Abstract
Lindblad Expeditions will report quarterly results on February 26, 2026 Pre-Market; this preview consolidates company guidance, last quarter results, and current-quarter estimates to frame revenue, margins, net income, and adjusted EPS alongside segment dynamics.Market Forecast
Based on the company’s current-quarter forecast data, Lindblad Expeditions’ revenue is estimated at $167.86 million, with estimated year-over-year growth of 27.59%. The forecast calls for EBIT of -$9.02 million with a year-over-year decline of 101.96% and estimated adjusted EPS of -$0.32 with an implied year-over-year decline of 30.54%. Forecast detail for gross profit margin and net profit margin is not available. Lindblad-branded expeditions and Land Experiences remain the core drivers; the outlook suggests continued demand, although seasonal and cost factors could suppress profitability in the quarter. The most promising segment is Lindblad-branded expeditions, which generated $137.56 million last quarter; year-over-year detail was not provided.Last Quarter Review
Lindblad Expeditions’ previous quarter delivered revenue of $240.17 million, a gross profit margin of 48.22%, GAAP net profit attributable to the parent company of $1.19 million, a net profit margin of 0.50%, and adjusted EPS of $0.42, with year-over-year adjusted EPS growth of 16.67%. A notable highlight was outperformance versus prior estimates, with EBIT at $35.68 million, above the $31.09 million estimate, and revenue surpassing expectations by $9.85 million. Main business performance was led by Lindblad-branded expeditions at $137.56 million and Land Experiences at $102.61 million; year-over-year breakdown was not provided.Current Quarter Outlook
Main Business: Lindblad-Branded Expeditions
The Lindblad-branded expeditions are the anchor of Lindblad Expeditions’ financial model, representing the largest revenue contributor last quarter at $137.56 million. For the current quarter, the market anticipates revenue to moderate from peak-season levels while still projecting double-digit year-over-year growth at 27.59% for total company revenue. The forecasted EBIT at -$9.02 million and EPS at -$0.32 point to seasonal softness and potential cost normalization after a strong previous quarter, which could reflect higher marketing, voyage preparation, and repositioning expenses typical of shoulder-season operations. Pricing should remain supported by destination uniqueness and brand strength, but capacity utilization is the key lever: if load factors trend below plan or if itinerary disruptions occur, the margin picture could weaken despite healthy top-line growth.Demand visibility, particularly for polar and nature-focused itineraries, remains important to watch because it shapes yield and onboard revenue mix. In recent quarters, the company’s gross margin at 48.22% underscores robust unit economics when fleet utilization is high; however, the slim net margin at 0.50% reveals sensitivity to operating overhead and expedition costs. The translation from gross margin strength to bottom-line performance hinges on disciplined cost control in crew staffing, logistics, fuel, and charter or lease expenses. Given the negative EBIT forecast, investors will likely focus on commentary around schedule efficiency, cost actions, and booking curves beyond the current quarter to assess the path back to profitability.
Most Promising Business: Land Experiences
The Land Experiences segment contributed $102.61 million last quarter and has strategic importance for diversifying revenue outside pure expedition sailing. While the current-quarter forecast does not provide a segment-level outlook, the consolidated revenue estimate implies continued growth momentum. The Land portfolio can help smooth seasonality by offering trips aligned with broader travel windows and destination flexibility, which can mitigate the impact of expedition repositioning cycles. If packaged land itineraries continue to attract incremental travelers or repeat guests from the expedition base, the mix shift could modestly aid margin resilience by reducing fixed-cost intensity.Pricing power in premium small-group land tours often relies on itinerary differentiation and guest experience scores. The segment’s performance during shoulder seasons is a focal point because it can convert interest from the core expedition audience into revenue with lower operational volatility. Execution risks include vendor cost inflation and destination-specific constraints, but segment synergies—such as cross-selling, loyalty program engagement, and integrated marketing—can support conversion rates and per-guest spend. Monitoring booking pace and cancellation trends will be essential for understanding how Land Experiences contributes to keeping consolidated growth near the forecasted 27.59%.
Stock Price Drivers This Quarter
Three intertwined factors appear most influential for the stock into the print: revenue trajectory versus the $167.86 million estimate, margin carry-through from a 48.22% gross margin baseline, and EPS delivery relative to the -$0.32 forecast. The revenue number will validate whether demand has held up during a seasonally softer period and whether the booking curve aligns with management’s capacity plans. Margin quality is the second determinant: given the narrow net margin last quarter at 0.50%, investors will dissect cost commentary to gauge whether negative EBIT reflects transitory items or a more persistent pressure in operations or pricing.EPS will be the ultimate synthesis of these factors. If Lindblad Expeditions can demonstrate better-than-expected voyage economics—through higher load factors, stable yields, and controlled fuel and logistics costs—the downside implied by a negative EPS could narrow, supporting sentiment. Conversely, if expedition schedules face disruptions or cost lines prove stickier, the market may recalibrate growth assumptions despite the top-line estimate. Any updates on forward bookings, capacity additions, and itinerary expansions will shape views on how quickly profitability can re-accelerate into peak travel periods.
Analyst Opinions
Analyst commentary gathered in the recent period indicates a predominance of constructive views on Lindblad Expeditions heading into the quarter, with the majority leaning bullish. Positive takes center on the company’s demonstrated revenue execution last quarter—beating revenue estimates by $9.85 million—and the durability of demand for experiential, small-ship voyages, even as the current quarter projects negative EBIT and EPS due to seasonality. The optimistic camp expects booking strength and brand-driven pricing to sustain double-digit growth, while monitoring cost discipline to limit the estimated EBIT shortfall.Well-followed institutions emphasize that the prior quarter’s adjusted EPS of $0.42, up 16.67% year over year, provides a helpful reference point for the business’s earnings power during peak periods. The majority view suggests that if management commentary validates healthy booking curves and outlines credible cost management actions, the shares could react positively despite the forecast of -$0.32 EPS. Analysts also highlight the segment mix—Lindblad-branded expeditions as the cornerstone and Land Experiences as a complementary growth channel—as supportive of the company’s strategy to manage seasonality and expand addressable demand. These perspectives align with the constructive stance that top-line resilience and clear operational actions are sufficient to warrant patience through a transitional quarter, with greater profitability expected as capacity cycles into stronger travel windows.
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