Lindblad Expeditions Q3 adjusted EBITDA beats on higher occupancy
LIND•Lindblad Expeditions reported third-quarter adjusted EBITDA of $64.12 million, beating analyst expectations of $58.20 million, as occupancy increased to 91% from 88%. Revenue rose 12% year over year, and the company forecast 2026 tour revenue of $870 million to $885 million.
1. Quarterly results
Lindblad Expeditions reported third-quarter adjusted EBITDA of $64.12 million, above the $58.20 million consensus estimate from seven analysts. Revenue rose 12% year over year to $269.15 million, and net income reached $24.20 million.
2. Occupancy and outlook
Occupancy in the Lindblad segment increased to 91% from 88%, while net yield per available guest night rose 6% to $1,398. Land Experiences segment revenue increased 13% year over year, mainly because of more guests and additional trips. The company expects 2026 tour revenue of $870 million to $885 million and adjusted EBITDA of $142 million to $148 million.
3. Acquisitions
The company acquired majority stakes in White Desert and Echo Charlie to expand its offerings.
