Lindblad Expeditions Holdings, Inc. Reports 2026 Third Quarter Financial Results

Higher occupancy and net yield accompanied revenue growth, while acquisitions used $54.6 million of cash, net of cash acquired.

Rhea-AI Summary

Lindblad Expeditions Holdings (NASDAQ: LIND) reported third-quarter revenue of $269.2 million, up 12% from the same period in 2025. Net income available to stockholders reached $24.2 million, or $0.36 per diluted share, versus a $49 thousand loss and $0.00 per diluted share. Adjusted EBITDA, a non-GAAP earnings measure, rose 12% to $64.1 million.

Lindblad segment occupancy increased to 91% from 88%, while net yield per available guest night rose 6% to $1,398. The company acquired majority interests in White Desert and Echo Charlie. Cash, cash equivalents and restricted cash totaled $308.2 million at September 30, versus $289.7 million at year-end 2025. Total debt was $675.0 million, with all applicable debt covenants satisfied. For full-year 2026, the company expects revenue of $870–$885 million and adjusted EBITDA of $142–$148 million.

19 points · 0 major

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0 major · 10 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQuarterly net income available to stockholders reached $24.2 million, versus a $49 thousand loss a year earlier.
• Moderate pointQuarterly adjusted EBITDA increased 12% to $64.1 million from the same period in 2025.
• Moderate pointLindblad segment quarterly revenue increased 11% to $153.4 million year over year.
• Moderate pointLand Experiences quarterly revenue increased 13% to $115.8 million year over year.
• Moderate pointLindblad segment occupancy increased to 91% from 88% in the year-earlier quarter.
• Moderate pointLindblad segment net yield per available guest night increased 6% to $1,398 year over year.
• Moderate pointLindblad segment available guest nights increased 4% from the year-earlier quarter.
• Moderate pointLindblad segment quarterly operating income increased 34% to $17.771 million year over year.
• Moderate pointLand Experiences quarterly operating income increased 10% to $24.980 million year over year.
• Moderate pointNine-month revenue increased 15% to $676.411 million from the same period in 2025.
• Moderate pointNine-month operating income increased 38% to $70.320 million from the same period in 2025.
• Moderate pointOperating activities provided $111.3 million of cash, primarily reflecting increased bookings for future travel.
• Moderate pointCompleted acquisitions added majority ownership interests in White Desert and Echo Charlie.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 revenue is expected at $870–$885 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 adjusted EBITDA is expected at $142–$148 million.

4 minor points

• Minor pointNine-month adjusted EBITDA increased 17% to $131.407 million from the same period in 2025.
• Minor pointCash, cash equivalents and restricted cash rose to $308.2 million from $289.7 million at year-end 2025.
• Minor pointAdditional ownership acquired totaled 5.0% of Natural Habitat and 9.9% of Classic Journeys.
• Minor pointQuarterly net interest expense declined to $10.191 million from $11.256 million a year earlier.

Negative

• Moderate pointTotal debt stood at $675.0 million on September 30, 2026.
• Moderate pointWhite Desert and Echo Charlie acquisitions used $54.6 million of cash, net of cash acquired. 2.3% of market cap
• Minor pointAdditional Natural Habitat and Classic Journeys ownership purchases used $19.8 million of cash.
• Minor pointProperty and equipment purchases used $18.8 million of cash.
• Minor pointQuarterly tour costs increased to $135.927 million from $124.373 million a year earlier.

5 minor points

• Minor pointQuarterly selling and marketing expenses increased to $37.775 million from $30.091 million a year earlier.
• Minor pointQuarterly general and administrative expenses increased to $35.749 million from $34.808 million a year earlier.
• Minor pointQuarterly depreciation and amortization increased to $16.949 million from $14.930 million a year earlier.
• Minor pointQuarterly income taxes shifted to a $4.473 million provision from a $2.564 million benefit a year earlier.
• Minor pointQuarterly foreign-currency loss widened to $886 thousand from $318 thousand a year earlier.

News Explained

As of October 31, 12 million dollars remained under the repurchase plan, so the reported purchases had not exhausted it.

In its third-quarter results, Lindblad Expeditions reports 65,620,129 common shares outstanding at September 30, 2026, versus 55,323,495 at December 31, 2025; for unchanged holdings, the higher reported count means a lower percentage stake, absent offsetting changes.

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

Key Figures

Tour revenue: $269.2 million; increased 12% Net income available to stockholders: $24.2 million Adjusted EBITDA: $64.1 million; increased 12% +4 more

Tour revenue

$269.2 million; increased 12%

Third quarter 2026, compared with third quarter 2025

Net income available to stockholders

$24.2 million

Third quarter 2026

Adjusted EBITDA

$64.1 million; increased 12%

Third quarter 2026, compared with third quarter 2025

Lindblad segment net yield per available guest night

$1,398; increased 6%

Third quarter 2026

Occupancy

91%, compared with 88%

Third quarter 2026 versus third quarter 2025

2026 tour revenue outlook

$870–$885 million

Full year 2026

2026 Adjusted EBITDA outlook

$142–$148 million

Full year 2026

Previous Earnings Reports

3 past events · Latest: Aug 03

Same Type 3 events

1. Aug 03

   Q2 earnings

   24h Move

   +12.0%

   Revenue rose 19%, Adjusted EBITDA rose 31%, and net loss narrowed year over year.

2. May 05

   Q1 earnings

   24h Move

   +14.7%

   Revenue and Adjusted EBITDA each rose 16%; the company reported net income.

3. Nov 04

   Q3 earnings

   24h Move

   +2.0%

   Revenue and Adjusted EBITDA grew year over year; occupancy reached 88%.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, non-gaap financial measures

2 terms

adjusted ebitda financial

"Third quarter Adjusted EBITDA of $64.1 million increased $6.9 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial measures financial

"non-GAAP financial measures such as Adjusted EBITDA, Free Cash Flow"

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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.

		For the three months ended September 30,																For the nine months ended September 30,
(In thousands)		2026				2025				Change				%				2026				2025				Change				%
Tour revenues:
Lindblad		$	153,364			$	137,561			$	15,803				11	%		$	435,084			$	379,714			$	55,370				15	%
Land Experiences			115,787				102,611				13,176				13	%			241,327				208,124				33,203				16	%
Total tour revenues		$	269,151			$	240,172			$	28,979				12	%		$	676,411			$	587,838			$	88,573				15	%
Operating income:
Lindblad		$	17,771			$	13,236			$	4,535				34	%		$	32,184			$	19,553			$	12,631				65	%
Land Experiences			24,980				22,734				2,246				10	%			38,136				31,440				6,696				21	%
Operating income		$	42,751			$	35,970			$	6,781				19	%		$	70,320			$	50,993			$	19,327				38	%
Adjusted EBITDA:
Lindblad		$	37,111			$	32,773			$	4,338				13	%		$	87,514			$	75,422			$	12,092				16	%
Land Experiences			27,004				24,490				2,514				10	%			43,893				36,666				7,227				20	%
Total adjusted EBITDA		$	64,115			$	57,263			$	6,852				12	%		$	131,407			$	112,088			$	19,319				17	%

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 brands—Natural Habitat Adventures, Off the Beaten Path, DuVine Cycling + Adventure Co., Classic Journeys, Wineland-Thomson Adventures, White Desert, and Echo Charlie—provide 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. These factors include, but are not limited to, the following: (i) adverse general economic and/or geopolitical factors that negatively impact the ability or desire of people to travel; (ii) loss of business due to competition; (iii) unscheduled disruptions in our business due to travel restrictions, weather events, mechanical failures, crew or guest illness such as a gastrointestinal virus, pandemics, geopolitical issues or other events; (iv) increases in fuel prices, changes in fuel consumed and availability of fuel supply in the geographies in which we operate or in general; (v) the loss of key employees, our inability to recruit or retain qualified shoreside and shipboard employees and increased labor costs; (vi) the impact of delays or cost overruns with respect to anticipated or unanticipated drydock, maintenance, modifications or other required construction related to any of our vessels; (vii) management of our growth and our ability to execute our planned growth, including our ability to successfully integrate any future acquisitions; (viii) our ability to maintain our relationships with National Geographic and/or World Wildlife Fund; (ix) our ability to maintain licenses and permits necessary for certain operations in compliance with laws, regulations and other requirements; (x) compliance with new and existing laws and regulations, including environmental regulations and travel advisories and restrictions; (xi) our substantial indebtedness and our ability to remain in compliance with the financial and/or operating covenants in such arrangements; (xii) the impact of material litigation, enforcement actions, claims, fines or penalties on our business; (xiii) the impact of severe or unusual weather conditions, including climate change, on our business; (xiv) adverse publicity regarding the travel and cruise industry in general, the safety of travel, or passenger and crew illnesses such as a gastrointestinal virus or other health issues; (xv) the result of future financing efforts; and (xvi) those risks described in the Company's filings with the SEC. Stockholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release, and the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect the Company's performance may be found in its filings with the SEC, which are available at https://www.sec.gov or at https://www.expeditions.com in the Investor Relations section of the Company's website.

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data)
		As of September 30, 2026				As of December 31, 2025
		(unaudited)
ASSETS
Current Assets:
Cash and cash equivalents		$	274,949			$	256,692
Restricted cash			33,223				33,043
Prepaid expenses and other current assets			89,650				78,145
Total current assets			397,822				367,880
Property and equipment, net			508,235				522,123
Goodwill			104,938				60,609
Intangibles, net			97,053				16,599
Other long-term assets			17,474				12,747
Total assets		$	1,125,522			$	979,958
LIABILITIES
Current Liabilities:
Unearned passenger revenues		$	431,788			$	361,481
Accrued expenses and other			66,871				77,883
Accounts payable			24,059				22,227
Long-term debt - current portion			-				3
Total current liabilities			522,718				461,594
Long-term debt, less current portion			664,516				662,671
Other long-term liabilities			32,396				9,192
Total liabilities			1,219,630				1,133,457
Commitments and contingencies
Series A redeemable convertible preferred stock, 165,000 shares authorized; no shares issued      and outstanding as of September 30, 2026, 62,000 shares issued and outstanding as of      December 31, 2025			-				83,079
Redeemable noncontrolling interests			77,609				47,948
			77,609				131,027
STOCKHOLDERS' DEFICIT
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; 62,000 Series A shares issued      and outstanding as of December 31, 2025			-				-
Common stock, $0.0001 par value, 200,000,000 shares authorized; 65,655,769 and      55,421,384 issued, 65,620,129 and 55,323,495 outstanding as of September 30, 2026 and      December 31, 2025, respectively			7				6
Additional paid-in capital			217,240				126,873
Accumulated deficit			(388,944)				(411,405)
Accumulated other comprehensive loss			(20)				-
Total stockholders' deficit			(171,717)				(284,526)
Total liabilities, mezzanine equity and stockholders' deficit		$	1,125,522			$	979,958

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except share and per share data) (unaudited)
		For the three months ended September 30,								For the nine months ended September 30,
		2026				2025				2026				2025
Tour revenues		$	269,151			$	240,172			$	676,411			$	587,838
Operating expenses:
Cost of tours			135,927				124,373				345,282				308,611
General and administrative			35,749				34,808				101,965				98,613
Selling and marketing			37,775				30,091				105,735				84,722
Depreciation and amortization			16,949				14,930				53,109				44,899
Total operating expenses			226,400				204,202				606,091				536,845
Operating income			42,751				35,970				70,320				50,993
Other (expense) income:
Interest expense, net			(10,191)				(11,256)				(31,264)				(34,503)
(Loss) gain on foreign currency			(886)				(318)				(1,515)				982
Other (expense) income			(114)				1,105				(59)				1,134
Loss on extinguishment of debt			-				(23,492)				-				(23,492)
Total other expense			(11,191)				(33,961)				(32,838)				(55,879)
Income (loss) before income taxes			31,560				2,009				37,482				(4,886)
Income tax provision (benefit)			4,473				(2,564)				4,687				(3,503)
Net income (loss)			27,087				4,573				32,795				(1,383)
Net income attributable to noncontrolling interest			2,848				3,383				3,463				4,783
Net income (loss) attributable to Lindblad Expeditions Holdings, Inc.			24,239				1,190				29,332				(6,166)
Series A redeemable convertible preferred stock dividend			-				1,239				497				3,667
Net income (loss) available to stockholders		$	24,239			$	(49)			$	28,835			$	(9,833)
Weighted average shares outstanding:
Basic			65,560,483				55,557,530				64,206,682				54,859,959
Diluted			66,680,459				55,557,530				65,154,789				54,859,959
Undistributed income (loss) per share available to stockholders:
Basic		$	0.37			$	(0.00)			$	0.45			$	(0.18)
Diluted		$	0.36			$	(0.00)			$	0.44			$	(0.18)

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (unaudited)
		For the nine months ended September 30,
		2026				2025
Cash Flows From Operating Activities
Net income (loss)		$	32,795			$	(1,383)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			53,109				44,899
Amortization of deferred financing costs, net			1,974				2,684
Amortization of right-of-use lease assets			1,922				1,254
Stock-based compensation			5,221				14,489
Deferred income taxes			923				(984)
Loss (gain) on foreign currency			1,515				(982)
Write-off of unamortized deferred financing costs due to debt extinguishment			-				7,111
Changes in operating assets and liabilities
Prepaid expenses and other current assets			(3,329)				(8,891)
Unearned passenger revenues			40,483				41,134
Other long-term assets			(3,328)				(1,023)
Other long-term liabilities			1,064				(1,010)
Accounts payable, accrued expenses and other			(21,010)				(157)
Net cash provided by operating activities			111,339				97,141
Cash Flows From Investing Activities
Purchases of property and equipment			(18,829)				(36,778)
Acquisitions (net of cash acquired)			(54,604)				(17,359)
Net cash used in investing activities			(73,433)				(54,137)
Cash Flows From Financing Activities
Additional acquisition of redeemable noncontrolling interest			(19,760)				-
Proceeds from exercise of options			6,603				4,259
Repurchase under stock-based compensation plans, related tax impacts			(5,356)				(248)
Noncontrolling interest distributions			(804)				(950)
Payment of deferred financing costs			(129)				(11,777)
Repayments of long-term debt			(3)				(635,029)
Proceeds from long-term debt			-				675,010
Net cash (used in) provided by financing activities			(19,449)				31,265
Effect of exchange rate changes on cash			(20)				(288)
Net increase in cash, cash equivalents and restricted cash			18,437				73,981
Cash, cash equivalents and restricted cash at beginning of period			289,735				216,143
Cash, cash equivalents and restricted cash at end of period		$	308,172			$	290,124
Supplemental disclosures of cash flow information:
Cash paid during the period:
Interest		$	50,834			$	43,875
Income taxes			2,888				2,239
Non-cash investing and financing activities:
Shares issued in connection with conversion of Series A redeemable convertible preferred stock		$	83,576			$	-
Non-cash preferred stock dividend			497				3,667
Non-cash recognition of new leases			1,571				-
Additional paid-in capital exercise proceeds of option shares			(933)				358
Additional paid-in capital exchange proceeds used for option shares			933				(358)

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands) (unaudited)
Reconciliation of Net Income (Loss) to Adjusted EBITDA Consolidated
Consolidated		For the three months ended September 30,								For the nine months ended September 30,
(In thousands)		2026				2025				2026				2025
Net income (loss)		$	27,087			$	4,573			$	32,795			$	(1,383)
Interest expense, net			10,191				11,256				31,264				34,503
Income tax provision (benefit)			4,473				(2,564)				4,687				(3,503)
Depreciation and amortization			16,949				14,930				53,109				44,899
Loss (gain) on foreign currency			886				318				1,515				(982)
Stock-based compensation			1,540				5,370				5,221				14,489
Transaction-related costs			2,875				159				3,036				873
Other expense (income)			114				20				59				(9)
Debt extinguishment			-				23,492				-				23,492
Acquisition gain			-				(1,125)				-				(1,125)
Reorganization costs			-				834				(279)				834
Adjusted EBITDA		$	64,115			$	57,263			$	131,407			$	112,088
Reconciliation of Operating Income to Adjusted EBITDA
Lindblad Segment		For the three months ended September 30,								For the nine months ended September 30,
(In thousands)		2026				2025				2026				2025
Operating income		$	17,771			$	13,236			$	32,184			$	19,553
Depreciation and amortization			15,032				13,360				47,931				40,672
Stock-based compensation			1,418				5,325				4,788				14,186
Transaction-related costs			2,890				18				2,890				177
Reorganization costs			-				834				(279)				834
Adjusted EBITDA		$	37,111			$	32,773			$	87,514			$	75,422
Land Experiences Segment		For the three months ended September 30,								For the nine months ended September 30,
(In thousands)		2026				2025				2026				2025
Operating income		$	24,980			$	22,734			$	38,136			$	31,440
Depreciation and amortization			1,917				1,570				5,178				4,227
Stock-based compensation			122				45				433				303
Transaction-related costs			(15)				141				146				696
Adjusted EBITDA		$	27,004			$	24,490			$	43,893			$	36,666

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands, except for Guest Metrics and per Available Guest Night metrics) (unaudited)
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities										For the nine months ended September 30,
										2026				2025
Net cash provided by operating activities										$	111,339			$	97,141
Less: purchases of property and equipment											(18,829)				(36,778)
Free Cash Flow										$	92,510			$	60,363
Guest Metrics — Lindblad Segment
		For the three months ended September 30,								For the nine months ended September 30,
		2026				2025				2026				2025
Available Guest Nights			99,550				95,487				270,896				252,327
Guest Nights Sold			90,779				84,143				248,423				221,315
Occupancy			91	%			88	%			92	%			88	%
Maximum Guests			12,465				11,909				36,389				32,906
Number of Guests			11,402				10,685				33,427				29,165
Voyages			161				159				479				433
Calculation of Gross and Net Yield per Available Guest Night		For the three months ended September 30,								For the nine months ended September 30,
(In thousands, except for Available Guest Nights, Gross and Net Yield per Available Guest Night)		2026				2025				2026				2025
Guest ticket revenues		$	137,513			$	120,979			$	375,061			$	331,804
Other tour revenue			15,851				16,582				60,023				47,910
Tour revenues			153,364				137,561				435,084				379,714
Less: Commissions			(6,305)				(5,304)				(17,294)				(15,349)
Less: Other tour expenses			(7,852)				(6,762)				(29,815)				(23,095)
Net Yield		$	139,207			$	125,495			$	387,975			$	341,270
Available Guest Nights			99,550				95,487				270,896				252,327
Gross Yield per Available Guest Night		$	1,541			$	1,441			$	1,606			$	1,505
Net Yield per Available Guest Night			1,398				1,314				1,432				1,352
		For the three months ended September 30,								For the nine months ended September 30,
(In thousands)		2026				2025				2026				2025
Operating income		$	17,771			$	13,236			$	32,184			$	19,553
Cost of tours			69,291				63,800				207,830				187,092
General and administrative			22,010				23,682				63,198				65,758
Selling and marketing			29,260				23,483				83,941				66,639
Depreciation and amortization			15,032				13,360				47,931				40,672
Less: Commissions			(6,305)				(5,304)				(17,294)				(15,349)
Less: Other tour expenses			(7,852)				(6,762)				(29,815)				(23,095)
Net Yield		$	139,207			$	125,495			$	387,975			$	341,270

 

LINDBLAD EXPEDITIONS HOLDINGS, INC. AND SUBSIDIARIES Supplemental Financial Schedules (In thousands, except for Guest Metrics and per Available Guest Night metrics) (unaudited)
Calculation of Gross and Net Cruise Cost		For the three months ended September 30,								For the nine months ended September 30,
(In thousands, except for Available Guest Nights, Gross and Net Cruise Cost per Avail. Guest Night)		2026				2025				2026				2025
Cost of tours		$	69,291			$	63,800			$	207,830			$	187,092
Plus: Selling and marketing			29,260				23,483				83,941				66,639
Plus: General and administrative			22,010				23,682				63,198				65,758
Gross Cruise Cost			120,561				110,965				354,969				319,489
Less: Commissions			(6,305)				(5,304)				(17,294)				(15,349)
Less: Other tour expenses			(7,852)				(6,762)				(29,815)				(23,095)
Net Cruise Cost			106,404				98,899				307,860				281,045
Less: Fuel Expense			(7,567)				(6,224)				(22,463)				(17,755)
Net Cruise Cost Excluding Fuel			98,837				92,675				285,397				263,290
Non-GAAP Adjustments:
Stock-based compensation			(1,418)				(5,325)				(4,788)				(14,186)
Reorganization costs			-				(834)				279				(834)
Transaction-related costs			(2,890)				(18)				(2,890)				(177)
Adjusted Net Cruise Cost Excluding Fuel		$	94,529			$	86,498			$	277,998			$	248,093
Adjusted Net Cruise Cost		$	102,096			$	92,722			$	300,461			$	265,848
Available Guest Nights			99,550				95,487				270,896				252,327
Gross Cruise Cost per Available Guest Night		$	1,211			$	1,162			$	1,310			$	1,266
Net Cruise Cost per Available Guest Night			1,069				1,036				1,136				1,114
Net Cruise Cost Excluding Fuel per Available Guest Night			993				971				1,054				1,043
Adjusted Net Cruise Cost Excluding Fuel per Available Guest Night			950				906				1,026				983
Adjusted Net Cruise Cost per Available Guest Night			1,026				971				1,109				1,054
Reconciliation of 2026 Adjusted EBITDA Guidance:
(In millions)						Full Year 2026
Income before income taxes						$	8				to			$	28
Depreciation and amortization							74				to				69
Interest expense, net							43				to				41
Stock-based compensation							10				to				7
Other							7				to				3
Adjusted EBITDA						$	142				to			$	148

A reconciliation of net income to Adjusted EBITDA is not provided because the Company cannot estimate or predict with reasonable certainty certain discrete tax items, which could significantly impact that financial measure. 

Operational and Financial Metrics

Adjusted EBITDA is defined by us as net income (loss) excluding depreciation and amortization, net interest expense, income tax expense or benefit, foreign currency gains or losses and certain other non-operating items. Other non-operating items excluded include such items as stock-based compensation, reorganization costs, executive severance costs, debt refinancing costs, acquisition-related expenses and other non-recurring charges. We believe Adjusted EBITDA, when considered along with other performance measures, is a useful measure to evaluate operating performance and trends. We believe this measure provides additional insight into underlying operating results by excluding items that may not be indicative of ongoing performance. Adjusted EBITDA is not intended to be a measure of liquidity or financial performance under GAAP and should not be considered in isolation or as a substitute for GAAP measures such as net income or cash flows from operations. Our definition and use of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.

Free Cash Flow is defined by us as net cash provided by operating activities less purchases of property and equipment. We believe Free Cash Flow is a useful measure of liquidity because it reflects cash generated by our operations after capital expenditures; however, it does not represent residual cash flow available for discretionary expenditures, as it does not deduct mandatory debt service and other non-discretionary expenditures. Free Cash Flow should not be considered in isolation or as a substitute for net cash provided by operating activities, and our definition may not be comparable to similarly titled measures used by other companies.

The following metrics apply to our Lindblad segment:

Adjusted Net Cruise Cost represents Net Cruise Cost adjusted for non-GAAP other supplemental adjustments which include certain non-operating items such as stock-based compensation and acquisition-related expenses.

Available Guest Nights is a measurement of capacity and represents double occupancy per cabin (except single occupancy for a single capacity cabin) multiplied by the number of cruise days for the period.

Gross Cruise Cost represents the sum of cost of tours plus selling and marketing expenses, and general and administrative expenses.

Gross Yield per Available Guest Night represents tour revenues divided by Available Guest Nights.

Guest Nights Sold represents the number of guests carried for the period multiplied by the number of nights sailed within the period.

Maximum Guests is a measure of capacity and represents the maximum number of guests in a period and is based on double occupancy per cabin (except single occupancy for a single capacity cabin).

Net Cruise Cost represents Gross Cruise Cost excluding commissions and certain other direct costs of guest ticket revenues and other tour revenues.

Net Cruise Cost Excluding Fuel represents Net Cruise Cost excluding fuel costs.

Net Yield represents tour revenues less insurance proceeds, commissions and direct costs of other tour revenues.

Net Yield per Available Guest Night represents Net Yield divided by Available Guest Nights.

Number of Guests represents the number of guests who travel with us in a period.

Occupancy is calculated by dividing Guest Nights Sold by Available Guest Nights.

Voyages represent the number of ship expeditions completed during the period.

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SOURCE Lindblad Expeditions Holdings, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Lindblad Expeditions' third-quarter 2026 financial results?

Lindblad reported revenue of $269.2 million, up 12% year over year, and net income available to stockholders of $24.2 million, or $0.36 per diluted share. Adjusted EBITDA increased 12% to $64.1 million. The year-earlier quarter recorded a $49 thousand loss available to stockholders.

What is Lindblad Expeditions' full-year 2026 outlook?

Lindblad expects full-year 2026 tour revenue of $870–$885 million and adjusted EBITDA of $142–$148 million. Adjusted EBITDA is a non-GAAP financial measure, rather than net income calculated under generally accepted accounting principles.

How much remains under Lindblad Expeditions' stock repurchase plan?

Lindblad had $12.0 million remaining under its $35.0 million stock repurchase plan as of October 31, 2026. It had repurchased 875,218 shares and 6.0 million warrants for a total of $23.0 million under the plan.