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Lindblad Cutting Non-Revenue Days

  • August 4, 2025
Lindblad Ship

During Lindblad Expeditions Holdings’ second quarter earnings call, CEO Natalya Leahy said that the company will be adding four voyages in 2026.

Leahy said that the new voyages are a result of the company optimizing deployment by focusing on the most profitable destinations across both expedition and land segments, as well as reducing non-revenue days by optimizing drydock planning.

“And thanks to improved drydock and transition voyage planning, we’ve reduced nonrevenue days by 38% between 2025 and 2027,” she said.

“We found additional optimization opportunities in ’26. So we added now cumulatively four voyages to ’26, increasing revenue days in ’26 as well. And I’m pleased to see that these voyages are booking really, really well already despite a shorter window for deployment,” Leahy added.

Rick Goldberg, chief financial officer at Lindblad Expeditions, said on the call that the company’s booking curves for this year and 2026 continue to pace well ahead of prior year levels.

Leahy added that charters remain a strategic focus for Lindblad, and the company’s small ships provide ideal settings for affinity groups, high net worth individuals and institutional clients.

“As a result, charters now make up a double-digit percentage of 2026 bookings,” she explained.

According to Leahy, Lindblad’s newly launched European River Cruise program has been very well received, and 2026 departures have already over 50 percent booked, with some voyages sold out.

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