How Lindblad Expeditions Holdings makes money

Period

FY2025

How does Lindblad Expeditions Holdings make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Lindblad Expeditions Holdings Inc. · FY2025 · year ended 2025-12-31

Revenue$771MNet loss$27M · 4%Cost of revenue$418M · 54%Gross profit$353M · 46%Operating expenses$308M · 40%SG&A$130M · 17%Selling & marketing$115M · 15%Other opex$63M · 8%Other expense$73M · 9%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.