Lindblad Posts Record Quarter: $24.2M Net Income, 91% Occupancy

Lindblad Expeditions turned a $24.2 million quarterly profit — the highest in its history — on revenue of $269.2 million, up 12% year over year, for the third quarter ended September 30, 2026.

Net income available to stockholders reached $0.36 per diluted share, a $24.3 million swing from a net loss of $49 thousand in the third quarter of 2025. Adjusted EBITDA (a profitability measure that excludes interest, taxes, depreciation and amortization) rose 12%, or $6.9 million, to $64.1 million — a company record.

CEO Natalya Leahy framed the quarter as more than a strong P&L. "It has been an exciting quarter for us!" she said. "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."

Where the revenue came from

The Lindblad segment — the expedition cruise business — generated $153.4 million in tour revenues, up $15.8 million, or 11%. Occupancy climbed to 91% from 88% on a 4% increase in available guest nights, pushing net yield (revenue per available guest night) up 6% to $1,398. The operator is filling more berths at higher prices on more capacity, which is the core pricing mechanism sellers of expedition product watch closest.

The Land Experiences segment contributed $115.8 million, up $13.2 million, or 13%, driven by more guests and additional trips operated. Land Experiences now accounts for roughly 43% of total tour revenue, a meaningful share for a company historically defined by its ships.

What lifted the bottom line — and what held it back

The $24.3 million improvement in net income reflects better operating results, partly offset by a $7.0 million increase in income tax expense. The 2025 comparison also flatters the swing: last year's quarter absorbed a $23.5 million loss on debt extinguishment and a $1.2 million preferred stock dividend, while catching a $1.8 million benefit from employee retention tax credits. Strip those one-offs and the underlying operating gain is real, but smaller than the headline suggests.

Segment profitability split $4.3 million to $2.5 million in Lindblad's favor. The Lindblad segment's $37.1 million Adjusted EBITDA came despite higher fuel costs, more voyages, and — notably for distribution economics — increased royalties tied to the final royalty rate step-up under the National Geographic agreement, plus higher marketing spend on long-term growth initiatives. Land Experiences posted $27.0 million, absorbing added operating, personnel and marketing costs from its expanded trip count.

What the acquisitions signal

Lindblad acquired a majority ownership interest in White Desert, the luxury Antarctic operator, and launched Echo Charlie, a new aviation travel brand offering specialized access to unique destinations. Both moves push the company beyond ship-based expedition into premium fly-in access — Antarctic camps and private aviation — where per-guest price points sit well above conventional expedition cruising.

"Our confidence in the future and appreciation for our people who make it possible have never been stronger," Leahy said.

The takeaway: three straight quarters above 90% occupancy and record EBITDA give Lindblad the balance sheet to keep buying growth — and the White Desert and Echo Charlie deals suggest it intends to spend it on premium, capacity-constrained product rather than more tonnage.