Lindblad Expeditions Holdings, Inc.

Total company revenue for Q2 2026 was $199.2 million, up $31.3 million or 18.6% year over year. Lindblad segment revenue rose 16.4% to $129.2 million, and Land Experiences revenue increased 23% to $70 million. Adjusted EBITDA was $32.5 million, up $7.6 million or 30.7%, and adjusted EBITDA margin improved 150 basis points to 16.3%. Gross margin increased to 48.5%, up 290 basis points year over year. Net loss available to stockholders was $1.4 million, or a loss of $0.02 per share, versus a loss of $0.18 per share last year. For the full year, management raised revenue guidance to $830 million-$860 million from $800 million-$850 million and raised net yield guidance to 4.5%-5.5% from 4%-5%, while reaffirming adjusted EBITDA guidance of $130 million-$140 million. They also said available guest nights should be approximately flat year over year in the second half of 2026.

Natalya Leahy framed the quarter as proof that Lindblad’s revenue-maximization and operational-excellence strategy is working, pointing to 91% occupancy, record net yield, and strong booking momentum into 2026, 2027, and 2028. She emphasized that expedition travel is still underpenetrated and that Lindblad’s National Geographic partnership, data-driven commercial approach, and brand portfolio give the company room to grow. Her tone was confident and upbeat, but grounded in execution and discipline rather than broad market hype.

Rick Goldberg highlighted the financial mechanics behind the quarter: capacity was up 11.9% in Lindblad, revenue rose 18.6%, gross margin reached 48.5%, and adjusted EBITDA grew to $32.5 million. He noted fuel remained a meaningful headwind, with fuel costs up $2.7 million or 64% year over year and representing 5.3% of Lindblad revenue versus 4.8% last year, though fuel consumption fell more than 3% despite higher capacity. On the balance sheet, cash ended at $364.9 million, up $75.2 million versus the end of 2025, free cash flow year to date increased 93% to $93.6 million, and net leverage improved to 2.2x from 2.7x in Q1. He said capital allocation priorities remain organic investment first, then disciplined accretive acquisitions, with excess capital potentially used for debt reduction or opportunistic buybacks.

Analysts focused on how much more room there is for occupancy gains, whether fuel pressure could squeeze the second half EBITDA outlook, and how the company is thinking about capital allocation and M&A. Management said occupancy around 90% is roughly the norm for the business, and future yield growth is more likely to come from better deployment, product mix, demand generation, and ancillary revenue than from significantly higher occupancy. On fuel, Rick said prices stayed elevated through Q2 and the company is modeling scenarios where fuel remains near $100 per barrel for the rest of the year, which would still fit within the $130 million-$140 million EBITDA range. They also said the company is actively evaluating accretive growth opportunities, while keeping founder co-ownership in land businesses as part of its model rather than necessarily moving to 100% ownership.