| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 51.01 | 16.1% |
| Total Income | 51.01 | 16.1% |
| Expenditure | 21.83 | 15.4% |
| PBT | 19.66 | 15.2% |
| Net Profit | 8.72 | 35.0% |
| OPM | 57.21% | 0.24pp |
| NPM | 17.09% | 2.38pp |
| EPS | 0.31 | 14.8% |
LandBridge Announces Q1 2026 Revenue of $51.0 Million, Up 16% YoY, and Raises Full-Year Adjusted EBITDA Outlook
07 May 2026 · 7 May, 1:58 am
Summary
LandBridge Company LLC announced strong financial and operating results for the first quarter ended March 31, 2026, with revenues climbing 16% year-over-year to $51.0 million. Net income also increased by 16% to $17.9 million, contributing to a healthy net income margin of 35%, while Adjusted EBITDA grew 16% to $44.9 million with an 88% margin. The company demonstrated robust cash generation, with cash flows from operating activities and Free Cash Flow both surging 158% year-over-year to $41.1 million and $40.9 million, respectively. Bolstered by strategic acquisitions and commercial momentum, LandBridge raised its full-year 2026 Adjusted EBITDA guidance to between $210 million and $230 million, reflecting confidence in continued high-margin growth.
Key Highlights
- 1
LandBridge Company LLC reported first quarter 2026 revenues of $51.0 million, marking a 16% increase year-over-year.
- 2
Net income for Q1 2026 rose by 16% year-over-year to $17.9 million, achieving a net income margin of 35%.
- 3
Adjusted EBITDA for the first quarter of 2026 increased by 16% year-over-year to $44.9 million, with an Adjusted EBITDA Margin of 88%.
- 4
Cash flows from operating activities significantly increased by 158% year-over-year to $41.1 million, and Free Cash Flow also grew by 158% year-over-year to $40.9 million.
- 5
The company raised its full-year 2026 Adjusted EBITDA outlook to a range of $210 million to $230 million, representing a projected year-over-year growth of approximately 24% at the midpoint.
- 6
LandBridge expanded its total surface acreage owned or managed to over 320,000 acres by acquiring approximately 5,700 acres year-to-date through strategic bolt-on acquisitions.
- 7
A quarterly cash dividend of $0.12 per share was declared, payable on June 18, 2026.
Management Comments
Jason Long
We’re pleased to have delivered first quarter results that reflect strong year-over-year growth and solid commercial momentum heading into the second quarter, with second-half growth drivers on track. Since the beginning of the year, we have been able to close several bolt-on acquisitions that further enhance the scale and contiguity of our acreage position, and our recent agreement with PowerBridge for the Alpha Digital Campus further demonstrates the strength of commercial demand across our acreage. Our active land management strategy continues to attract high-value commercial opportunities, driving durable and high-margin growth, and providing us with the confidence to raise our full year Adjusted EBITDA guidance range.
Scott McNeely
LandBridge’s capital efficient, asset-light model delivered strong cash generation in the first quarter, allowing us to invest in bolt-on transactions while reducing outstanding indebtedness. As normal seasonality of commercial agreements and resource sales continue to accelerate into the second quarter, we are confident in our healthy and expanding commercial pipeline, which has driven our decision to raise our full-year Adjusted EBITDA guidance to $210 to $230 million. LandBridge is well positioned to drive continued financial growth, margin strength and shareholder value creation in 2026.
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