Lindblad Revenue Rises 16% as Q1 Occupancy Hits Record

Lindblad Expeditions Holdings, Inc. set its first-quarter 2026 earnings release for before the market opened Tuesday, May 5, with a 9:00 a.m. Eastern conference call and webcast for investors. The company later reported 16% revenue growth to $208.0 million and record 93% occupancy for the quarter ended March 31.

The quarter produced gains across both the Lindblad segment and Land Experiences business, while weather-related disruptions in Antarctica and itinerary cancellations in Egypt weighed on some programs. Adjusted EBITDA increased 16% to $34.8 million. Net income available to stockholders was $6.0 million, or $0.09 per diluted share.

Lindblad directed investors to its investor relations site for the earnings release and live audio webcast. The company said a replay and transcript would be posted there within 48 hours of the call’s completion.

Record occupancy carries the quarter

“In a complex macro and geopolitical environment, our team delivered another record quarter,” Natalya Leahy, chief executive officer, said on the call. She said occupancy reached 93% on a 6% increase in capacity, while net yield rose 7% to $1,631 per available guest night.

The occupancy rate improved from 89% in the first quarter of 2025 and was the highest first-quarter level in the company’s history. Leahy also pointed to commercial gains, including a 67% year-over-year increase in bookings from Disney travel agents and a 64% increase from the company’s outbound sales program.

Disney and National Geographic distribution is part of the National Geographic-Lindblad Expeditions agreement, a partnership dating to 2004 that was extended in November 2023 through 2040. The arrangement includes use of the National Geographic brand for expedition cruises, access to Disney and National Geographic sales and marketing channels, and additional onboard National Geographic content and experts.

Segment results and operating pressures

Lindblad segment tour revenue increased 16% to $152.5 million, driven by higher pricing and the occupancy gain. Land Experiences tour revenue rose 14% to $55.5 million on higher pricing and itinerary changes.

Lindblad segment adjusted EBITDA was $27.9 million, up $1.6 million from the prior-year quarter. Higher tour revenue was partly offset by increased tour costs from additional voyages, higher sales and marketing expense, royalties tied to the final rate increase under the National Geographic agreement, and marketing spending for growth initiatives.

Land Experiences adjusted EBITDA increased $3.2 million to $6.9 million. Lindblad’s land-based brands include Natural Habitat Adventures, Thomson Safaris, DuVine Cycling + Adventure Company, Classic Journeys and Off the Beaten Path.

Leahy said Antarctic weather was among the most difficult in more than a decade and forced cancellations in the Antarctica Direct flight program, along with several Egyptian river cruise sailings. Antarctica Direct is Lindblad’s shorter Antarctica program using flights between Puerto Natales, Chile, and King George Island, Antarctica, to reduce time crossing the Drake Passage.

“These cancellations not only impacted revenue from some of our most profitable voyages, but also led to higher land costs,” Leahy said, noting that some guests were already traveling when disruptions occurred.

Fleet and land expansion remain priorities

Lindblad is still evaluating expansion of its expedition fleet and land-company holdings. “We continue to be actively focused on looking to expand capacity in terms of our expedition fleet,” Leahy said, adding that geopolitical conditions had not changed that priority.

The current National Geographic-Lindblad Expeditions fleet is marketed at 24 small expedition ships. Chief Financial Officer Rick Goldberg said the company would continue to examine “accretive growth opportunities,” including additional fleet capacity and further diversification of Land Experiences brands.

No vessel order, acquisition target or delivery schedule was announced on the call. Leahy said the company is “confidently marching” toward keeping occupancy above 90% in both 2026 and 2027 while continuing to drive pricing, and said 2027 bookings are running meaningfully ahead of the same point in the 2026 booking curve.