Coming off her first year helming Lindblad Expeditions Holdings, Inc. as its CEO, Natalya Leahy has a lot to reflect on, including the National Geographic-Lindblad Expeditions co-brand, which is just one of six subsidiaries she oversees.
“Every day I am surrounded by people who offer unique perspectives, so my focus in year one has been on listening, learning and aligning on forward momentum, as I believe deeply in creating an environment where people feel empowered to innovate,” she said.
And this approach seems to be working, with the company achieving its strongest performance ever in 2025.
Here, Leahy shares her plans for National Geographic-Lindblad Expeditions and how her past experience as president of Seabourn uniquely positions her for this moment in expedition cruising.
What was the first year at the helm of National Geographic-Lindblad Expeditions like?
This first year has been both energizing and deeply inspiring. This is a company with an extraordinary legacy: Lars-Eric Lindblad pioneered the first non-scientific expedition to Antarctica in 1966 and essentially helped create the category that we now see ourselves as leaders of. It has been an honor to step into our storied history while also helping to shape the future.
As a company, we had our strongest performance ever in 2025, with revenue increasing 20% to $771 million while also delivering record guest satisfaction, record Net Yield per Available Guest Night of $1,335, and record Adjusted EBITDA rising 38% to $126.2 million. While it is a huge honor to be at the helm of these successes, the passion of our people and the loyalty of our guests are what got us to this point.
Among developments from National Geographic-Lindblad Expeditions is the debut of its Travel Advisor Resource Hub.
Photo Credit: 2026 National Geographic-Lindblad Expeditions
How have you applied your history at luxury lines such as Seabourn to Lindblad?
Luxury is evolving, and modern affluent travelers are increasingly choosing experiences over material things. My experience in the luxury space taught me that exceptional service, thoughtful design and seamless execution matter enormously, and those elements must serve a larger purpose and also promote authenticity, personalization and meaningful connection at Lindblad. Our approach to luxury is rooted in the experience we deliver — it is the moments of wonder and “wow” and how we transcend the expedition experience.
We don’t just deliver comfort; we deliver perspective-shifting journeys led by world-class experts in some of the most awe-inspiring places on earth.
What makes us so unique is that we combine highly personalized, all-inclusive service with truly transformative experiences. We don’t just deliver comfort; we deliver perspective-shifting journeys led by world-class experts in some of the most awe-inspiring places on earth.
My focus has been on elevating every part of the guest experience while remaining true to our DNA: strengthening revenue management, sharpening our commercial strategy, enhancing onboard experiences and expanding into new markets and new ways to travel.
What can you tell us about the brand’s river cruising expansion?
We have an existing presence on some of the most incredible rivers in the world — from the mighty Nile to the famed Amazon to the lesser-explored Brahmaputra in India or the Columbia and Snake rivers found right here in the United States.
With this strong history of river exploration, the expansion into European river cruising is a very natural extension of our brand. Our guests are curious, highly educated travelers who seek depth, enrichment and authentic cultural connection, and rivers offer a wonderful way to experience that.
It is also important to note that we are not simply entering the market to offer a traditional river cruise product. We are bringing the National Geographic-Lindblad Expeditions approach — immersive storytelling, expert-led experiences and meaningful access — to some of the world’s most culturally and historically rich waterways.
What remains in store for the expedition side of things?
Everything we do is through an expedition lens that is aimed at curiosity, discovery and exploration. Whether we’re sailing among the great whales in Baja or taking in the history present along the Rhine, how we go is integral to the experience.
Expanding both where and how guests can explore is of the utmost importance, such as the introduction of Fly Antarctica, which has been hugely successful in opening Antarctica to travelers with less time by allowing them to bypass the Drake Passage.
The future of our fleet will reflect the same principles that define our brand today: intimacy, innovation, comfort and purpose-driven design that bring guests closer to the world around them.
What does the future of the overall fleet look like for Lindblad?
Every expansion must align with guest demand, market opportunity and our commitment to delivering highly differentiated experiences. The future of our fleet will reflect the same principles that define our brand today: intimacy, innovation, comfort and purpose-driven design that bring guests closer to the world around them.
Are there any other exciting developments travel advisors should be aware of?
This is an incredible time for advisors right now, as we just launched our Travel Advisor Resource Hub to kick off Travel Advisor Appreciation Month in May. This brand-new hub is a microsite that brings together essential tools, resources and sales support, designed to simplify and enhance how travel advisors work with and do business with our brand, and is built with advisors at the heart of it.
Our goal when introducing this is to reduce complexity and streamline everyday workflows so advisors can spend less time searching for the materials they need, and more time focusing on clients and sales.
Our guests are highly loyal and often interested in traveling with us across multiple destinations, which creates meaningful opportunities for advisors to build long-term relationships and recurring business with us. Advisors also have the opportunity to receive ongoing commission when a guest they book rebooks a second voyage with us while onboard the first, allowing them to sell a product once and enjoy additional benefits long past that sale date.
