Lindblad Expeditions Holdings reported first-quarter 2026 revenue of $208.0 million, up 16% from $179.7 million a year earlier, as both of its operating segments posted growth.
Lindblad segment tour revenue rose 16% to $152.5 million from $131.1 million, while land experiences revenue increased 14% to $55.5 million from $48.6 million.
The company said occupancy climbed to 93% from 89% a year ago, and net yield per available guest night increased 7% to $1,631.
Operating income improved to $15.6 million from $10.6 million, a gain of 47%. Lindblad segment operating income rose 26% to $10.6 million, while land experiences operating income jumped 127% to $5.1 million.
Adjusted EBITDA increased 16% to $34.8 million from $30.0 million. That included a 6% rise at the Lindblad segment to $27.9 million and an 88% increase at land experiences to $6.9 million.
Net income available to stockholders was $6.0 million, or $0.09 per diluted share, compared with essentially break-even results in the prior-year quarter.
Cash and cash equivalents plus restricted cash totaled $321.1 million at March 31, 2026, up from $289.7 million at December 31, 2025. Total debt was $675.0 million.
For full-year 2026, the company is guiding to tour revenues of $800 million to $850 million and adjusted EBITDA of $130 million to $140 million.
As of April 30, 2026, Lindblad had repurchased 875,218 shares and 6.0 million warrants for $23.0 million, leaving $12.0 million remaining under its $35.0 million repurchase plan. Following these announcements, the company's shares moved 12.89%, and are now trading at a price of $20.14. For the full picture, make sure to review LINDBLAD EXPEDITIONS HOLDINGS, INC.'s 8-K report.
