LandBridge Q2 revenue rises 41%, beats expectations

LandBridge LLC

05/08/2026 21:23

Overview
U.S. land and resource manager's Q2 revenue rose 41% yr/yr, beating analyst expectations
Adjusted EBITDA for Q2 beat analyst expectations, driven by higher surface use royalties and water volumes
Company declared $0.12 per share quarterly dividend and reaffirmed 2026 Adjusted EBITDA outlook

Outlook
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

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

Company press release: ID:nBw42ZGdma

Key Details
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%
 
Q2 Free Cash Flow
 
$40.20 mln
 

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 Company LLC is $83.50, about 13.3% above its August 4 closing price of $73.68
The stock recently traded at 33 times the next 12-month earnings vs. a P/E of 34 three months ago

Reuters Recommended Reads
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Aug 4 - Texas governor orders pause on new data center approvals pending audit

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(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.)