Lindblad Expeditions Holdings (LI4) Q2 2026 Earnings Report

The call conveyed a largely positive operational and commercial performance: strong revenue growth, record net yields, improved occupancy, significant adjusted EBITDA growth and healthy booking momentum that enabled an increase in full-year revenue and net-yield guidance. These positives are balanced against meaningful cost inflation—fuel being the largest headwind—higher operating and marketing costs, and lingering GAAP effects (accelerated depreciation) that kept a small net loss. Management maintained disciplined capital allocation and reaffirmed EBITDA guidance given fuel risk and geopolitical uncertainty.

Management raised 2026 revenue guidance to $830–$860 million (from $800–$850M), increased net yield guidance by 50 basis points to +4.5%–5.5% year‑over‑year (from +4%–5%), and reaffirmed adjusted EBITDA guidance of $130–$140 million; they expect available guest nights to be roughly flat in H2 2026 (capacity up mid‑single digits in Q3, down mid‑single digits in Q4) and are modeling fuel near ~$100/barrel as the primary headwind — while net leverage has improved to ~2.2x, cash stands at $364.9 million and year‑to‑date free cash flow is up 93% to $93.6 million, supporting organic investment, accretive M&A or opportunistic buybacks.