Lindblad Expeditions Holdings (LIND) Q3 Revenue Rises 12% to $269.2M

What happened

Lindblad Expeditions Holdings reported Q3 2026 tour revenue of $269.2 million, up 12% from a year earlier. Net income available to stockholders was $24.2 million, compared with a $49,000 net loss in Q3 2025, and Adjusted EBITDA rose $6.9 million to $64.1 million.

Confirmed

Global impact / market context

Revenue grew in both the Lindblad and Land Experiences segments, so the company is selling more trips and experiences. The profit swing looks large, but last year included a $23.5 million debt-extinguishment loss, which means the comparison overstates how much underlying profitability improved.

Analyst inference

Higher fuel, operating and marketing costs are rising alongside revenue, so investors must judge whether growth outpaces expenses. The company holds $308.2 million in cash and restricted cash, up $18.5 million since December 31, 2025, while acquisitions and capital spending, meaning purchases of long-term assets, used cash.

Analyst inference

What to watch

1. Watch whether fuel, operating and marketing costs keep rising faster than revenue, since the release cites these higher costs alongside growth. Confirmed
2. Track execution on acquisitions and the remaining amount on the repurchase plan, which means company buybacks of its own shares and warrants. Proposed
3. Compare future quarters against normal operations rather than the debt-loss quarter, because the $23.5 million charge makes this year's profit jump look larger than the underlying change. Analyst inference

Evidence

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