Lindblad Expeditions (NASDAQ:LIND) reported third-quarter 2026 revenue of $269.2 million, up 12.1% from the prior-year period, as higher occupancy, pricing and land-based guest growth supported record quarterly profitability. The company also raised its full-year revenue, net-yield and Adjusted EBITDA outlook following continued booking strength.
Chief Executive Officer Natalya Leahy said revenue reached $269 million and Adjusted EBITDA increased 12% to $64 million despite fuel prices rising about 50% year over year. The company generated approximately $27 million in net income available to stockholders during the quarter, while year-to-date revenue, Adjusted EBITDA and net income reached record levels, she said.
“These results are especially meaningful against the backdrop of a challenging geopolitical environment and significantly elevated fuel prices,” Leahy said, adding that the results reflected the resilience of the company’s model and execution of its strategy.
Occupancy and Net Yield Improve
The company’s Lindblad segment generated revenue of $153.4 million, an 11.5% increase from the third quarter of 2025. Available guest nights rose 4.3%, while occupancy increased 3.1 percentage points to 91.2%, marking the company’s third consecutive quarter above 90% occupancy.
Net Yield per Available Guest Night increased 6.4% to $1,398, the highest third-quarter net yield in company history. Leahy said the results reflected dynamic pricing, improved marketing communication, expanded sales channels and revenue-management initiatives.
The Land Experiences segment reported revenue of $115.8 million, up 12.8% from a year earlier, primarily due to 12% guest growth. Combined company revenue increased by $29 million from the prior-year quarter.
Leahy said bookings for 2027 were ahead of the prior year for both expedition and land travel, with the company’s 2027 booked position at a record level. Bookings for 2028 were also pacing ahead of 2027, according to management.
During the question-and-answer session, Leahy said that the company’s record revenue booked position for 2027 meant pricing was higher, with pricing in double digits in many cases across its more than 100 destinations. She said the company was forecasting mid-single-digit yield growth for next year.
The average booking window expanded to 11.9 months from 9.5 months, Leahy said. Onboard and extension revenue grew 27% year to date.
Profit Growth Despite Fuel Headwinds
Operating expenses before stock-based compensation, transaction and reorganization expenses, and depreciation and amortization rose 12.1% to reflect additional voyages and trips as well as increased fuel costs. Cost of tours increased 9.3%.
Fuel expense rose $1.3 million, or 22%, even though the company reduced total fuel consumption year over year while capacity grew 4.3%. Fuel represented 4.9% of Lindblad segment revenue, compared with 4.5% in the prior-year quarter.
Chief Financial Officer Rick Goldberg said revenue growth outpaced expense growth, contributing to gross-margin expansion of 130 basis points to 49.5%. Selling and marketing expenses increased 25.5%, primarily due to the final royalty-rate step-up under the company’s National Geographic agreement.
Adjusted EBITDA was $64.1 million, up $6.9 million, or 12%, from the prior-year quarter. Lindblad segment Adjusted EBITDA rose 13.2% to $37.1 million, while Land Experiences Adjusted EBITDA increased 10.3% to $27 million. The company maintained an Adjusted EBITDA margin of 23.8% despite higher fuel costs and the royalty-rate increase.
Net income available to stockholders was $24.2 million, or $0.36 per diluted share, compared with a slight loss a year earlier. Goldberg said this was the company’s highest quarterly net income on record. Through the first nine months of 2026, net income available to stockholders totaled $28.8 million, or $0.44 per diluted share.
White Desert Acquisition Expands Platform
During the quarter, Lindblad acquired a 60% controlling interest in White Desert and Echo Charlie for approximately $54.6 million, net of cash acquired and subject to customary post-closing accounting reconciliations. Management described the transaction as the company’s largest acquisition to date.
White Desert operates Antarctic experiences that use private aircraft to take guests to destinations including the geographic South Pole and emperor penguin colonies. Leahy said the company is working to expand White Desert’s offerings, including the addition of a fourth camp.
Echo Charlie is a new expedition travel brand being launched with White Desert founder Patrick Woodhead. The company introduced three inaugural 2027 itineraries, initially offered exclusively to past guests, and said it planned a public launch in the coming days. Woodhead will serve as a strategic innovation adviser to Lindblad.
The acquisition adds air-based travel to Lindblad’s existing sea and land offerings. Leahy said the company’s eight brands collectively serve about 60,000 annual guests and that management sees opportunity to expand within the broader experiential travel market.
Guidance Raised Again
Lindblad raised its full-year 2026 revenue outlook to $870 million to $885 million, from a prior range of $850 million to $880 million. The company now expects Net Yield per Available Guest Night to rise 6% to 7% for the year, compared with its previous expectation of 5.5% to 6.5% growth.
The company also raised the low end of its Adjusted EBITDA outlook, now projecting $142 million to $148 million, versus a prior range of $140 million to $148 million.
Goldberg said fourth-quarter capacity is expected to decline by a mid-single-digit percentage because of the timing of dry docks and repositionings, though full-year capacity is still expected to increase 4.5% to 5%. Management said strong in-year bookings are helping offset fuel-price pressure and the expected fourth-quarter capacity decline.
At quarter-end, the company had $308.2 million in cash and net leverage of 2.5 times, compared with 2.2 times at the end of the second quarter. Year-to-date free cash flow totaled $92.5 million, up 53% from the prior-year period.
Management said Lindblad continues to assess opportunities for fleet expansion through new builds, acquisitions and charters, while also pursuing additional land-experience acquisitions. Leahy said charter expansion is expected to provide mid-single-digit capacity growth going forward, while more details on potential additions to the owned fleet would be shared when plans are finalized.
About Lindblad Expeditions (NASDAQ:LIND)
Lindblad Expeditions Holdings, Inc (NASDAQ:LIND) operates expedition cruises and adventure travel experiences focused on nature, culture and education. Through its Lindblad Expeditions brand, the company provides small-ship voyages designed to take travelers to remote destinations while emphasizing exploration, conservation and expert-led interpretation.
The company’s offerings include ocean and river expeditions, wildlife-focused voyages, cultural journeys and land-based adventures. Trips commonly feature naturalists, historians, photographers and other specialists, along with activities such as shore excursions, hiking, kayaking, snorkeling and wildlife observation.
