Lindblad Expeditions Holdings Inc., a leader in expedition cruises and adventure travel, has announced a robust financial performance for the first quarter of 2026. The company reported a 16% increase in total revenue, reaching $208 million (US$208 million), and a net income of $60 million (US$60 million), a significant turnaround from a net loss in the same period last year. The results were driven by increased pricing and occupancy, which rose to a record 93%.
The Lindblad segment saw a 16% rise in tour revenues, attributed to a 7% increase in net yield per available guest night, now at $1,631 (US$1,631). The Land Experiences segment also contributed with a 14% revenue increase, thanks to higher pricing and itinerary changes. CEO Natalya Leahy highlighted the company's strategic execution amidst a challenging macroeconomic and geopolitical environment, stating, "Our team delivered another record quarter, achieving 93% occupancy, the highest in the company's history."
Adjusted EBITDA for the quarter rose by 16% to $34.8 million (US$34.8 million), with the Lindblad segment contributing $27.9 million (US$27.9 million) and the Land Experiences segment adding $6.9 million (US$6.9 million). This growth was partially offset by increased costs related to more voyages and higher marketing expenses.
Looking ahead, Lindblad expects full-year 2026 tour revenues to range between $800 million (US$800 million) and $850 million (US$850 million), with adjusted EBITDA projected at $130 million (US$130 million) to $140 million (US$140 million). The company continues to execute its $350 million (US$350 million) stock repurchase plan, with $120 million (US$120 million) remaining as of April 2026
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