Lindblad Expeditions (LIND) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Lindblad Expeditions published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Lindblad Expeditions reports in thousands of dollars; figures here are converted to millions. Its revenue line is tour revenues, and EPS is diluted undistributed income per share available to stockholders.
• Q3 2025 net loss available to stockholders of $49 thousand ($0.00 per share) included a $23.5 million loss on extinguishment of debt and a $1.2 million preferred stock dividend.
• During Q3 2026 Lindblad acquired a majority ownership interest in White Desert, a luxury Antarctic travel company, and Echo Charlie, an aviation travel brand.

Source: Lindblad Expeditions Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Lindblad Expeditions splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Lindblad Expeditions's Lindblad revenue was $153 million in Q3 2026, up 11% from $138 million in Q3 2025, 57% of total revenue.
• Lindblad Expeditions's Land Experiences revenue was $116 million in Q3 2026, up 13% from $103 million in Q3 2025, 43% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q3 2026 release, Lindblad Expeditions said:

“Tour revenues of $870-$885 million”

“Adjusted EBITDA of $142-$148 million”

Source: Lindblad Expeditions Q3 2026 release, Nov 3, 2026.

This is the company's own guidance as of Nov 3, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the LIND forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP tour revenues and diluted income (loss) per share available to stockholders, each as first reported in that quarter's release. Q3 2025 was a loss of $0.00 per share.

We do not hold a confirmed date for Lindblad Expeditions's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Lindblad Expeditions has two segments. The Lindblad segment, its expedition ships, many sailing as the National Geographic-Lindblad Expeditions co-brand, brought in $153.4 million of $269.2 million total tour revenues in Q3 2026. Land Experiences, which includes Natural Habitat Adventures, Off the Beaten Path, DuVine, Classic Journeys and Wineland-Thomson, brought in $115.8 million. (Lindblad Expeditions Q3 2026 release, Nov 3, 2026)

Lindblad segment tour revenues rose 11%, which Lindblad Expeditions attributed to occupancy rising to 91% from 88% on a 4% increase in available guest nights. Net yield per available guest night rose 6% to $1,398. Guest ticket revenues were $137.5 million and other tour revenue $15.9 million. (Lindblad Expeditions Q3 2026 release, Nov 3, 2026)

Land Experiences tour revenues rose 13%, which Lindblad Expeditions put down to more guests and additional trips. The segment's operating income was $25.0 million and its Adjusted EBITDA $27.0 million. (Lindblad Expeditions Q3 2026 release, Nov 3, 2026)

Guests pay ahead of travel, so bookings show up as cash first. Unearned passenger revenues were $431.8 million at September 30, 2026, against $361.5 million at the end of 2025, and Lindblad Expeditions said the $111.3 million of operating cash flow over nine months came from increased bookings for future travel. The National Geographic Sea Bird and National Geographic Sea Lion completed their final expeditions in October 2026, leaving 10 owned ships. (Lindblad Expeditions Q3 2026 release, Nov 3, 2026; Lindblad Expeditions Form 10-Q, Q3 2026, Nov 3, 2026)

Lindblad Expeditions reported net income available to stockholders of $24.2 million, or $0.36 per diluted share, in Q3 2026, the highest quarterly result in its history. A year earlier it was a loss of $49 thousand, $0.00 per share, after a $23.5 million loss on extinguishment of debt. Income tax expense rose by $7.0 million. Lindblad reports no adjusted EPS; its non-GAAP measure is Adjusted EBITDA, $64.1 million in the quarter. (Lindblad Expeditions Q3 2026 release, Nov 3, 2026)

Net income attributable to noncontrolling interest, the share of minority owners in businesses Lindblad does not wholly own, took $2.8 million. Diluted weighted average shares rose to 66,680,459 from 55,557,530, and no Series A preferred stock remained outstanding at September 30, 2026. Under its $35.0 million repurchase plan Lindblad had bought back 875,218 shares and 6.0 million warrants for $23.0 million as of October 31, 2026. (Lindblad Expeditions Q3 2026 release, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Lindblad Expeditions gives a full-year outlook in its release. For 2026 it expects tour revenues of $870 million to $885 million and Adjusted EBITDA of $142 million to $148 million. Over the first nine months tour revenues were $676.4 million and Adjusted EBITDA $131.4 million. (Lindblad Expeditions Q3 2026 release, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Lindblad Expeditions, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Lindblad Expeditions's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning LIND is on is LIND a buy or a sell?, what analysts expect next is on the LIND forecast, and what the company does is on the Lindblad Expeditions (LIND) stock page.

Every number on this page can be traced to a document Lindblad Expeditions published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.