LandBridge Sets 2026 Adjusted EBITDA Outlook at $220 Million to $235 Million

The Tip Desk · November 10, 2026 · 3 min read

Third-quarter revenue hit a record $70.9 million, up 39% from a year earlier, as the company set full-year Adjusted EBITDA guidance at $220 million to $235 million.

LandBridge Corporation (LB), a Permian Basin land and resources company, reported record third-quarter revenue of $70.9 million, up 39% from $50.8 million a year earlier and 6% from $66.8 million in the second quarter.

The company set its full-year 2026 Adjusted EBITDA outlook at $220 million to $235 million, with a midpoint of $227.5 million, citing expected contribution from recent acquisitions beginning in the fourth quarter.

Net income was $34.0 million, up 68% year-over-year, with a 48% net income margin. Adjusted EBITDA was $63.7 million, up 42% from $44.9 million a year earlier, and the Adjusted EBITDA margin was 90%.

Cash flows from operating activities were $49.6 million. Free cash flow was $49.0 million. Operating cash flow margin was 70% and free cash flow margin was 69%. Capital expenditures were $0.6 million.

Surface use royalties and revenue, the largest stream, were $54.3 million. The company said the $2.1 million sequential increase was driven by produced water handling volumes, including a ramp in the Speedway Phase I pipeline, and higher pipeline easement revenue. Resource sales and royalties were $12.5 million, up $1.4 million sequentially on water and caliche sales and sand royalties. Oil and gas royalties were $4.1 million, as net royalty production rose from 773 boe/d in the second quarter to 917 boe/d.

During the quarter LandBridge acquired approximately 25,000 acres across the Delaware Basin in numerous transactions, spending about $266.8 million on acquisitions. The company said the acreage includes fee surface and mineral-classified surface interests, contiguous surface with undeveloped pore space positioned outside over-pressured injection zones near the Stateline region, and upside tied to further commercialization of surface estate access. It said it is in active discussions with operators to develop that pore space.

PowerBridge exercised its option to lease an initial 825-acre portion of the Alpha Digital Campus in Reeves County, Texas. In September 2026 PowerBridge and LandBridge entered a long-term ground lease for Alpha Phase I and a power royalty agreement, and construction began. The company said the phase is expected to include more than 300 megawatts of a planned 2 gigawatt powered data center campus, with first power delivery anticipated in the fourth quarter of 2027.

Chief Executive Officer Jason Long said revenue grew 39% year-over-year and cited continued organic and M&A momentum. Chief Financial Officer Scott McNeely said growth across revenue streams and the expected fourth-quarter contribution from acquisitions supported the $227.5 million Adjusted EBITDA midpoint.

LandBridge completed its conversion and redomestication from a Delaware limited liability company to a Texas corporation. It increased liquidity through a previously announced $100 million revolving credit facility upsize on August 4, 2026. Total liquidity was $126.8 million as of September 30, 2026, including about $110.0 million of available revolving capacity. Cash and cash equivalents were $16.8 million. Borrowings outstanding were $765.0 million, versus $545.2 million as of June 30, 2026.

Subsequent to quarter end, on October 1, 2026, DBR Land Holdings LLC issued an additional $125.0 million of 6.25% fixed-rate senior unsecured notes due 2030 under its existing indenture. The additional notes and the existing $500 million notes are treated as a single series, bringing the total to $625.0 million.

The board declared a quarterly cash dividend of $0.12 per share on Class A common stock, payable December 10, 2026 to shareholders of record as of November 25, 2026, with a corresponding required cash distribution to OpCo unitholders.

Net income included a non-cash share-based compensation expense of $9.1 million, of which $6.5 million was attributable to management units issued by LandBridge Holdings LLC. The company said any actual cash expense on those units will be borne solely by LandBridge Holdings LLC and that the units are not dilutive of public ownership.