LandBridge Company LLC Earnings Call Transcripts
Fiscal Year 2026
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Record Q2 revenue and EBITDA growth were driven by strong performance across all segments and robust demand for digital infrastructure and produced water handling. Guidance for 2026 was reaffirmed, with multiple digital infrastructure deals in late-stage negotiations and a strong balance sheet supporting future growth.
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Q1 2026 saw 16% year-over-year growth in revenue and adjusted EBITDA, with strong free cash flow and an 88% margin. Full-year guidance was raised on improved commercial pipeline visibility and a supportive macro backdrop. Major data center and infrastructure deals highlight long-term growth.
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LandBridge is leveraging its strategic Delaware Basin acreage to drive value through pore space utilization, data center campus development, and integrated infrastructure. With $300M+ in free cash flow projected from water disposal and $150–$300M from data centers, the company targets rapid, capital-light growth, supported by strong local and regulatory tailwinds.
Fiscal Year 2025
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Delivered 81% revenue and 83% Adjusted EBITDA growth year-over-year, driven by strategic land expansion, commercial agreements, and robust surface use revenues. 2026 guidance targets over 20% EBITDA growth, with upside from new projects and acquisitions.
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Revenue and EBITDA grew for the sixth straight quarter, with Q3 revenue up 7% sequentially and 78% year-over-year. Major land acquisitions, a solar project sale, and new leases are set to drive further growth, while strong liquidity and disciplined capital allocation support expansion.
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Q2 2025 saw revenue and Adjusted EBITDA surge 83% and 81% year-over-year, driven by fee-based growth and strategic partnerships. Guidance was revised to $160–$180 million Adjusted EBITDA for 2025, with major projects like DBR Solar and Devon Energy set to drive future gains.
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Q1 2025 saw 131% revenue and 129% adjusted EBITDA growth, with 92% of revenue from non-oil and gas streams, and strong free cash flow. The Wolfbone Ranch acquisition and the Speedway pipeline are set to drive further growth, with robust demand for water handling and digital infrastructure.
Fiscal Year 2024
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Revenue and adjusted EBITDA more than doubled year-over-year in Q4 2024, with strong free cash flow and a shift toward non-oil and gas royalties. Major land acquisitions, new commercial agreements, and robust 2025 guidance highlight continued growth and minimal commodity price sensitivity.
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Expanded surface acreage by 53,000 acres through strategic acquisitions, raising 2025 EBITDA guidance to $180 million. Financing included a $350 million equity raise and increased debt, boosting public float by 33% while maintaining strong balance sheet and shareholder alignment.
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Q3 2024 saw 60% revenue and 62% Adjusted EBITDA growth, with 90% of revenues now fee-based. Major land acquisitions and a data center lease support strong 2024–2025 EBITDA guidance, while produced water royalties and solar projects drive future growth.
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Q2 2024 saw 36% sequential and 20% year-over-year revenue growth, with a 90% adjusted EBITDA margin and strong free cash flow. Recent acquisitions and IPO proceeds have strengthened the balance sheet, while management anticipates continued growth from water handling, renewables, and data centers.