Lindblad Raises Outlook as Q2 Revenue Rises 19%

Lindblad Expeditions Holdings reported second-quarter tour revenue of $199.2 million for the quarter ended June 30, 2026, up 19% year over year, as occupancy rose to 91% and adjusted EBITDA increased 31% to $32.5 million. The company narrowed its net loss available to stockholders to $1.4 million, or $0.02 per diluted share, from $9.7 million, or $0.18 per diluted share, a year earlier, and raised its full-year revenue outlook.

The occupancy result was Lindblad’s strongest second-quarter level in a decade. Capacity rose 12% in the same quarter. The company’s shares rose 15% at the market open on Monday, Aug. 3, after the results were released.

Cruise segment gains on yield and occupancy

Lindblad segment tour revenue increased 16% to $129.2 million, up $18.2 million from the same quarter in 2025. Net yield per available guest night rose 4% to $1,294, described by the company as a second-quarter record and, in analyst commentary, the sixth consecutive quarter of record net yields.

“This is the second consecutive quarter we’ve hit the 90-plus target,” said Natalya Leahy, Lindblad’s chief executive officer.

Leahy told analysts that roughly 90%, or slightly higher, is likely the normal occupancy range for the company because of its small ships and product positioning. She pointed instead to yield as the main growth lever, citing deployment, product mix, demand generation and onboard and extension revenue.

The Lindblad brand operates 12 owned expedition ships and seven seasonal chartered ships, according to the company’s latest filings.

Lindblad segment adjusted EBITDA rose $6.1 million to $22.5 million. The increase was driven by higher tour revenue, partly offset by additional voyage costs, higher fuel expense and increased sales and marketing costs.

The marketing increase included royalties associated with the final royalty-rate step-up under the National Geographic agreement. Lindblad’s partnership with National Geographic dates to 2004 and was extended in 2023 through 2040.

Land Experiences adds revenue from more trips

Land Experiences tour revenue increased 23% to $70.0 million, up $13.1 million from the prior-year quarter. Lindblad attributed the gain primarily to additional trips and higher pricing.

The segment includes Natural Habitat, DuVine Cycling + Adventure Co., Off the Beaten Path, Classic Journeys and Thomson Group/Wineland-Thomson Adventures. Adjusted EBITDA for Land Experiences rose $1.5 million to $10.0 million, with higher revenue partly offset by increased operating and personnel costs tied to trip volume, higher marketing spending and the comparison with employee retention tax credits received in the prior year.

Across the company, the improvement in net loss primarily came from stronger operating results, despite a $3.4 million employee retention tax credit benefit in the prior-year quarter. The 2026 quarter also did not include the $1.2 million preferred stock dividend recorded a year earlier.

Revenue guidance moves higher

Lindblad raised its full-year 2026 revenue guidance to a range of $830 million to $860 million, compared with prior guidance of $800 million to $850 million. The company maintained its adjusted EBITDA outlook of $130 million to $140 million and lifted net yield guidance to a range of 4.5% to 5.5%.

Lindblad cited booking momentum across 2026, 2027 and the newly launched 2028 season. “I do think we have a potential to continue to grow yields at a very healthy rate,” Leahy said.