Skip to content
    LIND
    Earnings call· Jun 2026(Q2 FY26)

    LINDBLAD EXPEDITIONS HOLDINGS Q2 FY26 earnings call LIND

    Aug 3, 2026 Source

    Executive summary

    Lindblad Expeditions Q2 FY26 — Record Yields and Strong Booking Momentum

    Lindblad Expeditions delivered a robust second quarter, driven by strong demand for its unique travel experiences, leading to record net yields and high occupancy. The company is effectively leveraging its strategic pillars of revenue maximization and operational efficiency, with early bookings for 2028 showing exceptional momentum. Despite persistent fuel price headwinds, Lindblad is well-positioned for continued growth through disciplined execution and evaluation of accretive opportunities.

    Highlights

    5

    • Total company revenue grew 19% YoY, with Lindblad segment revenue up 16% to $129 million and Land Experiences segment revenue up 23% to $70 million.

    • Adjusted EBITDA increased 31% to $32.5 million, with adjusted EBITDA margins improving 150 basis points to 16.3%.

    • Occupancy reached 91%, up from 86% in Q2 FY25, marking the highest second quarter occupancy rate in 10 years.

    • Net yield increased 4% to $1,294 per guest night, a record for the second quarter and the sixth consecutive record quarter.

    • The 2028 deployment launch generated twice the revenue of the same period last year, and 2027 bookings continue to pace ahead of 2026.

    Concerns

    3

    • Fuel prices remained elevated, increasing $2.7 million or 64% YoY, representing 5.3% of Lindblad segment revenue.

    • Full-year 2026 Adjusted EBITDA guidance was maintained at $130 million to $140 million despite a revenue raise, due to continued elevated fuel costs and other headwinds.

    • General and administrative costs increased $6.8 million or 27% YoY, partly due to the absence of a one-time tax credit benefit from Q2 FY25.

    Guidance & targets

    4
    CategoryTargetConfidence
    Full-year 2026 Revenue
    $830 million to $860 million
    high materiality
    High
    Full-year 2026 Net Yield per Available Guest Night Growth
    4.5% to 5.5%
    high materiality
    High
    Full-year 2026 Adjusted EBITDA
    $130 million to $140 million
    high materiality
    Medium
    Available Guest Nights
    approximately flat
    medium materiality
    High

    Segment performance

    2
    SegmentRevenueYoYQoQMargin
    Lindblad
    Successfully absorbed 11.9% additional capacity while driving both occupancy and pricing. Highest second quarter occupancy in 10 years and highest second quarter net yield in company history.
    Occupancy: 91%Net yield per available guest night: $1,294
    		$129.2 million16.4%——
    Land Experiences
    Growth driven by increased guests and higher revenue per guest.
    Guests: 13% growthRevenue per guest: 8% increase
    		$70 million23%——

    Operational metrics

    20
    Total Company Revenue Growth
    19%
    Q2 FY26

    Total company revenue increased by $31.3 million to $199.2 million compared to $168 million in Q2 FY25.

    Adjusted EBITDA
    $32.5 millionup 31% from $24.8 million YoY
    Q2 FY26

    Increased by $7.6 million compared to Q2 FY25.

    Adjusted EBITDA Margin
    16.3%improved 150 bps YoY
    Q2 FY26

    Improved despite continued significant challenges from fuel prices.

    Occupancy
    91%up from 86% in Q2 FY25
    Q2 FY26

    Slightly ahead of expectations, achieving the 90-plus target for the second consecutive quarter.

    Net Yield per Guest Night
    $1,294up 4% from $1,241 YoY
    Q2 FY26

    Achieved despite a 12% increase in capacity.

    Fuel Costs as % of Lindblad Segment Revenue
    5.3%vs 4.8% in Q2 FY25
    Q2 FY26

    Fuel costs increased $2.7 million or 64% year-over-year due to elevated prices amid geopolitical tensions.

    Cost of Tours Increase
    $11.2 millionup 12.3% YoY
    Q2 FY26

    Driven by operating additional voyages and trips, as well as higher fuel costs.

    Gross Margin
    48.5%improved 290 bps YoY
    Q2 FY26

    Improvement reflects operational efficiencies.

    Sales and Marketing Costs Increase
    $5.6 millionup 21.3% YoY
    Q2 FY26

    Primarily due to the final royalty rate step-up under the National Geographic agreement.

    General and Administrative Costs Increase
    $6.8 millionup 27% YoY
    Q2 FY26

    Excluding the one-time item, G&A as a percentage of revenue declined 100 basis points year-over-year. Driven by higher personnel costs and strategic growth investments.

    Lindblad Segment Adjusted EBITDA Increase
    $6.1 millionup 37.5% YoY
    Q2 FY26

    Contributed to overall company adjusted EBITDA growth.

    Land Experiences Segment Adjusted EBITDA Increase
    $1.5 millionup 17.5% YoY
    Q2 FY26

    Contributed to overall company adjusted EBITDA growth.

    Total Cash
    $364.9 millionincreased $75.2 million vs end of 2025
    Q2 FY26

    Increase reflects $108.5 million in cash from operations.

    Net Leverage
    2.2xdeclined from 2.7x at end of Q1
    Q2 FY26

    Strengthening the balance sheet.

    Adjusted EBITDA
    $67 million
    H1 FY26

    Cumulative EBITDA for the first half of the year.

    Australia and New Zealand Bookings Growth
    44%vs same period prior to visit
    6 weeks post visit

    Followed a major market engagement trip by the sales team.

    Outbound Sales Program Growth
    44%vs Q2 FY25
    Q2 FY26

    Supported by strong fleet generation and momentum from the UK market launch.

    Onboard and Expansion Revenue Growth
    28%
    Q2 FY26

    Driven by continued expansion of product and service offerings and pre-voyage initiatives.

    Non-Revenue Days Reduction
    92 fewervs 2026 deployment
    2028 deployment

    Result of execution against dry dock and deployment optimization strategies.

    Fuel Consumption Reduction
    3%YoY
    Q2 FY26

    Achieved despite a 12% increase in capacity, through ship-level cost innovation initiatives.

    Orderbook & backlog

    3
    2026 Bookingsabove prior yearQ2 FY26

    Both for land and expedition segments, with last-minute availability booking at a healthy pace.

    2027 Bookingspacing ahead of 2026Q2 FY26

    Pacing ahead in both segments.

    2028 Deployment Launch Revenuetwice the revenuefirst few weeks of launch

    up 100% YoY

    Compared to the same period last year for the 2027 launch.

    Product announcements

    4
    ProductTypeDetails
    2028 Deploymentlaunch
    Offbeat on Pass Alaska Grand Slam Itinerarylaunch
    Hiking Plus Cycle Itinerariesexpansion
    Women-Only Works (WOW)launch

    Deals & partnerships

    2
    National GeographicDeepening and enriching guest experience, unique competitive advantage, and brand recognition.

    Partnership enhances guest experience and introduces Lindblad to new audiences. Management attended the opening of the new National Geographic Explorers Museum and hosted explorers. Final royalty rate step-up under the contract impacted sales and marketing costs.

    Land Company FoundersExtension of agreements with founders of land experience businesses.

    Agreements extended with all four land company founders, allowing some to monetize a portion of their ownership while maintaining alignment and their continued involvement in running the businesses.

    Risks & headwinds

    3
    Elevated Fuel PricesQ2 FY26 and expected to remain elevated for remainder of FY26

    Increased $2.7 million or 64% YoY; represented 5.3% of Lindblad segment revenue in Q2 FY26.

    Mitigation: Reduced fuel consumption by more than 3% YoY despite 12% capacity increase; modeling scenarios with prices remaining at $100 a barrel.

    Final Royalty Rate Step-upQ2 FY26 and ongoing

    Contributed to $5.6 million or 21.3% increase in sales and marketing costs.

    Risk of Canceled Voyages

    Not quantified, but noted as a risk.

    What to watch in Q3 FY26

    4

    Fuel Price Impact on EBITDA

    next quarter
    CurrentElevated, assumed at $100/barrel
    TargetModeration or continued elevation within guidance range

    Why it matters

    Fuel prices are a significant headwind impacting the company's ability to raise EBITDA guidance despite revenue growth.

    And so we are modeling a range of scenarios, including having fuel prices remain at this elevated level where it was at the end of Q1, at the end of Q2, close to $100 a barrel for the remainder of the fiscal year. And if that is the case, we will remain within our guidance range of $130 million to $140 million of EBITDA.

    Q&A highlights

    7

    How much more run rate is there for occupancy, and what is the ultimate potential for yield growth, especially with new calendars for 2027 and 2028?

    Occupancy levels around 90% are considered the norm for the business, but there is significant potential for continued healthy yield growth, driven by improved deployment, demand generation efforts, and additional revenue streams like onboard and expansion revenues.

    “I do think we have a potential to grow -- continue to grow yields at a very healthy rate, which is what current booking trends are showing and that's both from our improved deployment and mix of the product or significant improved demand generation efforts and our additional revenue streams such as onboard revenue and expansion revenues.”

    asked by Ian Zaffino · answered by Natalya Leahy

    2 min read6 chapters

    Detailed Narrative

    01

    Strategic Pillars and Market Opportunity

    Lindblad Expeditions operates at the intersection of three powerful trends: consumers valuing experiences over possessions, affluent travelers seeking immersive experiences, and a desire for purpose and human connection in travel. Expedition travel is a fast-growing segment, yet represents less than 1% of the global cruise market, indicating a large addressable market of over 20 million U.S. households with high net worth. The company believes it is in the early stages of a long growth trajectory, leveraging six decades of expertise and its unique partnership with National Geographic.

    02

    Revenue Maximization Efforts

    The company's demand generation strategy has led to strong booking momentum across 2026, 2027, and 2028. The recent 2028 deployment launch generated twice the revenue of the same period last year, driven by an integrated approach engaging guests and travel partners. International expansion is also gaining traction, with bookings from Australia and New Zealand up 44% post-market engagement trip, and outbound sales increasing 44% YoY. Onboard and expansion revenue also grew 28%.

    03

    Operational Excellence and Productivity

    Lindblad is focused on optimizing financial performance through cost innovation and fixed asset optimization. The company has a deep pipeline of cost innovation initiatives, with 30+ new initiatives expected to deliver results in the coming years. Execution against dry dock and deployment optimization strategies resulted in 92 fewer non-revenue days for the 2028 deployment compared to 2026. Fuel consumption was reduced by over 3% YoY despite a 12% capacity increase, and contract renegotiations are delivering meaningful run-rate savings.

    04

    Accretive Growth Initiatives

    The company is exploring and capitalizing on accretive growth opportunities, including additions to its brand portfolio. New land initiatives like the 'Offbeat on Pass Alaska Grand Slam' itinerary, covering all 8 Alaska national parks, sold out quickly. Expanded hiking plus cycle itineraries and women-only works (WOW) across 20 destinations have also been well-received. Lindblad continues to evaluate fleet expansion and diversification of its land experience brands.

    05

    Sustainability Recognition and Team Performance

    Lindblad Expeditions was recognized with the 'Most Sustainable F&B Program Award' at the 2026 Seatrade Cruise awards, highlighting its commitment to sustainable local sourcing and food waste reduction. Management expressed pride in the team's execution in a dynamic operating environment, emphasizing their humility, growth mindset, and unwavering commitment to the guest experience, which has driven significant operational changes.

    06

    Capital Allocation Priorities

    The company's capital allocation priorities remain unchanged: first, investing in organic growth opportunities; second, pursuing disciplined accretive investments across both Expedition cruising and land experience businesses; and finally, evaluating returns to shareholders through debt reduction or opportunistic share repurchases if capital is generated beyond those needs. The company also extended agreements with all four land company founders, allowing some to monetize a portion of their ownership while maintaining alignment.

    AI-generated summary of the company’s earnings call. Not investment advice.