second quarter 2026
Filed Aug 3, 2026Lindblad 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.