Revenue: As of FY2026 Q1, the actual value is USD 208.01 M, beating the estimate of USD 197.88 M.

EPS: As of FY2026 Q1, the actual value is USD 0.09.

EBIT: As of FY2026 Q1, the actual value is USD 26.19 M.

Consolidated Financial Performance

Lindblad Expeditions Holdings, Inc. reported total tour revenues of $208,013 thousand for the three months ended March 31, 2026, marking a 16% increase from $179,721 thousand in the prior-year period . Cost of tours increased by 15% to $106,743 thousand, up from $92,848 thousand . General and administrative expenses decreased by 2% to $32,047 thousand from $32,722 thousand, primarily due to lower stock-based compensation expense . Selling and marketing expenses rose by 27% to $35,936 thousand, compared to $28,242 thousand, driven by increased royalties under the National Geographic agreement and higher marketing spend . Depreciation and amortization expenses grew by 16% to $17,672 thousand from $15,295 thousand . Operating income for the period was $15,615 thousand, a 47% increase from $10,614 thousand . Net income significantly increased to $6,051 thousand from $1,011 thousand, representing a 499% rise . Adjusted EBITDA for the company was $34,829 thousand, up 16% from $29,982 thousand .

Lindblad Segment

For the three months ended March 31, 2026, the Lindblad segment generated tour revenues of $152,489 thousand, a 16% increase from $131,108 thousand in the prior year . This increase was driven by a 12% rise in guest nights sold and a 4% increase in revenue per guest night sold . Operating income for this segment was $10,562 thousand, a 26% increase from $8,387 thousand . Adjusted EBITDA for the Lindblad segment increased by 6% to $27,942 thousand from $26,320 thousand .

Lindblad Segment Operational Metrics: Cost of tours: $76,896 thousand (2026) vs. $64,823 thousand (2025) General and administrative: $19,675 thousand (2026) vs. $21,131 thousand (2025) Selling and marketing: $29,300 thousand (2026) vs. $22,707 thousand (2025) Depreciation and amortization: $16,056 thousand (2026) vs. $14,060 thousand (2025) Available Guest Nights: 80,161 (2026) vs. 75,325 (2025) Guest Nights Sold: 74,722 (2026) vs. 66,974 (2025) Occupancy: 93% (2026) vs. 89% (2025) Maximum Guests: 11,363 (2026) vs. 9,604 (2025) Number of Guests: 10,504 (2026) vs. 8,543 (2025) Voyages: 156 (2026) vs. 121 (2025) Net Yield per Available Guest Night: $1,631 (2026) vs. $1,521 (2025), a 7% increase Adjusted Net Cruise Cost per Available Guest Night: $1,283 (2026) vs. $1,172 (2025)

Land Experiences Segment

For the three months ended March 31, 2026, the Land Experiences segment’s tour revenues increased by 14% to $55,524 thousand from $48,613 thousand . This growth was mainly due to a $6,600 thousand increase in revenue per guest from itinerary, destination, and pricing changes, and a $300 thousand increase from a higher number of guests . Operating income for this segment more than doubled, reaching $5,053 thousand, a 127% increase from $2,227 thousand . Adjusted EBITDA for the Land Experiences segment increased by 88% to $6,887 thousand from $3,662 thousand .

Land Experiences Segment Operational Metrics: Cost of tours: $29,847 thousand (2026) vs. $28,025 thousand (2025) General and administrative: $12,372 thousand (2026) vs. $11,591 thousand (2025) Selling and marketing: $6,636 thousand (2026) vs. $5,535 thousand (2025) Depreciation and amortization: $1,616 thousand (2026) vs. $1,235 thousand (2025) Guests: 4,431 (2026) vs. 4,409 (2025) Departures: 525 (2026) vs. 499 (2025)

Cash Flow

Net cash provided by operating activities increased to $49,474 thousand for the three months ended March 31, 2026, compared to $48,399 thousand in the same period of 2025, driven by improved operating results . Net cash used in investing activities decreased to $6,886 thousand from $28,997 thousand, with 2026 primarily reflecting capital expenditures on vessels, while 2025 included the acquisition of Torcatt Enterprises Limitada . Net cash used in financing activities was $11,244 thousand, compared to $327 thousand in the prior year, primarily due to a $16,586 thousand payment for an additional 5% ownership of Natural Habitat, partially offset by $6,603 thousand from the exercise of options .

Liquidity and Capital Resources

As of March 31, 2026, Lindblad Expeditions Holdings, Inc. had $275,012 thousand in unrestricted cash and cash equivalents and $46,067 thousand in restricted cash . The company’s long-term debt obligations totaled $675,000 thousand . Management believes current cash, expected future operating cash inflows, and availability under its $60,000 thousand Revolving Credit Facility will be sufficient to fund operations, debt service, and necessary capital expenditures for at least the next 12 months . As of March 31, 2026, the company was in compliance with its debt covenants and had no borrowings under the Revolving Credit Facility .

Strategic Developments and Outlook

During February 2026, Lindblad Expeditions Holdings, Inc. converted all outstanding Series A Redeemable Convertible Preferred Stock into common stock, which could save a potential $88,000 thousand if repurchase at maturity was required . The company signed an agreement with Earthwatch Institute, allowing Natural Habitat to market, sell, and operate Earthwatch branded tours focused on scientific studies . In March 2026, the company increased its ownership of Natural Habitat by 5% to 95.1% for $16,600 thousand .