AI-extracted from the 10-Q filed 2026-08-06 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
LandBridge grew Q2 FY2026 revenue 41% YoY to $66.8M, driven by surface royalties and easements tied to acquired Permian acreage, while net income rose 68% to $31.0M.
Biggest Revenue Drivers
Easements and other surface-related revenues$26.6M+52% YoY
Driven by oil and gas gathering/transportation pipelines and produced water handling infrastructure ($10.8M), partly offset by a $2.6M industrial waste facility expansion fee in the prior-year quarter.
Surface use royalties$25.6M+53% YoY
Increased produced water handling and skim oil royalties, with handling volume up ~622 MBbl/d from the Wolf Bone Ranch and 1918 acquisitions plus organic growth.
Biggest Revenue Drivers
Total revenue: $66.8M+41% YoY
Easements and other surface-related revenues$26.6M+52% YoY
Driven by oil and gas gathering/transportation pipelines and produced water handling infrastructure ($10.8M), partly offset by a $2.6M industrial waste facility expansion fee in the prior-year quarter.
Surface use royalties$25.6M+53% YoY
Increased produced water handling and skim oil royalties, with handling volume up ~622 MBbl/d from the Wolf Bone Ranch and 1918 acquisitions plus organic growth.
Resource sales$6.3M+11% YoY
Caliche sales up $1.1M on nearby infrastructure construction, partly offset by lower brackish water sales as volumes fell 17%.
Resource royalties$4.8M-3% YoY
Oil and gas royalties$3.6M+31% YoY
Higher realized oil and condensate prices added $1.0M, partly offset by $0.2M from natural production decline.
Largest Expense Items
General and administrative expense$15.9M+7% YoY
Higher WaterBridge shared-services allocation ($0.4M), professional fees for commercial opportunities ($0.4M), and incremental headcount ($0.2M).
Interest expense, net$9.2M+17% YoY
Higher weighted average debt balance, partly offset by a lower weighted average rate on the Notes and revolving credit facility.
Depreciation, depletion and amortization$4.4M+72% YoY
Amortization of intangible assets acquired in the 1918 Acquisition.
Income tax expense$3.9M+82% YoY
Higher taxable income, with the effective tax rate relatively consistent.
Margins: Net income margin expanded to 46% from 39% and Adjusted EBITDA margin held flat at 89%, but operating cash flow and Free Cash Flow margins fell (62% and 60%) due to a $16.1M semi-annual interest payment on the senior notes.
Watch Items from the Filing
Related-party revenue (WaterBridge affiliate agreements) totaled $21.1M, about 32% of Q2 total revenue, concentrating cash flows with one affiliated counterparty.
Brackish water sales volume fell 17% YoY to 9.5 million barrels, offset only by an 8% per-unit price increase from customer mix.
Board formed a special committee and approved converting from a Delaware LLC to a Texas corporation, primarily to pursue index eligibility, expected to close Q3 2026.
Post-quarter, revolving credit facility commitments were upsized from $275M to $375M with a 0.25% reduction in applicable margins, adding liquidity at lower cost.
Company reliance on a limited number of customers and a single Delaware Basin region for substantially all revenue remains a stated risk factor.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
6 transactions in LB reported by 2 members of Congress under the STOCK Act, most recent trade Nov 21, 2025. Reported transactions, not recommendations.
About LandBridge Corp (LB): stock profile, AI score and financials
LandBridge Corp (LB) stock profile, AI quality score, and SEC EDGAR financial data, a Financials sector company. 13F Pro's AI-powered ranking engine scores LB at 63.6/100 on a composite quality score built from its SEC filings, placing it at rank #607 of 2,925 stocks — the top 25% of the AI-ranked universe. LB scores in the top quartile across free cash flow (97.6), revenue growth (95.9), earnings quality (92.8). Areas of concern include revenue scale (25.4), which score below median versus the broader universe. Shareholder dilution risk is elevated at 7.7/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), LandBridge Corp reports quarterly revenue of $66.8M, net income of $12.3M, an operating margin of 66.1%. LB trades on the NYSE exchange and files with the SEC under CIK 1995807. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate LB daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for LandBridge Corp directly from SEC EDGAR.