Lindblad Expeditions Holdings, Inc. Q3 2026 Earnings Recap

Lindblad Expeditions shares fell 10.6% after earnings, despite higher revenue and EBITDA and an increase in full-year guidance. The transcript offers no explicit reason for the selloff; elevated fuel costs remain a stated headwind, but the company reported quarterly EBITDA growth despite fuel prices rising about 50% year over year.

Key Takeaways

• Q3 revenue rose 12% to $269 million and Adjusted EBITDA increased 12% to $64 million; net income available to stockholders was approximately $27 million.
• Occupancy increased 310 basis points to 91% on 4% capacity growth. Net Yield rose 6% to $1,398 per guest night.
• Full-year 2026 revenue guidance was raised to $870 million–$885 million, and Adjusted EBITDA guidance to $142 million–$148 million; expected full-year net yield growth is 6%–7%.
• Lindblad segment revenue increased 12% to $153 million, while Land Experiences revenue rose 13% to $116 million.
• The company said 2027 bookings are ahead of the prior year in both segments, with a record booked position, and 2028 bookings are pacing ahead of 2027.