The raised revenue guidance and record occupancy signal accelerating demand and pricing power, supporting a bullish thesis. Monitor the Q3 2026 earnings for continued occupancy and yield trends, as well as any impact from fuel costs and geopolitical headwinds on the full-year EBITDA guidance.
Price Chart
Executive Summary
Lindblad Expeditions reported Q2 2026 revenue of $199.2M (+19% YoY) and a net loss available to stockholders of $1.4M ($0.02/share), a $8.3M improvement from a $9.7M loss in Q2 2025. Adjusted EBITDA rose 31% to $32.5M, driven by record second-quarter occupancy of 91% and a 4% increase in net yield. The company raised its full-year 2026 revenue guidance to $830-$860M (from $800-$850M) while maintaining Adjusted EBITDA guidance of $130-$140M, signaling strong demand and pricing power despite higher fuel costs and geopolitical uncertainty.
Key Financial Metrics
Key Facts
- Q2 2026 total tour revenue of $199.2M, up 19% YoY from $167.9M
- Net loss available to stockholders improved to $1.4M ($0.02/share) from $9.7M ($0.18/share) in Q2 2025
- Adjusted EBITDA increased 31% to $32.5M from $24.8M
- Lindblad segment occupancy rose to 91% from 86%, the highest second-quarter occupancy in a decade
- Net yield per available guest night increased 4% to $1,294
- Full-year 2026 revenue guidance raised to $830-$860M from $800-$850M; Adjusted EBITDA guidance maintained at $130-$140M
- Cash and restricted cash grew to $364.9M as of June 30, 2026, from $289.7M at year-end 2025
- Debt position unchanged at $675.0M; company in compliance with all debt covenants
- Stock repurchase plan has $12.0M remaining as of July 31, 2026
Financial Impact
Revenue beat consensus by $13.3M (7.2%); EPS of -$0.02 beat consensus of -$0.11 by $0.09
Risk Factors
- Higher fuel costs and increased marketing spend could pressure margins
- Geopolitical and macroeconomic headwinds may impact travel demand
- Substantial debt of $675M requires ongoing compliance with financial covenants
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-025309 |
| Document: lindb20260528_8k.htm | 0001437749-26-025309 |
| Document: 0001437749-26-025309-index-headers.html | 0001437749-26-025309 |
| Document: 0001437749-26-025309-index.html | 0001437749-26-025309 |
| Document: 0001437749-26-025309.txt | 0001437749-26-025309 |
| 8-K Data (Synthetic) | 0001437749-26-025309 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 5w ago | 8-K | $26.09 $27.24 | ▲ +4.41% | ▲ +4.08% | $34.85 (+33.56%) |
Aug 9, 2026 11w ago | Institutional Cluster | $33.04 $32.84 | ▼ −0.61% | ▼ −0.29% | $34.85 (+5.46%) |
Aug 3, 2026 12w ago | 8-K | $33.12 $34.09 | ▲ +2.93% | ▲ +1.13% | $34.85 (+5.21%) |
May 29, 2026 21w ago | 144 | $22.96 $22.70 | ▼ −1.13% | ▼ −1.28% | $34.85 (+51.76%) |
May 29, 2026 21w ago | 144 | $22.96 $22.70 | ▼ −1.13% | ▼ −1.28% | $34.85 (+51.76%) |
May 22, 2026 22w ago | Insider Cluster | $21.37 $22.57 | ▲ +5.62% | ▲ +5.60% | $34.85 (+63.06%) |
May 15, 2026 23w ago | Insider Cluster | $19.16 $18.46 | ▼ −3.65% | ▼ −3.00% | $34.85 (+81.86%) |
May 11, 2026 24w ago | 144 | $19.02 $19.02 | · 0.00% | ▼ −0.54% | $34.85 (+83.20%) |
May 11, 2026 24w ago | Insider Cluster | $19.48 $19.02 | ▼ −2.36% | ▼ −2.22% | $34.85 (+78.88%) |
May 8, 2026 24w ago | 144 | $19.48 $19.02 | ▼ −2.36% | ▼ −2.22% | $34.85 (+78.88%) |
US Market Status
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