Lindblad Expeditions Q3 adjusted EBITDA beats on higher occupancy

Lindblad Expeditions Holdings

03/11/2026 12:42

Overview
US expedition cruise operator's Q3 revenue rose 12% yr/yr; net income hit record high
Q3 adjusted EBITDA beat analyst expectations, driven by higher occupancy and net yield
Company acquired majority stakes in White Desert and Echo Charlie to expand offerings

Outlook
Lindblad sees 2026 FY tour revenues of $870 mln to $885 mln
Company expects 2026 adjusted EBITDA of $142 mln to $148 mln

Result Drivers
HIGHER OCCUPANCY - Co said Lindblad segment occupancy increased to 91% from 88%, contributing to revenue growth
INCREASED NET YIELD - Lindblad segment net yield per available guest night rose 6% to $1,398, supporting higher segment revenue
MORE LAND TRIPS - Co said Land Experiences segment revenue rose 13% yr/yr, mainly due to more guests and additional trips

Company press release: ID:nPn8g2gBCa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Tour Revenue
 
$269.15 mln
 
Q3 EPS
 
$0.36
 
Q3 Net Income
 
$24.20 mln
 
Q3 Adjusted EBITDA
Beat
$64.12 mln
$58.20 mln (7 Analysts)
Q3 Operating Income
 
$42.75 mln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 3 "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 $37.00, about 0.9% above its November 2 closing price of $36.66
The stock recently traded at 82 times the next 12-month earnings vs. a P/E of 110 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.)