Welcome to our dedicated page for LandBridge Co SEC filings (Ticker: LB), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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LandBridge Company LLC files its annual report describing a fast-growing surface land and resource business in the Delaware Basin. For the year ended December 31, 2025, total revenues reached $199.1 million, with net income of $72.4 million and Adjusted EBITDA of $177.2 million.
The company generated Free Cash Flow of $122.0 million on minimal capital expenditures of $4.2 million, reflecting an asset-light model where customers fund most infrastructure on over 315,000 surface acres. Revenue comes mainly from surface use royalties and fees, resource sales (brackish water, caliche, sand-related royalties) and oil and gas royalties.
LandBridge highlights deep integration with water midstream operator WaterBridge, which handled about 2.5 million barrels per day of produced water across 4.8 million barrels per day of capacity, including substantial capacity on LandBridge acreage. The company also emphasizes growth through 2024–2025 land acquisitions, new commercial uses such as solar projects and data center development, and notes total debt of $570.7 million outstanding at year-end 2025.
LandBridge Company LLC reported strong fourth quarter and full-year 2025 results, highlighted by rapid growth and high margins. Q4 2025 revenue was $56.8 million, up 56% year-over-year and 12% sequentially, with net income of $18.2 million and Adjusted EBITDA of $51.1 million, a 90% margin.
For 2025, revenue reached $199.1 million, up 81% year-over-year, while net income was $72.4 million and Adjusted EBITDA was $177.2 million, an 89% margin. Operating cash flow was $126.3 million and Free Cash Flow was $122.0 million, reflecting a 61% Free Cash Flow margin.
The company refinanced its debt with a $500.0 million 6.25% senior notes offering and a new $275.0 million revolver, ending 2025 with $235.7 million of liquidity, $30.7 million of cash and $570.0 million of borrowings. The board raised the quarterly dividend 20% to $0.12 per share, authorized up to $50 million of Class A share repurchases through year-end 2027, and issued 2026 Adjusted EBITDA guidance of $205–$225 million, implying over 20% projected growth at the midpoint.
Morgan Stanley and Morgan Stanley Investment Management Inc. report passive ownership of LandBridge Co LLC Class A Shares. They beneficially own 2,110,782 shares, representing 8.3% of the class, as of 01/31/2026. The firms state the position is held in the ordinary course of business, without the purpose or effect of changing or influencing control of LandBridge.
LandBridge Co LLC insider trading report: An executive officer reported buying additional shares of the company. On 01/05/2026, the Executive Vice President and General Counsel purchased 850 Class A shares of LandBridge Co LLC at a price of $46.84 per share. After this transaction, the officer directly owns 66,874 Class A shares. This filing reflects the individual’s updated ownership position in the company’s equity.
LandBridge Co LLC executive Scott L. McNeely, Executive Vice President and Chief Financial Officer, reported an acquisition of company equity. On January 6, 2026, he acquired 549 Class A shares of LandBridge Co LLC at a price of $45.49 per share. Following this transaction, he beneficially owned 81,276 Class A shares, held in direct ownership. The filing covers this single equity purchase by one reporting person.
LandBridge Co LLC reported an insider share purchase by a company leader. A reporting person who is both a director and the company’s President and Chief Executive Officer bought 2,143 Class A shares of LandBridge on 01/05/2026. The transaction is coded “P,” indicating a purchase, at a price of $46.59 per share. After this transaction, the insider directly holds 223,546 Class A shares.
LandBridge Company LLC, through subsidiary DBR Land Holdings LLC, completed a private placement of $500 million aggregate principal amount of 6.250% Senior Notes due 2030. The company plans to use the net proceeds from these notes, together with borrowings under a new revolving credit facility, to repay and terminate its existing credit facility, which had $370.2 million of outstanding borrowings as of September 30, 2025. The notes are senior unsecured obligations guaranteed on a senior unsecured basis by all existing subsidiaries and include customary covenants, redemption options starting before and after December 1, 2027, and a change of control repurchase feature at 101% of principal plus accrued interest.
LandBridge Co LLC director and 10% owner reports major share activity. On November 18, 2025, LandBridge Holdings redeemed 2,500,000 OpCo Units together with the cancellation of an equal number of Class B shares for 2,500,000 Class A shares of LandBridge Co LLC. It then sold the same 2,500,000 Class A shares in an underwritten public offering at $70.00 per share, which was the price to the underwriter. Following these transactions, the reporting persons indirectly beneficially owned 48,593,505 securities as shown in the filing, and held no Class A shares in the reported indirect account.
LandBridge Company LLC (LB) reported insider activity by a director and 10% owner involving its Up-C structure. On November 18, 2025, the reporting person redeemed 2,500,000 OpCo Units of DBR Land Holdings LLC, together with the cancellation of 2,500,000 Class B shares, for 2,500,000 Class A shares of LandBridge at no stated cash cost. The same day, the reporting person sold 2,500,000 Class A shares in an underwritten public offering at $70.00 per share, transferring those shares to the public market.
Following these transactions, the reporting person continued to hold 48,593,505 derivative interests linked to LandBridge through OpCo Units and related Class B shares, while its direct Class A share position was reduced to zero. The structure allows OpCo Units plus Class B shares to be redeemed in the future for an equal number of newly issued Class A shares or cash, at LandBridge’s election, subject to certain requirements.
LandBridge Company LLC's major owners filed Amendment No. 3 to their Schedule 13D to update their holdings and recent transactions in Class A shares. The filing centers on a November 18, 2025 underwritten public offering in which LandBridge Holdings LLC sold 2,500,000 Class A shares at $70.00 per share after redeeming an equivalent number of OpCo Units and cancelling the same number of Class B shares. Following these changes, the reporting persons may be deemed to beneficially own 48,593,505 Class A shares, or about 63.6% of the outstanding Class A shares, with a stated fully diluted beneficial ownership of 63.0%. The amendment also notes prior cancellations of 28,004 and 119,987 OpCo Units (with corresponding Class B shares) in lieu of certain tax distributions, a 60‑day lock-up on additional sales, and a 30‑day underwriter option to purchase up to 375,000 additional Class A shares at $70.00 per share.