Key Highlights

  • Diluted EPS of USD 0.36 edged past the consensus estimate of USD 0.35, versus USD 0.00 a year earlier.
  • Tour revenues of USD 269.2 million rose 12% and topped the consensus estimate of USD 263.54 million.
  • Net income available to stockholders reached USD 24.2 million, the highest quarterly result in company history.
  • Adjusted EBITDA rose 12% to USD 64.1 million as occupancy climbed to 91% from 88%.

Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) reported third quarter 2026 tour revenues of USD 269.2 million, up USD 29.0 million or 12% from a year earlier and above a consensus estimate of USD 263.54 million. Net Income available to stockholders was USD 24.2 million, or USD 0.36 per diluted share, against a consensus estimate of USD 0.35 and a loss of USD 49 thousand, or USD 0.00 per share, in the third quarter of 2025. The company said the USD 24.3 million improvement mainly reflects stronger operating results, partly offset by a USD 7.0 million rise in income tax expense.

Both Segments Added Revenue and Adjusted EBITDA

Lindblad segment tour revenues rose 11% to USD 153.4 million on occupancy of 91% and a 4% increase in available guest nights, lifting net Yield per available guest night 6% to USD 1,398. Land Experiences tour revenues rose 13% to USD 115.8 million on more guests and additional trips. Lindblad segment adjusted EBITDA increased USD 4.3 million to USD 37.1 million, and Land Experiences adjusted EBITDA increased USD 2.5 million to USD 27.0 million, together giving total adjusted EBITDA of USD 64.1 million. Chief Executive Officer Natalya Leahy said the White Desert Acquisition and the launch of Echo Charlie open a new chapter of growth, and noted record adjusted EBITDA with occupancy above 90% for a third straight quarter.

Full Year 2026 Outlook and Cost Pressures

The company guided full year 2026 tour revenues to USD 870 million to USD 885 million and adjusted EBITDA to USD 142 million to USD 148 million. It cited higher fuel costs and more voyages as offsets to Lindblad segment adjusted EBITDA gains in the quarter, along with higher selling and Marketing costs from the final Royalty rate step-up under the National Geographic agreement and added marketing spend aimed at long term growth. The company holds a USD 35.0 million stock repurchase plan and said it was in compliance with all applicable Debt covenants at September 30.

Full Year Guidance Against Nine Month Actuals

Tour revenues of USD 676.4 million over nine months compare with full year guidance of USD 870 million to USD 885 million, which leaves USD 193.6 million to USD 208.6 million for the fourth quarter against USD 269.2 million in the third. Nine month adjusted EBITDA of USD 131.4 million compares with guidance of USD 142 million to USD 148 million, leaving USD 10.6 million to USD 16.6 million. Cash and restricted cash totaled USD 308.2 million against USD 289.7 million at year end 2025, and total debt stood at USD 675.0 million. The company spent USD 54.6 million, net of cash acquired, on White Desert and Echo Charlie.