Lindblad Reports Record $24.2 Million Quarterly Profit
White Desert runs seasonal journeys from Cape Town to Antarctica’s interior, using private aircraft and remote camps in Queen Maud Land for groups of up to 12.
Lindblad Expeditions reported record quarterly net income available to stockholders of $24.2 million, or $0.36 per diluted share, for the three months ended September 30, 2026. Revenue rose 12% year over year to $269.2 million, with growth in both its Lindblad and Land Experiences segments.
Adjusted EBITDA reached a quarterly record of $64.1 million, an increase of $6.9 million, or 12%. Chief Executive Officer Natalya Leahy said the company had achieved “occupancy above 90% for the third consecutive quarter.”
The profit compared with a net loss available to stockholders of $49,000 in the third quarter of 2025. That year-earlier result included a $23.5 million loss on debt extinguishment, a $1.2 million preferred stock dividend and a $1.8 million benefit from employee retention tax credits. Improved operating results lifted earnings in the latest quarter, partially offset by a $7 million increase in income tax expense.
Higher occupancy and additional trips lift revenue
The Lindblad segment generated $153.4 million in revenue, up $15.8 million, or 11%, from a year earlier. Occupancy increased to 91% from 88% while available guest nights grew 4%. Net yield per available guest night rose 6% to $1,398.
Segment adjusted EBITDA increased $4.3 million to $37.1 million. Higher tour revenue was partially offset by costs associated with additional voyages and more expensive fuel. Selling and marketing expenses also increased, including higher royalties following the final royalty-rate step-up under the National Geographic agreement and additional spending on long-term growth initiatives.
Land Experiences revenue reached $115.8 million, an increase of $13.2 million, or 13%, as the business carried more guests and operated additional trips. Its adjusted EBITDA rose $2.5 million to $27 million.
Higher operating and personnel costs from the expanded trip schedule absorbed part of the land business’s revenue gain. The segment also increased marketing spending to support future growth.
Acquisitions add Antarctic and aviation operations
During the quarter, Lindblad acquired majority ownership interests in Antarctic operator White Desert and aviation travel brand Echo Charlie.
White Desert operates seasonal journeys from Cape Town to Antarctica’s interior, primarily between November and February. Its operations use private aircraft and remote camps in Queen Maud Land, with itineraries including emperor-penguin colony visits and South Pole journeys. Groups are generally limited to 12 guests.
Lindblad acquired a 60% stake in Echo Charlie in September 2026, and the brand continues as a standalone offering. Its journeys use a restored Douglas DC-3 carrying up to 12 guests, with direct access to remote airstrips. Planned destinations include Colombia, Patagonia, the Faroe Islands and Greenland.
Lindblad scheduled a webcast to discuss the quarterly results for 9 a.m. Eastern on November 3, 2026, with a replay to follow on its investor relations website within 48 hours of the call’s completion.
