Lindblad Expeditions reported second-quarter 2026 tour revenues of $199.2 million, up 19% year-over-year, with Adjusted EBITDA of $32.5 million (a 31% increase). The company posted a net loss available to stockholders of $1.4 million, improved from a $9.7 million loss a year earlier, and recorded 91% occupancy for the quarter. Cash and cash equivalents plus restricted cash totaled $364.9 million as of June 30, 2026.

Financial Highlights

  • Total tour revenues: $199.2 million for the three months ended June 30, 2026, up 19% from $167.9 million in Q2 2025.
  • Adjusted EBITDA: $32.5 million for Q2 2026, up 31% from $24.8 million in Q2 2025.
  • Net loss available to stockholders: $(1.4) million for Q2 2026, compared with $(9.7) million in Q2 2025.
  • Operating income: $11.95 million for Q2 2026, versus $4.41 million in Q2 2025.
  • Cash, cash equivalents and restricted cash: $364.9 million as of June 30, 2026; total debt position: $675.0 million as of June 30, 2026.

Business Highlights

  • Segment performance: Lindblad segment tour revenues were $129.2 million (up 16%), and Land Experiences tour revenues were $70.0 million (up 23%) versus prior-year quarter.
  • Guest metrics (Lindblad segment): Available guest nights increased to 91,185 with occupancy at 91% (vs. 86% a year ago) and net yield per available guest night rose to $1,294.
  • Capacity and voyages: Lindblad increased capacity by 12% and completed 162 voyages in the quarter (318 for the six months).
  • Strategic investments: Acquired an additional 5% of Natural Habitat and an additional 9.9% of Classic Journeys during the period; repurchased shares and warrants under a $35.0 million repurchase plan (total repurchases $23.0 million to July 31, 2026).
  • Operational cash generation: Net cash provided by operating activities was $108.5 million for the six months ended June 30, 2026, driven primarily by increased bookings for future travel.

Original SEC Filing:

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