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What is the market's earnings forecast for LandBridge next quarter?

What guidance did LandBridge's management provide for the next earnings period?

What is LandBridge's latest dividend and current dividend yield?

What does LandBridge do and what are its main business segments?

Did LandBridge beat or miss consensus estimates last quarter?

What is LandBridge's gross profit margin?

- **Revenue Growth**: 81% YoY in 2025, Q4 up 12% sequentially. 2026 EBITDA guidance $205-225M. 
- **Strategic Wins**: Samsung BESS, NRG data center, and ONEOK agreements. 
- **Financial Strength**: 64% free cash flow margin, 2.8x net leverage. 
- **Upcoming Drivers**: BPX Kraken, Speedway, and 1918 Ranch. 
- **Shareholder Returns**: Dividend +20%, $50M buyback. 
- **West Texas Position**: Unique assets and WaterBridge partnership for data centers.

**【CEO Summary Section】**
- LandBridge achieved 81% year-over-year revenue growth in 2025, with Q4 revenue up 12% sequentially. Key drivers include partnerships with Samsung, NRG, and ONEOK for energy and digital infrastructure projects. Active land management strategy boosted Surface Use Economic Efficiency (SUEE) to $658 per acre in 2025, up 21% from 2024. 
- 2026 guidance targets $205-225 million adjusted EBITDA, driven by WaterBridge's BPX Kraken and Speedway pipeline projects. Dividend increased 20% to $0.12/share, with $50 million share buyback authorization.

**【CFO Financial Commentary】**
- Q4 2025 revenue: $56.8 million (56% YoY growth), adjusted EBITDA: $51.1 million (61% YoY). Full-year free cash flow: $122 million. Balance sheet strengthened with $500 million senior notes and $275 million credit facility, reducing net leverage to 2.8x. 
- 2026 priorities: accretive M&A, capital structure optimization, and shareholder returns. Free cash flow margin: 64% in Q4. Oil & gas royalties <10% of total revenue, reducing commodity price exposure.

**【Q&A Highlights】**
- **Growth Drivers**: BPX Kraken and Speedway pipeline (mid-2026 online) to boost produced water volumes. 1918 Ranch acquisition offers upside beyond guidance. 
- **Competitive Position**: Unique West Texas asset base, WaterBridge partnership, and technical expertise create moat against competitors. 
- **Investor Day**: Scheduled for March 19, 2026, to detail data center and energy infrastructure opportunities.

LandBridge Company LLC(LB)-20260226-2025 Q4 Earnings call transcript

- **Revenue Growth**: Q3 revenue up 7% sequentially to $50.8 million, with EBITDA of $44.9 million (88% margin).
- **Strategic Acquisitions**: $20 million EBITDA contribution from 1918 Ranch acquisition in 2026, plus solar and gas processing projects.
- **Pore Space Leadership**: 300,000+ contiguous acres and partnerships like WaterBridge position LandBridge to capitalize on Delaware Basin's 9 million bbl/day produced water shortfall.
- **Balance Sheet Strength**: $108.3 million liquidity, 2.1x net leverage, and $0.10 quarterly dividend.
- **2026 Outlook**: Surface use royalties and new projects poised for accelerated growth, with EBITDA expectations exceeding prior guidance.

**【CEO Summary Section】**
- **Revenue and EBITDA Growth**: Q3 revenue increased 7% sequentially to $50.8 million, with adjusted EBITDA rising 6% to $44.9 million. This marks the sixth consecutive quarter of growth since going public.
- **Strategic Acquisitions**: Finalized the 1918 Ranch & Royalty acquisition, expected to contribute $20 million in EBITDA from 2026 onward. The deal includes 37,500 acres in Loving and Reeves counties, enhancing pore space and alternative energy potential.
- **New Projects**: Signed a 250 MW solar project lease in Reeves County and a long-term lease with ONEOK for a natural gas processing facility in Loving County.
- **Pore Space Management**: Emphasized controlled, contiguous acreage (300,000+ acres) to avoid pore pressure challenges, supported by partnerships like WaterBridge and alignment with Texas Railroad Commission guidelines.
- **Diversification**: Expanded into power infrastructure and data centers, with active discussions with hyperscalers and energy transition developers.

**【CFO Financial Commentary】**
- **Financial Performance**: GAAP revenue of $50.8 million (78% YoY growth), adjusted EBITDA of $44.9 million (88% margin). Free cash flow was $33.7 million, with capital expenditures of $1.2 million.
- **Balance Sheet**: Total liquidity of $108.3 million, net borrowings of $369.3 million (down 1.6% QoQ), and net leverage ratio of 2.1x (down from 2.4x).
- **Capital Allocation**: Prioritized M&A (e.g., 1918 Ranch), balance sheet strength (targeting 2.0-2.5x leverage), and shareholder returns (Q3 dividend of $0.10 per share).
- **Guidance**: Reaffirmed full-year 2025 EBITDA guidance of $165-175 million, with confidence in 2026 growth from surface use royalties and new projects.

**【Q&A Highlights】**
- **1918 Acquisition**: EBITDA contribution of $20 million in 2026, with potential upside from 900,000 bbl/day pore space capacity and clean energy infrastructure. Expected 3-4 year timeline for full monetization.
- **Power & Data Centers**: Active discussions with hyperscalers and energy developers, leveraging land, power partnerships, and fiber access. First solar project milestone payments expected as development progresses.
- **Produced Water Shortfall**: Projected 9 million bbl/day shortfall in Delaware Basin by 2035 due to pore space constraints, highlighting demand for LandBridge's differentiated, unencumbered acreage. Devon Energy's minimum volume commitment agreement exemplifies forward-thinking operator demand.
- **Surface Use Royalties**: Strong growth driven by WaterBridge's BPX development and new easements, with 2026 expectations exceeding prior forecasts.


LandBridge Company LLC (LB) Q3 2025 Earnings Call Transcript

- **Revenue surge**: 83% YoY growth from fee-based models. 
- **Strategic agreements**: 10-year Devon deal for 300,000 bpd produced water. 
- **Financial strength**: 89% EBITDA margin, $36M free cash flow. 
- **Regulatory alignment**: Pore space management aligns with new Texas rules. 
- **Guidance update**: EBITDA $160-180M, delayed solar project.

**【CEO Summary Section】**
- Q2 revenue grew 83% YoY, driven by fee-based arrangements. 
- Signed 10-year agreement with Devon for 300,000 bpd produced water capacity starting Q2 2027. 
- 94% of revenue now from fee-based models, reducing commodity risk. 
- Expanded land holdings by 50,000 acres; 89% EBITDA margin. 

**【CFO Financial Commentary】**
- Q2 revenue $47.5M, +83% YoY. 
- Free cash flow $36.1M, 76% margin. 
- Adjusted EBITDA guidance raised to $160-180M due to delayed solar project. 
- Debt reduced to $374.3M, net leverage 2.4x. 

**【Q&A Highlights】**
- Devon deal reflects industry shift to long-term contracts. 
- Regulatory changes support responsible pore space use. 
- Solar project timeline extended due to developer delays. 
- Power generation deal for 500,000 bpd Speedway pipeline. 
- Data center demand expected to grow with cheap power access.

LandBridge (LB)-7 Aug 25-2025 Q2 Earnings call transcript

- **Triple-Digit Growth**: Q1 2025 revenue up 131% YoY, 88% from non-oil/gas streams
- **Water Infrastructure Expansion**: Speedway Pipeline to add $30M/year in cash flow
- **Resilient Model**: 92% revenue insulated from oil/gas prices; operators cover 90%+ costs
- **Dividend Growth**: $0.10/share dividend declared, maintaining financial flexibility
- **Permian Momentum**: Produced water volumes outpacing oil growth in core Delaware Basin

**【CEO Opening Remarks】**
- Q1 2025 revenue grew 131% YoY, with 88% of revenue from non-oil/gas streams (surface use royalties, resource sales). 
- Wolf Bone Ranch acquisition drove >70% QoQ increase in produced water royalty volumes.
- WaterBridge's Speedway Pipeline to add up to 500,000 bbl/day capacity, generating ~$30M/year in cash flow.
- 92% of revenue insulated from oil/gas price volatility; operators bear 90%+ of OpEx/CapEx.

**【CFO Financial Highlights】**
- Q1 2025 revenue: $44M (20% QoQ, 131% YoY)
- Adjusted EBITDA: $38.8M (22% QoQ, 129% YoY), 88% margin
- Free cash flow: $15.8M (36% margin)
- Liquidity: $84.9M (cash: $14.9M, revolver: $70M)
- Dividend declared: $0.10/share

**【Key Q&A Takeaways】**
1. **Permian Activity & Water Growth**
- Producers maintain 2025+ development plans; no change in production expectations
- Produced water growth in core Delaware Basin outpacing oil volumes
- Water oil ratios rising due to deeper bench drilling

2. **Speedway Pipeline Progress**
- Contracts being finalized; first phase online Q4 2025
- $30M+ annual cash flow once fully operational
- Surface damage payments starting H2 2025, volumes ramping in 2026

3. **Data Center & Power Opportunities**
- Data center project remains on 12-18 month timeline
- Strong demand for in-basin power generation
- Land and water infrastructure needs driving new partnerships

LandBridge Company LLC (LB) Q1 2025 Earnings Call Transcript

- **Revenue Growth**: Q4 2024 revenue up 109% YoY to $36.5M, full-year up 51% to $110M.
- **Land Expansion**: Acquired 201,000 acres in 2024, including 46,000-acre Wolf Bone Ranch with $25M/yr revenue.
- **Data Center Deal**: $8M upfront payment, potential $8M/yr lease payments post-construction.
- **Solar Projects**: 550MW project in Texas with mid-single-digit million revenue by 2025.
- **2025 Guidance**: $170-190M EBITDA driven by new acquisitions and produced water growth.
- **Financial Strength**: 88% EBITDA margin, $385M debt with $107M liquidity, 73% free cash flow margin.


**【CEO Opening Remarks】**
- Q4 2024 revenue grew 109% YoY to $36.5M, with full-year revenue up 51% to $110M.
- Acquired 201,000 acres in 2024, including 46,000-acre Wolf Bone Ranch with $25M/yr revenue commitment.
- Signed data center lease deal with $8M upfront payment and potential 1GW facility.
- Expanded into solar energy with 6,700-acre project in Texas/New Mexico.

**【CFO Financial Highlights】**
- Q4 2024 adjusted EBITDA: $31.7M (108% YoY growth), full-year EBITDA: $97.1M.
- Free cash flow: $26.7M (Q4) and $66.7M (full-year), with 73% margin in Q4.
- Surface use economic efficiency: $1,018/acre in 2024, up from $465/acre in 2022.
- 2025 guidance: $170-190M EBITDA driven by new acquisitions and solar projects.

**【Key Q&A Takeaways】**
- **Data Center Progress**: $8M upfront payment, 2-year site selection period, and potential $8M/yr lease payments post-construction.
- **Solar Projects**: 550MW project in Texas with mid-single-digit million revenue by 2025.
- **Water Infrastructure**: 1.2M bbl/day produced water capacity, growing 20-30% YoY.
- **Regulatory Tailwinds**: Texas legislature promoting water recycling, reducing seismic risks from deep injection.
- **Capital Allocation**: 85% of 2024 revenue from non-oil/gas royalties, $385M debt with $107M liquidity.

**【Strategic Priorities】**
- Acquire underutilized surface acreage (e.g., 3,000-acre New Mexico deal in Q1 2025).
- Diversify into digital infrastructure (AI/data centers) leveraging cheap power and water in West Texas.
- Maintain 88% EBITDA margin through low-cost land management model.
- Generate $170-190M EBITDA in 2025 via new acquisitions and solar/produced water growth.


Actual	0.2	0.2328	0.2512	0.314	0.24	0.41	0.42
Forecast	0.2105	0.2526	0.3251	0.3529	0.3691	0.4787	0.3826
Surprise	-4.99%	-7.84%	-22.73%	-11.02%	-34.98%	-14.35%	+9.78%

Actual	25.95M	28.49M	36.50M	43.95M	47.53M	50.83M	56.78M
Forecast	25.85M	32.49M	37.75M	43.67M	49.23M	50.21M	51.91M
Surprise	+0.38%	-12.33%	-3.32%	+0.63%	-3.45%	+1.25%	+9.38%

LB

LB fundamentals

LB Q4 2025 Earnings

Earnings Call

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LB

LB fundamentals

LB Q4 2025 Earnings

Earnings Call

LB Earnings Call Summary for Q4/202511:00 AM on Feb 26, 2026

LB Earnings Call Summary for Q3/202510:30 AM on Nov 13, 2025

LB Earnings Call Summary for Q2/20259:00 AM on Aug 7, 2025

LB Earnings Call Summary for Q1/20259:00 AM on May 8, 2025

LB Earnings Call Summary for Q4/20249:00 AM on Mar 6, 2025

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