Lindblad Expeditions delivered a quarter that was met with a positive market reaction, reflecting strong execution in both its cruise and land-based adventure segments. Management attributed the revenue growth to higher occupancy rates, a significant increase in guest nights, and robust yields—especially in core destinations like Alaska. CEO Natalya Leahy highlighted that the company's commercial strategy, which emphasizes occupancy and revenue optimization, is “working and gives us strong confidence that we are on our way to achieve historical occupancy levels in 2026 and beyond.” The company also cited the ongoing success of its Disney and National Geographic partnerships as key contributors to recent performance.
Is now the time to buy LIND? Find out in our full research report (it’s free for active Edge members).
Lindblad Expeditions (LIND) Q3 CY2025 Highlights:
- Revenue: $240.2 million vs analyst estimates of $229.7 million (16.6% year-on-year growth, 4.6% beat)
- Adjusted EPS: $0.42 vs analyst estimates of $0.22 (87.8% beat)
- Adjusted EBITDA: $57.26 million vs analyst estimates of $46.78 million (23.8% margin, 22.4% beat)
- The company lifted its revenue guidance for the full year to $752.5 million at the midpoint from $737.5 million, a 2% increase
- EBITDA guidance for the full year is $121 million at the midpoint, above analyst estimates of $113.8 million
- Operating Margin: 15.3%, up from 14.3% in the same quarter last year
- Market Capitalization: $675.1 million
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From Lindblad Expeditions’s Q3 Earnings Call
- Steven Wieczynski (Stifel) asked for details on 2026 booking trends and demand across key itineraries. CEO Natalya Leahy said bookings for 2026 and 2027 are “significantly ahead” of the prior year and highlighted strong occupancy targets and ongoing momentum from commercial initiatives.
- Steven Wieczynski (Stifel) followed up about yield and pricing trends for next year after a strong 2025. Leahy explained that yield growth will likely normalize after double-digit increases, but price integrity will be maintained as occupancy rises.
- Eric Wold (Texas Capital Securities) questioned whether pricing power or reduced discounting would drive next year’s prices. Leahy and CFO Rick Goldberg indicated that strong demand in destinations like Alaska and Antarctica allowed for continued price increases, supported by revenue management tools.
- Eric Wold (Texas Capital Securities) also asked about anticipated margin pressure in Q4. Goldberg cited higher marketing expenses to support future growth and a greater number of ship maintenance periods as key factors affecting near-term EBITDA.
- Eric Des Lauriers (Craig-Hallum) inquired about macroeconomic headwinds and the resilience of the customer base. Leahy responded that guests are typically less sensitive to broader economic shifts, though the company remains mindful of geopolitical and royalty cost risks.
Catalysts in Upcoming Quarters
In the coming quarters, we will be watching (1) the pace of booking momentum for 2026 and 2027 itineraries, (2) the ability to maintain or grow occupancy and yields as capacity expands, and (3) the impact of elevated marketing and maintenance expenses on margins. The StockStory team will also monitor the effect of new product launches and deeper Disney and National Geographic partnerships on distribution and repeat guest rates.
Lindblad Expeditions currently trades at $12.21, in line with $12.20 just before the earnings. Is the company at an inflection point that warrants a buy or sell? See for yourself in our full research report (it’s free for active Edge members).
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