Lindblad Expeditions (LIND) Q1 2026 earnings summary

Executive summary

• Achieved record first quarter with total revenue up 16% year-over-year to $208.0 million and net income of $6.1 million, reversing a slight loss or flat result from the prior year.

• Adjusted EBITDA rose 16% to $34.8 million, driven by both Lindblad and Land Experiences segments.

• Occupancy reached an all-time high of 93% on a 6% increase in capacity, with net yield per available guest night up 7% to $1,631.

• All outstanding Series A Preferred Stock was converted to common stock in February 2026, eliminating potential future repurchase obligations.

• Increased ownership in Natural Habitat to 95.1% after a $16.6 million acquisition of an additional 5% stake.

Financial highlights

• Q1 2026 revenues were $208 million, up $28.3 million or 16% from Q1 2025, with Lindblad segment up 16% to $152.5 million and Land Experiences up 14% to $55.5 million.

• Adjusted EBITDA was $34.8 million, up 16% year-over-year.

• Net income available to stockholders was $6.1 million ($0.09 per share), compared to a slight loss or breakeven last year.

• Free cash flow increased to $42.6 million; cash and equivalents rose to $321 million.

• Operating income grew 47% year-over-year to $15.6 million.

Outlook and guidance

• Maintaining full-year guidance: available guest nights to rise 4.5%-5%, net yield per guest night up 4%-5%.

• Total company revenue expected between $800 million-$850 million; Adjusted EBITDA $130 million-$140 million.

• Management expects sufficient liquidity for at least the next 12 months, supported by cash on hand, operating inflows, and a $60 million undrawn revolving credit facility.

• Continued focus on growth through expanded itineraries, partnerships, and acquisitions.

• Strong booking momentum for 2026 and accelerating demand for 2027.