Lindblad Expeditions Posts $24.2 Million Profit in Third Quarter
Key Facts
Lindblad Expeditions reported net income attributable to shareholders of $24.2 million, or $0.36 per diluted share, in the third quarter of 2026, compared with a net loss of $49,000 and diluted earnings per share of $0.00 in the same period of 2025. In its results statement, the company said net income increased $24.3 million year over year. Investing.com reported that earnings per share topped the analyst estimate it cited of $0.35, while revenue also exceeded its estimate of $263.54 million. Voyage revenue was $269.2 million, up 12% from the same quarter a year earlier. The figures put improved profitability alongside an expansion in operating activity during the quarter.
Management attributed the improvement in net income mainly to better operating results, partly offset by a $7.0 million increase in income tax expense. The third-quarter 2025 loss also included a $23.5 million loss on debt extinguishment, an item in the year-over-year earnings comparison. In voyage revenue, the Lindblad segment contributed $15.8 million to the annual increase, while the Land Experiences segment contributed $13.2 million. Combined revenue from the two segments rose $29.0 million to $269.2 million. The contributions show that revenue growth was spread across sea and land travel.
The Lindblad segment recorded voyage revenue of $153.4 million, up 11% from the third quarter of the previous year. The company said occupancy rose to 91% as guest nights available increased 4%. This helped lift net yield per available guest night 6% to $1,398. In the Land Experiences segment, voyage revenue was $115.8 million, up 13% year over year. The company attributed the increase mainly to a higher number of guests and the operation of additional voyages.
Adjusted earnings before interest, taxes, depreciation and amortization were $64.1 million for the quarter, up $6.9 million from the same period in 2025. The Lindblad segment contributed $4.3 million of the increase, while the Land Experiences segment added $2.5 million. Chief Executive Natalia Leahy described adjusted earnings as a record and said occupancy had topped 90% for the third consecutive quarter. She added that the company's acquisition of White Desert and launch of Echo Charlie open "a new chapter of growth, innovation and long-term shareholder value creation." In September 2026, the company announced its acquisition of majority stakes in White Desert, which specializes in luxury trips to Antarctica, and Echo Charlie, its new air-travel brand for niche destinations.
The company set its 2026 fiscal-year outlook at voyage revenue of between $870 million and $885 million, and adjusted earnings before interest, taxes, depreciation and amortization of between $142 million and $148 million. On liquidity and financing, cash, cash equivalents and restricted cash totaled $308.2 million as of September 30, 2026. Total debt stood at $675.0 million on the same date. The company said it was in compliance with all applicable debt covenants. The figures put its activity and profitability outlook alongside its liquidity and debt at quarter-end.
The company had announced that third-quarter results would be released before the market opened on Tuesday, November 3, 2026, and that it would hold an online conference call to discuss them at 9:00 a.m. U.S. Eastern time. The company's shares, traded under the ticker LIND, closed at $36.66 in the November 2 session, according to L7 data. The scheduled call to discuss results follows the announcement of higher net income and growth in voyage revenue. The company also made its results available to investors before trading began on the day of the announcement. The conference call was scheduled for the same day the results were released.