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Just reported
Q3 2026 results
From Lindblad Expeditions's results release of November 3, 2026; its quarterly report has since been filed.
Revenue
Actual
$269.2M
+12% y/y
+35% q/qGuided
—
No guide given
EPS, GAAP
Actual
$0.36
Guided
—
No guide given
Operating income, GAAP
Actual
$42.8M
+19% y/y
+258% q/qGuided
—
No guide given
Set against the company's own guidance and the same quarter a year earlier, not analysts' estimates, which we do not hold. Adjusted figures are the company's own non-GAAP measures, as stated in the release.
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How it makes money
- Ship-based expedition cruises64%
- Land-based guided adventure travel36%
Shares of revenue are estimates for nine months ended September 30, 2026, high confidence, not figures from a filing.
Competes with
- Compagnie du Ponant
- Hurtigruten Expeditions
- Quark Expeditions
- RCLSilversea Expeditions (a division of Royal Caribbean Group)B
- Size
- $89.7B
- Margin
- 23.8%
- CCLSeabourn Expeditions (a division of Carnival Corporation)B
- Size
- $41.3B
- Margin
- 11.4%
- Abercrombie & Kent
What it sells6
Lindblad Expeditions
Small-ship voyages to remote destinations, with wildlife viewing, shore excursions and exploration activities.
Natural Habitat Adventures
Small-group nature and wildlife trips, including safaris and polar bear and grizzly bear tours.
DuVine Cycling + Adventure Company
Guided cycling holidays with local food, cultural activities and small groups.
Show 3 more
Classic Journeys
Small-group and private walking tours led by local guides, with stays in boutique hotels.
Thomson Group
Tanzanian safaris and Kilimanjaro treks, with stays at Gibb’s Farm near the Ngorongoro Crater.
White Desert
Antarctic trips that fly guests into the continent’s interior for camp stays and guided excursions.
Who buys it4
- Individual travelers and families, including affluent travelers from the United States, book cruises and land trips directly by phone or through company websites.
- Travel agencies and wholesalers arrange trips for their customers and receive commissions.
- National Geographic’s internal travel division sells Lindblad expeditions.
- Affinity groups and groups chartering a vessel book trips for their members or guests.
What it stands on, and what could break it
What the business leans on
- 1Lindblad uses the National Geographic name on its owned ships and relies on the partnership for co-marketing and bookings.
- 2Natural Habitat uses its partnership with World Wildlife Fund to promote conservation travel and access the organization’s name, logo and selected member channels.
- 3Ship trips depend on the availability of owned and chartered vessels, shipyard maintenance, ports and local permits.
- 4The company collects much of its guest ticket revenue before travel and uses those advance payments to fund operations and other cash needs.
- 5Guests rely on commercial air travel to reach many departure points; changes in airline availability or prices can affect bookings and costs.
What could go wrong
- 1Wars, geopolitical events, travel restrictions, health scares or economic downturns can reduce people’s ability or willingness to take expedition trips.
- 2Severe weather, inaccessible ports, ship breakdowns or delayed repairs can force itinerary changes or cancellations and add costs.
- 3If the National Geographic brand and sales partnership ends or changes, Lindblad could lose a source of branding, marketing and bookings.
About Lindblad Expeditions Holdings, Inc.
Lindblad takes guests by ship to places such as Antarctica, the Arctic and the Galápagos Islands, with wildlife excursions and experts who help explain the places visited. Its land trips include wildlife tours, safaris, hiking, cycling and walking journeys led by local guides. It also owns a controlling interest in White Desert, which flies guests into Antarctica’s interior, and is developing Echo Charlie, an aviation-based travel brand.
- Head office
- New York, New York, United States
- Founded
- 1979 (Lindblad Expeditions business, high confidence)
- Employees
- Approximately 1,550 (December 31, 2025, high confidence)
- Listed on
- Nasdaq
- Financial year ends
- December 31
Built from Lindblad Expeditions Holdings, Inc.’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.
