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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
LandBridge Company
LandBridge Company (LB) investor relations material
LandBridge Company Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary5 Nov, 2026
Executive summary
Record Q3 revenue of $70.9 million, up 39% YoY and 6% QoQ; net income was $34.0 million, up 68% YoY.
Adjusted EBITDA was $63.7 million, up 42% YoY, with a 90% margin; Free Cash Flow was $49.0 million, up 45%, with a 69% margin.
Growth reflected produced-water handling and infrastructure easements, alongside acreage acquisitions and expanding commercial opportunities.
Financial highlights
Q3 operating cash flow was $49.6 million; Free Cash Flow was $49.0 million, up 45% YoY and 22% QoQ.
9M revenue grew 33% to $188.7 million; operating income rose 44% to $121.6 million and net income increased 53% to $83.0 million.
9M operating cash flow was $132.1 million; acquisition-heavy investing outflows were $280.8 million.
Outlook and guidance
FY 2026 Adjusted EBITDA guidance increased to $220 million-$235 million, raising the midpoint to $227.5 million; recent acquisitions are expected to contribute beginning in Q4.
Alpha Phase I construction began in September; the initial phase is expected to exceed 300 MW within a planned 2 GW campus, with first power anticipated in Q4 2027.
Alpha ground rent is expected to begin in 2027; at potential 2 GW scale, management described $20 million-$40 million in annual revenue as a long-term target, not a 2027 run rate.
Long-term net leverage target is 2.0x-2.5x; quarter-end net debt / Covenant EBITDA was 3.0x.
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Latest events from LandBridge Company
- Q2 2026 revenue up 41%, net income up 68%, with strong margins and expanded credit facility.LB
Q2 2026 - Q1 2026 saw 16% growth, robust cash flow, and raised EBITDA guidance on strategic expansion.LBQ1 2026
- Shareholders will vote on director elections, auditor ratification, and executive pay, with board support for all.LBProxy filing
- Key votes include director elections, auditor ratification, and executive pay approval.LBProxy filing
- High-margin, multi-industry growth from pore space, data centers, and industrial expansion.LBInvestor Day 2026
- 81% revenue and 83% EBITDA growth in 2025, with strong 2026 guidance and capital returns.LBQ4 2025
- Acquisitions boost 2025 EBITDA guidance to $170–$190M and drive over 20% free cash flow accretion.LBStatus update
- Q3 revenue up 60% year-over-year, with 88% EBITDA margin and strong growth outlook.LBQ3 2024
- Q2 revenue up 20% to $26M, 90% EBITDA margin, net loss from non-cash charge, IPO completed.LBQ2 2024
Next LandBridge Company earnings date
Q4 202625 Feb, 2027
LandBridge Company
Next LandBridge Company earnings date
Q4 202625 Feb, 2027
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Frequently asked questions
LandBridge Company LLC focuses on managing and utilizing land and resources to promote and support oil and natural gas development in the United States. The company primarily owns and operates surface acres in the Delaware Basin, located in Texas and New Mexico, a key region for energy exploration. In addition to its portfolio of oil and gas royalties, LandBridge also generates revenue from the sale of brackish water and other surface composite materials, contributing to the energy sector's infrastructure. The company is headquartered in Houston, TX, and its shares are listed on the NYSE.