LandBridge Co LLC
Business
LandBridge Co LLC is a surface land and resource owner operating more than 315,000 acres in the Delaware Basin (Permian Basin) in Texas and New Mexico. The company generates revenue through surface-use fees and royalties from oil & gas operators, produced-water handling royalties, resource sales (brackish water, sand, caliche), and oil & gas mineral-lease royalties. Operations are organized into three geographic positions (Stateline, Northern, Southern) with a diversified customer base including WaterBridge, major E&P companies, and infrastructure developers; minimal capital intensity is achieved by shifting development costs to customers.
Summary from 10-K filed 2026-02-26
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Total revenues | 199 | 110 | 73 | |
| Resource sales-related expense | 2 | 2 | 3 | |
| Other operating and maintenance expense | 5 | 3 | 3 | |
| General and administrative expense (income) | 62 | 112 | −12 | |
| Depreciation, depletion and amortization | 11 | 9 | 9 | |
| Other operating expense, net | 131,000 | — | — | |
| Operating income (loss) | 119 | −17 | 70 | |
| Interest expense, net | 33 | 23 | 7 | |
| Other loss (income) | 4 | −241,000 | −549,000 | |
| Income (loss) from operations before taxes | 81 | −40 | 64 | |
| Income tax expense | 9 | 2 | 370,000 | |
| Net income (loss) | 72 | −41 | 63 | |
| Net income attributable to noncontrolling interest | 42 | 288,000 | — | |
| Net income attributable to LandBridge Company LLC | 30 | 5 | — | |
| Basic (per share) | 1.18 | 0.28 | — | |
| Diluted (per share) | 0.94 | 0.07 | — | |
| Basic (shares) | 25 | 18 | — | |
| Diluted (shares) | 77 | 73 | — |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | 31 | 37 | 38 | |
| Prepaid expenses and other current assets | 5 | 2 | 1 | |
| Total current assets | 60 | 53 | 52 | |
| Property, plant and equipment, net | 1,084 | 903 | 203 | |
| Intangible assets, net | 137 | 45 | 29 | |
| Deferred tax assets | 81 | 29 | — | |
| Other assets | 4 | 2 | 5 | |
| Total non-current assets | 1,306 | 979 | 237 | |
| Total assets | 1,366 | 1,032 | 289 | |
| Taxes payable | 1 | 2 | 385,000 | |
| Accrued liabilities | 8 | 7 | 5 | |
| Current portion of long-term debt | 692,000 | 424,000 | 20 | |
| Deferred revenue | 1 | 1 | 278,000 | |
| Other current liabilities | 7,000 | 2 | 500,000 | |
| Total current liabilities | 12 | 14 | 27 | |
| Long-term debt, net of debt issuance costs | 560 | 381 | 108 | |
| Other long-term liabilities | 192,000 | 183,000 | 3 | |
| Total non-current liabilities | 560 | 381 | 111 | |
| Total liabilities | 572 | 395 | 138 | |
| Commitments and contingencies | — | — | — | |
| Retained earnings | 23 | 3 | — | |
| Total shareholders' equity attributable to LandBridge Company LLC | 340 | 212 | — | |
| Noncontrolling interest | 454 | 425 | — | |
| Total shareholders' equity | 794 | 637 | 151 | |
| Total liabilities and equity | 1,366 | 1,032 | 289 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Depreciation, depletion and amortization | 11 | 9 | 9 | |
| Amortization of debt issuance costs | 2 | 2 | 388,000 | |
| Share-based compensation | 45 | 95 | −17 | |
| Loss on extinguishment of debt | 4 | 0 | 0 | |
| Deferred income tax expense (benefit) | 4 | −411,000 | 0 | |
| Other | 16,000 | 5,000 | −246,000 | |
| Accounts receivable | −7 | 2 | −1 | |
| Related party accounts receivable | −3 | −1 | −613,000 | |
| Prepaid expenses and other assets | 1 | −328,000 | 43,000 | |
| Accounts payable | 16,000 | 272,000 | 362,000 | |
| Related party accounts payable | 95,000 | 233,000 | −109,000 | |
| Accrued liabilities and other liabilities | −2 | 506,000 | −186,000 | |
| Taxes payable | −4 | 2 | 173,000 | |
| Net cash provided by operating activities | 126 | 68 | 53 | |
| Acquisitions | −229 | −723 | 0 | |
| Capital expenditures | −4 | −985,000 | −3 | |
| Proceeds from disposal of assets | 210,000 | 0 | 11,000 | |
| Net cash used in investing activities | −233 | −724 | −3 | |
| Proceeds from debt | 784 | 418 | 150 | |
| Repayments of debt | −599 | −163 | −78 | |
| Dividends, dividend equivalents, and distributions paid | −64 | −178 | −105 | |
| Debt issuance costs | −13 | −4 | −3 | |
| Taxes paid related to net share settlement of RSUs | −6 | 0 | 0 | |
| Offering costs | −1 | −8 | −2 | |
| Proceeds from issuance of Class A shares - IPO, net of underwriting discounts and fees | 0 | 278 | 0 | |
| Proceeds from issuance of Class A shares - December 2024 Private Placement, net of placement agent fees | 0 | 339 | 0 | |
| Purchase of OpCo Units from LandBridge Holdings, net of placement agent fees | 0 | −145 | 0 | |
| Contributions from member | 0 | 120 | 0 | |
| Net cash provided by (used in) financing activities | 101 | 656 | −38 | |
| Net (decrease) increase in cash and cash equivalents | −6 | −791,000 | 12 |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is LandBridge Co LLC's CIK number?
LandBridge Co LLC's SEC CIK number is 0001995807 (1995807). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find LandBridge Co LLC's SEC filings?
All of LandBridge Co LLC's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did LandBridge Co LLC last report earnings?
LandBridge Co LLC (LB) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-209075). This is LandBridge Co LLC's most recent earnings filing of record — not a forecast of its next earnings date.
What is LandBridge Co LLC's most recent earnings 8-K?
LandBridge Co LLC's latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001193125-26-209075. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View LandBridge Co LLC's latest earnings 8-K →
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