WaterBridge Infrastructure (WBI) Q3 2026 earnings summary

Executive summary

• Record Q3 produced-water handling volume reached 2.752 million bbl/d, up 9% YoY and 6% QoQ; revenue was $240.2 million and Adjusted EBITDA was $124.2 million.

• FY 2026 volume and Adjusted EBITDA guidance increased for the third consecutive quarter; management described the 2027 outlook as meaningfully stronger than at IPO.

Financial highlights

• Q3 revenue was $240.2 million, up 10% QoQ and 17% YoY on the comparative basis; the reported financial-statement comparison showed a 95% YoY increase.

• Net income was $13.3 million; Adjusted EBITDA was $124.2 million, up 7% QoQ and 18% YoY, with a 51.7% reconciled margin.

• Q3 capital expenditures were $123.9 million, primarily for Speedway Phase I construction and Delaware Basin infrastructure.

• Nine-month revenue was $658.9 million, net income $37.4 million, Adjusted EBITDA $343.0 million and operating cash flow $265.6 million.

Outlook and guidance

• FY 2026 produced-water handling guidance increased to 2.65–2.75 million bbl/d from 2.55–2.75 million bbl/d; midpoint rose 2%.

• FY 2026 Adjusted EBITDA guidance increased to $465–$485 million from $435–$475 million; midpoint rose 4%.

• FY 2026 capex guidance narrowed to $530–$560 million from $530–$590 million; midpoint fell 3% as some payments shifted into 2027, without a material project-timing shift.

• 2027 growth is expected from existing and recently developed infrastructure; guidance is expected with Q4 results. Speedway Phase II timing depends on utilization and firm customer commitments.