| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 200.98 | 105.3% |
| Total Income | 200.98 | 105.3% |
| Expenditure | 170.52 | 107.5% |
| PBT | 10.58 | 491.1% |
| Net Profit | 3.52 | 105.8% |
| OPM | 15.15% | 0.90pp |
| NPM | 1.75% | 0.00pp |
| EPS | 0.08 |
WaterBridge Announces Q1 2026 Results; Increases Full-Year Guidance
07 May 2026 · 7 May, 1:55 am
Summary
WaterBridge Infrastructure LLC announced its financial and operating results for the first quarter of 2026. The company reported revenue of $201.0 million and net income of $9.5 million. Adjusted EBITDA was $102.9 million, representing a 51% margin. Based on increased confidence in commercial demand, WaterBridge increased its full-year 2026 guidance for produced water handling volumes and Adjusted EBITDA.
Key Highlights
- 1
WaterBridge reported first quarter 2026 produced water handling volumes of 2.5 million barrels per day and revenue of $201.0 million.
- 2
Net income for the first quarter of 2026 was $9.5 million, resulting in a net income margin of 5%.
- 3
Adjusted EBITDA for the first quarter of 2026 was $102.9 million, with an Adjusted EBITDA Margin of 51%.
- 4
The company increased its full-year 2026 guidance ranges for produced water handling volumes to 2.525 million barrels per day to 2.725 million barrels per day.
- 5
WaterBridge also increased its Adjusted EBITDA guidance range to $425 million to $465 million for full-year 2026.
- 6
A quarterly cash dividend of $0.05 per share was declared by the company.
- 7
First quarter capital expenditures were $110.9 million, primarily driven by continued construction costs for the first phase of the Speedway Pipeline project.
Management Comments
Jason Long
We delivered a strong first quarter that validates our platform and keeps our key second-half milestones on track. Speedway Phase I is progressing toward a mid-year start, the Kraken MVC ramp is on schedule, and the Phase II open season closed with demand that exceeded our expectations from new and existing customers looking for the unique long-haul capacity that WaterBridge provides. That operational visibility, combined with a more supportive macroeconomic backdrop for E&P activity, gives us the conviction to raise our full-year produced water handling volume guidance to 2.525 to 2.725 million barrels per day and our Adjusted EBITDA guidance to $425 million to $465 million. The opportunities ahead of WaterBridge across produced water handling, beneficial reuse, and the infrastructure that the basin will require for the next decade are as compelling as they have ever been.
Scott McNeely
Our first quarter results highlight strong execution as we continue to scale our platform. Looking forward, our commercial and operational demand picture has strengthened since we set initial guidance, and the macro environment is supportive of the E&P activity levels that underpin our volume outlook. On that basis, we are raising full-year produced water handling volume and EBITDA guidance ranges. WaterBridge is well positioned to capitalize on a growing set of opportunities in the Delaware Basin as demand for produced water handling continues to accelerate, while delivering sustained and compelling value for our shareholders.
Informational and educational content only. Not investment advice.