LandBridge Q4 FCF $36.4M, Boosts Dividend 20% and Guides 2026 EBITDA to $225M
LandBridge generated $36.4 million of free cash flow in Q4 (64% margin) and $122 million for the full year (61%), with Q4 Adjusted EBITDA of $51.1 million up 14% sequentially and 61% year-over-year at a 90% margin. The company issued $500 million of senior notes, boosted its dividend 20% to $0.12 per share, authorized a $50 million buyback and guided 2026 Adjusted EBITDA to $205–$225 million.
1. Q4 Financial Highlights
LandBridge generated $36.4 million of free cash flow in the fourth quarter, representing a 64% margin, and $122 million for the full year at a 61% margin. Q4 Adjusted EBITDA reached $51.1 million, up 14% sequentially and 61% year-over-year with a 90% margin, while revenue rose 12% sequentially to $56.8 million and 56% year-over-year; full-year revenue totaled $199.1 million, an 81% increase.
2. Balance Sheet and Capital Actions
The company optimized its balance sheet by issuing $500 million of senior notes and securing a $275 million revolving credit facility, ending the year with $236 million of liquidity and a covenant net leverage ratio of 2.8x. Capital return measures included a 20% increase in the quarterly dividend to $0.12 per share and a $50 million share buyback authorization.
3. 2026 Guidance and Growth Initiatives
LandBridge guided 2026 Adjusted EBITDA of $205–$225 million, implying over 20% growth at the midpoint. Management highlighted major commercial agreements—a 350 MW BESS deal with Samsung, a 3,000-acre solar sale (~250 MW), a ONEOK midstream lease and a potential 1.1 GW NRG gas plant—supporting long-term average revenue per acre targets.