Lindblad Expeditions Holdings, Inc. (LIND) Earnings
Lindblad Expeditions Holdings, Inc. is expected to report next earnings on November 3, 2026 (in NaN days), with a consensus EPS estimate of $0.40. LIND has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise +223.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 3, 2026 | $-0.10 | $-0.02 | +80.8% | $199M | +7.2% |
| May 5, 2026 | $0.01 | $0.09 | +800.0% | $208M | +5.5% |
| Feb 26, 2026 | $-0.32 | $-0.44 | -37.8% | $183M | +9.3% |
| Nov 4, 2025 | $0.22 | $0.33 | +50.0% | $240M | +43.3% |
| Feb 27, 2025 | $-0.25 | $-0.48 | -92.0% | $149M | -9.3% |
| Apr 30, 2024 | $-0.04 | $-0.10 | -122.2% | $154M | +1.1% |
| Feb 28, 2024 | $-0.30 | $-0.53 | -76.7% | $125M | -3.5% |
| Nov 2, 2023 | $0.04 | $0.08 | +100.0% | $176M | +32.4% |
| Jul 27, 2023 | $-0.36 | $-0.48 | -33.3% | $125M | -26.0% |
| May 3, 2023 | $-0.20 | $-0.01 | +95.0% | $143M | +8.4% |
| Feb 28, 2023 | $-0.46 | $-0.63 | -37.0% | $118M | +25.1% |
| Nov 2, 2022 | $-0.29 | $-0.18 | +37.9% | $145M | +32.8% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 3, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Core Operating Results * Delivered 19% total revenue growth, 31% adjusted EBITDA growth to $32.5 million, with adjusted EBITDA margins improving 150 basis points to 16.3% despite elevated fuel prices * Achieved 91% occupancy, the highest Q2 occupancy in 10 years, marking the second consecutive quarter hitting the 90%+ occupancy target, with a 12% increase in capacity year-over-year * Recorded a 4.3% net yield increase to $1,294 per guest night, the sixth consecutive quarter of record Q2 net yields * 2026 bookings for both segments outpace prior year levels, and 2027 bookings are also pacing ahead of 2026 - Strategic Pillar 1: Maximize Revenue Generation * Launched 2028 deployments with an integrated demand generation strategy; early results show twice the revenue of the 2027 launch in the same initial period * Added new itineraries including a return to French Polynesia, and expansion in high-demand destinations such as European river cruises and the Amazon * Grew international presence: bookings from Australia/New Zealand rose 44% in the six weeks after a leadership market visit, and UK outbound sales increased 44% year-over-year * Onboard and extension revenue grew 28% driven by product expansion and pre-voyage initiatives * Deepened the exclusive competitive partnership with National Geographic to enhance guest experiences through access to explorers and conservation engagement - Strategic Pillar 2: Optimize Financial and Operational Performance * Maintains a robust pipeline of cost innovation initiatives; over 30 new initiatives are in progress that will deliver results from late 2026 through 2029 * Deployment optimization cut 92 non-revenue days from the 2028 schedule compared to 2026 * Reduced fuel consumption by more than 3% year-over-year despite 12% higher capacity, through ship-level efficiency initiatives * Completed contract renegotiations across the brand portfolio to deliver ongoing run-rate cost savings * Gained 290 basis points of gross margin improvement to 48.5% year-over-year - Strategic Pillar 3: Pursue Accretive Growth * Launched differentiated new land itineraries: the sold-out Alaska Grand Slam covering all 8 Alaska national parks, expanded hiking + cycling itineraries, and Women Only Walks across 20 destinations * Continues to evaluate fleet expansion and accretive acquisitions to expand the brand portfolio * Recognized for sustainability leadership, winning the 2026 SeaTrade Cruise Award for most sustainable food and beverage program - Balance Sheet Strength * Ended Q2 with $364.9 million in total cash, up $75.2 million from end-2025; year-to-date free cash flow grew 93% to $93.6 million * Net leverage declined to 2.2x from 2.7x at the end of Q1 2026, strengthening the balance sheet for growth initiatives
Guidance
- 2026 full-year revenue guidance was raised to $830 million to $860 million, up from the prior guidance range of $800 million to $850 million - 2026 full-year net yield per available guest night guidance was increased to a range of 4.5% to 5.5% year-over-year growth, up from the prior 4% to 5% range - Adjusted EBITDA guidance for 2026 is maintained at $130 million to $140 million, to account for continued elevated fuel prices - Available guest nights are expected to be approximately flat year-over-year in the second half of 2026, with mid-single digit growth in Q3 and mid-single digit decline in Q4
Segment performance
Total company Q2 2026 revenue was $199.2 million, a 18.6% increase from $167.9 million in Q2 2025. 1. Lindblad segment: Revenue was $129.2 million, a 16.4% year-over-year increase, contributing 64.9% of total company revenue. Adjusted EBITDA for the segment increased 37.5% year-over-year. Fuel costs represented 5.3% of Lindblad segment revenue, up from 4.8% in the prior year. 2. Land experiences segment: Revenue was $70 million, a 23% year-over-year increase, contributing 35.1% of total company revenue. Revenue growth was driven by 13% guest growth and an 8% increase in revenue per guest. Adjusted EBITDA for the segment increased 17.5% year-over-year.
Risks & headwinds
- Fuel prices remain elevated amid heightened geopolitical tensions in the Middle East, increasing 64% year-over-year in Q2, creating ongoing cost headwinds - Geopolitical uncertainty raises the risk of voyage cancellations, which could negatively impact full-year results - If fuel prices remain at current elevated levels near $100 per barrel, results will fall within the maintained EBITDA guidance range, with no upside implied outside of the existing range - While the company has reduced fuel consumption through efficiency initiatives, high market prices continue to pressure margins
Analyst Q&A
Q: Analyst asks what further upside exists for occupancy beyond the recent 91% result, and how high levels can go as new 2027 and 2028 itineraries launch. /
A: Management states 90%+ occupancy is likely the new normal for the business, given the small ship size and ultra-premium positioning. Healthy yield growth is expected to continue, driven by improved deployment, better product mix, more effective demand generation, and growing high-margin ancillary revenue streams like onboard and extension sales. (188 characters)
Q: Analyst asks for updated thinking on increasing ownership stakes in land experience businesses to 100%, including whether full acquisition is part of the plan. /
A: Management notes the current co-ownership model with land business founders is a key differentiator that aligns incentives, and the company expects this model to continue. Recent stake increases came from founders monetizing partial positions after contract extensions, which was a mutually beneficial outcome, and full 100% ownership is not an immediate priority. (260 characters)
Q: Analyst asks for insight into early 2028 booking trends, how momentum compares to 2027, and how price vs traffic contribution will evolve going forward. /
A: Management confirms 2028 launch revenue was double the 2027 launch for the same initial period, driven by stronger demand generation. Net yield growth in 2026 has been driven primarily by occupancy gains, but management expects future net yield growth from 2026 to 2027 will be driven more by direct pricing increases on a like-for-like basis. (274 characters)
Q: Analyst asks why adjusted EBITDA guidance was maintained despite raised revenue guidance and fuel efficiency gains, and what factors explain the second half EBITDA cadence. /
A: Management explains Q1 had a $3 million one-time insurance revenue benefit and Q2 had 12% capacity growth, while the second half expects flat capacity year-over-year. Elevated fuel prices (modeled at ~$100/barrel), the final royalty step-up for the National Geographic contract, and geopolitical cancellation risk create ongoing headwinds that offset higher revenue, so guidance remains unchanged within the existing range. (323 characters)