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Lindblad Expeditions Holdings (LIND) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Lindblad Expeditions Holdings (LIND) Q3 2026 earnings results →
Q3 2026 Revenue up 12% year over year to $269M · 9¢ of every $1 of revenue kept as net profit · operating margin 15.9%
Lindblad Expeditions Holdings made $269M in Q3 2026 (+12% Y/Y): Lindblad Segment $153M, Land-experience $116M. Operating margin 15.9%, net earnings $24.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
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What changed this quarter
Revenue was $269.2M in Q3 2026, up 12% year over year and up 35% from the previous quarter. Lindblad Segment was the largest line at 57% of revenue. Lindblad Segment added $15.8M year over year (up 11%), 55% of the total change.
Operating profit was $42.8M, a 15.9% margin (up 0.9 points year over year). Of the extra revenue versus Q3 2025, 23% reached operating profit, above the 15% margin then. Total costs grew 11% against revenue growth of 12%. The fastest-growing cost line was Sales & marketing (+26%). Net earnings were $24.2M, up 1937% year over year. The effective tax rate was 14.2%.
Operating cash flow was $2.8M (down 86% year over year), 10% of net income including minority interests. Non-cash charges added back $16.9M of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items used $42.8M. Capital expenditures of $3.9M exceeded it, leaving free cash flow of −$1.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $269M | +12% | 15.9% | $24.2M | $2.8M |
| Q2 2026 | 10-Q | Aug 3, 2026 | $199M | +19% | 6.0% | −$343K | $59.1M |
| Q1 2026 | 10-Q | May 5, 2026 | $208M | +16% | 7.5% | $6.5M | $49.5M |
| Q4 2025 | 10-K | Feb 26, 2026 | $183M | +23% | -3.0% | −$22.8M | $14.4M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $240M | +17% | 15.0% | $4.6M | $19.5M |
| Q2 2025 | 10-Q | Aug 4, 2025 | $168M | +23% | 2.6% | −$7.0M | $29.2M |
| Q1 2025 | 10-Q | May 6, 2025 | $180M | +17% | 5.9% | $1.0M | $48.4M |
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About Lindblad Expeditions Holdings
Lindblad Expeditions Holdings, Inc. (NASDAQ: LIND; the “Company”) is a leader in global expedition travel, offering immersive, educational journeys that span all seven continents through its six pioneering brands. Driven by a passion for the planet and the belief that there is always more to be discovered, the Company leads travelers to the farthest reaches of the world with an expansive portfolio of ship- and land-based expeditions. In collaboration with National Geographic, Lindblad Expeditions operates and sells the National Geographic-Lindblad Expeditions co-brand, which offers ship-based voyages that allow guests to explore remote destinations alongside scientists and naturalists, and with state-of-the-art exploration tools.
In its own words, from its 8-K, filed Aug 3, 2026.
Lindblad Expeditions Holdings against its Transportation Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +12%. Operating margin: 15.9% against the peers' median 12.1%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| LIND Lindblad Expeditions Holdings | Q3 2026 | $269M | +12% | 15.9% |
| BKNG Booking Holdings | Q3 2026 | $8.9B | -1% | 38.4% |
| EXPE Expedia Group | Q3 2026 | $4.9B | +12% | 26.9% |
| GXO GXO Logistics | Q3 2026 | $3.6B | +6% | 2.7% |
| XPO XPO | Q3 2026 | $2.4B | +12% | 12.1% |
| RXO RXO | Q3 2026 | $1.9B | +32% | 0.9% |
| GMRS GMR Solutions | Q2 2026 | $1.5B | +3% | 3.8% |
| GBTG Global Business Travel Group | Q2 2026 | $870M | +38% | 2.8% |
| GATX Gatx | Q3 2026 | $598M | +36% | 32.2% |
Source: Lindblad Expeditions Holdings 10-Q on SEC EDGAR · CIK 1512499 · Transportation Services
Guidance and outlook
13F: who owns LIND and who is buying
More on LIND
- How Lindblad Expeditions Holdings makes money: revenue by segment
- Lindblad Expeditions Holdings next earnings date and what analysts expect
- Lindblad Expeditions Holdings stock forecast, price target and fair value
- Who owns Lindblad Expeditions Holdings stock: holders, funds and Congress trades
- Lindblad Expeditions Holdings guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Lindblad Expeditions Holdings guidance history: guided vs reported
- Lindblad Expeditions Holdings operating margin by quarter
- Lindblad Expeditions Holdings net income by quarter
- Lindblad Expeditions Holdings free cash flow by quarter
- Lindblad Expeditions Holdings capital expenditures by quarter
- Lindblad Expeditions Holdings Lindblad Segment revenue by quarter
- Lindblad Expeditions Holdings Land-experience revenue by quarter