Q2 2026 Lindblad Expeditions Holdings Inc Earnings Call Transcript
Key Points
- Lindblad Expeditions Holdings Inc (LIND) delivered strong double-digit revenue growth of 19% in Q2 2026, with total revenue reaching $199 million.
- Adjusted EBITDA increased 31% year-over-year to $32.5 million, with margins improving by 150 basis points to 16.3%.
- Occupancy hit 91%, the highest second-quarter rate in 10 years, and net yield reached a record $1,294 per guest night, marking the sixth consecutive quarter of record yields.
- The company raised its full-year 2026 revenue guidance to $830-$860 million and increased net yield guidance to 4.5%-5.5% due to strong booking momentum across 2026, 2027, and 2028.
- The 2028 deployment launch generated twice the revenue of the same period last year, with strong demand for new itineraries like the Alaska Grand Slam and expansion into French Polynesia and European river cruises.
- Free cash flow increased 93% year-to-date to $93.6 million, and net leverage declined to 2.2 times, strengthening the balance sheet.
- Fuel prices remained elevated, increasing 64% year-over-year and representing a significant headwind, with fuel costs now 5.3% of Lindblad revenue.
- Despite raising revenue guidance, the company maintained its adjusted EBITDA guidance of $130-$140 million, reflecting the impact of higher fuel costs and other second-half headwinds.
- The company faces a final royalty rate step-up under its National Geographic agreement, which increased sales and marketing costs by 21.3%.
- G&A costs increased 27% year-over-year, partly due to a one-time employee retention tax credit in the prior year, though excluding that, G&A as a percentage of revenue declined.
- The second half of 2026 is expected to have flat capacity, with Q4 capacity down mid-single digits, which could limit revenue growth momentum.
- There is ongoing risk of voyage cancellations due to geopolitical uncertainty, which could impact results.
Hello, everyone. Thank you for joining us, and welcome to the Lindblad Expeditions Holdings Inc reports 2026 second-quarter financial results. (Operator Instructions)
I will now hand the conference over to Rick Goldberg, Chief Financial Officer. Rick, please go ahead.
Thank you, operator. Good morning, everyone, and thank you for joining us for Lindblad's second-quarter 2026 earnings call. With me on today's call is Natalya Leahy, our Chief Executive Officer. Natalya will begin with some opening comments, and I will follow with details on our Q2 results and expectations for the full year before we open the call for Q&A. As always, you can find our latest earnings release in the Investor Relations section of our website.
But before we get to all of that, I'd like to remind everyone that the company's comments today may include forward-looking statements. Those expectations are subject to risks and uncertainties that may cause actual results and performance to be
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