Lindblad Posts Record Quarterly Profit as Occupancy Holds

The Tip Desk · November 10, 2026 · 3 min read

Net income available to stockholders reached $24.2 million, or $0.36 a share, in the third quarter ended September 30, 2026.

Lindblad Expeditions Holdings, Inc. (LIND), a global provider of expedition cruises and adventure travel, reported net income available to stockholders of $24.2 million, or $0.36 a share, for the third quarter ended September 30, 2026, the highest quarterly result in company history, versus a $49 thousand net loss a year earlier.

The company said the $24.3 million increase primarily reflected improved operating results, partially offset by a $7.0 million increase in income tax expense. The year-earlier loss included a $23.5 million loss on extinguishment of debt, a $1.2 million preferred stock dividend, and a $1.8 million benefit related to employee retention tax credits.

Total tour revenues were $269.2 million, up 12% from a year earlier. That growth rate was slower than the 19% increase to $199.2 million in the second quarter.

Lindblad segment tour revenues were $153.4 million, up 11% from a year earlier, after a 16% year-over-year increase to $129.2 million in the second quarter. The company said the increase was primarily due to occupancy of 91% on a 4% increase in available guest nights, which drove a 6% increase in net yield to $1,398 per available guest night. Occupancy matched the second-quarter level of 91%.

Land Experiences tour revenues were $115.8 million, up 13% from a year earlier, after a 23% year-over-year increase to $70.0 million in the second quarter. The company said the increase was primarily due to more guests and additional trips.

Adjusted EBITDA was $64.1 million, up 12% from a year earlier, after a 31% year-over-year increase to $32.5 million in the second quarter. Lindblad segment Adjusted EBITDA was $37.1 million, up 13% from a year earlier. Land Experiences Adjusted EBITDA was $27.0 million, up 10% from a year earlier.

The company said Lindblad segment Adjusted EBITDA rose primarily on higher tour revenues, partially offset by higher cost of tours related to more voyages and higher fuel costs, increased selling and marketing costs tied to the final royalty rate step-up under the National Geographic agreement, and higher marketing spend for long-term growth. Land Experiences Adjusted EBITDA rose primarily on higher tour revenues, partially offset by increased operating and personnel costs related to more trips and higher marketing spend.

Operating income was $42.8 million, up 19% from a year earlier. Lindblad operating income was $17.8 million. Land Experiences operating income was $25.0 million.

Chief Executive Officer Natalya Leahy said the company acquired a majority ownership interest in White Desert, a luxury Antarctic operator, and Echo Charlie, an aviation travel brand, and that those moves were opening a new chapter of growth. The company spent $54.6 million of cash, net of cash acquired, on those acquisitions.

Cash and cash equivalents and restricted cash were $308.2 million as of September 30, 2026. The company said the increase from $289.7 million at year-end 2025 primarily reflected $111.3 million of net cash provided by operating activities for the nine months ended September 30, 2026, due to increased bookings for future travel, partially offset by the $54.6 million of acquisitions, $18.8 million of property and equipment purchases, and $19.8 million used to acquire an additional 5.0% of Natural Habitat and an additional 9.9% of Classic Journeys.

Total debt was $675.0 million as of September 30, 2026. The company said it was in compliance with all applicable debt covenants.

The company’s current expectations for full-year 2026 are tour revenues of $870 million to $885 million and Adjusted EBITDA of $142 million to $148 million.

As of October 31, 2026, the company had repurchased 875,218 shares and 6.0 million warrants under a $35.0 million stock repurchase plan for a total of $23.0 million, with $12.0 million remaining. Common shares outstanding were 65.7 million.