Lindblad上调2026收入和净收益率指引但维持EBITDA不变

Earnings Call Insights: Lindblad Expeditions Holdings, Inc. (LIND) Q2 2026
Management view
- “We delivered double-digit revenue growth in the second quarter with total company revenue growth of 19% to $199 million compared to $168 million in the second quarter of last year.” (Chief Executive Officer Natalya Leahy)
- “We've consistently said we expect to achieve 90% occupancy this year, and I'm very pleased to report that this is the second consecutive quarter we've hit the 90-plus target.” (CEO Leahy)
- “Because of our strong booking trends, we are raising our 2026 revenue guidance to a range of $830 million to $860 million, up from our previous guidance of $800 million to $850 million.” (CEO Leahy)
- “We are also increasing our net yield guidance by 50 basis points from a range of 4% to 5% to a range of 4.5% to 5.5%. We are reaffirming our full year EBITDA guidance.” (CEO Leahy)
- “A few weeks ago, we launched our 2028 deployment… The first few weeks of our 2028 launch generated twice the revenue of the same period last year.” (CEO Leahy)
- “We also completed several contract renegotiations that are delivering meaningful run rate savings by leveraging the scale of our entire brand portfolio.” (CEO Leahy)
- “Last quarter, we discussed our decision to pull forward a portion of our demand generation spend. That strategy has contributed to strong near-end bookings while accelerating our 2027 booking pace.” (Chief Financial Officer Rick Goldberg)
Outlook
- “We are raising our 2026 revenue guidance to a range of $830 million to $860 million, up from our previous guidance of $800 million to $850 million.” (CEO Leahy)
- “We now expect net yield per available guest night to increase 4.5% to 5.5% year-over-year compared to our prior guidance of 4% to 5%.” (CFO Goldberg)
- “Given this continued headwind, we are maintaining our adjusted EBITDA guidance of $130 million to $140 million.” (CFO Goldberg)
- Compared with Q1 2026 guidance language, management shifted to a higher revenue range and a higher net yield growth range while keeping adjusted EBITDA unchanged: “We expect total company revenue in the range of $800 million to $850 million, and we expect adjusted EBITDA in the range of $130 million to $140 million.” (CFO Goldberg, Q1 2026)
Financial results
- “Total company revenue for the second quarter was $199.2 million, an increase of $31.3 million or 18.6% compared to the prior year.” (CFO Goldberg)
- “Adjusted EBITDA for the quarter was $32.5 million, an increase of $7.6 million or 30.7% compared to the second quarter of 2025.” (CFO Goldberg)
- “Net loss available to stockholders for the second quarter was $1.4 million… This equated to a loss of $0.02 per share compared to a loss of $0.18 per share in Q2 2025.” (CFO Goldberg)
- “Importantly, excluding the accelerated depreciation associated with the planned fourth quarter retirement of the National Geographic Sea Bird and National Geographic Sea Lion, we would have reported positive GAAP net income for the quarter.” (CFO Goldberg)
- “We ended the quarter with total cash of $364.9 million… Year-to-date, free cash flow increased 93% to $93.6 million. Our net leverage declined from 2.7x at the end of the first quarter to 2.2x.” (CFO Goldberg)
Q&A
- Ian Zaffino, Oppenheimer & Co. Inc.: “How much more runway do we have” on occupancy and could it go higher? CEO Leahy: “Occupancy levels… about 90%, slightly higher maybe the norm for this business,” and “we have a potential to… continue to grow yields at a very healthy rate… from our improved deployment… demand generation efforts and… onboard revenue and extension revenues.”
- Ian Zaffino, Oppenheimer & Co. Inc.: Asked about fuel assumptions and balancing buybacks vs. M&A. CFO Goldberg: “Our capital allocation priorities remain unchanged,” prioritizing “invest in organic growth,” then “disciplined accretive investments,” then “returning it to shareholders through our debt reduction or opportunistic share repurchases,” and said fuel modeling includes “close to $100 a barrel for the remainder of the fiscal year.”
- Eric Des Lauriers, Craig-Hallum: Asked about increasing land-business ownership to 100%. CEO Leahy: “We have a very unique model… where our founders are part of the ownership model,” and “the ownership stake might change, but we hope that the model of co-ownership will continue.” CFO Goldberg: “Over the course of the last year, we actually extended the agreements with all 4 of our land company founders… some of them wanted to take a little bit of cash off the table.”
- Eric Des Lauriers, Craig-Hallum: Asked what “inning” Lindblad is in on becoming data-driven on costs. CEO Leahy: “Last year, we had over 20 cost innovation initiatives… mainly coming this year,” and “this year, we have another 30-plus cost innovation initiatives that will start delivering results later this year and in the next 3 years.”
- Michael Albanese, The Benchmark Company: Asked about 2028 booking curves and pricing vs. traffic. CEO Leahy: “We literally have seen double of bookings in '28 versus '27,” calling it “early days, but exceptional launch support,” while CFO Goldberg said 2026 net yield has been “primarily” occupancy-driven, and for 2027 “net yield is much more pricing driven than it is occupancy driven.”
- Steven Wieczynski, Stifel: Pressed on higher revenue guidance but unchanged EBITDA guidance. CFO Goldberg cited Q1’s “approximately $3 million onetime benefit,” Q2’s “12% increase in capacity,” second-half capacity being “flat,” and headwinds including “fuel costs,” “final royalty rate step-up,” and “risk of canceled voyages due to uncertainty surrounding geopolitical events.”
- Steven Wieczynski, Stifel: Asked if lower oil implies upside. CEO Leahy: “Our guidance is already a range… It does assume both upside and downside within this guidance.”
- Steven Wieczynski, Stifel: Asked about “Disney” bookings pacing. CEO Leahy: “We're not driving Disney bookings versus non-Disney bookings,” adding that Disney and National Geographic channels are “embedded in many of our commercial initiatives.”
Sentiment analysis
- Analyst sentiment was slightly positive to skeptical, with one pointed challenge on EBITDA cadence: “that just doesn't seem to be that big of a headwind… is there something else we're just flat out missing here?” (Steven Wieczynski, Stifel)
- Management sentiment was positive in prepared remarks and more measured in Q&A on guidance sensitivity: “Our guidance is already a range… as accurate as we can communicate right now based on what we know.” (CEO Leahy)
- Versus Q1 2026, management’s tone leaned less toward disruption impacts and more toward momentum, as Q1 highlighted “increased cancellations” and Q2 emphasized being “the second consecutive quarter we've hit the 90-plus target.” (CEO Leahy)
Quarter-over-quarter comparison
- Guidance shifted upward on revenue and net yield growth while adjusted EBITDA stayed the same: Q2 raised 2026 revenue to “$830 million to $860 million” and net yield growth to “4.5% to 5.5%,” while Q1 kept revenue at “$800 million to $850 million” and net yield growth at “4% to 5%,” with both quarters keeping adjusted EBITDA at “$130 million to $140 million.” (CEO Leahy; CFO Goldberg)
- Strategic emphasis in Q2 expanded to earlier-cycle demand capture: “we launched our 2028 deployment” and saw “twice the revenue” early, compared with Q1’s emphasis on wave season, demand generation, and partner momentum like “Disney EarMarked travel agents increased 67%.” (CEO Leahy)
- Analyst focus shifted from Q1’s cancellations and booking environment questions to Q2’s EBITDA bridge and guidance cadence concerns, with more direct pressure on the back-half outlook. (Steven Wieczynski, Stifel)
Risks and concerns
- Fuel was repeatedly cited as a continuing headwind: “fuel prices remained elevated amid heightened geopolitical tensions in the Middle East,” and management modeled “close to $100 a barrel for the remainder of the fiscal year.” (CFO Goldberg)
- Management cited uncertainty-related demand and operational risks: “there's always risk of canceled voyages due to uncertainty surrounding geopolitical events.” (CFO Goldberg)
- A disclosed earnings sensitivity item remained the planned Q4 retirements: “planned fourth quarter retirement of the National Geographic Sea Bird and National Geographic Sea Lion,” with related “accelerated depreciation.” (CFO Goldberg)
Final takeaway
Management framed Q2 2026 as a quarter of sustained demand and improved commercial execution, highlighting 91% occupancy, record second-quarter net yield, and a 2028 deployment launch that produced “twice the revenue” in its first weeks. On the back of booking momentum, management raised full-year revenue guidance to $830 million-$860 million and lifted net yield growth expectations to 4.5%-5.5%, while keeping adjusted EBITDA guidance at $130 million-$140 million amid continued fuel-price uncertainty, the final National Geographic royalty step-up, and ongoing geopolitical cancellation risk.
Read the full Earnings Call Transcript