November 3, 2026 — Lindblad Expeditions, the expedition cruise company behind National Geographic-Lindblad voyages, reported a profitable third quarter with revenue up 12% and fuller ships than a year ago.
The numbers (quarter ended September 30, 2026)
| Measure | Q3 2026 | Change |
|---|---|---|
| Total revenue | $269.2 million | Up 12% |
| Net income to stockholders | $24.2 million ($0.36 per diluted share) | vs. net loss of $49,000 in Q3 2025 |
| Adjusted EBITDA | $64.1 million | Up 12% |
| Occupancy | 91% | vs. 88% |
| Net yield per available guest night (Lindblad segment) | $1,398 | Up 6% |
The company, led by CEO Natalya Leahy, also reported buying a majority stake in White Desert, an Antarctic travel company, and Echo Charlie, an aviation travel brand.
What it means for airline travelers
- Ships are fuller. At 91% occupancy and rising yields, expect fewer last-minute openings and less discounting on Lindblad expeditions; book early if you have a trip in mind.
- Expedition trips often start in remote gateways with limited flights, so plan your air early and arrive a day or more ahead, especially if you are on standby.
- No travel-industry or interline rates were mentioned.
Sources
- Cruise Industry News — Lindblad Expeditions Reports 2026 Q3 Results
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