LandBridge Announces Third Quarter 2026 Results
Acquisitions expanded the acreage portfolio as quarterly cash balances fell and outstanding borrowings increased.
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Delivers record third quarter revenue of
Increases full year 2026 Adjusted EBITDA guidance to
Completes the acquisition of ~25,000 acres across the
Announces PowerBridge's conversion of its previously announced option to lease on a portion of the Alpha Digital Campus acreage and commencement of construction on the first phase of the powered data center campus project
Declares quarterly cash dividend of
Third Quarter 2026 Highlights
-
Revenues of
$70.9 million 39% year-over-year and6% quarter-over-quarter -
Net income(1) of
$34.0 million 68% year-over-year and10% quarter-over-quarter -
Net income margin(1) of
48% -
Adjusted EBITDA(2) of
$63.7 million 42% year-over-year and7% quarter-over-quarter -
Adjusted EBITDA Margin(2) of
90% -
Cash flows from operating activities of
$49.6 million 42% year-over-year and20% quarter-over-quarter -
Free Cash Flow(2) of
$49.0 million 45% year-over-year and22% quarter-over-quarter -
Operating cash flow margin of
70% -
Free Cash Flow Margin(2) of
69% -
Completed the Company's conversion and redomestication from a
Delaware limited liability company to aTexas corporation, enabling potential participation in broader market indices -
Increased liquidity through the previously announced
$100 million $125 million -
Announced quarterly cash dividend of
$0.12
Management Commentary
Jason Long, Chief Executive Officer of LandBridge, stated, “LandBridge delivered another strong quarter, with revenue growing
Scott McNeely, Chief Financial Officer of LandBridge, said, “Our third quarter results underscore the scalability of our high-margin, asset-light business model. Growth across every revenue stream, together with the expected contribution from recent acquisitions beginning in the fourth quarter, supports our decision to raise the midpoint of our full year Adjusted EBITDA guidance to
Third Quarter 2026 Consolidated Financial Information
Revenue for the third quarter of 2026 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 third quarter of 2026 was
Capital expenditures for the third quarter of 2026 were
Strong Balance Sheet with Ample Liquidity
Total liquidity was
As of September 30, 2026, the Company had approximately
Total cash and cash equivalents were
Subsequent to quarter end, on October 1, 2026, DBR Land Holdings LLC ("OpCo") issued an additional
Third Quarter 2026 Acquisitions
During the third quarter of 2026, the Company acquired approximately 25,000 acres, representing numerous individual strategic transactions across the Company's existing footprint. The acquired acreage includes fee surface and mineral classified surface interests, which enables LandBridge to participate in the upside of minerals production as the surface owner. The acquisitions include material upside tied to further commercialization of the surface estate access and provide access to highly-contiguous surface acreage with attractive, undeveloped pore space, strategically positioned outside of the over-pressured injection zones close to the Stateline region, offering large, active E&P operators a responsible, long-term alternative for produced water disposal. LandBridge is engaged in active discussions with operators, providing strong confidence in its ability to develop and commercialize this pore space, helping to further diversify the asset's cash flows while preserving their long-term, recurring nature.
PowerBridge Alpha Lease Phase I
During the third quarter of 2026, PowerBridge exercised its option to lease an initial 825-acre portion of the approximately 3,400 total acreage under option for the previously announced Alpha Digital Campus on LandBridge's acreage in
Third Quarter 2026 Dividend
The Board declared a dividend on our Class A common stock of
Updated 2026 Outlook
Based on the expected contribution from recent acquisitions, the Company raises the midpoint of its outlook for fiscal year 2026, with Adjusted EBITDA expected 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.
(1) Q3 2026 net income and net income margin include 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. |
Quarterly Report on Form 10-Q
Our financial statements and related footnotes are available in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, which is expected to be filed with the
Conference Call and Webcast Information
The Company will hold a conference call on Thursday, November 5, 2026, at 10:00 a.m. Central Time to discuss third quarter results. A live webcast of the conference call will be available on the Events and Presentations section of the LandBridge Investor Relations website. 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/108208093?pwd=Gl2YMlcj to receive unique dial-in information. Pre-registration may be completed at any time up to the call start time.
About LandBridge
LandBridge owns or manages more than 350,000 surface acres across Texas and New Mexico, located primarily in the heart of the Delaware sub-region in the Permian Basin, the most active region for oil and gas exploration and development in the United States. LandBridge actively manages its land and resources to support and encourage energy and infrastructure development and other land uses, including digital infrastructure. LandBridge was formed by Five Point Infrastructure LLC, a private equity firm with a track record of investing in and developing energy, environmental water management and sustainable infrastructure companies within the Permian Basin. For more information, please visit: www.landbridgeco.com
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 WaterBridge Infrastructure LLC in executing its business strategies, including its ability to construct and operate water infrastructure assets, attract customers and operate successfully on our land; our customers’ ability to develop our land or potential changes to our customers' development plans, or any potential acquired acreage to accommodate any future surface use developments, such as data centers or other digital infrastructure; our ability to continue the payment of dividends; the domestic and foreign supply of, and demand for, energy sources, including the impact of political instability or armed conflict in oil and natural gas producing regions, including increased hostilities in the Middle East, including Iran, and other sustained military campaigns, the Russia-Ukraine war, as well as the conditions in South America, Central America, China and Russia and acts of terrorism or sabotage, actions relating to oil price and production controls by the members of the Organization of Petroleum Exporting Countries, Russia and other allied producing countries with respect to oil production levels and announcements of potential changes to such levels; our reliance on a limited number of customers and on a particular region for substantially all of our revenues, including the potential consolidation of such customers within such region and the degree to which such consolidation may affect spending on U.S. drilling and completions in the near term; our ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices we are able to charge and the margins we are able to realize; our business strategies and our ability to execute thereon, including our ability to attract non-traditional energy customers to use our land and resources and to successfully implement our growth plans and manage any resultant growth; our ability to successfully implement our growth plans, including through future acquisitions of acreage and/or the introduction of new revenue streams, the costs associated with such acquisitions and revenue streams, and the risk that we may not be able to integrate and/or realize the anticipated benefits therefrom; our level of indebtedness and our ability to service our indebtedness; and any changes in general economic, business and/or industry conditions and market volatility, including as a result of slowing growth, a potential economic recession, an elevated inflation rate, high interest rates, changes in U.S. and international trade policies and relations, and central bank policy, as well as associated liquidity risks. These risks, as well as other risks associated with LandBridge are also more fully discussed in LandBridge's filings with the SEC, including its most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. You can access LandBridge’s filings with the SEC through the SEC's website at http://www.sec.gov. Except as required by applicable law, LandBridge undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made.
THIRD QUARTER 2026 RESULTS
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Surface use royalties |
|
$ |
13,485 |
|
|
$ |
8,235 |
|
|
$ |
37,203 |
|
|
$ |
27,775 |
|
Surface use royalties - related party |
|
|
12,887 |
|
|
|
10,152 |
|
|
|
36,967 |
|
|
|
24,743 |
|
Easements and other surface-related revenues |
|
|
17,002 |
|
|
|
15,840 |
|
|
|
48,550 |
|
|
|
36,552 |
|
Easements and other surface-related revenues - related party |
|
|
10,936 |
|
|
|
807 |
|
|
|
20,754 |
|
|
|
6,388 |
|
Resource sales |
|
|
6,165 |
|
|
|
4,501 |
|
|
|
17,012 |
|
|
|
17,122 |
|
Resource sales - related party |
|
|
561 |
|
|
|
731 |
|
|
|
1,425 |
|
|
|
1,098 |
|
Resource royalties |
|
|
4,330 |
|
|
|
3,929 |
|
|
|
12,718 |
|
|
|
11,927 |
|
Resource royalties - related party |
|
|
1,464 |
|
|
|
1,604 |
|
|
|
3,435 |
|
|
|
5,558 |
|
Oil and gas royalties |
|
|
4,060 |
|
|
|
3,332 |
|
|
|
10,606 |
|
|
|
9,452 |
|
Other |
|
|
- |
|
|
|
1,700 |
|
|
|
65 |
|
|
|
1,700 |
|
Total revenues |
|
|
70,890 |
|
|
|
50,831 |
|
|
|
188,735 |
|
|
|
142,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Resource sales-related expense |
|
|
1,094 |
|
|
|
438 |
|
|
|
2,624 |
|
|
|
1,384 |
|
Other operating and maintenance expense |
|
|
1,370 |
|
|
|
1,160 |
|
|
|
3,967 |
|
|
|
3,349 |
|
General and administrative expense |
|
|
15,890 |
|
|
|
15,864 |
|
|
|
47,516 |
|
|
|
45,356 |
|
Depreciation, depletion and amortization |
|
|
4,555 |
|
|
|
2,584 |
|
|
|
13,354 |
|
|
|
7,730 |
|
Other operating (income) expense, net |
|
|
(266 |
) |
|
|
(100 |
) |
|
|
(309 |
) |
|
|
71 |
|
Operating income |
|
|
48,247 |
|
|
|
30,885 |
|
|
|
121,583 |
|
|
|
84,425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
9,854 |
|
|
|
7,889 |
|
|
|
28,555 |
|
|
|
23,745 |
|
Other expense, net |
|
|
- |
|
|
|
- |
|
|
|
27 |
|
|
|
- |
|
Income before income taxes |
|
|
38,393 |
|
|
|
22,996 |
|
|
|
93,001 |
|
|
|
60,680 |
|
Income tax expense |
|
|
4,345 |
|
|
|
2,705 |
|
|
|
10,036 |
|
|
|
6,455 |
|
Net income |
|
|
34,048 |
|
|
|
20,291 |
|
|
|
82,965 |
|
|
|
54,225 |
|
Net income attributable to noncontrolling interest |
|
|
21,090 |
|
|
|
12,184 |
|
|
|
49,005 |
|
|
|
32,153 |
|
Net income attributable to LandBridge Company LLC |
|
$ |
12,958 |
|
|
$ |
8,107 |
|
|
$ |
33,960 |
|
|
$ |
22,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income per share of Class A shares |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.44 |
|
|
$ |
0.31 |
|
|
$ |
1.18 |
|
|
$ |
0.89 |
|
Diluted |
|
$ |
0.44 |
|
|
$ |
0.26 |
|
|
$ |
1.07 |
|
|
$ |
0.70 |
|
Weighted average shares outstanding of Class A shares |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
29,149,839 |
|
|
|
25,335,054 |
|
|
|
28,321,108 |
|
|
|
24,227,677 |
|
Diluted |
|
|
29,149,839 |
|
|
|
76,518,549 |
|
|
|
77,044,928 |
|
|
|
76,459,219 |
|
CONSOLIDATED BALANCE SHEETS
|
||||||||
|
|
September 30, |
|
|
December 31, |
|
||
|
|
2026 |
|
|
2025 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
16,775 |
|
|
$ |
30,741 |
|
Accounts receivable, net |
|
|
30,154 |
|
|
|
19,363 |
|
Related party accounts receivable |
|
|
11,211 |
|
|
|
4,945 |
|
Prepaid expenses and other current assets |
|
|
5,436 |
|
|
|
4,766 |
|
Total current assets |
|
|
63,576 |
|
|
|
59,815 |
|
|
|
|
|
|
|
|
||
Non-current assets: |
|
|
|
|
|
|
||
Property, plant and equipment, net |
|
|
1,360,108 |
|
|
|
1,084,450 |
|
Intangible assets, net |
|
|
129,176 |
|
|
|
136,962 |
|
Deferred tax assets |
|
|
92,724 |
|
|
|
80,973 |
|
Other assets |
|
|
3,909 |
|
|
|
3,856 |
|
Total non-current assets |
|
|
1,585,917 |
|
|
|
1,306,241 |
|
Total assets |
|
$ |
1,649,493 |
|
|
$ |
1,366,056 |
|
|
|
|
|
|
|
|
||
Liabilities and equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
713 |
|
|
$ |
562 |
|
Related party accounts payable |
|
|
1,219 |
|
|
|
781 |
|
Taxes payable |
|
|
2,169 |
|
|
|
1,200 |
|
Accrued liabilities |
|
|
16,415 |
|
|
|
7,781 |
|
Current portion of long-term debt |
|
|
29 |
|
|
|
692 |
|
Contract liabilities |
|
|
1,552 |
|
|
|
1,263 |
|
Other current liabilities |
|
|
733 |
|
|
|
7 |
|
Total current liabilities |
|
|
22,830 |
|
|
|
12,286 |
|
|
|
|
|
|
|
|
||
Non-current liabilities: |
|
|
|
|
|
|
||
Long-term debt, net of debt issuance costs |
|
|
755,517 |
|
|
|
559,593 |
|
Other long-term liabilities |
|
|
4,625 |
|
|
|
192 |
|
Total non-current liabilities |
|
|
760,142 |
|
|
|
559,785 |
|
Total liabilities |
|
|
782,972 |
|
|
|
572,071 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Class A shares, unlimited shares authorized and 29,654,484 shares issued and outstanding as of September 30, 2026. Unlimited shares authorized and 27,838,199 shares issued and outstanding as of December 31, 2025. |
|
|
343,066 |
|
|
|
317,069 |
|
Class B shares, unlimited shares authorized and 47,356,800 shares issued and outstanding as of September 30, 2026. Unlimited shares authorized and 49,250,916 shares issued and outstanding as of December 31, 2025. |
|
|
- |
|
|
|
- |
|
Retained earnings |
|
|
46,839 |
|
|
|
23,233 |
|
Total shareholders’ equity attributable to LandBridge Company LLC |
|
|
389,905 |
|
|
|
340,302 |
|
Noncontrolling interest |
|
|
476,616 |
|
|
|
453,683 |
|
Total shareholders’ equity |
|
|
866,521 |
|
|
|
793,985 |
|
Total liabilities and equity |
|
$ |
1,649,493 |
|
|
$ |
1,366,056 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
|
|
Nine Months Ended
|
|
|||||
|
|
2026 |
|
|
2025 |
|
||
Cash flows from operating activities |
|
|
|
|
|
|
||
Net income |
|
$ |
82,965 |
|
|
$ |
54,225 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation, depletion and amortization |
|
|
13,354 |
|
|
|
7,730 |
|
Amortization of debt issuance costs |
|
|
1,746 |
|
|
|
1,619 |
|
Share-based compensation |
|
|
31,646 |
|
|
|
33,636 |
|
Deferred income tax expense |
|
|
3,472 |
|
|
|
2,265 |
|
Other |
|
|
(5 |
) |
|
|
5 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(10,903 |
) |
|
|
(7,130 |
) |
Related party accounts receivable |
|
|
(6,266 |
) |
|
|
(2,452 |
) |
Prepaid expenses and other assets |
|
|
(825 |
) |
|
|
(3,906 |
) |
Accounts payable |
|
|
158 |
|
|
|
65 |
|
Related party accounts payable |
|
|
438 |
|
|
|
216 |
|
Taxes payable |
|
|
3,584 |
|
|
|
1,432 |
|
Accrued and other liabilities |
|
|
12,690 |
|
|
|
452 |
|
Net cash provided by operating activities |
|
|
132,054 |
|
|
|
88,157 |
|
|
|
|
|
|
|
|
||
Cash flows from investing activities |
|
|
|
|
|
|
||
Acquisitions |
|
|
(278,961 |
) |
|
|
(18,767 |
) |
Capital expenditures |
|
|
(1,888 |
) |
|
|
(2,496 |
) |
Proceeds from disposal of assets |
|
|
55 |
|
|
|
210 |
|
Net cash used in investing activities |
|
|
(280,794 |
) |
|
|
(21,053 |
) |
|
|
|
|
|
|
|
||
Cash flows from financing activities |
|
|
|
|
|
|
||
Proceeds from debt |
|
|
220,000 |
|
|
|
15,000 |
|
Repayments of debt |
|
|
(25,654 |
) |
|
|
(31,154 |
) |
Dividends, dividend equivalents and distributions paid |
|
|
(50,731 |
) |
|
|
(52,773 |
) |
Taxes paid related to net share settlement of RSUs |
|
|
(6,567 |
) |
|
|
(5,728 |
) |
Debt issuance costs |
|
|
(2,030 |
) |
|
|
(55 |
) |
Offering costs |
|
|
- |
|
|
|
(1,110 |
) |
Other |
|
|
(244 |
) |
|
|
- |
|
Net cash provided by (used in) financing activities |
|
|
134,774 |
|
|
|
(75,820 |
) |
Net decrease in cash and cash equivalents |
|
|
(13,966 |
) |
|
|
(8,716 |
) |
Cash and cash equivalents - beginning of period |
|
|
30,741 |
|
|
|
37,032 |
|
Cash and cash equivalents - end of period |
|
$ |
16,775 |
|
|
$ |
28,316 |
|
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, amortization, and depletion; 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.
|
|
Three Months Ended |
|
|||||||||
|
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|||
|
|
(In thousands) |
|
|||||||||
Net income |
|
$ |
34,048 |
|
|
$ |
31,049 |
|
|
$ |
20,291 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|||
Depreciation, depletion and amortization |
|
|
4,555 |
|
|
|
4,374 |
|
|
|
2,584 |
|
Interest expense |
|
|
9,854 |
|
|
|
9,190 |
|
|
|
7,889 |
|
Income tax expense |
|
|
4,345 |
|
|
|
3,902 |
|
|
|
2,705 |
|
EBITDA |
|
|
52,802 |
|
|
|
48,515 |
|
|
|
33,469 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|||
Share-based compensation - LBH Management Units |
|
|
6,504 |
|
|
|
8,964 |
|
|
|
9,144 |
|
Share-based compensation - RSUs |
|
|
2,638 |
|
|
|
2,276 |
|
|
|
2,081 |
|
Corporate conversion costs |
|
|
1,224 |
|
|
|
- |
|
|
|
- |
|
Other(1) |
|
|
504 |
|
|
|
- |
|
|
|
156 |
|
Adjusted EBITDA |
|
$ |
63,672 |
|
|
$ |
59,755 |
|
|
$ |
44,850 |
|
Net income margin |
|
|
48 |
% |
|
|
46 |
% |
|
|
40 |
% |
Adjusted EBITDA Margin |
|
|
90 |
% |
|
|
89 |
% |
|
|
88 |
% |
(1) Other for the three and nine months ended September 30, 2026 consists of costs associated with the reverse 1031 exchanges. |
||||||||||||
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.
|
|
Three Months Ended |
|
|||||||||
|
|
September 30, 2026 |
|
|
June 30, 2026 |
|
|
September 30, 2025 |
|
|||
|
|
(In thousands) |
|
|||||||||
Net cash provided by operating activities |
|
$ |
49,563 |
|
|
$ |
41,371 |
|
|
$ |
34,912 |
|
Net cash used in investing activities |
|
|
(267,372 |
) |
|
|
(11,274 |
) |
|
|
(1,107 |
) |
Cash (used in) provided by operating and investing activities |
|
|
(217,809 |
) |
|
|
30,097 |
|
|
|
33,805 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|||
Acquisitions |
|
|
266,795 |
|
|
|
10,171 |
|
|
|
5 |
|
Proceeds from disposal of assets |
|
|
- |
|
|
|
(28 |
) |
|
|
(85 |
) |
Free Cash Flow |
|
$ |
48,986 |
|
|
$ |
40,240 |
|
|
$ |
33,725 |
|
Operating cash flow margin (1) |
|
|
70 |
% |
|
|
62 |
% |
|
|
69 |
% |
Free Cash Flow Margin |
|
|
69 |
% |
|
|
60 |
% |
|
|
66 |
% |
(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/20261104034669/en/
Scott McNeely
Chief Financial Officer
Contact@LandBridgeco.com
Mae Herrington
Director, Investor Relations
ir@LandBridgeco.com
Media
Daniel Yunger / Nathaniel Shahan
Kekst CNC
daniel.yunger@kekstcnc.com / nathaniel.shahan@kekstcnc.com
Source: LandBridge Corporation