NYSE$LB

LandBridge Company LLC · Q2 2025 earnings

Q2 2025 earnings · · After market close · Investor relations

Briefing

LandBridge Company LLC reported strong revenue growth and a return to net income for Q2 2025.

LandBridge achieved total revenues of $47.5 million in Q2 2025, an 83% increase year-over-year, driven by higher surface use royalties and easements and other surface-related revenues. The company recorded net income of $18.5 million and operating income of $28.5 million, compared to a net loss in the prior-year quarter, with Adjusted EBITDA of $42.5 million.

  • Revenues rose 83% to $47.5 million, led by surface use royalties and easements growth from increased produced water handling and infrastructure activity.
  • Net income reached $18.5 million with a 39% net income margin, reversing a prior-year loss, while operating income was $28.5 million.
  • Adjusted EBITDA grew 81% to $42.5 million at an 89% margin; operating cash flow margin improved to 79%.
  • Cash and cash equivalents stood at $20.3 million and total assets at $1.07 billion as of June 30, 2025.

Headline financials

Total Revenue

$47.5M

Previous: $253M-81.2%
EPS (adj)

$0.30

Previous: $0.90-66.7%
Net income margin

39.0%

No prior period
Adjusted EBITDA

$42.5M

No prior period
Adjusted EBITDA margin

89.0%

No prior period
Operating cash flow margin

79.0%

No prior period
Net Income

$7.5M

Previous: -$118M+106.4%
Operating Income

$28.5M

Previous: -$152M+118.8%
Cash & Equivalents

$20.3M

No prior period
Total Assets

$1.07B

No prior period

Revenue & EPS history

LandBridge Company LLC · Revenue · Quarterly

$47.5M

Q2 2025-81.2%vs Q2 2024
Beat estimate in 3 of 7 quarters(43%)
ActualEstimate

Revenue by segment

LandBridge Company LLC · $47.5M total across 9 segments · Q2 2025

  • Easements and other surface-related revenues
    $14.3M
  • Surface use royalties
    $9.02M
  • Surface use royalties - Related party
    $7.68M
  • Resource sales
    $5.46M
  • Resource royalties
    $3.84M
  • Easements and other surface-related revenues - Related party
    $3.25M
  • Oil and gas royalties
    $2.73M
  • Resource royalties - Related party
    $1.11M
  • Resource sales - Related party
    $181K

Forward guidance

The company expects continued positive activity in the Permian Basin supported by energy infrastructure buildout and alternative energy opportunities, while monitoring commodity price volatility and macroeconomic factors.

Tailwinds

  • Strong demand for surface acreage from E&P and infrastructure customers
  • Positive regulatory environment for domestic energy production

Headwinds

  • Potential impacts from commodity price volatility and industry consolidation
  • Risks from tariffs, trade policies, and supply chain challenges

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 6 quarterly earnings reports

Historical avg

+1.3%

Avg return

Earnings day

+1.7%

Avg return

5 days after

-2.8%

Avg return

30 days after

43%

3 / 7 earnings

Positive

+22.7%

Q3 2024

Best reaction

-11.3%

Q1 2025

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q2 2025
Q1 2026-0.2%+1.1%+5.8%
Q4 2025+13.8%+12.0%+10.0%
Q3 2025-10.5%-23.9%-32.3%
Q1 2025-11.3%+1.2%-5.9%
Q4 2024-6.1%+4.2%-8.9%
Q3 2024+22.7%+13.8%+4.2%
Q2 2024+1.0%+3.2%+7.7%
Q1 2024
Q4 2023
Q3 2023
Q2 2023
Q1 2023
Q4 2022

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