Lindblad Expeditions Holdings, Inc. Q2 2026 Earnings Recap

Lindblad Expeditions’ shares jumped 15.2% as revenue growth and margin expansion notably outperformed expectations, with management also raising revenue and net yield guidance for 2026.

Key Takeaways

• Total company revenue rose 19% year-over-year to $199 million, driven by a 16% increase in the Lindblad segment and 23% growth in Land Experiences.
• Adjusted EBITDA increased 31% to $32.5 million, with margins improving 150 basis points to 16.3% despite fuel price pressures.
• Occupancy reached 91%, surpassing the company’s 90% target and marking the highest second-quarter occupancy rate in a decade.
• Net yield grew 4% to $1,294 per guest night, setting a second-quarter record for the sixth consecutive quarter.
• Raised 2026 revenue guidance to $830-$860 million from $800-$850 million and increased net yield guidance by 50 basis points; full-year adjusted EBITDA guidance was reaffirmed.