{"version":"1.9","identifier":"f41b2b77-7ab0-4daa-b76c-92ce0cc2b974","language":"en-US","title":"Lindblad posts a record quarter and says new fleet plans are 'very close'","layout":{"columns":7,"width":1024,"margin":32,"gutter":20},"componentLayouts":{"text":{"columnStart":0,"columnSpan":7,"maximumContentWidth":720,"margin":{"top":12,"bottom":12}},"photo":{"columnStart":0,"columnSpan":7,"margin":{"top":20,"bottom":20}}},"componentTextStyles":{"default":{"fontName":"HelveticaNeue","fontSize":18,"lineHeight":29,"textColor":"#171717"},"headline":{"fontName":"HelveticaNeue-Bold","fontSize":36,"lineHeight":42,"conditional":[{"conditions":{"maxViewportWidth":480},"fontSize":28,"lineHeight":34}]},"intro":{"fontName":"HelveticaNeue","fontSize":20,"lineHeight":28,"textColor":"#555555"},"caption":{"fontName":"HelveticaNeue","fontSize":13,"lineHeight":19,"textColor":"#666666"},"byline":{"fontName":"HelveticaNeue","fontSize":13,"lineHeight":20,"textColor":"#666666"},"body":{"fontName":"HelveticaNeue","fontSize":18,"lineHeight":29,"paragraphSpacingAfter":14,"linkStyle":{"textColor":"#00704a"}}},"metadata":{"canonicalURL":"https://cruisesfrog.com/news/lindblad-q3-2026-record-results-fleet-expansion","datePublished":"2026-11-03T21:53:43.784747Z","dateModified":"2026-11-03T21:54:17.082883Z","authors":["Patrick Karsh"],"excerpt":"Revenue rose 12% to $269.2 million and occupancy hit 91% as the expedition line hinted at new ships through builds, purchases or charters.","thumbnailURL":"https://pub-fac99da959e344fe99d810d309cef7df.r2.dev/photos/article/f41b2b77-7ab0-4daa-b76c-92ce0cc2b974/6327bdf1a94cd13cab66af27dc24c833.jpg","keywords":["cruise_line"],"generatorName":"Frog News","generatorVersion":"1.0"},"components":[{"role":"title","text":"Lindblad posts a record quarter and says new fleet plans are 'very close'","textStyle":"headline","layout":"text"},{"role":"intro","text":"Revenue rose 12% to $269.2 million and occupancy hit 91% as the expedition line hinted at new ships through builds, purchases or charters.","textStyle":"intro","layout":"text"},{"role":"byline","text":"By Patrick Karsh · Published November 3, 2026","textStyle":"byline","layout":"text"},{"role":"photo","URL":"https://pub-fac99da959e344fe99d810d309cef7df.r2.dev/photos/article/f41b2b77-7ab0-4daa-b76c-92ce0cc2b974/6327bdf1a94cd13cab66af27dc24c833.jpg","caption":"Lindblad's National Geographic Endurance on her maiden call at Kiel, June 2020 · HenSti, CC BY-SA 4.0, via Wikimedia Commons","accessibilityCaption":"Lindblad's National Geographic Endurance on her maiden call at Kiel, June 2020","layout":"photo"},{"role":"caption","text":"Lindblad's National Geographic Endurance on her maiden call at Kiel, June 2020 · HenSti, CC BY-SA 4.0, via Wikimedia Commons","textStyle":"caption","layout":"text"},{"role":"body","format":"markdown","text":"Lindblad Expeditions just had the best quarter in its history, and its leaders say news about more ships is close. The expedition cruise company reported record third-quarter results on Nov. 3, with revenue up 12% and record net income, according to [its earnings release](https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-reports-2026-third-quarter-financial-results-302927106.html).\n\nOn the earnings call, CEO Natalya Leahy said the company is nearing a deal to grow its fleet. \"We're not ready to share yet, but we're very close to finalizing our plans in that regard,\" she said, as quoted by [Cruise Industry News](https://cruiseindustrynews.com/cruise-news/2026/11/lindblad-nearing-fleet-expansion-deal/). \"And I just ask us all to be a little patient with that.\"\n\n## The numbers\n\nHere are the key figures for the quarter ended Sept. 30, 2026.","textStyle":"body","layout":"text"},{"role":"htmltable","html":"
MeasureQ3 2026Change
Total revenue$269.2 millionUp 12%
Lindblad segment revenue$153.4 millionUp 11%
Land Experiences revenue$115.8 millionUp 13%
Adjusted EBITDA$64.1 millionUp 12%
","layout":"text"},{"role":"body","format":"markdown","text":"Net income available to stockholders was $24.2 million, or 36 cents per diluted share. That was a record for the quarter. A year earlier, the company posted a small loss of about $49,000.\n\n## Fuller ships and higher prices\n\nThe growth came from both pricing and demand. Net yield per available guest night rose 6% to $1,398. Occupancy climbed to 91%, up from 88% a year ago. It was the third quarter in a row above 90%.\n\nAvailable guest nights rose 4%. In all, Lindblad ran 161 voyages and carried 11,402 guests on its ships during the quarter.\n\nThe company did face some costs. Cruise Industry News noted higher fuel costs and a step-up in royalty payments to National Geographic, Lindblad's longtime partner.\n\n## Bigger plans for the fleet\n\nLindblad has not said what form the fleet growth will take. Chief Financial Officer Rick Goldberg pointed to several paths on the call, including \"fleet expansion through new builds, acquisitions and charters,\" Cruise Industry News reported.\n\nLeahy also made the case that expedition travel still has room to grow. \"While expedition capacity has more than doubled over the past decade, it still represents less than 1 percent of total cruise capacity,\" she said.\n\nOne change is already set. Cruise Industry News reported that the Greg Mortimer will replace two smaller ships in Alaska starting in summer 2027.\n\n## New business in Antarctica\n\nThe quarter also brought a deal on land. Lindblad bought a majority stake in White Desert, a luxury Antarctic travel company, and launched Echo Charlie. The company said it spent $54.6 million, net, on those moves.\n\nAt the end of the quarter, Lindblad had $308.2 million in cash and $675.0 million in debt.\n\n## Outlook for 2026\n\nLindblad expects full-year 2026 revenue of $870 million to $885 million. It expects adjusted EBITDA of $142 million to $148 million.\n\n## What it means for travelers\n\nStrong demand is good news for the company, but it can mean fewer deals for guests. With occupancy above 90% for three straight quarters, popular expedition dates may fill fast. If you have your eye on a 2027 trip to Alaska, the Galápagos or the polar regions, booking early is the safer move.\n\nThe bigger story to watch is the fleet. Whether Lindblad builds, buys or charters new ships, more capacity could open new routes. For now, the company is asking for patience. We will report the details once Lindblad shares them.","textStyle":"body","layout":"text"}]}