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WaterBridge Infrastructure (WBI) investor relations material
WaterBridge Infrastructure 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
Completed the largest energy-sector IPO since 2019, raising $672.8 million in net proceeds and establishing a $3.0 billion market cap, with strong demand and listing on NYSE and NYSE Texas.
Combined legacy entities, including NDB Operating, WBEF, and Desert Environmental, to create the largest produced water infrastructure network in the U.S., reporting results on a pro forma basis.
Operates 2,500 miles of pipeline and nearly 200 facilities, handling over 4.5 million barrels per day of produced water, with Q3 2025 volumes up 7% quarter-over-quarter to 2.5 million barrels per day.
Brought the BPX Kraken pipeline online with a 10-year minimum volume commitment and began construction on the Speedway Pipeline project, with $290 million in expected initial phase costs.
Streamlined balance sheet with a $1.425 billion senior notes offering, improving liquidity and reducing interest expense.
Financial highlights
Q3 2025 pro forma revenue was $205.5 million, up 8% sequentially, with Adjusted EBITDA of $105.7 million and a 51% margin; pro forma net loss was $18.7 million.
Produced water handling volumes reached 2.5 million barrels per day, up 7% quarter-over-quarter.
Revenue mix: 90% from produced water handling, with the remainder from water solutions and waste management.
Ended Q3 2025 with $547 million in total liquidity, including $347 million in cash and $200 million in undrawn revolving credit facilities.
Borrowings outstanding were $1.727 billion at quarter-end, with credit ratings of BB- / BB- / Ba3.
Outlook and guidance
Expects continued growth supported by network expansion, including the BPX Kraken and Speedway Pipeline projects, with Speedway phase one targeted for mid-2026 completion.
Management anticipates providing 2026 guidance with the Q4 and full-year 2025 earnings call.
Predictable cash flows and attractive operating margins underpin long-term value creation.
Post-IPO debt structure: fixed vs. variable rate exposure
Speedway Pipeline: strategic value and capital outlay
RRC orphan well claim: current status and potential impact
Speedway Pipeline's strategic value
Impact of post-Q3 debt restructuring
Drivers of Q3 pro forma net loss
Speedway Phase 2 demand and CapEx outlook?
Beneficial reuse for data centers: economic uplift?
Drivers for increased contract rates on new deals?
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Next WaterBridge Infrastructure earnings date
Q4 202517 Apr, 2026
Next WaterBridge Infrastructure earnings date
Q4 202517 Apr, 2026
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