EarningsQ2 2026 Earnings Report
MX:LBC Q2 2026 EPS Results
Actual EPS$9.35
Consensus EPS$8.95
Beat/MissBeat by +$0.39
One Year Ago EPS$4.09
MX:LBC Q2 2026 Revenue Results
Actual Revenue$1.14B
Expected Revenue$1.02B
Beat/MissBeat by +$116.50M
YoY Revenue Growth+40.62%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
MX:LBC Upcoming Earnings
LandBridge Company LLC Class A's next earnings date is estimated for November 11, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:LBC Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a broadly positive operational and financial performance: record revenue, very high adjusted EBITDA and free cash flow margins, expanding liquidity, strong commercial traction in digital infrastructure (seven counterparties / >10 GW), and disciplined capital allocation including dividends and buybacks. Identified risks are execution and timing on converting LOIs to firm projects, regulatory scrutiny in the Texas data center approval process, and the company sitting at the upper end of its leverage target. Overall, the highlights (strong growth, high margins, cash generation, sizable water and land assets, and meaningful pipeline momentum) materially outweigh the lowlights, which are largely execution and timing risks rather than immediate financial deterioration.Company Guidance
Record Revenue Growth
Q2 revenue of $66.8M, up 41% year-over-year and 31% sequentially, reported as a record quarter.
Strong Profitability and Margins
Adjusted EBITDA of $59.8M, up 41% year-over-year and 33% sequentially, with an 89% adjusted EBITDA margin.
Robust Free Cash Flow
Free cash flow of $40.2M (cash flow from operations $41.4M), FCF up 11% year-over-year with a 60% free cash flow margin.
Reaffirmed and Raised Guidance Range
Company reaffirmed full year 2026 adjusted EBITDA guidance of $210M–$230M (range was raised last quarter).
Rapid Commercial Momentum in Digital Infrastructure
Under LOI/option or in late-stage negotiations with seven power/digital counterparties representing more than 10 gigawatts of potential power generation and data center capacity.
Large, Strategic Surface and Water Assets
Ownership/management of over 325,000 surface acres in the Delaware Basin and access to ~13.4 million acre-feet of brackish groundwater to support multi-gigawatt projects.
Improved Liquidity and Lowered Borrowing Costs
Total liquidity $269.8M (including $39.8M cash and $230M revolver available); revolver increased post-quarter from $275M to $375M (expandable to $475M) and borrowing costs reduced by 25 basis points.
Conservative Balance Sheet and Leverage Progress
Total borrowings $545.2M (nearly flat Q/Q); net leverage improved to 2.5x from 2.7x last quarter with no debt maturities until 2030.
Capital-Light, High-Return Business Model
Low capex of $1.1M in the quarter; majority of revenues are fee-based royalties, leases, and services that require minimal capital investment.
Shareholder Returns and Capital Allocation
Declared a $0.12 per share dividend and Board-approved $50M share repurchase program (opportunistic through Dec 2027); executed $10.2M in bolt-on acquisitions during the quarter.
Strong Post-IPO Performance
Since IPO (2024), revenue, free cash flow, and adjusted EBITDA have grown by over 150%, and total shareholder return ~360%.
Segment-Level Drivers
Surface use royalties and revenue increased 41% sequentially (driven by produced water volumes and commercial activity); oil & gas royalties rose 20% sequentially (higher oil prices); resource sales and royalties rose 1%.
MX:LBC Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed