LandBridge Co LLC
landbridgeco.comWhat Do They Do?
Provides land access and natural resources to oil and gas producers, water-handling businesses, and commercial and industrial operators.
10-K for FY2025, filed Feb 26, 2026Land is a fundamental requirement for the development and production of energy and the construction and operation of critical…View ↗
In addition to our relationship with WaterBridge, we have actively grown third-party revenues. We utilize a collaborative commercial…View ↗
We generate multiple revenue streams from the use of our surface acreage, the sale of resources from our land and oil and gas royalties.View ↗
Surface Use Royalties and Revenues: We receive fees from our customers for the use of our surface acreage for their business operations…View ↗
Resource Sales and Royalties: We receive fees from the sale of resources from our land, including sales of brackish water and caliche…View ↗
How Do They Make Money?
Customers pay for land-use and infrastructure rights when agreements take effect and for water and other materials on delivery; usage-based royalties are typically paid the month after production.
10-K for FY2025, filed Feb 26, 2026The Company enters into surface use royalty agreements that generate recurring surface use royalty revenue. When we execute a surface use…View ↗
Easement and other surface use agreement contracts permit operators to install pipelines, roadways, electric lines, and other equipment on…View ↗
Resource sales generally includes brackish water and other surface, composite material, such as caliche, that the Company sells to E&P…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service ↗
$199.1M
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10-K for FY2025, filed Feb 26, 2026
$199.1M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Oil and gas royalties
Recurring
|
6.3% |
Oil and gas royalties, FY2025
$12.6M Sources
|
Recurring |
|
Other
|
2.0% |
Other, FY2025
$4M Sources
|
Who Are Their Customers?
Customers are mainly oil and gas producers and businesses serving that industry, including WaterBridge; they contract with LandBridge for use of its land and resources.
10-K for FY2025, filed Feb 26, 2026We have a diverse customer base consisting primarily of businesses that develop and produce oil and natural gas or provide services in…View ↗
Our revenue-generating agreements with WaterBridge include water facilities agreements and related SUAs, including easements and…View ↗
We enter into various agreements with our customers in the ordinary course relating to the use of our land and resources and the fees…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 15 cents of every revenue dollar as net income in FY2025 and turned 61 cents into free cash flow.
10-K for FY2025, filed Feb 26, 2026
$118.5MView ↗
10-K for FY2025, filed Feb 26, 2026
$30.1MView ↗
10-K for FY2025, filed Feb 26, 2026
$122MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 5, 2026
Reaffirmed 2026 Adjusted EBITDA outlook
Sources
8-K, filed Aug 5, 2026
The Company reaffirms its outlook for fiscal year 2026, with Adjusted EBITDA expected to be between $210 million and $230 million.View ↗
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May 6, 2026
Raised 2026 Adjusted EBITDA outlook
Also agreed to lease up to ~3,400 acres for a data center campus with up to 2 GW of power generation under development.
Sources
8-K, filed May 6, 2026
Entered into a lease development agreement with PowerBridge LLC (“PowerBridge”) providing the option to lease up to ~3,400 acres in Reeves…View ↗
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