Lindblad Expeditions reported record quarterly net income for the third quarter, as higher occupancy and pricing lifted cruise revenue and increased guest numbers and trips boosted its land business. The company also announced a majority investment in Antarctic luxury operator White Desert and the launch of Echo Charlie, a new aviation travel brand.
Third-quarter results
- Revenue rose 12% to $269.2 million from $240.2 million a year earlier. Lindblad’s cruise segment contributed $153.4 million, up 11%, while Land Experiences revenue increased 13% to $115.8 million.
- Cruise performance improved on both occupancy and pricing. Occupancy reached 91%, compared with 88% a year earlier, while available guest nights increased 4%. Net yield per available guest night rose 6% to $1,398.
- Land Experiences growth came from more guests and additional trips. The segment’s revenue increased by $13.2 million year over year.
- Net income available to stockholders was $24.2 million, or 36 cents per diluted share, versus a $49,000 loss a year earlier. The company described the result as its highest quarterly net income.
- The year-over-year earnings comparison was affected by unusual items in 2025: that quarter included a $23.5 million loss on extinguishment of debt, a $1.2 million preferred stock dividend and a $1.8 million benefit from employee retention tax credits. Higher income tax expense in the current quarter, up $7.0 million, partly offset the improvement.
- Adjusted EBITDA increased 12% to $64.1 million. Lindblad’s segment contributed $37.1 million, up $4.3 million, and Land Experiences contributed $27.0 million, up $2.5 million.
- Operating income rose 19% to $42.8 million. Lindblad’s operating income increased 34% to $17.8 million, and Land Experiences’ rose 10% to $25.0 million.
- Higher revenue supported profit growth, but costs also increased. Lindblad faced higher voyage and fuel costs, marketing expenses and royalties under its National Geographic agreement. Land Experiences had higher operating and personnel costs as it ran more trips, along with increased marketing spend.
Nine-month performance
- For the first nine months of 2026, tour revenue increased 15% to $676.4 million from $587.8 million. Lindblad revenue rose 15% to $435.1 million, while Land Experiences revenue increased 16% to $241.3 million.
- Operating income for the nine-month period rose 38% to $70.3 million. Lindblad contributed $32.2 million and Land Experiences $38.1 million.
Expansion into Antarctic and aviation travel
- Lindblad acquired a majority ownership interest in White Desert, a luxury Antarctic travel company. The announcement did not provide the purchase price or the size of the ownership stake.
- The company also launched Echo Charlie, an aviation travel brand intended to provide specialized access to destinations around the world.
Higher cruise occupancy and yield, together with growth in land trips and guests, drove the quarter’s revenue gains. The White Desert investment and Echo Charlie launch broaden Lindblad’s travel offerings beyond its existing expedition cruise and land experiences businesses.