LandBridge Q2 revenue rises 41%, beats expectations
LB•Result drivers
- Surface use revenue - Sequential revenue growth was primarily driven by a $15.2 mln increase in surface use royalties and revenues, attributed to higher produced water handling volumes and increased commercial activity
- Resource sales - Resource sales and royalties rose $0.1 mln sequentially, mainly due to increased water sales on legacy acreage
- Oil and gas royalties - Oil and gas royalty revenue increased $0.6 mln sequentially, supported by higher oil prices in the quarter
Outlook and business momentum
- LandBridge reaffirms 2026 Adjusted EBITDA guidance of $210 mln to $230 mln
- Company says momentum is building in digital infrastructure and oil and gas sectors
- LandBridge is in late-stage negotiations with seven counterparties for over 10 GW of power projects
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Beat | $66.80 mln | $60.12 mln (6 Analysts) |
| Q2 Net Income | $31 mln | ||
| Q2 Adjusted EBITDA | Beat | $59.80 mln | $54.06 mln (7 Analysts) |
| Q2 Adjusted EBITDA Margin | 89.00% | ||
