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Sep 30, 2025
LandBridge Company LLC Q3 2025 Earnings Report
LandBridge Company LLC reported its financial and operating results for the third quarter ended September 30, 2025, showing continued growth in revenue and Adjusted EBITDA.
Key Takeaways
LandBridge Company LLC delivered its sixth consecutive public quarter of revenue and Adjusted EBITDA growth in Q3 2025. The company reported revenues of $50.8 million, a 78% increase year-over-year, and Adjusted EBITDA of $44.9 million, up 79% year-over-year. Net income for the quarter was $20.3 million, with a net income margin of 40%.
Revenues increased by 78% year-over-year and 7% quarter-over-quarter, reaching $50.8 million.
Adjusted EBITDA grew by 79% year-over-year and 6% quarter-over-quarter, totaling $44.9 million.
Net income for the quarter was $20.3 million, resulting in a net income margin of 40%.
The company closed an acquisition of approximately 37,500 acres, expanding its total holdings to over 300,000 surface acres and diversifying revenue streams.
Revenue by Segment
Forward Guidance
LandBridge Company LLC reaffirms the midpoint of its outlook for fiscal year 2025, with Adjusted EBITDA expected to be between $165 million and $175 million.
Positive Outlook
- Reaffirmed midpoint of Adjusted EBITDA outlook for fiscal year 2025, indicating confidence in continued financial performance.
- Strategic acquisitions, like the 37,500-acre purchase, are expected to optimize revenue streams and asset value.
- Diversification into alternative energy developments, such as the 3,000-acre solar project sale, is expected to contribute to future growth.
- Long-term lease for a natural gas processing facility with ONEOK Inc. in Loving County, Texas, is expected to provide stable revenue.
- Commitment to disciplined growth opportunities and acquisitions to maximize surface land asset value.
Challenges Ahead
- Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to challenges in estimating certain non-recurring items.
- Uncertainty regarding non-recurring gains or losses, unusual items, and income tax benefit or expense could materially impact GAAP results.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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