Lindblad Q2 2026 Results Show 19% Revenue Growth and Record Occupancy

Lindblad Expeditions Holdings has reported financial results for the second quarter ended June 30, 2026.

Natalya Leahy, Chief Executive Officer, said "Our second-quarter results once again demonstrate the strength of our strategy and the focused execution of our team. We achieved another record second-quarter net yield of $1,294 and 91% occupancy, our strongest second-quarter occupancy in a decade, while increasing capacity by 12%. Adjusted EBITDA increased 31%, and margins expanded despite higher fuel costs. These results reinforce our confidence in the company's ability to deliver sustainable long-term growth and value creation."

Second Quarter 2026 Highlights:

• Total revenue increased 19% to $199.2 million
• Net loss available to stockholders improved $8.3 million to $1.4 million
• Adjusted EBITDA increased 31% to $32.5 million
• Lindblad segment net yield per available guest night increased 4% to $1,294
• Occupancy increased to 91% from 86%

Tour Revenues

Second quarter tour revenues of $199.2 million increased $31.3 million, or 19%, as compared to the same period in 2025. The increase was driven by an $18.2 million increase at the Lindblad segment and a $13.1 million increase at the Land Experiences segment, the company said.

Lindblad segment tour revenues of $129.2 million increased $18.2 million, or 16%, compared to the second quarter a year ago primarily due to a 4% increase in net yield per available guest night to $1,294 driven by an increase in occupancy to 91% from 86% in the second quarter a year ago.

Land Experiences tour revenues of $70.0 million increased $13.1 million, or 23%, compared to the second quarter a year ago primarily due to operating additional trips and higher pricing.

Net Loss

Net loss available to stockholders for the second quarter was $1.4 million, $0.02 per diluted share, as compared with a net loss available to stockholders of $9.7 million, $0.18 per diluted share, in the second quarter of 2025. The $8.3 million decrease in net loss primarily reflects improved operating results, despite a $3.4 million benefit related to employee retention tax credits in the prior year, and the absence of a preferred stock dividend compared to the $1.2 million preferred stock dividend in the same period in 2025.

Adjusted EBITDA

Second quarter Adjusted EBITDA of $32.5 million increased $7.6 million as compared to the same period in 2025 driven by a $6.1 million increase at the Lindblad segment and $1.5 million at the Land Experiences segment.

Lindblad segment Adjusted EBITDA of $22.5 million increased $6.1 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 sales and marketing costs, primarily due to increased royalties associated with the final royalty rate step-up under the National Geographic agreement, higher marketing spend to drive long-term growth initiatives, and the benefit of employee retention tax credits received in prior year.

Land Experiences segment Adjusted EBITDA of $10.0 million increased $1.5 million as compared to the same period in 2025, due to increased tour revenues, partially offset by increased operating and personnel costs related to increased trips, higher marketing spend to drive future growth, and the benefit of employee retention tax credits received in prior year.

2026 Outlook

The Company's current expectations for the full year 2026 are as follows:

• Tour revenues of $830 – $860 million
• Adjusted EBITDA of $130 – $140 million