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Visual21 Nov 2025
Data center suppliers
LandBridge Company (LB) investor relations material
LandBridge Company Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved sixth consecutive quarter of revenue and Adjusted EBITDA growth, with Q3 2025 revenue up 78% year-over-year and 7% quarter-over-quarter, and adjusted EBITDA up 79% year-over-year with an 88% margin.
Expanded land holdings to over 300,000 surface acres, including a 37,500-acre acquisition from 1918 Ranch, supporting diversification and future EBITDA growth.
Finalized the sale of a 3,000-acre solar project and entered a long-term lease for a natural gas processing facility, expanding commercial opportunities beyond oil and gas.
Dual listed on NYSE Texas as a founding member.
Financial highlights
Q3 2025 revenue was $50.8 million, up 7% sequentially and 78% year-over-year, with adjusted EBITDA of $44.9 million and an 88% margin.
Net income for Q3 2025 was $20.3 million, a 40% margin and up 836% year-over-year.
Free cash flow for Q3 2025 was $33.7 million, with a 66% margin; cash flow from operations was $34.9 million.
Net leverage ratio improved to 2.1x–2.2x; total liquidity was $108.3 million, with $28.3 million in cash and $80 million in borrowing capacity.
Declared a quarterly dividend of $0.10 per share.
Outlook and guidance
Reaffirmed full-year 2025 adjusted EBITDA guidance of $165–$175 million.
1918 Ranch acquisition expected to contribute $20 million in EBITDA in 2026, with further upside possible over 3–4 years.
Management expects continued growth in fee-based revenues, supported by acquisitions and strong activity in the Delaware Basin.
What is the projected Stateline AOI capacity decline?
Outline future non-O&G revenue opportunities
1918 Ranch acquisition's impact on net leverage
Future revenue potential from solar project milestones
1918 acquisition's impact on pore space demand
Breakdown of Q3 non-cash share-based compensation
Elaborate 1918 acquisition's long-term EBITDA drivers
LandBridge's unique value proposition for data centers
Strategy to capture value from pore space shortfall
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Next LandBridge Company earnings date
Q4 20255 Mar, 2026
Next LandBridge Company earnings date
Q4 20255 Mar, 2026
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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.
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