LandBridge Company LLC (LB) Earnings
LandBridge Company LLC is expected to report next earnings on August 5, 2026 (in NaN days), with a consensus EPS estimate of $0.53. LB has beaten EPS estimates in 4 of its last 9 reported quarters (average surprise -45.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 29, 2026 | $0.70 | $0.23 | -67.1% | $51M | -13.1% |
| Feb 26, 2026 | $0.62 | $0.42 | -32.3% | $57M | -1.4% |
| Nov 12, 2025 | $0.48 | $0.26 | -45.7% | $51M | +1.2% |
| Aug 6, 2025 | $0.39 | $0.24 | -38.5% | $48M | -13.2% |
| Mar 5, 2025 | $0.38 | $0.18 | -52.6% | $36M | -15.3% |
| Jun 28, 2024 | — | $0.74 | — | $19M | — |
| Dec 30, 2023 | — | $-3.40 | — | $37M | — |
| Sep 29, 2023 | — | $1.15 | — | $18M | — |
| May 19, 2021 | $1.21 | $1.25 | +3.3% | — | — |
| Feb 24, 2021 | $2.91 | $3.03 | +4.1% | — | — |
| Nov 18, 2020 | $0.09 | $1.13 | +1155.6% | — | — |
| Aug 19, 2020 | $-0.42 | $0.25 | +159.5% | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2025 · February 26, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Jason Long highlighted 2025 as a year of accretive expansion, emphasizing the active land management model through acquiring strategic land and driving capital-light growth on existing acreage, with SUEE metric demonstrating results. Scott McNeely presented fourth quarter and full-year financial results, with balance sheet optimization through a $500 million senior notes offering and a new $275 million revolving credit agreement, ending the year with $236 million in total liquidity and a covenant net leverage ratio of 2.8x. Deployment of free cash flow focuses on 3 priorities: value-enhancing M&A, maintaining a strong balance sheet, and returning capital to shareholders, with a 20% dividend increase in Q4 and a $50 million share repurchase program authorized. Jason Long emphasized West Texas' advantages for data center and other industrial development, with agreements with Samsung, ONEOK, and NRG showing commitment to energy and digital infrastructure development. Scott McNeely noted strong M&A opportunity pipeline, actively pursuing opportunities of different sizes and considering expansion outside the Delaware Basin.
Guidance
2026 adjusted EBITDA guidance is $205 million to $225 million, representing over 20% year-over-year growth at the midpoint. The growth is driven by factors like Speedway Pipeline coming online midyear, BPX Kraken volume increases, and the 1918 Ranch acquisition, with potential upside from commercialization of 1918 Ranch and other in-process projects not fully baked into the guidance.
Segment performance
2025 saw revenue grow 81% to $199.1 million year-over-year and adjusted EBITDA grow 83% to $177 million, with an adjusted EBITDA margin of 89%. Fourth quarter revenue was $56.8 million, up 12% QoQ, and EBITDA was up 14% QoQ. Surface use royalties and revenues drove QoQ growth in Q4. Resource sales and royalties revenues rose 12% QoQ, while oil and gas royalties revenues declined 6% QoQ but accounted for less than 10% of total revenues for the full year. Legacy acreage of ~72,000 acres generated less than $465 per acre when acquired in 2022 and averaged $1,160 per acre in 2025, a nearly 150% growth since 2022. 2024 vintage acreage, including East Stateline and Wolf Bone Ranches, saw 145% year-over-year growth in 2025. Across the full acreage portfolio of over 315,000 acres, SUEE grew 21% year-over-year, with average dollar value per acre increasing from $543 to $658. In 2025, there were approximately 450 new easements and agreements on the acreage, including energy-related agreements with Samsung, ONEOK, and NRG, as well as data center-related projects. Produced water royalties were a growth driver due to ample high-quality pore space.
Analyst Q&A
Q: Keith Beckmann asked about the moving pieces driving sequential growth in produced water and trends looking forward, and if it's easier or harder to do deals in West Texas now and if they looked outside West Texas.
A: Scott McNeely said BPX Kraken and East Stateline Ranch activity drove Q4 growth, Speedway Pipeline midyear online and BPX Kraken volume increases drive 2026 expectations; M&A opportunity pipeline is robust, actively pursuing opportunities of different sizes, and they look at everything including outside the Delaware Basin.
Q: John Annis asked about drivers of 2026 EBITDA guidance high end vs low end and if similar trajectory is possible for 2024 and 2025 vintage acreage.
A: Scott McNeely said substantial asymmetric upside exists from Speedway, BPX Kraken, and potential commercialization of 1918 Ranch; yes, similar trajectory is possible as they buy land they think can be commercialized quickly.
Q: Alexander Goldfarb asked about political process for data centers now vs IPO and how much additional revenue is factored into 2026 EBITDA guidance.
A: Jason Long said Texas' business-friendly regulatory environment reinforces West Texas appeal for data centers; Scott McNeely said majority impact of Speedway and BPX Kraken is baked in, but 1918 Ranch's commercialization and other in-process projects provide upside not fully in guidance.
Q: John Mackay asked about revenue per acre metrics for '24 and '25 acquisitions and structural potential.
A: Jason Long said $1,000+ per acre is achievable, and they aim for $2,500-$3,500 per acre medium-to-long term, to be detailed in Investor Day.
Q: Charles Meade asked about competition for acquiring new assets and differentiation.
A: Scott McNeely said there's more competition due to success, but their unique land positions, partnership with WaterBridge, and in-house technical expertise provide differentiation, making it tough for new entrants.