LB · LandBridge Company LLC

LandBridge Company LLC reported strong first quarter 2026 results, with revenue of $51.0 million, up 16% year-over-year, driven primarily by surface use royalties and revenue which generated $37.0 million. Net income rose 16% to $17.9 million, maintaining a net income margin of 35%. Adjusted EBITDA increased 16% to $44.9 million, with an Adjusted EBITDA margin of 88%, reflecting the company's capital-efficient, asset-light model. Cash flow from operations surged 158% year-over-year to $41.1 million, and Free Cash Flow reached $40.9 million, up 158% year-over-year. The company raised its full-year 2026 Adjusted EBITDA guidance to $210-$230 million, implying approximately 24% year-over-year growth at the midpoint, citing increased visibility and a supportive macroeconomic environment. Management highlighted strong commercial momentum, including a lease development agreement with PowerBridge LLC for a giga-scale data center campus (Alpha Digital Campus) on up to ~3,400 acres in Reeves County, Texas, and the acquisition of approximately 5,700 acres year-to-date via bolt-on acquisitions, bringing total surface acreage to over 320,000 acres. The company declared a quarterly cash dividend of $0.12 per share, payable June 18, 2026. The balance sheet remains strong with total liquidity of $259.7 million, including $230 million available under its revolving credit facility and $29.7 million cash. Total debt was reduced to $545 million from $570 million at year-end 2025. The results underscore LandBridge's ability to generate high-margin, durable growth through active land management and diversification into digital infrastructure.