Lindblad Expeditions Tops Second-Quarter Estimates as Revenue Climbs 19%

Lindblad Expeditions Holdings, Inc. (NASDAQ:LIND) reported second-quarter 2026 results on Monday that exceeded Wall Street expectations, as higher occupancy levels and stronger pricing helped drive double-digit revenue growth.

The stronger-than-expected performance sent the expedition cruise operator’s shares up 4.53% in pre-market trading.

Earnings and Revenue Beat Forecasts

The company posted a quarterly loss of $0.02 per share, outperforming analysts’ expectations for a loss of $0.12 per share.

Revenue increased 19% year over year to $199.2 million, exceeding the consensus estimate of $186.3 million.

Growth was driven by an $18.2 million increase in revenue from the Lindblad expedition cruise business, alongside a $13.1 million improvement in the Land Experiences segment.

Occupancy and Pricing Continue to Improve

Within the Lindblad segment, net yield per available guest night rose 4% to a record $1,294.

Occupancy also strengthened to 91%, up from 86% in the second quarter of 2025, marking the company’s strongest second-quarter occupancy rate in ten years.

“Our second-quarter results once again demonstrate the strength of our strategy and the focused execution of our team,” said Natalya Leahy, Chief Executive Officer. “We achieved another record second-quarter net yield of $1,294 and 91% occupancy, our strongest second-quarter occupancy in a decade, while increasing capacity by 12%.”

Company Issues 2026 Revenue Outlook

Lindblad forecast full-year 2026 revenue of between $830 million and $860 million.

The midpoint of $845 million is slightly below the analyst consensus estimate of $848.4 million.

The company maintained its full-year adjusted EBITDA guidance at $130 million to $140 million.

Profitability Improves Despite Net Loss

Adjusted EBITDA increased 31% year over year to $32.5 million, compared with $24.8 million in the same quarter last year.

Lindblad also significantly narrowed its net loss attributable to shareholders, reporting a loss of $1.4 million versus $9.7 million in the prior-year period.

Lindblad Expeditions Holdings stock price