10-K · February 26, 2026
LandBridge positions itself as a land-and-infrastructure owner in the Delaware Basin, aiming to monetize >315,000 surface acres by supporting energy and non-energy uses and capturing infrastructure-related revenue. The…
Earnings analysis · 10-Q
LB earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
LandBridge reported Q1 2026 results with total revenues of $51.0 million, reflecting a year-over-year increase of 16% but a significant shortfall relative to expectations of $59.6 million. Earnings per share came in at…
Read full summary
LandBridge reported Q1 2026 results with total revenues of $51.0 million, reflecting a year-over-year increase of 16% but a significant shortfall relative to expectations of $59.6 million. Earnings per share came in at $0.31, missing the consensus estimate of $0.39. The company achieved a free cash flow of $40.9 million, demonstrating robust operational cash flow despite the revenue miss.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.31
What stood out
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Revenue Growth
Total revenues for Q1 2026 were $51.0 million, a 16% increase from $43.9 million in Q1 2025.
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Strong Free Cash Flow
Free cash flow reached $40.9 million, reflecting a dramatic increase of 158% year-over-year.
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Increase in Net Income
Net income rose by 16% to $17.9 million compared to $15.5 million in the previous year.
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Improved Operating Cash Flow
Operating cash flow improved significantly to $41.1 million, representing a 158% increase from $15.9 million.
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Adjusted EBITDA Growth
Adjusted EBITDA was $44.9 million, up 16% from $38.8 million in Q1 2025.
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Healthy Operating Margin
Operating cash flow margin improved to 81%, up from 36% in the previous year.
What to watch
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Missed Revenue Expectations
Actual revenue of $51.0 million significantly fell short of the estimated $59.6 million, a miss of approximately 15%.
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EPS Underperformance
EPS came in at $0.31, missing expectations of $0.39, representing a decline in earnings visibility.
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Decreased Resource Sales
Resource sales decreased by $1.9 million, largely due to reduced brackish water sales volume, which fell by 47% year-over-year.
Management's outlook
Management expects full year adjusted EBITDA between $210 million and $230 million, suggesting confidence in operational performance.
Earlier filings 2
10-Q · May 8, 2025
LandBridge reported Q1 revenue of $43,951 (thousands), up from $19,014 (thousands) year-over-year, driven by higher surface use royalties and resource sales. Operating income was $25,037 (thousands) (≈57.0% operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.