Lindblad Expeditions Holdings, Inc. (LIND) · Nov 3, 2026 · Earnings
Beat — Diluted EPS $0.36 vs ~$0.35 consensus; revenue $269.2M vs ~$263.5M
Lindblad's Q3 earnings modestly beat consensus, with 91% occupancy and another increase to full-year revenue and EBITDA guidance.
Lindblad is expanding from an expedition-cruise operator into a broader air, land and sea adventure-travel platform, having already announced majority stakes in White Desert and Echo Charlie and raised its 2026 outlook in September. This filing is the first operating proof point after that expansion: the core business is still executing, while the newly acquired brands broaden the platform rather than replacing the existing growth story.
The quarter modestly beat the published bar. Revenue reached $269.2 million versus roughly $263.5 million expected, while diluted EPS was $0.36 versus approximately $0.35 consensus. The beat is narrow, but it came with healthy operating indicators: occupancy rose to 91% from 88%, and Lindblad-segment net yield increased 6% to $1,398.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Highlights) | $269.2M (+12%) | $240.2M | $263.5M |
| Diluted EPS (Income statement) | $0.36 | $0.00 | $0.35 |
| Adjusted EBITDA (Financial Highlights) | $64.1M (+12%) | $57.2M | |
| Occupancy (Financial Highlights) | 91% | 88% | |
| FY tour revenue guide (2026 Outlook) | $870M-$885M | $850M-$880M prior guide | |
| FY Adjusted EBITDA guide (2026 Outlook) | $142M-$148M | $140M-$148M prior guide |
The stronger part of the report is the renewed outlook raise. September's acquisition announcement had already lifted 2026 guidance to $850 million-$880 million of tour revenue and $140 million-$148 million of Adjusted EBITDA; the new ranges move the revenue floor and EBITDA floor higher again. That signals the raise is not solely an acquisition accounting story: management is also carrying forward the strong booking and operating momentum from the existing portfolio.
Execution is good, but costs are rising with growth. Adjusted EBITDA increased 12%, matching revenue growth, while higher fuel costs, National Geographic royalties and marketing spending absorbed part of the operating benefit. The result is healthy progress, not evidence yet of meaningful margin expansion.
The acquisition strategy is now using meaningful cash, though liquidity remains intact. Lindblad spent $54.6 million, net of cash acquired, on White Desert and Echo Charlie and another $19.8 million increasing stakes in Natural Habitat and Classic Journeys, while cash and restricted cash still rose to $308.2 million because operating activities generated $111.3 million.
Bottom line: This is a modestly better-than-expected quarter with a second guidance raise, reinforcing Lindblad's growth and diversification story. It matters, but it advances an already improving narrative rather than rewriting it from scratch.
Q4 earnings report, early 2027
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