Lindblad Expeditions Holdings, Inc. delivers diverse adventure travel experiences, encompassing both marine expeditions and land-based journeys. Through its primary Lindblad brand, the company orchestrates voyages utilizing a fleet comprising ten proprietary expedition vessels and five ships chartered on a seasonal basis. Furthermore, it manages several distinct travel brands: Natural Habitat specializes in eco-conscious, nature-focused small-group tours; DuVine offers upscale cycling and adventure excursions globally; Off the Beaten Path curates active small-group and bespoke private trips within the United States' national parks; and Classic Journeys designs active small-group and custom private itineraries, distinguished by guided walks led by local experts often evoking cinematic landscapes. The organization also maintains a strategic collaboration with the National Geographic Society. Founded in 1979, Lindblad Expeditions Holdings, Inc. is based in New York, New York.
Recent News & Events
Imminent Q3 earnings on Nov 3 is the dominant near-term catalyst, with consensus at $0.41 EPS/$263.8M revenue and focus on whether record yields and cost initiatives can finally drive EBITDA guidance higher despite fuel headwinds.
POSITIVEOct 19, 2026
Earnings Report
Q3 2026 earnings due Nov 3 before market open
Lindblad will report Q3 2026 results on November 3, 2026 before the open, with a 9:00 am ET webcast. Consensus expects $0.41 EPS on $263.8M revenue (~24% and ~10% growth YoY); the key swing factors are net yield/occupancy delivery versus fuel costs and whether management finally raises the $140-148M adjusted EBITDA range. A beat or EBITDA raise would likely be received positively; margin stagnation could pressure shares.
60% White Desert/Echo Charlie acquisition and raised guidance
Lindblad agreed to acquire a 60% controlling interest in White Desert, PNR Airways and Echo Charlie for ~$61M plus ~$6M cash, and raised FY2026 guidance to $850-880M revenue, 5.5-6.5% net yield and $140-148M adjusted EBITDA. Consensus revenue of $854.6M sits near the low end, suggesting analysts have not fully baked in the acquired businesses, leaving room for upside if management reaffirms or nudges the range on the Q3 call.
Stock up ~10.5% into print; sentiment modestly bearish
Shares have gained about 10.5% since the last report, outpacing the S&P 500 by roughly nine points, and trade at $34.24 versus a 200-day moving average of $23.88, though still ~7% below the post-earnings high of $36.97. Elevated positioning and modestly bearish sentiment raise the bar for the Q3 print, increasing the risk of a sharp reaction to any disappointment.
Fuel ran up 64% YoY in Q2 and management modeled ~$100/barrel through year end, while the final National Geographic royalty step-up is now fully loaded into sales and marketing. Management cited 30+ cost initiatives and a 3% fuel consumption cut; if these do not show up as margin expansion in a quarter without a capacity tailwind, the Street may conclude pricing power is being absorbed by fuel suppliers, a negative risk into the print.
Q4 capacity decline and accelerated depreciation flagged
Fourth-quarter commentary will be closely watched since capacity declines and accelerated depreciation tied to retiring the Seabird and Sea Lion will weigh on that period. Weak Q4 guidance could offset a strong Q3 result and cap any post-earnings rally.