LandBridge Q1 revenue misses estimates

LandBridge LLC

06/05/2026 21:19

Overview

US land management firm's Q1 revenue rose 16% yr/yr but missed analyst expectations

Adjusted EBITDA for Q1 increased 16% yr/yr but missed analyst expectations

Company raised 2026 Adjusted EBITDA outlook and added 5,700 acres via acquisitions

Outlook

LandBridge raises 2026 Adjusted EBITDA guidance to $210 mln-$230 mln

Company cites increased visibility and conviction in commercial pipeline for 2026

LandBridge expects commercial agreements and resource sales to accelerate in Q2

Result Drivers

SURFACE USE REVENUE - Co said year-over-year revenue growth was driven by higher surface use royalties and related revenues

BOLT-ON ACQUISITIONS - Management said recent acquisitions of ~5,700 acres enhanced the scale and contiguity of its acreage position

SEQUENTIAL REVENUE DECLINES - Co said lower surface income, reduced water sales and royalty volumes, and decreased oil and gas royalty production led to lower revenue compared to Q4

Company press release: ID:nBw3xTkp3a

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Miss
$51 mln
$58.69 mln (6 Analysts)
Q1 Net Income
$17.9 mln
Q1 Adjusted EBITDA
Miss
$44.9 mln
$52.26 mln (7 Analysts)
Q1 Adjusted EBITDA Margin
88.00%


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

Wall Street's median 12-month price target for LandBridge Co LLC is $84.00, about 27% above its May 5 closing price of $66.14

The stock recently traded at 33 times the next 12-month earnings vs. a P/E of 31 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)