Lindblad Expeditions
Runs National Geographic-linked voyages alongside land-adventure brands.
Something off on this page? Send us feedback.
Profile
Offers ship-based expeditions and land experiences through National Geographic-linked vessels, Natural Habitat, and other active-travel brands. Revenue is mainly from the Lindblad small-ship segment, while operations depend on licensing relationships, remote access, seasonality, vessel uptime, and permits.
Combines National Geographic-linked small-ship expeditions with a land-experiences portfolio built around Natural Habitat, Off the Beaten Path, DuVine, Classic Journeys, and Thomson Group. Ship itineraries reach remote marine destinations such as Antarctica, the Arctic, the Galapagos, Alaska, Baja California, Costa Rica, and Panama, while land brands cover wildlife, national parks, cycling, walking journeys, safaris, and Kilimanjaro treks.
Execution centers on specialist-led travel: small vessels, naturalists, photographers, local guides, and conservation partnerships turn remote access into specialized itineraries. The business is global, with exposure to polar, Galapagos, North American, Latin American, European, African, and Oceania travel.
Operations depend on the National Geographic license, Natural Habitat's WWF relationship, seasonal destination access, weather and marine conditions, guest air transport, permits, vessel maintenance, and integrating acquired brands.
Company facts
Categories
Key statistics
Year to date +105% · Average volume (30d) 778.2K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 6, 2026 | Deutsche Bank | Target | $24 | $29 | |
| Aug 4, 2026 | Stifel Nicolaus | Target | $32 | $37 | |
| Jul 24, 2026 | Deutsche Bank | Reiterate | Hold | $10 | $24 |
| Jul 10, 2026 | Stifel Nicolaus | Target | $23 | $32 | |
| Jun 29, 2026 | Capital One Financial | Target | $31 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | −$0.10 | −$0.02 | +80.8% | $185.9M | $199.2M | +7.2% | +11.97% |
| May 5, 2026Q1 FY26 | $0.01 | $0.09 | +800.0% | $197.2M | $208.0M | +5.5% | +6.01% |
| Feb 26, 2026Q4 FY25 | −$0.32 | −$0.45 | −40.6% | $167.9M | $183.2M | +9.1% | −2.57% |
| Nov 4, 2025Q3 FY25 | $0.22 | $0.33 | +50.0% | $167.7M | $240.2M | +43.3% | +0.40% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $179.7M | $167.9M | $240.2M | $183.2M | $208.0M | $199.2M | |
| Gross profit | $86.9M | $76.6M | $100.9M | $25.9M | $83.6M | $78.1M | |
| Operating income | $10.6M | $4.4M | $36.0M | −$5.5M | $15.6M | $12.0M | |
| Net income | $1.2M | −$8.5M | $1.2M | −$23.6M | $6.5M | −$1.4M | |
| Diluted EPS | −$0.00 | −$0.18 | −$0.00 | −$0.45 | $0.10 | −$0.02 | |
| Gross margin | 48.3% | 45.6% | 42.0% | 14.1% | 40.2% | 39.2% | |
| Operating margin | 5.9% | 2.6% | 15.0% | -3.0% | 7.5% | 6.0% |
Fiscal years (4-quarter sums)FY21 $147.1M · FY22 $421.5M · FY23 $569.5M · FY24 $644.7M · FY25 $771.0M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $318.9M · Total debt $665.6M · Total assets $1.03B · Shareholders' equity −$195.8M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 65.62M · Float 49.20M · 75.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Sven-Olof Lindblad · director, 10 percent owner: | 10.68M | 16.28% | Form 4 | Mar 20, 2026 |
| FMR LLC | 6.64M | 10.11% | 13F | Aug 13, 2026 |
| BlackRock, Inc. | 3.82M | 5.80% | 13G | Jul 29, 2026 |
| Ein Mark | 3.33M | 5.10% | 13G | Feb 17, 2026 |
| Ariel Investments, LLC | 2.76M | 4.21% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 17, 2026 | Michael Elliott Bisnow | director | −44,642 | $24.21 |
| Jun 4, 2026 | L. Dyson Dryden | director | −39,946 | $22.04 |
| May 29, 2026 | L. Dyson Dryden | director | −52,747 | $23.09 |
| May 21, 2026 | John M. Jr Fahey | director | −2,000 | $20.26 |
| May 21, 2026 | Trey Byus | officer: Chief Expedition Officer | −10,000 | $20.05 |
Peers
- Royal Caribbean Group
Silversea-led overlap in luxury expedition cruises
- Carnival
Seabourn-led overlap in ultra-luxury expedition cruises
- Viking
Direct pressure from Viking Expedition and destination cruises
- Norwegian Cruise Line
Luxury and destination cruises substitute for expedition voyages
- Tripadvisor
Viator marketplace competes for tours and activities demand
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lindblad Expeditions | $29.59 | +0.03% | $1.94B | — | 114.8 | 2.3 | +18.6% |
| Royal Caribbean Group | $279.95 | +0.17% | $74.94B | 17.3 | 14.8 | 4.0 | +6.5% |
| Carnival | $24.88 | +0.50% | $33.91B | 11.2 | 10.6 | 1.2 | +5.3% |
| Viking | $88.87 | +0.42% | $39.31B | 29.3 | 24.3 | 5.6 | +16.5% |
| Norwegian Cruise Line | $16.72 | +0.35% | $7.64B | 10.4 | 12.7 | 0.8 | +4.9% |
| Tripadvisor | $10.00 | +1.36% | $1.15B | 987.0 | 10.0 | 0.6 | −16.5% |
| Median | 17.3 | 12.7 | 1.2 | +5.3% |