Lindblad Expeditions posted net income available to stockholders of US$24.2 million, or US$0.36 per diluted share, for the quarter ended September 30, 2026.
This was the highest quarterly result in the company's history and compares with a US$49,000 loss a year earlier.
Total tour revenue rose 12 per cent to US$269.2 million. Adjusted gross operating profit also rose 12 per cent, to a record US$64.1 million.
Occupancy in the Lindblad expedition segment reached 91 per cent, against 88 per cent a year earlier. This was the third consecutive quarter above 90 per cent.
Available guest nights increased 4.3 per cent, and net yield per available guest night rose 6.4 per cent to US$1,398.
The prior-year quarter included a US$23.5 million loss on extinguishment of debt and a preferred stock dividend. Consolidated operating income rose to US$42.8 million from US$36 million. The company said the improvement mainly reflected better operating results, while the US$7 million rise in income tax expense partly offset it.
Lindblad Chief Executive Natalya Leahy said fuel prices increased about 50 per cent year-on-year. Lindblad segment fuel expense rose 22 per cent to US$7.6 million.
"Despite a 4.3 per cent increase in capacity, we reduced total fuel consumption year over year," Lindblad Chief Financial Officer Rick Goldberg said on the earnings call.
"Despite higher fuel costs and the final royalty rate step-up under our National Geographic agreement, we maintained adjusted [gross operating profit] margins of 23.8 per cent, consistent with the prior year quarter," Goldberg added.
The company raised its full-year tour revenue outlook to US$870–US$885 million from US$850–US$880 million.
Adjusted gross operating profit guidance is now US$142–US$148 million. This was its second guidance increase in six weeks, following the acquisition of White Desert and Echo Charlie in September.
Management expects fourth quarter capacity to decline by a mid-single-digit percentage, reflecting the timing of drydocks and repositionings. Leahy said 2027 bookings were at a company record.
