LandBridge Announces Fourth Quarter and Fiscal Year 2025 Results
Key Terms
adjusted ebitda financial
free cash flow financial
senior notes financial
revolving credit facility financial
surface use economic efficiency technical
battery energy storage system technical
form 10-k regulatory
non-gaap financial measures financial
Delivers Q4 revenue growth of
Announces full year 2026 EBITDA outlook of
Declares quarterly cash dividend of
Announces
Fourth Quarter 2025 Financial Highlights
-
Revenues of
$56.8 million 56% year-over-year and12% quarter-over-quarter -
Net income(1) of
$18.2 million -
Net income margin(1) of
32% -
Adjusted EBITDA(2) of
$51.1 million 61% year-over-year and14% quarter-over-quarter -
Adjusted EBITDA Margin(2) of
90% -
Cash flows from operating activities of
$38.1 million -
Free Cash Flow(2) of
$36.4 million -
Operating cash flow margin of
67% -
Free Cash Flow Margin(2) of
64%
Fiscal Year 2025 Financial Highlights
-
Revenues of
$199.1 million 81% year-over-year -
Net income of
$72.4 million -
Net income margin of
36% -
Adjusted EBITDA(2) of
$177.2 million 83% year-over-year -
Adjusted EBITDA Margin(2) of
89% -
Cash flows from operating activities of
$126.3 million -
Free Cash Flow(2) of
$122.0 million -
Operating cash flow margin of
63% -
Free Cash Flow Margin(2) of
61%
Recent Milestones
-
Delivered Surface Use Economic Efficiency(3) ("SUEE") improvements across acquired acreage:
-
Legacy acreage increased to
$1,159 14% increase from$1,018 149% increase from$465 -
145% increase on acreage acquired in 2024 from$204 $499
-
Legacy acreage increased to
-
Closed inaugural
$500 million -
In December of 2025, announced that LandBridge entered into development agreements with subsidiaries of Samsung C&T Renewables, LLC providing the option to lease acreage for two potential Battery Energy Storage System projects in
Pecos andLoving counties,Texas with an aggregate capacity of 350 MW -
Increased quarterly cash dividend by
20% to$0.12 -
Obtained authorization from Board of Directors to opportunistically repurchase up to
$50 million -
Announced 2026 Adjusted EBITDA(2) guidance range of
$205 million 20% at the midpoint of the range
Jason Long, Chief Executive Officer of LandBridge, stated, “We entered 2026 with strong momentum, and continue to shift the paradigm of active land management. With over 315,000 optimally-located and largely contiguous surface acres, LandBridge continues to support and encourage energy, power, digital infrastructure and broader industrial development. We have a strong balance sheet and a proven platform for organic and acquisition-driven expansion, and we are well positioned to deliver differentiated value to shareholders and a diverse customer base in the years ahead."
Scott McNeely, Chief Financial Officer of LandBridge, said, “LandBridge delivered its seventh consecutive public quarter of strong growth, driven by increases across key revenue streams. As always, our business is underpinned by a high-margin, highly capital-efficient and asset-light model, with predominately fee-based revenue that we anticipate yielding high Adjusted EBITDA and Free Cash Flow. 2025 saw approximately 450 new easements and agreements executed on our acreage, with many compelling opportunities before us across all industrial uses, and an optimized balance sheet to accelerate our growth trajectory. We look forward to executing on our disciplined strategy and anticipate delivering within our Adjusted EBITDA guidance range, representing greater than
Fourth Quarter 2025 Consolidated Financial Information
Revenue for the fourth quarter of 2025 was
Adjusted EBITDA was
Net income margin was
Diversified Revenue Streams
Surface Use Royalties and Revenue: Generated revenues of
Resources Sales and Royalties: Generated revenues of
Oil and Gas Royalties: Generated revenues of
Free Cash Flow Generation
Cash flow from operations for the fourth quarter of 2025 was
Capital expenditures for the fourth quarter of 2025 were
Net cash provided by financing activities during the fourth quarter of 2025 was
Strong Balance Sheet with Ample Liquidity
Total liquidity was
On November 25, 2025, the Company refinanced all of its existing debt through an inaugural
As of December 31, 2025, the Company had approximately
Total cash and cash equivalents were
Return of Capital
Our Board of Directors declared a dividend on our Class A shares of
Additionally, our Board of Directors has approved a two-year share repurchase authorization under which the Company may opportunistically repurchase up to
2026 Outlook
For the full year 2026, the Company expects Adjusted EBITDA to be between
Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly non-recurring gains or losses, unusual or non-recurring items, income tax benefit or expense, or one-time transaction costs and cost of revenue. We are unable to reasonably predict these because they are uncertain and depend on various factors not yet known, which could have a material impact on GAAP results for the guidance period. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort.
LandBridge 2026 Investor Day
LandBridge will host an Investor Day on March 19, 2026, from 1:00 to 4:00 pm ET in
(1) 4Q25 net income and net income margin reflect a non-cash expense of |
(2) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Margin are non-GAAP financial measures. See “Comparison of Non-GAAP Financial Measures” included within the Appendix of this press release for related disclosures and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP. |
(3) Surface use economic efficiency is calculated as “Total revenues” less “Oil and gas royalties” from our consolidated statements of operations divided by the weighed average surface acres owned during the period. |
Annual Report on Form 10-K
Our financial statements and related footnotes will be available in our Annual Report on Form 10-K for the year ended December 31, 2025, which is expected to be filed with the
Conference Call and Webcast Information
The Company will hold a conference call on Thursday, February 26, 2026, at 10:00 a.m. Central Time to discuss fourth quarter and full year 2025 results. A live webcast of the conference call will be available on the Events and Presentations section of the LandBridge Investor Relations website at https://www.landbridgeco.com/investor-relations/events-and-presentations. To listen to the live broadcast, go to the site at least 10-15 minutes prior to the scheduled start time to register and install any necessary audio software.
To access the live conference call, participants must pre-register online at https://events.q4inc.com/analyst/509679838?pwd=zz0XWNfl to receive unique dial-in information. Pre-registration may be completed at any time up to the call start time. An audio replay will be available following the conclusion of the call and can be accessed via the same link.
About LandBridge
LandBridge owns or manages more than 315,000 surface acres across
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on LandBridge’s beliefs, as well as assumptions made by, and information currently available to, LandBridge, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as “will,” “would,” “should,” or “could,” and the words “believe,” “anticipate,” “continue,” “intend,” “expect” and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts, including our estimated future financial performance. You should not place undue reliance on forward-looking statements. Although LandBridge believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, LandBridge may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may vary materially and adversely from those envisaged in this news release due to a number of factors including, but not limited to: our customers’ demand for and use of our land and resources; the success of our affiliates, including WaterBridge, in executing their business strategies, including their ability to construct infrastructure, attract customers and operate successfully on our land; our customers’ ability to develop our land or any potential acquired acreage to accommodate any future surface use developments; our ability to continue the payment of dividends; the domestic and foreign supply of, and demand for, energy sources, including the effects of geopolitical conflicts, domestic uncertainties or armed conflict in oil and natural gas producing regions and the impact of actions relating to oil price and production controls by the members of the Organization of Petroleum Exporting Countries,
The historical financial information presented below reflects only our historical financial results and the historical financial results of our predecessor, DBR Land Holdings LLC, as applicable.
FOURTH QUARTER 2025 RESULTS |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(in thousands) (unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Year Ended |
|||||||||||
|
|
December 31, |
|
|
December 31, |
|||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|||||
Surface use royalties |
|
$ |
8,829 |
|
|
$ |
3,992 |
|
|
$ |
36,604 |
|
|
$ |
13,121 |
|
Surface use royalties - Related party |
|
|
11,425 |
|
|
|
6,597 |
|
|
|
36,168 |
|
|
|
18,499 |
|
Easements and other surface-related revenues |
|
|
14,734 |
|
|
|
5,611 |
|
|
|
51,286 |
|
|
|
20,629 |
|
Easements and other surface-related revenues - Related party |
|
|
4,328 |
|
|
|
9,262 |
|
|
|
10,716 |
|
|
|
13,486 |
|
Resource sales |
|
|
5,883 |
|
|
|
3,056 |
|
|
|
23,005 |
|
|
|
14,964 |
|
Resource sales - Related party |
|
|
620 |
|
|
|
58 |
|
|
|
1,718 |
|
|
|
387 |
|
Resource royalties |
|
|
3,803 |
|
|
|
2,976 |
|
|
|
15,730 |
|
|
|
9,779 |
|
Resource royalties - Related party |
|
|
1,739 |
|
|
|
483 |
|
|
|
7,297 |
|
|
|
3,062 |
|
Oil and gas royalties |
|
|
3,137 |
|
|
|
4,464 |
|
|
|
12,589 |
|
|
|
16,027 |
|
Other |
|
|
2,280 |
|
|
|
- |
|
|
|
3,980 |
|
|
|
- |
|
Total revenues |
|
|
56,778 |
|
|
|
36,499 |
|
|
|
199,093 |
|
|
|
109,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Resource sales-related expense |
|
|
642 |
|
|
|
374 |
|
|
|
2,026 |
|
|
|
2,113 |
|
Other operating and maintenance expense |
|
|
1,169 |
|
|
|
1,337 |
|
|
|
4,518 |
|
|
|
3,174 |
|
General and administrative expense |
|
|
17,092 |
|
|
|
14,188 |
|
|
|
62,448 |
|
|
|
112,302 |
|
Depreciation, depletion and amortization |
|
|
3,740 |
|
|
|
2,581 |
|
|
|
11,470 |
|
|
|
8,875 |
|
Other operating expense, net |
|
|
60 |
|
|
|
- |
|
|
|
131 |
|
|
|
- |
|
Operating income (loss) |
|
|
34,075 |
|
|
|
18,019 |
|
|
|
118,500 |
|
|
|
(16,510 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense, net |
|
|
8,961 |
|
|
|
7,100 |
|
|
|
32,706 |
|
|
|
23,335 |
|
Other loss (income) |
|
|
4,329 |
|
|
|
- |
|
|
|
4,329 |
|
|
|
(241 |
) |
Income (loss) from operations before taxes |
|
|
20,785 |
|
|
|
10,919 |
|
|
|
81,465 |
|
|
|
(39,604 |
) |
Income tax expense |
|
|
2,611 |
|
|
|
2,765 |
|
|
|
9,066 |
|
|
|
1,875 |
|
Net income (loss) |
|
$ |
18,174 |
|
|
$ |
8,154 |
|
|
$ |
72,399 |
|
|
$ |
(41,479 |
) |
Net loss prior to the IPO |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(46,877 |
) |
Net income attributable to noncontrolling interest |
|
|
10,118 |
|
|
|
5,701 |
|
|
|
42,271 |
|
|
|
288 |
|
Net income attributable to LandBridge Company LLC |
|
$ |
8,056 |
|
|
$ |
2,453 |
|
|
$ |
30,128 |
|
|
$ |
5,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands) (unaudited) |
||||||||
|
|
December 31, |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
30,741 |
|
|
$ |
37,032 |
|
Accounts receivable, net |
|
|
19,363 |
|
|
|
12,544 |
|
Related party accounts receivable |
|
|
4,945 |
|
|
|
2,111 |
|
Prepaid expenses and other current assets |
|
|
4,766 |
|
|
|
1,628 |
|
Total current assets |
|
|
59,815 |
|
|
|
53,315 |
|
|
|
|
|
|
|
|
||
Non-current assets: |
|
|
|
|
|
|
||
Property, plant and equipment, net |
|
|
1,084,450 |
|
|
|
902,742 |
|
Intangible assets, net |
|
|
136,962 |
|
|
|
45,265 |
|
Deferred tax assets |
|
|
80,973 |
|
|
|
29,416 |
|
Other assets |
|
|
3,856 |
|
|
|
1,741 |
|
Total non-current assets |
|
|
1,306,241 |
|
|
|
979,164 |
|
Total assets |
|
$ |
1,366,056 |
|
|
$ |
1,032,479 |
|
|
|
|
|
|
|
|
||
Liabilities and equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
562 |
|
|
$ |
489 |
|
Taxes payable |
|
|
1,200 |
|
|
|
2,286 |
|
Related party accounts payable |
|
|
781 |
|
|
|
686 |
|
Accrued liabilities |
|
|
7,781 |
|
|
|
7,185 |
|
Current portion of long-term debt |
|
|
692 |
|
|
|
424 |
|
Deferred revenue |
|
|
1,263 |
|
|
|
1,221 |
|
Other current liabilities |
|
|
7 |
|
|
|
2,119 |
|
Total current liabilities |
|
|
12,286 |
|
|
|
14,410 |
|
|
|
|
|
|
|
|
||
Non-current liabilities: |
|
|
|
|
|
|
||
Long-term debt, net of debt issuance costs |
|
|
559,593 |
|
|
|
380,815 |
|
Other long-term liabilities |
|
|
192 |
|
|
|
183 |
|
Total non-current liabilities |
|
|
559,785 |
|
|
|
380,998 |
|
Total liabilities |
|
|
572,071 |
|
|
|
395,408 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Class A shares, unlimited shares authorized and 27,838,199 shares issued and outstanding as of December 31, 2025. Unlimited shares authorized and 23,255,419 shares issued and outstanding as of December 31, 2024 |
|
|
317,069 |
|
|
|
208,427 |
|
Class B shares, unlimited shares authorized and 49,250,916 shares issued and outstanding as of December 31, 2025. Unlimited shares authorized and 53,227,852 shares issued and outstanding as of December 31, 2024 |
|
|
- |
|
|
|
- |
|
Retained earnings |
|
|
23,233 |
|
|
|
3,349 |
|
Total shareholders' equity attributable to LandBridge Company LLC |
|
|
340,302 |
|
|
|
211,776 |
|
Noncontrolling interest |
|
|
453,683 |
|
|
|
425,295 |
|
Total shareholders’ equity |
|
|
793,985 |
|
|
|
637,071 |
|
Total liabilities and equity |
|
$ |
1,366,056 |
|
|
$ |
1,032,479 |
|
|
|
|
|
|
|
|
||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in thousands) (unaudited) |
||||||||
|
|
Year Ended December 31, |
||||||
|
|
2025 |
|
2024 |
||||
Cash flows from operating activities |
|
|
|
|
||||
Net income (loss) |
|
$ |
72,399 |
|
|
$ |
(41,479 |
) |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
||||
Depreciation, depletion and amortization |
|
|
11,470 |
|
|
|
8,875 |
|
Amortization of debt issuance costs |
|
|
2,189 |
|
|
|
1,688 |
|
Share-based compensation |
|
|
45,319 |
|
|
|
95,335 |
|
Loss on extinguishment of debt |
|
|
4,416 |
|
|
|
- |
|
Deferred income tax expense (benefit) |
|
|
4,084 |
|
|
|
(411 |
) |
Other |
|
|
16 |
|
|
|
5 |
|
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable |
|
|
(6,834 |
) |
|
|
2,113 |
|
Related party accounts receivable |
|
|
(2,834 |
) |
|
|
(1,074 |
) |
Prepaid expenses and other assets |
|
|
1,301 |
|
|
|
(328 |
) |
Accounts payable |
|
|
16 |
|
|
|
272 |
|
Related party accounts payable |
|
|
95 |
|
|
|
233 |
|
Accrued liabilities and other liabilities |
|
|
(1,616 |
) |
|
|
506 |
|
Taxes payable |
|
|
(3,748 |
) |
|
|
1,901 |
|
Net cash provided by operating activities |
|
|
126,273 |
|
|
|
67,636 |
|
|
|
|
|
|
||||
Cash flows from investing activities |
|
|
|
|
||||
Acquisitions |
|
|
(229,048 |
) |
|
|
(723,367 |
) |
Capital expenditures |
|
|
(4,236 |
) |
|
|
(985 |
) |
Proceeds from disposal of assets |
|
|
210 |
|
|
|
- |
|
Net cash used in investing activities |
|
|
(233,074 |
) |
|
|
(724,352 |
) |
|
|
|
|
|
||||
Cash flows from financing activities |
|
|
|
|
||||
Proceeds from debt |
|
|
783,549 |
|
|
|
417,500 |
|
Repayments of debt |
|
|
(599,198 |
) |
|
|
(162,962 |
) |
Dividends, dividend equivalents, and distributions paid |
|
|
(63,713 |
) |
|
|
(178,244 |
) |
Debt issuance costs |
|
|
(13,266 |
) |
|
|
(4,326 |
) |
Taxes paid related to net share settlement of RSUs |
|
|
(5,750 |
) |
|
|
- |
|
Offering costs |
|
|
(1,112 |
) |
|
|
(8,186 |
) |
Proceeds from issuance of Class A shares - IPO, net of underwriting discounts and fees |
|
|
- |
|
|
|
278,263 |
|
Proceeds from issuance of Class A shares - December 2024 Private Placement, net of placement agent fees |
|
|
- |
|
|
|
339,291 |
|
Purchase of OpCo Units from LandBridge Holdings, net of placement agent fees |
|
|
- |
|
|
|
(145,411 |
) |
Contributions from member |
|
|
- |
|
|
|
120,000 |
|
Net cash provided by financing activities |
|
|
100,510 |
|
|
|
655,925 |
|
Net decrease in cash and cash equivalents |
|
|
(6,291 |
) |
|
|
(791 |
) |
Cash and cash equivalents - beginning of period |
|
|
37,032 |
|
|
|
37,823 |
|
Cash and cash equivalents - end of period |
|
$ |
30,741 |
|
|
$ |
37,032 |
|
Comparison of Non-GAAP Financial Measures
Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Margin are supplemental non-GAAP measures that we use to evaluate current, past and expected future performance. Although these non-GAAP financial measures are important factors in assessing our operating results and cash flows, they should not be considered in isolation or as a substitute for net income, gross margin or any other measures presented under GAAP.
Adjusted EBITDA and Adjusted EBITDA Margin are used to assess the financial performance of our assets over the long term to generate sufficient cash to return capital to equity holders or service indebtedness. We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, depletion, amortization, and accretion; share-based compensation; non-recurring transaction-related expenses and other non-cash or non-recurring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues.
We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period, and against our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA and Adjusted EBITDA Margin because these amounts can vary substantially from company to company within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired.
The following table sets forth a reconciliation of net income as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated.
|
Year Ended |
|
|
Three Months Ended |
||||||||||||||||
|
December
|
|
|
December
|
|
|
December
|
|
|
September
|
|
|
December
|
|
|
|||||
|
(in thousands) (unaudited) |
|
|
|||||||||||||||||
Net income (loss) |
$ |
72,399 |
|
|
$ |
(41,479 |
) |
|
$ |
18,174 |
|
|
$ |
20,291 |
|
|
$ |
8,154 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Depreciation, depletion and amortization |
|
11,470 |
|
|
|
8,875 |
|
|
|
3,740 |
|
|
|
2,584 |
|
|
|
2,581 |
|
|
Interest expense, net |
|
32,706 |
|
|
|
23,335 |
|
|
|
8,961 |
|
|
|
7,889 |
|
|
|
7,100 |
|
|
Income tax expense |
|
9,066 |
|
|
|
1,875 |
|
|
|
2,611 |
|
|
|
2,705 |
|
|
|
2,765 |
|
|
EBITDA |
|
125,641 |
|
|
|
(7,394 |
) |
|
|
33,486 |
|
|
|
33,469 |
|
|
|
20,600 |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Share-based compensation - Incentive Units (1) |
|
36,508 |
|
|
|
91,307 |
|
|
|
9,375 |
|
|
|
9,144 |
|
|
|
8,905 |
|
|
Share-based compensation - RSUs |
|
8,811 |
|
|
|
4,028 |
|
|
|
2,308 |
|
|
|
2,081 |
|
|
|
2,234 |
|
|
Transaction-related expenses (2) |
|
5,955 |
|
|
|
1,266 |
|
|
|
5,820 |
|
|
|
- |
|
|
|
- |
|
|
Non-recurring expenses (3) |
|
- |
|
|
|
7,825 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Other |
|
256 |
|
|
|
37 |
|
|
|
100 |
|
|
|
156 |
|
|
|
- |
|
|
Adjusted EBITDA |
$ |
177,171 |
|
|
$ |
97,069 |
|
|
$ |
51,089 |
|
|
$ |
44,850 |
|
|
$ |
31,739 |
|
|
Net income (loss) margin |
|
36 |
% |
|
|
(38 |
%) |
|
|
32 |
% |
|
|
40 |
% |
|
|
22 |
% |
|
Adjusted EBITDA Margin |
|
89 |
% |
|
|
88 |
% |
|
|
90 |
% |
|
|
88 |
% |
|
|
87 |
% |
|
(1) |
Share-based compensation - Incentive Units for the year ended December 31, 2025 and for the three months ended December 31, 2025, September 30, 2025, and December 31, 2024, consists only of time-based awards of profits interests in LandBridge Holdings LLC, "LBH Incentive Units". Share-based compensation - Incentive Units for the year ended December 31, 2024, consists of |
|
|
||
(2) |
Transaction-related expenses for the year ended December 31, 2025 consist of |
|
|
||
(3) |
Non-recurring expenses for the year ended December 31, 2024 consists primarily of |
Free Cash Flow and Free Cash Flow Margin are used to assess our ability to repay our indebtedness, return capital to our shareholders and fund potential acquisitions without access to external sources of financing for such purposes. We define Free Cash Flow as cash flow from operating activities less investment in capital expenditures. We define Free Cash Flow Margin as Free Cash Flow divided by total revenues.
We believe Free Cash Flow and Free Cash Flow Margin are useful because they allow for an effective evaluation of both our operating and financial performance, as well as the capital intensity of our business, and subsequently the ability of our operations to generate cash flow that is available to distribute to our shareholders, reduce leverage or support acquisition activities.
The following table sets forth a reconciliation of cash flows from operating activities determined in accordance with GAAP to Free Cash Flow and Free Cash Flow Margin, respectively, for the periods indicated.
|
Year Ended |
|
Three Months Ended |
|||||||||||||||||
|
December
|
|
December
|
|
December
|
|
September
|
|
December
|
|
||||||||||
|
(in thousands) (unaudited) |
|||||||||||||||||||
Net cash provided by operating activities |
$ |
126,273 |
|
|
$ |
67,636 |
|
|
$ |
38,116 |
|
|
$ |
34,912 |
|
|
$ |
26,928 |
|
|
Net cash used in investing activities |
|
(233,074 |
) |
|
|
(724,352 |
) |
|
|
(212,021 |
) |
|
|
(1,107 |
) |
|
|
(292,331 |
) |
|
Net cash (used in) provided by operating and investing activities |
|
(106,801 |
) |
|
|
(656,716 |
) |
|
|
(173,905 |
) |
|
|
33,805 |
|
|
|
(265,403 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquisitions |
|
229,048 |
|
|
|
723,367 |
|
|
|
210,281 |
|
|
|
5 |
|
|
|
292,107 |
|
|
Proceeds from disposal of assets |
|
(210 |
) |
|
|
- |
|
|
|
- |
|
|
|
(85 |
) |
|
|
- |
|
|
Free Cash Flow |
$ |
122,037 |
|
|
$ |
66,651 |
|
|
$ |
36,376 |
|
|
$ |
33,725 |
|
|
$ |
26,704 |
|
|
Operating cash flow margin (1) |
|
63 |
% |
|
|
62 |
% |
|
|
67 |
% |
|
|
69 |
% |
|
|
74 |
% |
|
Free Cash Flow Margin |
|
61 |
% |
|
|
61 |
% |
|
|
64 |
% |
|
|
66 |
% |
|
|
73 |
% |
|
(1) Operating cash flow margin is calculated by dividing net cash provided by operating activities by total revenue. |
||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20260225762834/en/
Scott McNeely
Chief Financial Officer
LandBridge Company LLC
Contact@LandBridgeCo.com
Mae Herrington
Director, Investor Relations
LandBridge Company LLC
ir@LandBridgeCo.com
Media
Daniel Yunger / Nathaniel Shahan
Kekst CNC
kekst-landbridge@kekstcnc.com
Source: LandBridge Company LLC
