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WaterBridge Infrastructure
WaterBridge Infrastructure (WBI) investor relations material
WaterBridge Infrastructure Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary6 Aug, 2026
Executive summary
Q2 2026 revenue reached $217.8 million, up 8% sequentially and 128% year-over-year, with net income of $14.6 million and Adjusted EBITDA of $115.8 million (53% margin), driven by organic growth, acquisitions, and strong commercial demand for water handling and recycling services.
Produced water handling volumes reached 2.6 million barrels per day, up 6% quarter-over-quarter and 114% year-over-year.
Closed the Ranger Water Midstream acquisition, expanding capacity in New Mexico, and announced/acquired the NDB Landfill and a new Stateline waste management facility, doubling environmental waste management capacity.
Raised full-year 2026 guidance for volumes, Adjusted EBITDA, and capital expenditures, reflecting confidence in continued growth and recent acquisitions.
Announced a $0.05 per share dividend and expanded the revolving credit facility to $750 million.
Financial highlights
Q2 2026 revenue: $217.8 million, up from $201.0 million in Q1; net income: $14.6 million; Adjusted EBITDA: $115.8 million (53% margin); produced water handling volumes: 2,598 MBbl/d.
Gross margin improved to $58.1 million from $48.2 million in Q1; Adjusted Operating Margin was $124.1 million.
Capital expenditures were $123.3 million, mainly for Speedway and Stateline projects.
Total liquidity at quarter-end: $347.6 million, including $47.6 million in cash; total borrowings: $1.636 billion.
Net Debt/Covenant EBITDA: 3.3x at quarter-end; market capitalization: $4.2 billion as of July 31, 2026.
Outlook and guidance
Full-year 2026 produced water handling volumes guidance raised to 2.55–2.75 million barrels/day; Adjusted EBITDA guidance increased to $435–$475 million.
Capital expenditures guidance raised by $100 million to $530–$590 million, reflecting investments in acquisitions and organic projects.
Guidance assumes continued strong customer activity; downside risk only in case of a significant commodity price drop or drilling halt.
Waste business expansion via NDB and Stateline
Drivers for the $100M increase in 2026 CapEx
Ranger acquisition synergies with Speedway
Unit economics of the NDB Landfill acquisition
Treated produced water for data center cooling
Pore pressure constraints driving Speedway demand
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Latest events from WaterBridge Infrastructure
- All board nominees elected, auditor ratified, and executive compensation approved after a strong year.WBI
AGM 2026 - Q1 2026 saw $201M revenue, 2.5M barrels/day handled, and raised full-year guidance.WBIQ1 2026
- Shareholders will vote on director elections, auditor ratification, and executive pay at the 2026 meeting.WBIProxy filing
- Director elections, auditor ratification, and say-on-pay votes headline the 2026 annual meeting.WBIProxy filing
- Resale registration of 83.25M Class A shares by existing holders; no proceeds to the company.WBIRegistration filing
- Record 2025 growth and 2026 guidance signal further expansion and strong margins.WBIQ4 2025
- IPO raises $461M for debt reduction and growth; strong market position, but high leverage.WBIRegistration Filing
- IPO seeks $461M to expand the largest U.S. produced water network and reduce debt.WBIRegistration Filing
- IPO funds a leading water infrastructure platform, aligning legacy and public interests.WBIRegistration Filing
Next WaterBridge Infrastructure earnings date
Q3 202612 Nov, 2026
WaterBridge Infrastructure
Next WaterBridge Infrastructure earnings date
Q3 202612 Nov, 2026
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