Lindblad Expeditions Q1 Revenue Climbs 16% to $208M, Adjusted EBITDA $34.8M
Total revenue rose 16% year-over-year to $208.0 million in Q1, with adjusted EBITDA up 16% to $34.8 million and net income of $6.0 million. Occupancy reached a record 93%, lifting net yield per available guest night by 7% to $1,631.
1. Quarter Highlights
Total tour revenues rose 16% to $208.0 million in the first quarter, with net income available to stockholders of $6.0 million and adjusted EBITDA up 16% to $34.8 million. Passenger occupancy hit a record 93%, while net yield per available guest night increased 7% to $1,631, reflecting higher pricing and demand.
2. Segment Performance
Lindblad segment tour revenues grew 16% to $152.5 million, driving a 6% adjusted EBITDA increase to $27.9 million despite higher voyage costs and marketing spend. Land Experiences revenues climbed 14% to $55.5 million, lifting adjusted EBITDA by 88% to $6.9 million as itinerary changes and pricing enhancements spurred bookings.
3. Balance Sheet and Liquidity
Cash and restricted cash stood at $321.1 million as of March 31, while total debt was $675.0 million, with full compliance on all debt covenants. Operating cash flow added $49.5 million, partly offset by $6.9 million in property and equipment purchases.
4. Outlook and Stock Repurchase
Full-year 2026 guidance targets tour revenues of $800 million to $850 million and adjusted EBITDA of $130 million to $140 million. Under the $35.0 million repurchase plan, $23.0 million has been deployed to buy back 875,218 shares and 6.0 million warrants, leaving $12.0 million available.