LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND): Results of Operations and Financial Condition
LINDBLAD EXPEDITIONS HOLDINGS, INC. (LIND) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Lindblad Expeditions Holdings, Inc. Reports 2026 Second Quarter Financial Results Second Quarter 2026 Highlights: ● Total revenue increased 19% to $199.2 million ● Net loss available to stockholders improved $8.3 million to $1.4 million ● Adjusted EBITDA increased 31
How this was made
The 30-second read
Why it matters
Traders can update models using the disclosed Q2 operating KPIs (occupancy, net yield), segment revenue/EBITDA changes, and the explicit 2026 tour revenue and Adjusted EBITDA ranges. The cash balance and debt level also inform risk framing.
Market read
The release combines upside operating metrics (occupancy and net yield) with improved profitability measures (Adjusted EBITDA) and a quantified full-year outlook, which can drive estimate revisions.
What to watch
The outlook is a range, and the filing highlights cost headwinds (fuel, marketing spend, royalty step-up) that could widen variance versus the market’s expectations.
Lindblad Expeditions Holdings, Inc. Reports 2026 Second Quarter Financial Results
Total tour revenues increased 19%, operating income increased 171%, and Adjusted EBITDA increased 31%, supported by higher occupancy, net yield, capacity and Land Experiences trip volume. The company also maintained full-year 2026 expectations for tour revenues of $830 - $860 million and Adjusted EBITDA of $130 - $140 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total tour revenuesGAAP | $ 199,247 (In thousands) | – | 19 % |
| Operating incomeGAAP | $ 11,954 (In thousands) | – | 171 % |
| Net loss available to stockholdersGAAP | $1.4 million | – | $8.3 million decrease in net loss |
| Net loss available to stockholders per diluted shareGAAP | $0.02 per diluted share | – | – |
| Total adjusted EBITDAnon-GAAP | $ 32,463 (In thousands) | – | 31 % |
| Lindblad operating incomeGAAP | $ 3,850 (In thousands) | – | NM |
| Land Experiences operating incomeGAAP | $ 8,104 (In thousands) | – | 25 % |
| Lindblad adjusted EBITDAnon-GAAP | $ 22,460 (In thousands) | – | 38 % |
| Land Experiences adjusted EBITDAnon-GAAP | $ 10,003 (In thousands) | – | 18 % |
| Total tour revenuesGAAP | $ 407,260 (In thousands) | – | 17 % |
| Operating incomeGAAP | $ 27,568 (In thousands) | – | 84 % |
| Total adjusted EBITDAnon-GAAP | $ 67,292 (In thousands) | – | 23 % |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| LindbladPrimarily due to a 4% increase in net yield per available guest night to $1,294 driven by an increase in occupancy to 91% from 86% in the second quarter a year ago. | $ 129,232 (In thousands) | – | 16 % |
| Land ExperiencesPrimarily due to operating additional trips and higher pricing. | $ 70,015 (In thousands) | – | 23 % |
| LindbladSix months ended June 30, 2026. | $ 281,721 (In thousands) | – | 16 % |
| Land ExperiencesSix months ended June 30, 2026. | $ 125,539 (In thousands) | – | 19 % |
full year 2026 outlook
- RevenueTour revenues of $830 - $860 million
- NoteAdjusted EBITDA of $130 - $140 million
Capital returns
- The Company currently has a $35.0 million stock repurchase plan in place.
- As of July 31, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan.
- As of July 27, 2026, there were 65.6 million shares common stock outstanding.
What drove it
- Lindblad segment net yield per available guest night increased 4% to $1,294.
- Occupancy increased to 91% from 86% in the second quarter a year ago.
- The company increased capacity by 12%.
- Land Experiences revenue growth reflected additional trips and higher pricing.
- Increased bookings for future travel contributed to net cash provided by operating activities.
Concerns
- Higher fuel costs partially offset Lindblad segment Adjusted EBITDA growth.
- Lindblad segment costs included increased sales and marketing costs, including increased royalties associated with the final royalty rate step-up under the National Geographic agreement.
- Both segments had higher marketing spend to drive long-term or future growth.
- The prior-year period included a $3.4 million benefit related to employee retention tax credits.
- Total debt position was $675.0 million as of June 30, 2026.
What to watch
- Delivery against full-year 2026 tour revenue expectations of $830 - $860 million.
- Delivery against full-year 2026 Adjusted EBITDA expectations of $130 - $140 million.
- Occupancy and net yield per available guest night in the Lindblad segment.
- The effect of higher fuel costs, National Geographic royalty costs and marketing spend on profitability.
- Future travel bookings and their contribution to operating cash flow.
- Remaining capacity under the $35.0 million stock repurchase plan.
Balance sheet and cash flow
- Cash and cash equivalents and restricted cash were $364.9 million as of June 30, 2026, compared with $289.7 million as of December 31, 2025.
- Net cash provided by operating activities was $108.5 million, due primarily to increased bookings for future travel.
- Cash used in purchasing property and equipment was $14.9 million.
- $19.8 million was used to acquire an additional 5% ownership of Natural Habitat and an additional 9.9% ownership of Classic Journeys.
- Total debt position was $675.0 million as of June 30, 2026.
- The Company was in compliance with all of its applicable debt covenants.
Analysis
Lindblad reported a strong second quarter, with total tour revenues of $199.2 million, up 19%, and operating income of $11.954 million, up 171%. Net loss available to stockholders narrowed to $1.4 million, or $0.02 per diluted share, from $9.7 million, or $0.18 per diluted share. The reduction in net loss reflected improved operating results and the absence of a preferred stock dividend, partly offset by the fact that the prior-year period included a $3.4 million employee retention tax credit benefit.
The Lindblad segment generated $129.2 million of tour revenues, up 16%, as net yield per available guest night increased 4% to $1,294 and occupancy rose to 91% from 86%. Management also cited a 12% capacity increase. Lindblad segment Adjusted EBITDA increased 38% to $22.460 million, although higher voyage-related tour costs, fuel costs, sales and marketing costs, National Geographic royalty costs and the absence of prior-year employee retention tax credits partially offset revenue growth.
Land Experiences grew faster than the core Lindblad segment, with tour revenues rising 23% to $70.015 million. The increase was primarily driven by additional trips and higher pricing. Segment Adjusted EBITDA increased 18% to $10.003 million, as higher revenues were partly offset by increased operating and personnel costs related to increased trips, higher marketing spend and the absence of prior-year employee retention tax credits.
For the first six months, total tour revenues increased 17% to $407.260 million, operating income increased 84% to $27.568 million, and Adjusted EBITDA increased 23% to $67.292 million. Liquidity increased to $364.9 million of cash and cash equivalents and restricted cash as of June 30, 2026, supported by $108.5 million of net cash provided by operating activities, primarily from increased bookings for future travel. The company reported $675.0 million of total debt and stated it was in compliance with applicable debt covenants.
The company retained its full-year 2026 expectations for tour revenues of $830 - $860 million and Adjusted EBITDA of $130 - $140 million. Capital allocation included $23.0 million of repurchases of 875,218 shares and 6.0 million warrants as of July 31, 2026, leaving $12.0 million under the current $35.0 million stock repurchase plan. Key reported variables to monitor are sustained occupancy and yield, fuel and royalty costs, marketing investment, future travel bookings and execution against the full-year outlook.
Management, verbatim
Our second-quarter results once again demonstrate the strength of our strategy and the focused execution of our team. We achieved another record second-quarter net yield of $1,294 and 91% occupancy, our strongest second-quarter occupancy in a decade, while increasing capacity by 12%. Adjusted EBITDA increased 31%, and margins expanded despite higher fuel costs. These results reinforce our confidence in the company’s ability to deliver sustainable long-term growth and value creation.
Natalya Leahy, Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin, including GAAP and non-GAAP measures.
- Operating expenses.
- Income tax expense and tax rate.
- Net income or loss attributable to common stockholders for the six months ended June 30, 2026.
- GAAP and non-GAAP EPS beyond the reported net loss available to stockholders per diluted share.
- Free cash flow.
- Dividends.
- Debt maturities, interest expense and net leverage.
- Prior-quarter comparisons for reported metrics.
- Prior guidance, which was not provided.
- Guidance for gross margin, operating expenses and tax rate.
- Detailed non-GAAP reconciliation schedules, which were referenced but not included in the provided filing text.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC Form 8-K (Item 2.02) attaching Lindblad Expeditions Holdings’ Q2 2026 earnings release and providing full-year 2026 guidance plus liquidity and repurchase details.
Ticker impact
Lindblad reported Q2 results with revenue up 19% to $199.2M, occupancy rising to 91%, and raised full-year 2026 outlook.
Likely positive bias for the next session and into guidance digestion, assuming the market focuses on occupancy, net yield, and outlook range.
The filing discloses multiple concrete operating KPIs (net yield, occupancy), GAAP loss improvement, and explicit full-year guidance ranges, which are direct inputs to valuation and forward estimates.
Market effects
Provides a read-through on expedition cruise demand and pricing power, with occupancy and net yield as key industry-style metrics.
Limited, primarily impacts US-listed travel and leisure sentiment rather than a specific region.
Moderate, as expedition travel is globally marketed but the disclosure is company-specific.
Counterpoint
Despite improved KPIs, the company still reports a net loss, and higher fuel and marketing costs could pressure margins if demand softens.
Key entities
- companyLINDBLAD EXPEDITIONS HOLDINGS, INC.
Reported Q2 2026 financial results, provided full-year 2026 guidance, and discussed liquidity and a stock repurchase plan.
- business_relationshipNatural Habitat
Lindblad acquired additional ownership (additional 5%) using cash, as disclosed in the liquidity section.
- business_relationshipClassic Journeys
Lindblad acquired additional ownership (additional 9.9%) using cash, as disclosed in the liquidity section.
