NEW YORK – November 03, 2026 -- Lindblad Expeditions Holdings (NASDAQ: LIND) reported record quarterly net income available to stockholders of $24.2 million, or $0.36 per diluted share, for the third quarter ended September 30, 2026. The result compares with a net loss of $49 thousand in the same period of 2025.
Total revenue rose 12% to $269.2 million, an increase of $29.0 million. Adjusted EBITDA climbed 12% to $64.1 million, up $6.9 million year over year.
Lindblad segment lifts net yield 6% to $1,398 on 91% occupancy
Lindblad segment tour revenues grew 11% to $153.4 million, adding $15.8 million. Occupancy reached 91%, up from 88%, on a 4% increase in available guest nights. Segment Adjusted EBITDA rose $4.3 million to $37.1 million.
Higher fuel costs, more voyages and increased marketing spend partly offset the gains. Royalties also rose following the final royalty rate step-up under the National Geographic agreement.
Land Experiences segment adds $13.2 million in revenue on higher guest volumes
Land Experiences tour revenues increased 13% to $115.8 million, driven by more guests and additional trips. Segment Adjusted EBITDA gained $2.5 million to $27.0 million. Operating and personnel costs for the added trips and higher marketing spend limited the increase.
Lindblad pays $54.6 million, net of cash acquired, for White Desert and Echo Charlie stakes
The company acquired a majority interest in White Desert, an Antarctic luxury operator, and in Echo Charlie, a new aviation travel brand. CEO Natalya Leahy said the deals open a new chapter of growth.
Lindblad also spent $19.8 million to raise its stake in Natural Habitat by 5.0% and in Classic Journeys by 9.9%. Capital expenditure on property and equipment totaled $18.8 million.
Operating cash flow of $111.3 million lifts liquidity to $308.2 million
Cash, cash equivalents and restricted cash stood at $308.2 million at September 30, up from $289.7 million at December 31, 2025. The company attributed the operating cash inflow to increased bookings for future travel. Total debt was $675.0 million, and Lindblad said it complied with all applicable covenants.
The 2025 quarter included a $23.5 million loss on extinguishment of debt and a $1.2 million preferred stock dividend. It also included a $1.8 million benefit from employee retention tax credits. Income tax expense rose $7.0 million in the latest quarter.
Lindblad guides 2026 tour revenues to $870-$885 million and Adjusted EBITDA to $142-$148 million
The outlook covers the full year. Occupancy has stayed above 90% for the third consecutive quarter, according to Leahy.
Lindblad has used $23.0 million of its $35.0 million buyback program
As of October 31, the company had repurchased 875,218 shares and 6.0 million warrants, leaving $12.0 million under the plan. Shares of common stock outstanding totaled 65.7 million.