Lindblad Expeditions (NASDAQ:LIND) shares rose 4% following the company's second-quarter earnings report.
The company reported total revenue of $199.2 million for the second quarter of 2026, representing a 19% increase year-over-year.
Year-over-year growth in total revenue for Q2 2026
Adjusted EBITDA rose 31% to $32.5 million during the second quarter. The adjusted EBITDA margin expanded by 150 basis points to 16.3%.
CEO Natalya Leahy stated that the company achieved improved occupancy and yield despite a 12% increase in capacity.
The occupancy rate rose to 91% in the second quarter of 2026, up from 86% in the same quarter of the previous year.
Net yield increased 4% to a record $1,294 per available guest night during the period. [context]
This marks the sixth consecutive quarter of delivering record net yields.
Segment performance and costs
Land Experiences revenue increased 23% to $70 million in the second quarter of 2026.
Fuel costs rose by $2.7 million, or 64%, compared to the same quarter last year.
The company narrowed its net loss to $1.4 million, or $0.02 per share, for the second quarter.
2026 outlook
Lindblad Expeditions raised its full-year 2026 revenue outlook to a range between $830 million and $860 million.
The company also increased its expected full-year 2026 net-yield growth forecast to a range of 4.5% to 5.5%.
The full-year 2026 adjusted EBITDA guidance was maintained at $130 million to $140 million.
