Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) reported financial results for the third quarter ended September 30, 2026, in a press release filed on November 3, 2026, disclosing record quarterly net income and double-digit revenue growth alongside two new acquisitions.

Key Highlights

  • Record quarterly net income: Net income available to stockholders was $24.2 million, or $0.36 per diluted share, described by the company as "the highest quarterly result in Company history."
  • Total tour revenue up 12%: Tour revenues reached $269.2 million for the quarter, a $29.0 million increase compared to the same period in 2025.
  • Adjusted EBITDA rose 12%: Total Adjusted EBITDA was $64.1 million, an increase of $6.9 million versus the third quarter of 2025.
  • Occupancy climbed to 91%: Lindblad segment occupancy increased to 91% from 88% in the prior-year period, the third consecutive quarter above 90% according to the filing.
  • Two acquisitions completed: The company acquired a majority ownership interest in White Desert, a luxury Antarctic travel company, and Echo Charlie, an aviation travel brand.
  • Full-year 2026 outlook: The company provided guidance of tour revenues of $870 to $885 million and Adjusted EBITDA of $142 to $148 million.
  • Share repurchase activity: As of October 31, 2026, the company had repurchased 875,218 shares and 6.0 million warrants for a total of $23.0 million, with $12.0 million remaining under its $35.0 million repurchase plan.

Lindblad Expeditions Q3 2026 Revenue, Earnings, and Acquisition Details

According to the filing, Lindblad Expeditions Holdings reported total tour revenues of $269.2 million for the three months ended September 30, 2026, a 12% increase from $240.2 million in the same quarter of 2025. The Lindblad segment contributed $153.4 million, up 11% year over year, while the Land Experiences segment contributed $115.8 million, up 13%. The company attributed the Lindblad segment's growth primarily to higher occupancy of 91% on a 4% increase in available guest nights, driving a 6% increase in net yield per available guest night to $1,398.

Net income available to stockholders for the quarter was $24.2 million, compared to a net loss of $49 thousand in the third quarter of 2025. The filing noted the year-over-year improvement was "partially offset by a $7.0 million increase in income tax expense," and that the 2025 result had included a $23.5 million loss on extinguishment of debt. Total Adjusted EBITDA of $64.1 million reflected a $4.3 million increase at the Lindblad segment and a $2.5 million increase at the Land Experiences segment. The filing identified higher fuel costs, increased royalties under the National Geographic agreement, and higher marketing spend as partial offsets to the Lindblad segment's gains.

On the balance sheet, the company reported cash and cash equivalents and restricted cash of $308.2 million as of September 30, 2026, up from $289.7 million at December 31, 2025. The filing stated the increase reflected $111.3 million in net cash from operating activities, offset in part by $54.6 million used, net of cash acquired, for the White Desert and Echo Charlie acquisitions, $18.8 million for property and equipment, and $19.8 million to acquire additional ownership stakes in Natural Habitat and Classic Journeys. Total debt stood at $675.0 million, and the company disclosed it "was in compliance with all of its applicable debt covenants." The filing also noted that forward-looking statements, including financial projections, are subject to the company's cautionary language under the Private Securities Litigation Reform Act of 1995.

What Was Disclosed

Lindblad Expeditions disclosed Q3 2026 financial results including record net income of $24.2 million, 12% tour revenue growth to $269.2 million, majority acquisitions of White Desert and Echo Charlie, and full-year 2026 guidance for tour revenues of $870 to $885 million.