Lindblad Expeditions Holdings, Inc. Reports 2026 Third Quarter Financial Results
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 Third Quarter Financial Results Third Quarter 2026 Highlights: ● Total revenue increased 12% to $269.2 million ● Net income available to stockholders of $24.2 million, the highest quarterly result in Company history ●
How this was made
The 30-second read
Why it matters
The earnings beat and issued outlook provide a fresh catalyst for the stock, likely prompting buying interest.
Market read
Earnings beat and issued guidance make the stock a near‑term buying candidate.
What to watch
Cash used for acquisitions and debt service may limit near‑term free cash flow.
Third quarter tour revenues increased 12% to $269.2 million and Adjusted EBITDA increased 12% to $64.1 million.
Tour revenues, operating income, net income available to stockholders and Adjusted EBITDA all increased year over year, supported by higher Lindblad occupancy and net yield as well as Land Experiences growth.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Tour revenues, three months ended September 30, 2026GAAP | $269.2M | – | 12% |
| Tour revenues, nine months ended September 30, 2026GAAP | $676.4M | – | 15% |
| Cost of tours, three months ended September 30, 2026GAAP | $135.9M | – | – |
| General and administrative expense, three months ended September 30, 2026GAAP | $35.75M | – | – |
| Selling and marketing expense, three months ended September 30, 2026GAAP | $37.77M | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $16.95M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $226.4M | – | – |
| Operating income, three months ended September 30, 2026GAAP | $42.75M | – | 19% |
| Income before income taxes, three months ended September 30, 2026GAAP | $31.56M | – | – |
| Income tax provision, three months ended September 30, 2026GAAP | $4.47M | – | – |
| Net income, three months ended September 30, 2026GAAP | $27.09M | – | – |
| Net income attributable to Lindblad Expeditions Holdings, Inc., three months ended September 30, 2026GAAP | $24.24M | – | – |
| Net income available to stockholders, three months ended September 30, 2026GAAP | $24.24M | – | – |
| Diluted undistributed income per share available to stockholders, three months ended September 30, 2026GAAP | $0.36 | – | – |
| Basic undistributed income per share available to stockholders, three months ended September 30, 2026GAAP | $0.37 | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $64.11M | – | 12% |
| Operating income, nine months ended September 30, 2026GAAP | $70.32M | – | 38% |
| Net income available to stockholders, nine months ended September 30, 2026GAAP | $28.84M | – | – |
| Diluted undistributed income per share available to stockholders, nine months ended September 30, 2026GAAP | $0.44 | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $131.4M | – | 17% |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $111.3M | – | – |
| Free Cash Flow, nine months ended September 30, 2026non-GAAP | $92.51M | – | – |
| Purchases of property and equipment, nine months ended September 30, 2026GAAP | −$18.83M | – | – |
| Acquisitions, net of cash acquired, nine months ended September 30, 2026GAAP | −$54.60M | – | – |
| Cash and cash equivalents, as of September 30, 2026GAAP | $274.9M | – | – |
| Restricted cash, as of September 30, 2026GAAP | $33.22M | – | – |
| Cash, cash equivalents and restricted cash, as of September 30, 2026GAAP | $308.2M | – | – |
| Total debt position, as of September 30, 2026GAAP | $675M | – | – |
| Unearned passenger revenues, as of September 30, 2026GAAP | $431.8M | – | – |
| Available Guest Nights, Lindblad segment, three months ended September 30, 2026other | 99,550 | – | – |
| Guest Nights Sold, Lindblad segment, three months ended September 30, 2026other | 90,779 | – | – |
| Occupancy, Lindblad segment, three months ended September 30, 2026non-GAAP | 91% | – | – |
| Number of Guests, Lindblad segment, three months ended September 30, 2026other | 11,402 | – | – |
| Voyages, Lindblad segment, three months ended September 30, 2026other | 161 | – | – |
| Net Yield per Available Guest Night, Lindblad segment, three months ended September 30, 2026non-GAAP | $1,398 | – | 6% |
| Gross Yield per Available Guest Night, Lindblad segment, three months ended September 30, 2026other | $1,541 | – | – |
| Adjusted Net Cruise Cost per Available Guest Night, Lindblad segment, three months ended September 30, 2026non-GAAP | 1,026 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| LindbladOccupancy increased to 91% on a 4% increase in available guest nights, driving a 6% increase in net yield to $1,398. | $153.4M | – | 11% |
| Land ExperiencesIncrease in guests and operating additional trips. | $115.8M | – | 13% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full year 2026 outlook
- RevenueTour revenues of $870 - $885 million
- NoteAdjusted EBITDA of $142 - $148 million
- NoteIncome before income taxes of $8 to $28 million
- NoteDepreciation and amortization of $74 to $69 million
- NoteInterest expense, net of $43 to $41 million
- NoteStock-based compensation of $10 to $7 million
- NoteOther of $7 to $3 million
Capital returns
- The Company currently has a $35.0 million stock repurchase plan in place.
- As of October 31, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million.
- As of October 31, 2026, the Company had $12.0 million remaining under the plan.
- As of October 31, 2026, there were 65.7 million shares of common stock outstanding.
What drove it
- Lindblad segment tour revenue increased $15.8 million, supported by 91% occupancy, a 4% increase in available guest nights and a 6% increase in net yield to $1,398.
- Land Experiences tour revenue increased $13.2 million, primarily from increased guests and additional trips.
- Lindblad segment Adjusted EBITDA increased $4.3 million and Land Experiences segment Adjusted EBITDA increased $2.5 million.
- The Company acquired a majority ownership interest in White Desert and Echo Charlie.
Concerns
- Lindblad segment costs included higher cost of tours related to increased voyages and higher fuel costs.
- Lindblad selling and marketing costs increased, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement and higher marketing spend for long-term growth initiatives.
- Land Experiences incurred increased operating and personnel costs related to increased trips and higher marketing spend to drive future growth.
- Income tax expense increased $7.0 million year over year, partially offsetting improved operating results.
- The Company reported a total debt position of $675.0 million as of September 30, 2026.
What to watch
- Execution and financial contribution from White Desert and Echo Charlie following the majority-interest acquisitions.
- Lindblad occupancy, available guest nights and net yield, which reached 91%, 99,550 and $1,398, respectively, in the third quarter.
- Tour-cost and fuel-cost trends, as well as National Geographic royalty costs and marketing spending.
- Progress toward full-year 2026 tour revenue guidance of $870 - $885 million and Adjusted EBITDA guidance of $142 - $148 million.
- Bookings for future travel, which the Company identified as the primary driver of $111.3 million of nine-month operating cash flow.
Balance sheet and cash flow
- Cash and cash equivalents and restricted cash were $308.2 million as of September 30, 2026, compared with $289.7 million as of December 31, 2025.
- Total debt position was $675.0 million as of September 30, 2026, and the Company was in compliance with all applicable debt covenants.
- Net cash provided by operating activities was $111.3 million for the nine months ended September 30, 2026, primarily due to increased bookings for future travel.
- Cash used, net of cash acquired, to acquire a majority ownership interest in White Desert and Echo Charlie was $54.6 million.
- Cash used in purchasing property and equipment was $18.8 million.
- Cash used to acquire an additional 5.0% ownership of Natural Habitat and an additional 9.9% ownership of Classic Journeys was $19.8 million.
Analysis
Lindblad reported a strong third quarter, with tour revenues increasing 12% to $269.2 million and Adjusted EBITDA increasing 12% to $64.1 million. Operating income rose 19% to $42.8 million. Net income available to stockholders was $24.2 million, or $0.36 per diluted share, compared with a net loss available to stockholders of $49 thousand, or $0.00 per diluted share, in the third quarter of 2025. The prior-year result included a $23.5 million loss on extinguishment of debt, a $1.2 million preferred stock dividend and a $1.8 million employee retention tax credit benefit.
Both operating segments grew. Lindblad segment tour revenues increased 11% to $153.4 million as occupancy increased to 91% from 88%, available guest nights increased 4% to 99,550, and net yield per available guest night increased 6% to $1,398. Land Experiences tour revenues increased 13% to $115.8 million, primarily due to increased guests and additional trips. Segment Adjusted EBITDA increased to $37.1 million at Lindblad and $27.0 million at Land Experiences.
Cost pressures remained visible. Lindblad's higher tour revenues were partially offset by higher cost of tours related to increased voyages and fuel costs, increased National Geographic royalties associated with the final royalty rate step-up, and higher marketing spending. Land Experiences also incurred increased operating and personnel costs associated with more trips and higher marketing investment. The income tax provision was $4.5 million, compared with an income tax benefit of $2.6 million in the prior-year quarter.
Liquidity increased during the nine-month period. Cash, cash equivalents and restricted cash were $308.2 million at September 30, 2026, while total debt was $675.0 million. Nine-month operating cash flow was $111.3 million and Free Cash Flow was $92.5 million. The Company deployed $54.6 million, net of acquired cash, for the White Desert and Echo Charlie acquisitions, $18.8 million on property and equipment, and $19.8 million for increased ownership in Natural Habitat and Classic Journeys.
The company maintained full-year 2026 expectations for tour revenues of $870 - $885 million and Adjusted EBITDA of $142 - $148 million. Capital returns consisted of activity under the $35.0 million repurchase plan, under which the Company had repurchased 875,218 shares and 6.0 million warrants for $23.0 million as of October 31, 2026, leaving $12.0 million available.
Management, verbatim
It has been an exciting quarter for us! With the acquisition of White Desert and the launch of Echo Charlie, we are opening a new chapter of growth, innovation and long-term shareholder value creation. We also delivered outstanding financial results with record Adjusted EBITDA and occupancy above 90% for the third consecutive quarter. These achievements reflect the strength of our business model and disciplined execution. Our confidence in the future and appreciation for our people who make it possible have never been stronger.
Natalya Leahy, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter comparisons were not reported for the presented operating metrics.
- Gross margin was not reported.
- Full-year 2026 guidance for gross margin, operating expenses and tax rate was not reported.
- Quarterly operating cash flow and quarterly Free Cash Flow were not reported.
- Dividend declarations or payments were not reported.
- A prior outlook section was not provided, so comparison of actual results with prior guidance is unavailable.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. 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
Lindblad Expeditions is a NASDAQ‑listed provider of expedition cruises and adventure travel experiences.
Ticker impact
Lindblad Expeditions reported Q3 2026 revenue up 12% to $269.2M, net income $24.2M and issued full-year outlook to $870‑$885M revenue and $142‑$148M adjusted EBITDA.
likely modest upside as market prices in strong earnings and issued guidance
Quarterly results exceed prior year and guidance is higher than previous expectations, providing a clear catalyst for buying pressure.
Market effects
Positive for the cruise and adventure travel sector, supporting peers with higher demand and occupancy trends.
U.S. travel and tourism stocks may see uplift following the upbeat results.
Limited to travel sector; no broad macro impact.
Counterpoint
Higher operating costs and debt level could pressure margins if demand softens.
Key entities
- companyLindblad Expeditions Holdings, Inc.
Issuer of the earnings release.
