Pursuit Posts $251.5 Million Record Summer Quarter, Narrows Profit Outlook Around Same $133 Million Midpoint
The lodge and attractions operator narrowed its 2026 Adjusted EBITDA range to $130 million to $136 million and reported a net leverage ratio of 0.6x.
Pursuit Attractions and Hospitality, which owns sightseeing attractions and lodges in the United States, Canada, Iceland and Costa Rica, reported record third-quarter revenue of $251.5 million, up 4.4% from a year earlier. It also tightened its full-year profit guidance around an unchanged $133 million midpoint, the company said Wednesday.
A tighter range, same midpoint
Pursuit narrowed its 2026 Adjusted EBITDA guidance to $130 million to $136 million, from $128 million to $138 million. The $133 million midpoint represents about 14% growth from 2025, the company said.
CEO David Barry said the company is "on track to deliver full year growth in line with our prior guidance range." Guidance assumes a fourth-quarter Canadian-to-U.S. dollar rate of $0.71, unchanged from before.
Capital spending is planned at $103 million to $114 million for the year, against $75.0 million in 2025, with growth spending of $70 million to $80 million.
Quarter figures
Revenue grew 6% when the Eagle Wing Tours purchase and the Flyover sale are stripped out. Same-store attraction effective ticket prices and lodging revenue per available room both rose 9%. The company credited growth across geographies, Eagle Wing Tours and yield optimization.
Adjusted EBITDA reached $125.5 million, up $8.1 million or 7%, and net income attributable to Pursuit was $82.8 million, up from $73.9 million. Adjusted net income was $85.0 million, or $3.03 per share, against $2.65 a year earlier, helped by higher Adjusted EBITDA and lower depreciation.
The third quarter carries outsized weight: in 2025, it produced $241.0 million of the company's $452.4 million in revenue.
Deals, balance sheet and Glacier proposal
Pursuit sold its non-core Flyover business on July 31 for about $75 million and bought Eagle Wing Tours, a Vancouver Island sightseeing attraction, on July 14 for about $16 million. At September 30, total debt was $134.2 million and the net leverage ratio was 0.6x, below the company's 2.0x to 3.5x target range. Liquidity was $293.0 million: $64.3 million of cash plus $228.7 million available on a $300 million revolving credit facility.
The company's Vision 2030 plan calls for more than $300 million of organic investment, with about $200 million committed to major projects. On October 1, Pursuit submitted a proposal to the U.S. Forest Service for the Glacier View Tram near Glacier National Park, which would have two 100-passenger cabins. The project is subject to federal review and permitting.
Management holds its conference call at 5 p.m. Eastern on Wednesday.
