10-Q · May 5, 2026
Lindblad Expeditions Holdings, Inc. reported strong Q1 2026 results with revenue of $208 million, surpassing analyst expectations of $198.1 million. The company also achieved an EPS of $0.09 compared to estimates of…
Earnings analysis · 10-Q
LIND earnings analysis
Filed August 3, 2026 · Our reading of the company's report
The latest report
Lindblad delivered a strong Q2 recovery: revenue increased 19% to $199.247 million, operating income rose to $11.954 million from $4.407 million, and diluted EPS improved to a $0.02 loss from a $0.18 loss. Both segments…
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Lindblad delivered a strong Q2 recovery: revenue increased 19% to $199.247 million, operating income rose to $11.954 million from $4.407 million, and diluted EPS improved to a $0.02 loss from a $0.18 loss. Both segments grew, led by 23% growth in Land Experiences and a 5-percentage-point occupancy increase to 91% in the Lindblad segment. Cash generation improved materially, but the company retains $675.0 million of debt and faces higher fuel, royalty, marketing, and depreciation costs. The filing contains no quantitative guidance update.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Earnings per share
- $-0.02
What stood out
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Revenue grew 19% year over year
Q2 tour revenue rose $31.302 million, or 19%, year over year to $199.247 million, although it declined from $208 million in Q1 2026. Revenue exceeded the supplied consensus estimate of $186.291 million by $12.956 million.
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Margins and operating profit improved
Gross margin expanded to 48.5% from 45.6% a year earlier, while operating margin rose to 6.0% from 2.6%. Operating income increased $7.547 million to $11.954 million.
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EPS loss narrowed sharply
Diluted EPS improved to a loss of $0.02 from a loss of $0.18 in Q2 2025, a $0.16-per-share improvement, though it declined from $0.09 profit in Q1 2026. The reported loss also beat the supplied consensus loss estimate of $0.12.
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Core cruise demand and yield strengthened
Lindblad segment revenue increased 16% to $129.232 million as guest nights sold rose 18%; occupancy improved 5 percentage points to 91% and net yield per available guest night rose 4% to $1,294.
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Land Experiences outgrew the core segment
Land Experiences revenue grew 23% to $70.015 million, driven by 13% more guests and an 8% increase in revenue per guest. Segment operating income rose $1.627 million to $8.104 million.
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Operating cash generation accelerated
Six-month operating cash flow increased $30.9 million to $108.5 million, primarily from higher future-booking guest deposits and improved operations. Net investing cash outflow fell to $14.9 million from $44.7 million; exact capital expenditures were not separately disclosed.
What to watch
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Leverage and interest burden remain substantial
Long-term debt totaled $675.0 million at June 30, 2026, consisting of 7.00% senior secured notes due September 15, 2030. Quarterly net interest expense remained $10.494 million, exceeding the $0.343 million net loss.
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Fuel and operating-cost inflation pressure
Cost of tours increased $11.221 million, or 12%, to $102.612 million, with management citing higher fuel costs, additional voyages, and increased operating costs. Lindblad fuel expense rose to $6.911 million from $4.221 million.
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Cost growth may constrain margin expansion
Selling and marketing expense increased $5.634 million, or 21%, to $32.024 million, driven by the final National Geographic royalty-rate step-up, higher commissions, and growth marketing. Depreciation and amortization also increased 26% to $18.488 million, including accelerated depreciation for two planned vessel retirements.
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Working capital depends on advance bookings
The company reported an $82.1 million working-capital deficit at June 30, 2026, although this improved from a $93.7 million deficit at December 31, 2025. Management notes the deficit is structurally driven by advance passenger receipts, which remain current liabilities until travel occurs.
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No new risk disclosures despite travel exposure
No risk-factor changes were reported in this 10-Q; Item 1A directs investors to the 2025 Annual Report. The filing specifically identifies travel disruptions, weather, geopolitical events, illness, and fuel availability/prices as risks, while $318.9 million of unrestricted cash supports near-term liquidity.
Management's outlook
The 10-Q does not provide quantitative revenue, EPS, or Adjusted EBITDA guidance; outlook is deferred to the earnings release/call.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.