words

Our principal executive offices are located at 11 West 42nd Street, Suite 22 B3, New York, New York where we lease approximately 11,000 square feet. Our principal shoreside operations are located at 2505 Second Avenue, Seattle, Washington, consisting of approximately 11,000 square feet. We also lease our Natural Habitat office in Louisville, Colorado, our Off the Beaten Path office in Bozeman, Montana, our DuVine Cycling and Adventure office in Somerville, Massachusetts, our Classic Journeys office in La Jolla, California, a media studio in Burlington, Vermont, our Thomson Safaris offices in Watertown, Massachusetts, Thomson Safaris Tanzania, Nature Discovery and Gibb’s Farm land, camps and offices in Tanzania, safari camps in Kenya, and warehouse space in Seattle, Washington for our shoreside operations. Additionally, we own the property for Natural Habitat’s Alaska Bear Camp at Lake Clark National Park. A description of our vessels is set forth in Item 1 under the subheading “Lindblad Expeditions Ships.”

Item 2 of the 10-K filed Feb 26, 2026.15

The story

Lindblad Travel (1958–1989)

Lars-Eric Lindblad founded Lindblad Travel in Connecticut in 1958. Lindblad Travel led the first tourist expedition to Antarctica in 1966 and was among the first companies to bring tourists to the Galápagos Islands starting in 1967. Later, after launching the first private, purpose-built expedition ship, the Lindblad Explorer, it pioneered tourist expeditions to the Arctic, Tierra del Fuego, the Falkland Islands, the Seychelles, Easter Island, Indonesia, the Amazon River, and many others. In 1984 Lindblad Travel led the first tourist expedition through the Northwest Passage from Newfoundland to the Bering Strait.

Regarded as the father of ecotourism, Lars-Eric Lindblad believed strongly that travel to difficult-to-reach places encouraged a desire to preserve and protect the planet. In addition to leading expeditions in remote wilderness areas, Lindblad Travel also led trips to hard-to-visit countries such as China, Vietnam, and Cambodia. The company ceased operations in 1989.

Special Expeditions (1979–2003)

Lars-Eric Lindblad passed along his passion for adventure, exploration, and conservation to his son, Sven-Olof Lindblad, who joined him on expeditions from an early age. In 1979 Sven-Olof Lindblad founded Special Expeditions as a subsidiary of Lindblad Travel. Special Expeditions decoupled from Lindblad Travel in 1982 and was renamed Lindblad Expeditions in 2000.

National Geographic partnership (after 2004)

Since 2004, Lindblad Expeditions has partnered with National Geographic, operating under the co-brand Lindblad Expeditions–National Geographic. The partnership integrates Lindblad expedition staff with National Geographic scientists and media personnel, and company vessels carry the "National Geographic" name. Lindblad-operated itineraries are also sold through National Geographic Expeditions. In November 2023, the companies extended their agreement through 2040, following The Walt Disney Company’s acquisition of National Geographic Partners. The renewal expanded Lindblad's marketing access across Disney's portfolio, including Disney Cruise Line and Disney Vacation Club, and permits development of co-branded river cruises and potential larger vessels (295–530 passengers).

The company expanded its fleet in the 2010s. In 2013, it acquired Orion Expedition Cruises and renamed its vessel National Geographic Orion. It ordered its first purpose-built ships in 2015: National Geographic Quest and National Geographic Venture, U.S.-flagged vessels launched in 2017 and 2018 for domestic service. They were followed by National Geographic Endurance (2020) and National Geographic Resolution (2021), which primarily operate in the Arctic and Antarctic regions.

Lindblad also expanded into land-based travel. In 2016, it acquired a controlling interest in Natural Habitat Adventures. In 2021, it acquired Off the Beaten Path, DuVine, and Classic Journeys. The company acquired Thomson Safaris for approximately US$30 million in 2024. These brands continue to operate independently.

Lindblad Expeditions went public in July 2015.

Sven Lindblad retired as CEO in 2021. Dolf Berle was appointed CEO later that year, stepped down in 2023, and was succeeded again by Lindblad. In December 2024, the company announced that Lindblad would step down again and become co-chair of the Board, with Natalya Leahy appointed CEO effective January 1, 2025.

Read the full text

In March 2026, Lindblad Expeditions acquired an additional 5% interest in Natural Habitat from its founder, Ben Bressler, for approximately $16.6 million, increasing its ownership of the company to 95%.

In September 2026, Lindblad acquired a 60% controlling interest in White Desert, PNR Airways, and Echo Charlie for approximately $61 million, plus approximately $6 million for cash on the balance sheet. White Desert operates luxury Antarctic expeditions, including air-based journeys to the interior of Antarctica, while Echo Charlie provides aviation-based experiential travel. Lindblad has options to acquire the remaining interests in the businesses in 2030 and 2031.

From Wikipedia’s article on Lindblad Expeditions, shared under CC BY-SA 4.0.5

Leadership

Who has led Lindblad Expeditions Holdings Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (24)

Products and brands

Lindblad Expedition currently owns and operates a fleet of 12 vessels, which it supplements with chartered vessels.

From Wikipedia’s article on Lindblad Expeditions, shared under CC BY-SA 4.0.5

Subsidiaries and ownership

Subsidiaries

  • Lindblad Expeditions LLC

Subsidiaries (Exhibit 21)

  • BTA Europe SARL France6
  • Classic Journeys, LLC California6
  • DuVine Cycling and Adventure Co. Massachusetts6
  • Fillmore Pearl (Cayman) II, Ltd. Cayman Islands6
  • Fillmore Pearl Holding, Ltd Cayman Islands6
  • LEX Endurance Ltd. Cayman Islands6
  • LEX Esprit Ltd. Cayman Islands6
  • LEX Explorer LLC Nevada6
  • LEX Galapagos Partners IV LLC Nevada6
  • LEX Galápagos Partners I LLC Nevada6
  • LEX Galápagos Partners II LLC Nevada6
  • LEX Galápagos Partners III LLC Nevada6
  • LEX Quest LLC Nevada6
  • LEX Venture LLC Nevada6
  • Leleshwa Safari Company (Tanzania) Ltd Tanzania6
  • Lindblad Bluewater II Limited Cayman Islands6
  • Lindblad Expeditions, LLC Delaware6
  • Lindblad Global Trading, Inc. New York6
  • Lindblad Maritime Enterprises, Ltd. Cayman Islands6
  • Lindblad Maritime Ventures, Inc. Delaware6
  • Marventura de Turismo Cia. Ltda. Ecuador6
  • Metrohotel Cia. Ltda. Ecuador6
  • NAVILUSAL Cia. Ltda. Ecuador6
  • Natural Habitat Safaris East Africa Limited Kenya6
All 39 listed subsidiaries
  • Natural Habitat, Inc. Colorado6
  • Nature Discovery Limited Tanzania6
  • Ngorongoro Safari Lodge Limited Tanzania6
  • OceanAdventures S.A. Ecuador6
  • Off the Beaten Path, LLC Montana6
  • SPEX Calstar LLC Nevada6
  • SPEX Sea Bird Ltd. Nevada6
  • SPEX Sea Lion Ltd. Nevada6
  • Safari Services East Africa Ltd Kenya6
  • The Leleshwa Safari Company Ltd Kenya6
  • Thomson Safaris Limited Tanzania6
  • Torcatt Enterprises Limitada Costa Rica6
  • WTA1, LLC Delaware6
  • WTA2, LLC Delaware6
  • Wineland-Thomson Adventures, LLC. Massachusetts6

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Capitol Acquisition Corp. IIFeb 15, 2011 to Jul 1, 20154

Timeline

  1. Sep 15, 20268-K Entered a material agreement; Regulation FD disclosure46
  2. Aug 3, 20268-K Results of operations47
  3. Jun 11, 20268-K Shareholder vote48
  4. May 5, 20268-K Results of operations49
  5. Mar 25, 20268-K Executive or director change50
  6. Mar 3, 20268-K Entered a material agreement51
  7. Feb 26, 20268-K Results of operations52
  8. Jan 20, 20268-K Regulation FD disclosure53
  9. Dec 11, 20258-K Regulation FD disclosure54
  10. Nov 4, 20258-K Results of operations55
  11. Sep 5, 20258-K Executive or director change56
  12. Aug 21, 20258-K Entered a material agreement; New debt or obligation; Other events57
  13. Apr 2, 2025New chief executive Benjamin Bressler becomes CEO17
  14. Jan 3, 2025New chief executive Natalya Leahy becomes CEO16
  15. May 19, 2021New chief executive Dolf A. Berle becomes CEO18
  16. Jul 9, 2015New chief executive Sven-Olof Lindblad becomes CEO19
  17. Jul 3, 2013Went public Listed on NASDAQ1

Calendar

Coming up

  1. Nov 3, 2026 · Before the openReports results for the quarter ending Sep/2026 A year earlier it reported $0.33 a share, on Nov 4, 2025.58

When it reported results

  1. Aug 3, 2026Reported quarterly or annual results47
  2. May 5, 2026Reported quarterly or annual results49
  3. Feb 26, 2026Reported quarterly or annual results52
  4. Nov 4, 2025Reported quarterly or annual results55
  5. Aug 4, 2025Reported quarterly or annual results59
  6. May 6, 2025Reported quarterly or annual results60
  7. Feb 27, 2025Reported quarterly or annual results61
  8. Nov 5, 2024Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

452 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 60 major events, 267 insider forms, 29 large holders, 74 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Sep 15, 20268-K EDGAR
  3. Sep 3, 20264 EDGAR
  4. Sep 3, 20264 EDGAR
  5. Aug 14, 2026SCHEDULE 13G/A EDGAR
  6. Aug 12, 20264 EDGAR
  7. Aug 11, 20264 EDGAR
  8. Aug 11, 20264 EDGAR
  9. Aug 11, 20264 EDGAR
  10. Aug 11, 20264 EDGAR
  11. Aug 11, 20264 EDGAR
  12. Aug 11, 20264 EDGAR
  13. Aug 11, 20264 EDGAR
  14. Aug 11, 20264 EDGAR
  15. Aug 11, 20264 EDGAR
  16. Aug 11, 20264 EDGAR
  17. Aug 11, 20264 EDGAR
  18. Aug 3, 202610-Q EDGAR
  19. Aug 3, 20268-K EDGAR
  20. Jul 29, 2026SCHEDULE 13G EDGAR

The 452 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

122 open-market trades by officers, directors and large owners since October 2021: 20 buys and 102 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 17, 2026BISNOW MICHAEL ELLIOTTDirectorSale44,642$24.21$1.1MForm 4
Jun 4, 2026Dryden L. DysonDirectorSale39,946$22.04$880.4KForm 4
May 29, 2026Dryden L. DysonDirectorSale52,747$23.09$1.2MForm 4
May 21, 2026Byus TreyChief Expedition OfficerSale10,000$20.05$200.5KForm 4
May 21, 2026FAHEY JOHN M JRDirectorSale2,000$20.26$40.5KForm 4
May 14, 2026FAHEY JOHN M JRDirectorSale1,000$19.40$19.4KForm 4
May 12, 2026FAHEY JOHN M JRDirectorSale1,000$19.40$19.4KForm 4
May 11, 2026FAHEY JOHN M JRDirectorSale3,500$20.04$70.1KForm 4
May 11, 2026Byus TreyChief Expedition OfficerSale26,460$20.23$535.3KForm 4
Mar 10, 2026FAHEY JOHN M JRDirectorSale7,768$17.66$137.2KForm 4
Mar 9, 2026Smith, Jr. Thomas S.DirectorSale56,000$17.57$983.9KForm 4
Feb 5, 2026BRESSLER BENJAMIN*Founder & CEO of NHASale41,000$18.08$741.3KForm 4
Feb 4, 2026Lindblad Sven-OlofDirectorSale28,002$17.61$493.1KForm 4
Feb 4, 2026BRESSLER BENJAMIN*Founder & CEO of NHASale181,389$18.04$3.3MForm 4
Feb 3, 2026Lindblad Sven-OlofDirectorSale127,310$17.38$2.2MForm 4
Feb 2, 2026Lindblad Sven-OlofDirectorSale233,505$17.27$4.0MForm 4
Feb 2, 2026BRESSLER BENJAMIN*Founder & CEO of NHASale87,478$17.08$1.5MForm 4
Jan 30, 2026Lindblad Sven-OlofDirectorSale78,283$16.66$1.3MForm 4
Jan 29, 2026Lindblad Sven-OlofDirectorSale105,356$16.84$1.8MForm 4
Jan 29, 2026BRESSLER BENJAMIN*Founder & CEO of NHASale33,338$17.02$567.4KForm 4

All 122 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Ms. Leahy Chief Executive Officer$600.0K$6.3M69
2025Mr. BresslerFounder and Chief Executive Officer, Natural Habitat, Inc.$200.0K$2.0M69
2025Mr. Goldberg Chief Financial Officer$475.0K$1.4M69
2025Mr. Byus IIIChief Expedition Officer$276.7K$942.1K69
2025Mr. BrodskyFormer Chief Commercial Officer$388.9K$874.4K69
2024Mr. BresslerFounder and Chief Executive Officer, Natural Habitat, Inc.$200.0K$9.2M69
2024Mr. BrodskyFormer Chief Commercial Officer$460.1K$2.1M69
2024Mr. Byus IIIChief Expedition Officer$357.9K$1.1M69
2024Mr. Goldberg Chief Financial Officer$1.8K$669.8K69
2023Mr. Byus IIIChief Expedition Officer$343.7K$2.2M69
2023Mr. BresslerFounder and Chief Executive Officer, Natural Habitat, Inc.$200.0K$1.9M69
2023Mr. BrodskyFormer Chief Commercial Officer$438.0K$1.2M69

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Fmr LLC6,636,712$187.4M0.0%+2,519,362
BlackRock, Inc.4,340,762$122.6M0.0%+835,165
Ariel Investments, LLC2,762,484$78.0M0.8%−676,579
Vanguard Capital Management LLC2,129,727$60.1M0.0%+23,447
Goldman Sachs Group Inc1,773,203$50.1M0.0%+846,020
Driehaus Capital Management LLC1,467,275$41.4M0.2%+281,376
Select Equity Group, L.P.1,452,792$41.0M0.2%+394,737
Principal Financial Group Inc1,393,582$39.4M0.0%−136,286
Arrowstreet Capital, Limited Partnership1,277,903$36.1M0.0%+4,994
UBS Group AG1,236,927$34.9M0.0%+142,613
Geode Capital Management, LLC1,236,442$34.9M0.0%+217,626
Invesco Ltd.1,213,915$34.3M0.0%+1,088,537
State Street Corp1,063,599$30.0M0.0%+193,681
Royce & Associates LP1,053,568$29.8M0.2%−16,218
Black Diamond Financial, LLC959,964$27.1M2.4%−108,398
Dimensional Fund Advisors LP938,138$26.5M0.0%+152,019
Loomis Sayles & Co L P888,303$25.1M0.0%New
Vanguard Portfolio Management LLC868,760$24.5M0.0%+461,609
Pinnacle Associates Ltd800,048$22.6M0.2%−40,275
Morgan Stanley797,758$22.5M0.0%+162,436
Bank of New York Mellon Corp685,618$19.4M0.0%−278,030
Penn Capital Management Company, LLC595,133$16.8M1.1%−242,151
Silvercrest Asset Management Group LLC590,217$16.7M0.1%−188,868
Nuveen, LLC577,775$16.3M0.0%−63,354
Aqr Capital Management LLC483,348$13.6M0.0%+229,720

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Lindblad Expeditions Holdings Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLINDBLAD EXPEDITIONS HOLDINGS, INC.2
  • CIK0001512499
  • Employer ID (EIN)27-474972515
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company15
  • Incorporated inDelaware15
  • Fiscal year endsDecember 312
  • Industry code (SIC)4700 Transportation Services2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address11 West 42Nd Street, Suite 22 B3, New York, NY 100362
  • Phone212-261-90002
  • Shares outstanding65,619,689 as of Jul 27, 202613
  • Public float$341.6M as of Jun 30, 202515
  • AuditorErnst & Young LLP, Hartford, Connecticut PCAOB ID 42; it also attests to the company’s internal control over financial reporting15
  • On EDGAR sinceFeb 15, 20112
  • Filings1,063 in all: 4 (503), 8-K (150), SC 13G/A (43), 10-Q (41), 144 (38), 3 (34), UPLOAD (28), 4/A (27)2
    All 48 form types

    CORRESP (26), DEFA14A (25), SC 13G (20), DEF 14A (14), 10-K (13), SC 13D/A (13), SCHEDULE 13G/A (10), EFFECT (8), CT ORDER (6), PRER14A (5), 424B3 (4), ARS (4), S-3 (4), S-8 (4), SC TO-I/A (4), 10-Q/A (3), 8-K/A (3), S-1 (3), S-1/A (3), SC 13D (3), 25-NSE (2), 3/A (2), SCHEDULE 13G (2), SEC STAFF LETTER (2), 10-K/A (1), 424B4 (1), 8-A12B (1), CERTNAS (1), DEFM14A (1), DEFR14A (1), DRS (1), POS AM (1), PRE 14A (1), PREM14A (1), S-1MEF (1), S-3/A (1), S-4 (1), S-4/A (1), SC TO-I (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Feb 26, 2026
    Quarterly report (10-Q) Aug 3, 2026
    Proxy statement (DEF 14A) Apr 28, 2026
    Latest 8-K (8-K) Sep 15, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareLINDNASDAQ

From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).15

Risk factors and legal proceedings

The risks Lindblad Expeditions Holdings Inc. names in Item 1A of its 10-K filed Feb 26, 2026: 48 risks under these headings, as written.15

  • Risks Related to the Demand for Expedition Travel
  • Events and conditions around the world, including geopolitical events, war and other military actions or other events impacting the ability or desire of people to travel, have led, and may in the future lead, to a decline in demand for expedition travel.
  • Adverse worldwide economic conditions could reduce the demand for expedition travel and adversely impact our operating results, cash flows and financial condition.
  • Incidents or adverse publicity concerning the cruise industry, the expedition travel industry or the travel industry in general, terrorist or pirate attacks, war, travel restrictions, pandemics or other disruptions could affect our reputation as well as have a negative impact on our sales and results of operations.
  • Any restrictions on expedition travel related to health concerns or for other reasons, have materially adversely affected our business and could materially adversely affect our future financial condition and liquidity.
  • Risks Related to Our Business and Operations
  • We may lose business to competitors in the vacation market, which would negatively impact our results of operations and financial condition.
  • Climate change could have a material impact on our business.
  • Significant weather, climate events and/or natural disasters could adversely impact our business and results of operations.
  • Failure to maintain our Brand License Agreement with National Geographic could adversely affect our results of operations.
  • Ship repair, revitalization delays or mechanical issues on existing vessels may result in cancellation of expeditions or unscheduled drydockings and repairs and, thus, adversely affect our results of operations.
  • Delays or cost overruns or the financial difficulties of the shipyards could have a negative impact on us.
The other 38 risks
  • We rely on supply chain vendors and third-party service providers who are integral to the operations of our businesses that may be unable or unwilling to deliver on their commitments or may act in ways that could harm our business.
  • We must make substantial capital expenditures to maintain and/or expand our fleet, and we may not be able to obtain sufficient financing or capital on favorable terms or at all.
  • Unavailability of ports of call and expedition destinations may adversely affect our results of operations.
  • Any change in federal or state classifications of our workforce could materially effect our business.
  • Conducting business globally may result in increased costs and other risks.
  • Our efforts to expand our business into new markets, complete acquisitions or realize the anticipated benefits thereof may not be successful.
  • We have a relationship with World Wildlife Fund (“WWF”), and the termination of or alterations to this relationship may have an adverse effect on our Natural Habitat business.
  • Our operating costs could continue to increase due to market forces, inflation, supply chain disruptions and economic or geopolitical factors beyond our control.
  • Price increases for commercial airline service for our guests or major changes or reductions in commercial airline service and/or availability could increase our operating expenses and adversely impact the demand for expedition travel.
  • Our reliance on travel advisors to sell and market our cruises exposes us to certain risks that, if realized, could adversely impact our business.
  • Disruptions in our shoreside operations or our information systems may adversely affect our results of operations.
  • Fluctuations in foreign currency exchange rates could affect our financial results.
  • The loss of key personnel, our inability to recruit or retain qualified personnel, or disruptions among our shipboard personnel due to strained employee relations could adversely affect our results of operations.
  • We rely on third-party providers of various services integral to the operation of our businesses. These third parties may act in ways that could harm our business.
  • Our information technology systems are subject to cyber and other risks, some of which are beyond our control, which could have a material adverse effect on our business, results of operations and financial position.
  • Litigation, enforcement actions, fines or penalties could adversely impact our financial condition or results of operations and/or damage our reputation.
  • An inability to obtain adequate insurance coverage could adversely affect our business, financial condition and results of operations.
  • Regulatory Risks
  • A change in our tax status under the United States Internal Revenue Code of 1986, as amended (the “Code”), or other jurisdictions, may have adverse effects on our income.
  • Restrictions on travel or access to certain protected or preserved areas could adversely affect our business.
  • Failure to comply with data privacy and security laws and regulations could adversely affect our operating results and business.
  • Failure to comply with international safety regulations may subject us to increased liability that may adversely affect our insurance coverage resulting in a denial of access to, or detention in, certain ports which could adversely affect our business.
  • Compliance with existing or changing laws and regulations could adversely affect our business.
  • Environmental, labor, health and safety, financial responsibility and other maritime regulations could affect operations and increase operating costs.
  • If we do not restrict the amount of ownership of our common stock by non-U.S. citizens, we could be prohibited from operating vessels in U.S. coastwise trade, which would adversely impact our business and operating results.
  • Restrictions on non-U.S. citizen ownership of certain U.S. flagged vessels could limit our ability to sell off a portion of our business or result in the forfeiture of certain of our vessels.
  • Risks Related to Our Debt
  • Our substantial debt could adversely affect our financial condition.
  • We will require a significant amount of cash to service our debt and sustain our operations. Our ability to generate cash depends on many factors beyond our control, and we may not be able to generate cash required to service our debt.
  • The impact of volatility and disruptions in the global credit and financial markets may adversely affect our ability to borrow and could increase our counterparty credit risks, including those under our credit facilities, derivatives, contingent obligations, insurance contracts and new ship contractual payments.
  • We may not be able to obtain sufficient financing or capital for our needs or may not be able to do so on terms that are acceptable or consistent with our expectations.
  • Any inability to satisfy any covenants required by our existing or future debt agreements could result in an acceleration of certain of our indebtedness.
  • If we default on our obligations to pay our other indebtedness, we may not be able to make payments on our outstanding notes.
  • We are a holding company, and our operations are conducted through, and substantially all of our consolidated assets are held by, our subsidiaries. Accordingly, we will depend on the business of our subsidiaries to satisfy our debt obligations.
  • We may be unable to repay or repurchase our outstanding notes at maturity.
  • Risks Related to Ownership of Capital Stock by Individuals and Entities that are not U.S. Citizens
  • Our Amended and Restated Certificate of Incorporation (“Amended Certificate”) limits the beneficial ownership of our capital stock by individuals and entities that are not U.S. citizens within the meaning of the Coastwise Laws. These restrictions may affect the liquidity of our capital stock and may result in non-U.S. citizens being required to disgorge profits, sell their shares at a loss or relinquish their voting, dividend and distribution rights.
  • If non-U.S. citizens own more than 22% of our capital stock, we may not have the funds or the ability to redeem any excess shares and the charitable trust mechanism described above may be deemed invalid or unenforceable, all with the result that we could be forced to either suspend our operations in the U.S. coastwise trade or be subject to substantial penalties.
  • General Risks Related to Our Securities
  • We do not intend to pay any common stock dividends to shareholders in the foreseeable future.
  • Provisions in our Amended Certificate and bylaws and Delaware law may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for our common stock and could entrench management.

Legal proceedings

We are involved in various claims, legal actions and regulatory proceedings arising from time to time in the ordinary course of business and it has protection and indemnity insurance that would be expected to cover any damages. We are not currently involved in any litigation nor, to our knowledge, is any litigation threatened against us, the outcome of which would, in our judgment based on information currently available to us, have the potential for a material adverse effect on our financial position or results of operations.

The opening of Item 3, Legal Proceedings.15

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