Third Quarter 2026 Highlights:
- Total revenue increased 12% to $269.2 million
- Net income available to stockholders of $24.2 million, the highest quarterly result in Company history
- Adjusted EBITDA increased 12% to $64.1 million
- Lindblad segment net yield per available guest night increased 6% to $1,398
- Occupancy increased to 91% from 88%
- Acquired a majority ownership interest in White Desert, the pioneering luxury Antarctic company, and Echo Charlie, a new aviation travel brand providing specialized access to unique destinations worldwide
NEW YORK, Nov. 3, 2026 /PRNewswire/ -- Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company" or "Lindblad"), a global provider of expedition cruises and adventure travel experiences, today reported financial results for the third quarter ended September 30, 2026.
Natalya Leahy, Chief Executive Officer, said "It has been an exciting quarter for us! With the acquisition of White Desert and the launch of Echo Charlie, we are opening a new chapter of growth, innovation and long-term shareholder value creation. We also delivered outstanding financial results with record Adjusted EBITDA and occupancy above 90% for the third consecutive quarter. These achievements reflect the strength of our business model and disciplined execution. Our confidence in the future and appreciation for our people who make it possible have never been stronger."
THIRD QUARTER RESULTS
Tour Revenues
Third quarter tour revenues of $269.2 million increased $29.0 million, or 12%, as compared to the same period in 2025. The increase was driven by a $15.8 million increase at the Lindblad segment and a $13.2 million increase at the Land Experiences segment.
Lindblad segment tour revenues of $153.4 million increased $15.8 million, or 11%, compared to the third quarter a year ago primarily due to an increase in occupancy to 91% on a 4% increase in available guest nights, driving a 6% increase in net yield to $1,398.
Land Experiences tour revenues of $115.8 million increased $13.2 million, or 13%, compared to the third quarter a year ago primarily due to an increase in guests and operating additional trips.
Net Income
Net income available to stockholders for the third quarter was $24.2 million, $0.36 per diluted share, as compared to a net loss available to stockholders of $49 thousand, $0.00 per diluted share, in the third quarter of 2025. The $24.3 million increase in net income available to stockholders primarily reflects improved operating results, partially offset by a $7.0 million increase in income tax expense. The 2025 net loss available to stockholders 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.
Adjusted EBITDA
Third quarter Adjusted EBITDA of $64.1 million increased $6.9 million as compared to the same period in 2025 driven by a $4.3 million increase at the Lindblad segment and a $2.5 million increase at the Land Experiences segment.
Lindblad segment Adjusted EBITDA of $37.1 million increased $4.3 million as compared to the same period in 2025, primarily due to increased tour revenues, partially offset by higher cost of tours related to an increase in voyages and higher fuel costs, increased selling and marketing costs, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, and higher marketing spend to drive long-term growth initiatives.
Land Experiences segment Adjusted EBITDA of $27.0 million increased $2.5 million as compared to the same period in 2025, primarily due to increased tour revenues, partially offset by increased operating and personnel costs related to increased trips, and higher marketing spend to drive future growth.
Balance Sheet and Liquidity
The Company's cash and cash equivalents and restricted cash were $308.2 million as of September 30, 2026, as compared to $289.7 million as of December 31, 2025. The increase primarily reflects $111.3 million of net cash provided by operating activities, due to increased bookings for future travel, which was partially offset by $54.6 million of cash used, net of cash acquired, to acquire a majority ownership interest in White Desert and Echo Charlie, $18.8 million of cash used in purchasing property and equipment and $19.8 million used to acquire an additional 5.0% ownership of Natural Habitat and an additional 9.9% ownership of Classic Journeys.
As of September 30, 2026, the Company had a total debt position of $675.0 million and was in compliance with all of its applicable debt covenants.
2026 OUTLOOK
The Company's current expectations for the full year 2026 are as follows:
- Tour revenues of $870 - $885 million
- Adjusted EBITDA of $142 - $148 million
STOCK REPURCHASE PLAN
The Company currently has a $35.0 million stock repurchase plan in place. As of October 31, 2026, the Company had repurchased 875,218 shares and 6.0 million warrants under the plan for a total of $23.0 million and had $12.0 million remaining under the plan. As of October 31, 2026, there were 65.7 million shares of common stock outstanding.
NON-GAAP FINANCIAL MEASURES
The Company uses a variety of operational and financial metrics, including non-GAAP financial measures such as Adjusted EBITDA, Free Cash Flow, Occupancy, Net Yields and Net Cruise Costs, to enable it to analyze its performance, liquidity and financial condition. The Company utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of performance. Some of these measures are commonly used in the cruise and tourism industry to evaluate performance. The Company believes these non-GAAP measures provide expanded insight to assess revenue and cost performance, in addition to the standard GAAP-based financial measures. There are no specific rules or regulations for determining non-GAAP measures, and as such, they may not be comparable to measures used by other companies within the industry.
The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The definitions of non-GAAP financial measures along with a reconciliation of non-GAAP financial information to GAAP are included in the supplemental financial schedules.
Audio Conference Webcast Information
The Company has scheduled an audio conference webcast at 9:00 a.m. Eastern Time on November 3, 2026, to discuss the Company's third quarter financial results. The webcast can be accessed at investors.expeditions.com, or at https://events.q4inc.com/attendee/416185057. Dial-in numbers by country are available at https://help.events.q4inc.com/eahc/international-dial-in-numbers, meeting ID 416185057.
To participate in the Q&A, use the analyst registration, https://events.q4inc.com/analyst/416185057?pwd=BmWfj6ho, to receive a unique passcode.
A replay of the webcast will be available at the Company's investor relations website, investors.expeditions.com.
About Lindblad Expeditions Holdings, Inc.
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the "Company") is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its eight pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship-, land- and air-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools. In addition to its renowned modern expedition cruises, the Company's award-winning land-based brandsâNatural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, Wineland-Thomson Adventures, White Desert, and Echo Charlieâprovide extraordinary wildlife, cultural, and adventure-focused experiences. Together, these brands connect travelers with some of the planet's most inspiring natural and cultural landscapes, fostering a deep appreciation for the world.
To learn more about Lindblad Expeditions Holdings, Inc., its growing portfolio of brands, and the Company's commitment to responsible exploration, visit investors.expeditions.com.
Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include the Company's financial projections and may also generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's financial guidance or future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected. It is not possible to predict or identify all such risks. There may be additional risks that we consider immaterial or which are unknown.