Lindblad's Second-Quarter Ebitda Growth Accelerates

The Tip Desk · August 3, 2026 · 3 min read

Adjusted EBITDA rose 31% to $32.5 million as occupancy reached 91% and net yield hit a second-quarter record of $1,294.

Lindblad Expeditions Holdings (LIND), a global provider of expedition cruises and adventure travel, reported second-quarter tour revenues of $199.2 million, up 19% from a year earlier, a faster year-over-year pace than the 16% increase recorded in the first quarter.

The acceleration was concentrated in profit. Adjusted EBITDA rose 31% to $32.5 million, compared with a 16% increase in the first quarter. Chief Executive Officer Natalya Leahy said the company achieved a record second-quarter net yield of $1,294 and 91% occupancy, its strongest second-quarter occupancy in a decade, while increasing capacity by 12%.

The Lindblad cruise segment remained the larger of the two reportable businesses. Tour revenues there were $129.2 million, up 16%, matching the first-quarter Lindblad growth rate. The increase was driven primarily by a 4% rise in net yield per available guest night to $1,294 as occupancy moved to 91% from 86% a year earlier. Available guest nights were 91,185.

Lindblad segment adjusted EBITDA was $22.5 million, up 38%, after a 6% increase in the first quarter. The gain reflected higher tour revenues, partially offset by higher cost of tours related to more voyages and higher fuel costs, increased sales and marketing costs tied to the final royalty-rate step-up under the National Geographic agreement and to marketing spend for long-term growth, and the absence of employee retention tax credits received a year earlier.

Land Experiences, the land-based brands, contributed the other half of the revenue mix. Tour revenues were $70.0 million, up 23%, versus a 14% increase in the first quarter. The rise was primarily due to additional trips and higher pricing. Land Experiences adjusted EBITDA was $10.0 million. Operating income at the segment was $8.1 million.

Consolidated operating income was $12.0 million. Lindblad segment operating income was $3.9 million.

Net loss available to stockholders was $1.4 million, or $0.02 a share, versus a $9.7 million loss, or $0.18 a share, a year earlier. The $8.3 million improvement primarily reflected improved operating results, despite a $3.4 million employee retention tax credit in the year-ago quarter, and the absence of a preferred stock dividend compared with $1.2 million a year earlier. Series A redeemable convertible preferred stock was fully converted, with no shares outstanding as of June 30, 2026.

Cash and cash equivalents and restricted cash were $364.9 million at June 30, 2026. The increase from year-end primarily reflected $108.5 million of net cash provided by operating activities in the six months to June, due primarily to increased bookings for future travel, partially offset by $14.9 million of property and equipment purchases and $19.8 million used to acquire an additional 5% ownership of Natural Habitat and an additional 9.9% ownership of Classic Journeys. Total debt was $675.0 million, and the company was in compliance with all applicable debt covenants. Unearned passenger revenues were $439.9 million.

The company’s current expectations for full-year 2026 are tour revenues of $830 million to $860 million and adjusted EBITDA of $130 million to $140 million. It has a $35.0 million stock repurchase plan in place; as of July 31, 2026, it had repurchased 875,218 shares and 6.0 million warrants for $23.0 million, with $12.0 million remaining. Common shares outstanding were 65.6 million as of July 27, 2026.