LandBridge Company LLC
60.14+0.14 (+0.23%)
Oct 29, 4:00:02 PM EDT · NYSE · LB · USD
Key Stats
Market Cap
4.60BP/E (TTM)
77.10Basic EPS (TTM)
0.78Dividend Yield
0.01%Recent Filings
8-K
LandBridge acquires 37,500 Delaware acres
LandBridge Company LLC agreed on October 3, 2025, to acquire about 37,500 acres in Texas's Delaware Basin from 1918 Ranch & Royalty for $250 million, split between $208.3 million cash and $41.7 million in units and Class B shares. This boosts holdings to roughly 300,000 surface acres, enabling expanded water handling infrastructure for rising produced water volumes and positioning northern Reeves County land for alternative energy development near transmission lines. The deal, set to close in Q4 2025 pending antitrust clearance, is partly funded by a $200 million delayed draw term loan maturing July 3, 2027. Closing hinges on regulatory approvals.
8-K
Q2 revenues up 83% YoY
LandBridge Company LLC reported Q2 2025 revenues of $47.5 million, surging 83% year-over-year, fueled by record $34.2 million in surface use royalties and revenue from new easements and projects. Adjusted EBITDA hit $42.5 million with an 89% margin, while free cash flow reached $36.1 million; the board declared a $0.10 per share dividend payable September 18. Yet momentum builds. Updated 2025 guidance projects $160-180 million Adjusted EBITDA, boosted by a pending DBR Solar deal, though customer demand risks loom.
10-Q
Q2 FY2025 results
LandBridge's Q2 FY2025 revenues surged 83% y/y to $47.5M, fueled by robust growth in surface use royalties and easements from expanded produced water handling and infrastructure on newly acquired acreage, while oil and gas royalties dipped 39% y/y on softer prices and volumes. Operating income flipped to $28.5M from a $51.2M loss, with net income at $18.5M versus a $57.7M loss, the gap narrowed by lower share-based comp but widened by $1.6M higher interest expense on elevated debt. Cash from operations hit $37.3M, up 133% y/y, yielding free cash flow of $36.1M after minimal capex. Acquisitions added 3,800 acres for $17.8M cash in Q1-Q2; debt stood at $370.9M with $75M revolver availability, covenants intact. Yet commodity volatility poses risks to royalty streams.
8-K
Shareholders approve board, auditors
LandBridge Company LLC shareholders overwhelmingly elected all 11 board nominees on June 10, 2025, at the annual meeting, with votes for ranging from 60.6 million to 67.5 million amid 7.7 million withheld on average. They also ratified Deloitte & Touche LLP as auditors for the year ending December 31, 2025, by a near-unanimous 72.4 million votes. Strong turnout hit 94.8% of voting power. Continuity locked in.
10-Q
Q1 FY2025 results
LandBridge's Q1 2025 revenues surged 131% y/y to $44.0M, fueled by higher surface use royalties up 314% to $17.4M from increased produced water handling volumes and easements climbing 73% to $8.8M, while resource royalties doubled to $7.0M on brackish water and sand activity; oil and gas royalties dipped 19% y/y to $3.4M amid lower volumes and prices. Operating income rose 85% y/y to $25.0M, but net income grew more modestly 43% to $15.5M after $8.0M interest expense, with net margin slipping to 35% from 57% due to higher share-based comp and debt costs. Diluted EPS of $0.20 reflects anti-dilutive RSUs excluded from the 76.5M share count. Cash from operations held at $15.9M, yielding $15.8M FCF after minimal capex, while a $17.0M cash acquisition added 3,000 acres in February; debt stood at $379.6M with $70M revolver availability and covenant compliance. Non-GAAP metrics like Adjusted EBITDA not disclosed in the 10-Q. Revenue hinges on a few key customers in the Delaware Basin.
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