Lindblad Expeditions Q2 adjusted EBITDA beats on higher occupancy, yield

Lindblad Expeditions Holdings

03/08/2026 12:42

Overview
US expedition cruise operator's Q2 revenue rose 19% yr/yr to $199.2 mln
Adjusted EBITDA for Q2 climbed 31% and beat analyst expectations
Net loss narrowed to $1.4 mln from $9.7 mln a year earlier

Outlook
Lindblad Expeditions expects 2026 tour revenues of $830 mln to $860 mln
Company sees 2026 adjusted EBITDA of $130 mln to $140 mln

Result Drivers
HIGHER OCCUPANCY AND YIELD - Lindblad segment revenue rose on a 4% increase in net yield per available guest night and occupancy rising to 91% from 86%
MORE TRIPS AND HIGHER PRICING - Land Experiences segment revenue rose 23% due to operating additional trips and higher pricing
MARGIN EXPANSION DESPITE HIGHER FUEL COSTS - Margins expanded even as fuel costs increased, according to CEO Natalya Leahy

Company press release: ID:nPn5L8NWga

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Tour Revenue
 
$199.25 mln
 
Q2 Loss Per Share
 
$0.02
 
Q2 Net Loss
 
$1.40 mln
 
Q2 Adjusted EBITDA
Beat
$32.46 mln
$23.76 mln (6 Analysts)
Q2 Operating Income
 
$11.95 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the hotels, motels & cruise lines peer group is "buy"
Wall Street's median 12-month price target for Lindblad Expeditions Holdings Inc is $28.50, about 3.7% below its July 31 closing price of $29.58
The stock recently traded at 111 times the next 12-month earnings vs. a P/E of 176 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)