LIND Filings — Lindblad Expeditions Holdings, Inc. - FilingSpy
LIND
Lindblad Expeditions Holdings, Inc.
A pioneer of modern expedition cruising, it sails ships to remote places like Antarctica and the Galápagos and runs land-based adventure tours under brands such as Natural Habitat and Classic Journeys. Swedish-American Lars-Eric Lindblad founded the line and led the first civilian expedition to Antarctica in 1966, earning him the nickname "father of eco-tourism." Its National Geographic partnership, born in 2004, grew partly out of his son Sven-Olof's boyhood idolization of the magazine.
Lindblad Q2 2026 operating income rose to $12.0M from $4.4M a year earlier as revenue grew 19% to $199.2M
more than doubled at Lindblad this quarter. rose 19% to $199.2M and held at 48.5% as guest volumes and pricing grew across both segments, lifting to $12.0M from $4.4M a year earlier. The company carries $663.9M but holds $318.9M cash after of $51.1M.
Key takeaways
swung to $12.0M from $4.4M in Q2 2025, while net loss narrowed to $1.4M from $8.5M, aided by growth and lower .
Consolidated tour rose 19% to $199.2M, with $28.1M from higher guest nights and Land Experiences guests and $3.2M from itinerary mix and pricing.
Lindblad increased 16% to $129.2M on an 18% rise in guest nights sold; rose 4% to $1,294 and occupancy improved to 91%.
Section summaries
Management's Discussion and Analysis
Lindblad Q2 2026 revenue rose 19% to $199.2M driven by higher guest volumes and pricing across both segments.
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Consolidated tour revenues grew 19% to $199.2M, with $28.1M from higher guest nights and Land Experiences guests and $3.2M from itinerary mix and pricing.
Lindblad increased 16% to $129.2M on an 18% rise in guest nights sold; improved to 91% and per available guest night rose 4% to $1,294.
Land Experiences rose 23% to $70.0M, driven by a 13% increase in guests traveled and an 8% increase in revenue per guest.
Selling and marketing costs rose 21% due to the final royalty rate step-up under the National Geographic agreement and higher commissions and marketing spend.
reached $108.5M for H1 2026, up $30.9M , and the company held $318.9M with no borrowings.
What changed
Lindblad was $1,294 in Q2 2026, down from the $1,631 Q1 2026 figure flagged to watch, a 4% increase over Q2 2025's $1,241.
Q2 2026 was $51.1M, up from the $42.6M Q1 2026 print, confirming stabilization after the Q4 2025 dip to $3.5M rather than a further decline.
Land Experiences rose 23% to $70.0M in Q2, continuing acquisition-led growth from Thomson Group and Torcatt Enterprises Limitada integration flagged in prior filings.
was $663.9M at Q2 2026, little changed from $663.2M in Q1 2026, under the $675M 7.00% notes issued in Q3 2025 replacing prior notes due 2027 and 2028.
Q2 2026 of $199.2M was down 4.2% from $208.0M in Q1 2026, a sequential dip after the Q1 figure.
What to watch
Lindblad in Q3 2026 against the $1,294 Q2 figure as a pricing indicator.
Q3 2026 against the $51.1M Q2 print to confirm the quarterly recovery holds.
Land Experiences as Thomson Group and Torcatt Enterprises Limitada continue to scale trip volume.
Total debt and under the $675M 7.00% notes versus the prior notes in coming quarters.
Land Experiences rose 23% to $70.0M, driven by a 13% increase in guests traveled and an 8% increase in revenue per guest.
swung to $12.0M from $4.4M, while net loss narrowed to $0.3M from $7.0M, aided by growth and lower .
Selling and marketing costs jumped 21% due to the final royalty rate step-up under the National Geographic agreement and higher commissions and marketing spend.
reached $108.5M for H1 2026, up $30.9M , supported by higher guest deposits and improved results; the company held $318.9M in unrestricted cash.
Quantitative and Qualitative Disclosures About Market Risk
We may be exposed to a market risk for interest rates related to our revolving credit facility. As of June 30, 2026, no amounts were outstanding under the revolving credit facility. There have otherwise been no other material changes in our exposure to market risks from the info…
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We may be exposed to a market risk for interest rates related to our revolving credit facility. As of June 30, 2026, no amounts were outstanding under the revolving credit facility. There have otherwise been no other material changes in our exposure to market risks from the information set forth in the “Quantitative and Qualitative Disclosures About Market Risk” sections contained in our 2025 Annual Report.