{
 "schema": "hk.cei.card/v1",
 "entity_id": "BR22",
 "name": "Lindblad Expeditions",
 "parent": "Lindblad Expeditions Holdings, Inc.",
 "peer_group": "Expedition",
 "primary_segment": "Expedition cruise",
 "core_geographies": "Galapagos / Alaska / polar / specialty",
 "release": "cei-2026-q4",
 "edition": "Q4 2026",
 "methodology": "v2.1",
 "grading_scale": "v2.1",
 "score": 78,
 "grade": "C",
 "rank": 28,
 "of": 50,
 "peer_rank": 3,
 "peer_size": 8,
 "confidence": {
  "score": 100,
  "method": "counted_citations_v1",
  "counted_citations": [
   "LIND_4Q25",
   "LIND_10K25",
   "BR22_PXFLEET",
   "BR22_PXAWARD",
   "BR22_PXRATE"
  ]
 },
 "summary": "Lindblad holds category authority and educational differentiation. The main watch: a smaller addressable market means demand softness can show up faster.",
 "narrative": "Lindblad Expeditions holds category authority in expert-led, educational expedition travel. That authority shows in its numbers: occupancy reached a record 93% in the first quarter of 2026. Its smaller addressable market means any demand softness can show up faster.",
 "strengths": [
  "Lindblad holds category authority and educational differentiation in expedition travel.",
  "Full-year 2025 occupancy was 88%, with net yield up 14% to $1,335.",
  "Expert-led, educational exploration gives the premium product a distinct identity."
 ],
 "fragilities": [
  "A smaller addressable market means demand softness can show up faster.",
  "As a smaller listed company, Lindblad offers less outside-in precision than the largest public brands.",
  "Its educational edge has to stay distinct within a more specialized expedition field."
 ],
 "what_moves_this_letter": [
  "Whether record occupancy and yields hold as capacity grows.",
  "Whether Lindblad's core expedition markets stay healthy through the next planning window.",
  "Whether the educational, expert-led position keeps protecting Lindblad's lane."
 ],
 "pillars": [
  {
   "id": "demand_quality",
   "name": "Demand Quality",
   "weight_pct": 13,
   "score": 81,
   "class_median": 81.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "pricing_revenue_integrity",
   "name": "Pricing & Revenue Integrity",
   "weight_pct": 13,
   "score": 84,
   "class_median": 83.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "destination_itinerary_advantage",
   "name": "Destination & Itinerary Advantage",
   "weight_pct": 13,
   "score": 91,
   "class_median": 82.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "product_experience",
   "name": "Product & Experience",
   "weight_pct": 12,
   "score": 80,
   "class_median": 80.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "distribution_channel_productivity",
   "name": "Distribution & Channel Productivity",
   "weight_pct": 9,
   "score": 69,
   "class_median": 75.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "ancillary_onboard_monetization",
   "name": "Ancillary & Onboard Monetization",
   "weight_pct": 9,
   "score": 69,
   "class_median": 73.0,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "crm_loyalty_ltv",
   "name": "CRM, Loyalty & LTV",
   "weight_pct": 9,
   "score": 73,
   "class_median": 79.5,
   "evidence_mode": "multi_source_primary"
  },
  {
   "id": "commercial_execution_discipline",
   "name": "Commercial Execution Discipline",
   "weight_pct": 13,
   "score": 77,
   "class_median": 79.0,
   "evidence_mode": "official_source_snapshot"
  },
  {
   "id": "strategic_flexibility_resilience",
   "name": "Strategic Flexibility & Resilience",
   "weight_pct": 9,
   "score": 72,
   "class_median": 74.0,
   "evidence_mode": "official_source_snapshot"
  }
 ],
 "card_source_codes": [
  "LIND_4Q25",
  "LIND_10K25",
  "BR22_PXFLEET",
  "BR22_PXAWARD",
  "BR22_PXRATE"
 ],
 "guest_rating": {
  "source": "Cruise Critic member reviews",
  "value": 4.4,
  "reviews": 256,
  "url": "https://www.cruisecritic.com/cruise/lindblad-expeditions/reviews",
  "read_on": "2026-09-17"
 },
 "developments": [
  {
   "date": "2025-12-11",
   "headline": "Greg Mortimer chartered for Alaska from 2027 as two older ships retire",
   "detail": "A three-year charter of Greg Mortimer adds Alaska capacity from 2027. National Geographic Sea Bird and Sea Lion approach retirement in 2026.",
   "source_id": "LIND_GREGM27"
  },
  {
   "date": "2026-05-05",
   "headline": "Record Q1: 93% occupancy, net yield $1,631 (+7%)",
   "detail": "First-quarter revenue rose 16% to $208.0 million. Occupancy reached 93%, the highest in company history, and net yield per available guest night rose 7% to $1,631. Adjusted EBITDA was $34.8 million.",
   "source_id": "LIND_1Q26"
  },
  {
   "date": "2026-08-03",
   "headline": "Q2 revenue +19%; record Q2 yield $1,294 on capacity +12%",
   "detail": "Second-quarter revenue rose 19% to $199.2 million, with a record second-quarter net yield of $1,294 and 91% occupancy on 12% more capacity. Adjusted EBITDA rose 31% to $32.5 million. Full-year tour revenue guidance was $830 million to $860 million.",
   "source_id": "LIND_2Q26"
  },
  {
   "date": "2026-08-12",
   "headline": "2028/29 deployment released, including a return to French Polynesia",
   "detail": "Lindblad published its 2028/29 deployment with new and longer itineraries across Antarctica, the Arctic, Alaska, Europe and the South Pacific, including new French Polynesia voyages.",
   "source_id": "LIND_DEPLOY2829"
  },
  {
   "date": "2026-08-15",
   "headline": "First European river departure on chartered Transcend Connect",
   "detail": "National Geographic-Lindblad's first European river sailing left on 15 August 2026 aboard the new 120-guest Transcend Connect. Sister ship Evolve follows in 2027.",
   "source_id": "LIND_RIVER26"
  },
  {
   "date": "2026-09-08",
   "headline": "Cruise Critic rates Lindblad 4.4 of 5 across 256 reviews",
   "detail": "A search-index snapshot of Lindblad's Cruise Critic review page, dated 18 April 2026, showed a 4.4 of 5 \"Very Good\" rating across 256 reviews. It was the first third-party guest-experience evidence on file for the brand.",
   "source_id": "LIND_CCREV26"
  },
  {
   "date": "2026-09-15",
   "headline": "Buys 60% of White Desert and Echo Charlie; raises 2026 guidance",
   "detail": "Lindblad bought 60% of Antarctic operator White Desert and aviation brand Echo Charlie for about $61 million in cash. It raised 2026 guidance to tour revenue of $850 million to $880 million and adjusted EBITDA of $140 million to $148 million.",
   "source_id": "LIND_WDESERT26"
  },
  {
   "date": "2026-09-17",
   "headline": "Product & Experience pillar added",
   "detail": "Cruise Critic members rate the line 4.4 of 5 across 256 reviews. The 2025 10-K lists 12 owned expedition ships plus 10 seasonal charters, including the 138-guest National Geographic Resolution (2021). The brand entered European river cruising in August 2026 on the chartered Transcend Connect; sister ship Transcend Evolve joins in 2027 and extends the river programme into winter. Named Best Expedition Cruise Line for the second year running in Cruise Critic's 2025 Best in Cruise Awards, plus Best for Education & Enrichment, Best in the Galápagos and Best in Alaska (UK).",
   "source_id": "LIND_10K25"
  }
 ],
 "current_sources": [
  "LIND_1Q26",
  "LIND_2Q26",
  "LIND_CCREV26",
  "BR22_PXFLEET",
  "BR22_PXAWARD",
  "BR22_PXRATE",
  "LIND_WDESERT26",
  "LIND_RIVER26",
  "LIND_DEPLOY2829",
  "LIND_GREGM27",
  "LIND_10K25"
 ],
 "sources_verified_on": "2026-10-01",
 "sources": {
  "LIND_4Q25": {
   "title": "Lindblad Expeditions Holdings, Inc. Reports 2025 Fourth Quarter and Full Year Financial Results",
   "date": "February 26, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/1512499/000143774926005736/ex_914868.htm",
   "label": "Lindblad 4Q25 / FY25 Results"
  },
  "LIND_10K25": {
   "title": "Lindblad Expeditions Holdings, Inc. Form 10-K for year ended December 31, 2025",
   "date": "filed in 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/1512499/000143774926005873/lindb20251231c_10k.htm",
   "label": "Lindblad 2025 Form 10-K"
  },
  "BR22_PXFLEET": {
   "title": "National Geographic-Lindblad Expeditions Unveils 2027/28 Deployments",
   "date": "accessed September 2026",
   "url": "https://www.travelmarketreport.com/cruises/articles/national-geographic-lindblad-expeditions-unveils-2027-28-deployments",
   "label": "National Geographic-Lindblad Expeditions Unveils 2027/28 Deployments"
  },
  "BR22_PXAWARD": {
   "title": "Awards and Honors | Lindblad Expeditions",
   "date": "accessed September 2026",
   "url": "https://www.expeditions.com/awards-honors",
   "label": "Awards and Honors | Lindblad Expeditions"
  },
  "BR22_PXRATE": {
   "title": "Cruise Critic Member Reviews",
   "date": "read 17 September 2026 (site blocks automated re-verification; read in a browser 1 October 2026)",
   "url": "https://www.cruisecritic.com/cruise/lindblad-expeditions/reviews",
   "label": "Cruise Critic Member Reviews"
  },
  "LIND_1Q26": {
   "title": "Lindblad Expeditions Holdings, Inc. Reports 2026 First Quarter Financial Results",
   "date": "May 5, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/1512499/000143774926014742/ex_943646.htm",
   "label": "Lindblad Q1 2026 results (8-K exhibit 99.1)"
  },
  "LIND_2Q26": {
   "title": "Lindblad Expeditions Holdings, Inc. Reports 2026 Second Quarter Financial Results",
   "date": "August 3, 2026",
   "url": "https://www.sec.gov/Archives/edgar/data/1512499/000143774926025309/ex_969381.htm",
   "label": "Lindblad Q2 2026 results (8-K exhibit 99.1)"
  },
  "LIND_CCREV26": {
   "title": "Lindblad Expeditions Reviews: What Cruisers Say (CruiseCritic)",
   "date": "search-index snapshot accessed 8 September 2026 (page dated 18 April 2026; site blocks automated re-verification; read in a browser 1 October 2026)",
   "url": "https://www.cruisecritic.com/cruise/lindblad-expeditions/reviews",
   "label": "CruiseCritic: Lindblad Expeditions reviews"
  },
  "LIND_WDESERT26": {
   "title": "Lindblad Expeditions Holdings, Inc. Expands Portfolio with the Acquisition of White Desert Antarctica and Echo Charlie to Create a Leading Force in Experiential Travel",
   "date": "Sept. 15, 2026",
   "url": "https://www.prnewswire.com/news-releases/lindblad-expeditions-holdings-inc-expands-portfolio-with-the-acquisition-of-white-desert-antarctica-and-echo-charlie-to-create-a-leading-force-in-experiential-travel-302878435.html",
   "label": "PR Newswire (company release): White Desert / Echo Charlie acquisition and raised guidance"
  },
  "LIND_RIVER26": {
   "title": "National Geographic-Lindblad launches first European river expedition, with second ship to follow",
   "date": "21 August 2026",
   "url": "https://karryon.com.au/industry-news/cruise/national-geographic-river/",
   "label": "Karryon: first European river departure"
  },
  "LIND_DEPLOY2829": {
   "title": "National Geographic-Lindblad Expeditions Unveils 2028/29 Deployment",
   "date": "August 12, 2026",
   "url": "https://www.travelmarketreport.com/cruises/articles/national-geographic-lindblad-expeditions-unveils-2028-29-deployment",
   "label": "Travel Market Report: 2028/29 deployment"
  },
  "LIND_GREGM27": {
   "title": "Lindblad Expeditions Adds the Greg Mortimer to Its Alaska Fleet Beginning in 2027",
   "date": "December 11, 2025",
   "url": "https://www.travelmarketreport.com/cruises/articles/lindblad-expeditions-adds-the-greg-mortimer-to-its-alaska-fleet-beginning-in-2027",
   "label": "Travel Market Report: Greg Mortimer charter"
  }
 },
 "unresolved_source_ids": [],
 "card_url": "https://hawkeskwortnik.com/commercial-excellence-index/industry/#brand=BR22",
 "page": "https://hawkeskwortnik.com/readings/cei/lindblad-expeditions",
 "data": "https://hawkeskwortnik.com/data/cei/cei-2026-q4/BR22.json",
 "method": "https://hawkeskwortnik.com/readings/method",
 "license": "CC BY-ND 4.0, attribute to Hawkes & Kwortnik with the edition",
 "note": "Copied from the data the live report card renders. Ungraded or missing values are null, never imputed."
}