Lindblad Expeditions Holdings, Inc. (LIND) Earnings
Lindblad Expeditions Holdings, Inc. is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $-0.12. LIND has beaten EPS estimates in 5 of its last 12 reported quarters (average surprise +180.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $0.01 | $0.09 | +800.0% | $208M | +5.5% |
| Feb 26, 2026 | $-0.32 | $-0.44 | -37.8% | $183M | +9.3% |
| Nov 4, 2025 | $0.22 | $0.33 | +50.0% | $240M | +43.3% |
| Feb 27, 2025 | $-0.25 | $-0.48 | -92.0% | $149M | -9.3% |
| Apr 30, 2024 | $-0.04 | $-0.10 | -122.2% | $154M | +2.6% |
| Feb 28, 2024 | $-0.30 | $-0.53 | -76.7% | $125M | -1.5% |
| Nov 2, 2023 | $0.04 | $0.08 | +100.0% | $176M | +39.8% |
| Jul 27, 2023 | $-0.36 | $-0.48 | -33.3% | $125M | -26.0% |
| May 3, 2023 | $-0.20 | $-0.01 | +95.0% | $143M | +12.1% |
| Feb 28, 2023 | $-0.46 | $-0.63 | -37.0% | $118M | +25.1% |
| Nov 2, 2022 | $-0.29 | $-0.18 | +37.9% | $145M | +32.8% |
| Aug 1, 2022 | $-0.59 | $-0.59 | +0.0% | $91M | +12.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Record first quarter occupancy of 93% with 6% increase in capacity and 7% increase in net yield to $1,631 per guest night. Revenues increased 16% with Lindblad and land segments growing 16% and 14% respectively. 14% EBITDA growth and $6 million net income available to shareholders. - Challenging operating environment with Antarctica weather and Egyptian river cruise cancellations leading to higher land costs. Increased demand generation spending. - Strengthening Disney and National Geographic relationships; bookings from Disney earmarked travel agents up 67% in Q1. Signed first charter agreement with Club 33. Onboard sales program with over a quarter of guests booking next voyage before disembarking. Outbound sales program up 64%. Strong momentum in UK market and deepening presence in Australia. - Cost innovation initiatives including fuel consumption efforts, enhanced ship maintenance protocols, supply chain contract renegotiations, and operating model re-evaluation. - Accretive growth with partnership with Earthwatch and evaluation of fleet and portfolio expansion. Progress in food waste reduction and named one of Time's 10 most influential travel and tourism companies of 2026.
Guidance
Available guest nights expected to increase 4.5% to 5%. Net yield for an available guest night expected to increase 4% to 5%. Total company revenue expected in the range of $800 million to $850 million. Adjusted EBITDA expected in the range of $130 million to $140 million. Maintaining guidance shared on last earnings call. Strong booking momentum for 2026 and accelerating demand for 2027.
Segment performance
Total company revenues for Q1 2026 were $208 million, an increase of $28.3 million, or 15.7%, versus Q1 2025. Lindblad segment revenues were $152.5 million, an increase of $21.4 million, or 16.3%, compared to the prior year. Occupancy increased from 89% to 93%, the highest first quarter occupancy in company history, and net yield per available guest night increased 7.2% to $1,631. Land experience segment revenues were $55.5 million, an increase of $6.9 million, or 14.2%, compared to Q1 2025. Adjusted EBITDA for the quarter was $34.8 million, an increase of $4.8 million, or 16.2%, versus the prior year. Lindblad segment EBITDA grew $1.6 million, or 6.2%, and land experiences EBITDA grew $3.2 million, or 88%. First quarter net income available to stockholders was $6 million, or 10 cents per share, compared to a slight loss a year ago.
Risks & headwinds
- Challenging macro and geopolitical environment leading to increased cancellations in Antarctica flight program and Egyptian river cruises, impacting revenue from profitable voyages and increasing land costs. - Fuel price volatility; fuel costs represented 5.2% of Lindblad segment revenue in Q1 and 3.9% of total company revenue, with a 10% change in fuel costs having an impact of just under $2 million for the remainder of the year.
Analyst Q&A
Q: Wondering how to think about yields guidance for the remainder of the year, specifically cadence of yields given 7% yield in Q1.
A: Underlying assumptions haven't changed. Significant capacity expansion in first half, especially Q2 with double-digit capacity growth, then decelerates in second half, so lower net yield growth in Q2 and stronger in back half.
Q: Thoughts on forward bookings perspective, cancellation rates, and impact on 2027.
A: Started year with strong position in 2026. Slight uptake in cancellation rates in last couple months, increased demand generation spend. Maintained healthy pacing in 2026 and accelerated pacing in 2027.
Q: Comparison of dedicated expedition sales consultants' conversion to internal expectations or industry averages.
A: Not commenting on industry average. Pleased with performance of onboard cruise program; cruise consultants only on select larger ships. Performance stronger than initially expected due to exceptional guest experience and strong repeat rate.
Q: Impact of geopolitical volatility on M&A dynamics for fleet expansion or land side.
A: Continue to be actively focused on expanding expedition fleet and adding to land-based companies; not seeing impact of geopolitical situation on either.
Q: Efforts to reduce fuel consumption and whether prices for tours have been raised.
A: Making operational efforts to reduce fuel consumption. Pricing driven by demand; investing in demand generation and commercial initiatives. Reviewing prices on a weekly basis for popular destinations like Alaska and Antarctica.
Q: Update on efforts to boost other tour revenues and cross-promotion of land experience.
A: Focus on onboard revenue and pre/post-trip experience is a strategic area. Expanded offerings and upgraded web platform for pre/post experiences. Partner with land companies and use global platform and guest list for cross-promotion.
Q: Quantification of 2027 booking pacing ahead of 2026 and weather impact.
A: Do not disclose 2027 booking guidance. Weather impact (including Antarctica weather and Egypt cancellations) was multi-single-digit million dollars.
Q: Benefit from Middle East hostilities on booking locations and strengths in land experiences.
A: No specific patterns seen in booking locations due to Middle East hostilities. Land experiences have been a growth engine, growing double digits, and focus on accelerating momentum with capital light businesses having differentiated expertise.