WBI earnings analysis
What we found in WBI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
WaterBridge Infrastructure LLC reported strong first quarter results for 2026, driven by a significant 105% year-over-year increase in revenue to $201.0 million, despite falling short of consensus estimates. The company achieved a net income of $9.5 million, a 456% rise from the previous year, showcasing improved operational efficiency and increased demand for its water management services, though it faced slight declines in specific segments like water solutions. The company maintains confidence in future growth, supported by their extensive produced water infrastructure and strategic contracts.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Soars 105% YoY
- Total revenue reached $201.0 million, up from $97.9 million in Q1 2025, although slightly below expectations.
- Net Income Up 456%
- Net income rose to $9.5 million compared to $1.7 million in the previous year, reflecting strong operational performance.
- Produced Water Volumes Increased
- Total produced water handling volumes reached 2,460 MBbl/d, marking a 105% increase year-over-year.
- Improved Net Income Margin
- Net income margin improved to 5% from 2% in Q1 2025, highlighting operational efficiencies.
- Cash Flow from Operations Significantly Increased
- Net cash provided by operating activities rose to $95.1 million, up from $43.2 million in Q1 2025.
- Adjusted Operating Margin Growth
- Adjusted Operating Margin per barrel increased to $0.45, up from $0.39 in the same quarter last year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operational Costs
- Direct operating costs increased by $41.9 million due to higher wages and utility costs, potentially impacting margins.
- Commodity Price Volatility
- Rising geopolitical tensions and inflation could directly affect commodity prices, impacting customer demand and operations.
- Dependence on Key Customers
- The company's business model relies heavily on long-term contracts with a limited customer base, exposing it to significant risk if demand shifts.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.08
- Gross margin
- 24.0%
- Operating margin
- 15.2%
- Segment
- Produced Water Handling
- Segment
- Water Solutions
- Segment
- Other Revenues
What they said about what is next.
Future guidance includes increased produced water handling volumes to 2.525 to 2.725 million barrels per day and Adjusted EBITDA growth to $425 to $465 million.
The filing reads better than the one before it.
What came before.
- 10-K · March 16, 2026
- WaterBridge positions itself as a leading pure‑play produced water infrastructure company with scale in the Delaware Basin, operating ~2,500 miles of pipelines, 201 produced water handling facilities and ~4.7 million…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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