EagleRock Land (EROK) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $43.3M, net income was $11.3M, Adjusted EBITDA was $34.0M and Free Cash Flow was $31.8M, with 93.4% conversion.

• FY26 Adjusted EBITDA guidance rose to $133M–$137M as acreage dedication, acquisitions and new development agreements expanded growth prospects.

Financial highlights

• Q3 revenue of $43.3M was up 147.3% year over year; operating income was $12.5M versus $1.5M, and net income was $11.3M versus a $4.9M loss.

• Q3 Adjusted EBITDA was $34.0M, up 421.7% year over year; Free Cash Flow was $31.8M versus negative $2.5M.

• Nine-month revenue rose 122.7% to $107.9M; net loss narrowed to $22.9M from $76.8M, including $66.0M of share-based compensation expense.

• Q3 was the first entirely as-reported quarter; Q1 and pre-IPO Q2 results reflected a predecessor structure, with normalized figures recast to the post-IPO structure.

Outlook and guidance

• FY26 Adjusted EBITDA guidance increased to $133M–$137M, raising the midpoint by $4M to $135M; the increase reflects ~$2M of organic growth and ~$2M from Intrepid Ranch.

• Q4 EBITDA margin guidance is 73%–75%; resource sales volumes and brackish-water pricing were expected to rebound from Q3, with continued growth in 2027.

• A framework of 20% organic growth in 2027 from the original 2026 EBITDA baseline remains a starting point, with accretive M&A incremental.

• Double Eagle V is expected to generate robust royalty revenue beginning in 2027, with more meaningful growth in 2028 and beyond; estimates depend on operator plans.