LIND Q1 2026 Earnings

Call Details

• Call Title: Lindblad Expeditions Q1 2026 Earnings Call
• Date: May 5, 2026 at 1:00 PM UTC
• Management Team:
  • Rick Goldberg (Chief Financial Officer)
  • Natalya Leahy (Chief Executive Officer)

Call Summary

Financial Performance

• Total company revenues for Q1 2026 were $208 million, an increase of $28.3 million, or 15.7%, versus Q1 2025.
• Lindblad segment revenues were $152.5 million, an increase of $21.4 million, or 16.3%, versus prior year.
• Land experiences segment revenues were $55.5 million, an increase of $6.9 million, or 14.2%, versus prior year.
• Adjusted EBITDA for the quarter was $34.8 million, an increase of $4.8 million, or 16.2%, versus prior year.
• Net income available to stockholders was $6 million, or $0.10 per share, compared to a slight loss in the prior year.
• First quarter free cash flow increased 21.7% to $42.6 million, and cash on hand ended the quarter at $321 million.

Demand & Booking Trends

• Q1 occupancy reached a record 93%, up four percentage points from 89% a year ago despite a 6.4% increase in available guest nights.
• Company reported historically strong wave season and maintained booking pace for 2026 with accelerating demand for 2027.
• Bookings from Disney-earmarked travel agents increased 67% year over year, reflecting channel expansion benefits.
• Outbound sales increased 64% year over year, supported by increased lead generation.
• Cancellations increased for Antarctica flight program and several Egyptian river cruises, which reduced revenue from higher-margin voyages.
• On vessels with dedicated expedition sales consultants, more than a quarter of guests are booking their next voyage before disembarking.