Revenue scaled to $56.8 million in 2025Q4, reflecting an 81.07% year-over-year growth rate supported by gross margins consistently exceeding 90%.
| Sales/Revenue | 206.15M | 199.09M | 109.95M | 72.86M | 51.78M |
| Revenue Growth % | 52.83% | 81.07% | 50.9% | 40.73% | - |
| Cost of Goods Sold | 12.67M | 18.01M | 10.99M | 12.21M | 10.56M |
| COGS % of Revenue | - | 9.05% | 9.99% | 16.75% | 20.4% |
| Gross Profit | 142.47M | 181.08M | 98.97M | 60.66M | 41.22M |
| Gross Margin % | 69.11% | 90.95% | 90.01% | 83.25% | 79.6% |
| Gross Profit Growth % | - | 82.97% | 63.15% | 47.17% | - |
| Operating Expenses | 58.85M | 62.45M | 115.48M | -9.35M | 44.45M |
| OpEx % of Revenue | - | 31.37% | 105.02% | -12.83% | 85.85% |
| Selling, General & Admin | 57.66M | 62.45M | 112.3M | -12.09M | 41.8M |
| SG&A % of Revenue | - | 31.37% | 102.14% | -16.59% | 80.73% |
| Research & Development | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | 1.13M | 0 | 3.17M | 2.74M | 2.65M |
| Operating Income | 128.52M | 118.5M | -16.51M | 70.01M | -3.23M |
| Operating Margin % | 62.34% | 59.52% | -15.02% | 96.08% | -6.24% |
| Operating Income Growth % | - | 817.75% | -123.58% | 2266.12% | - |
| EBITDA | 141.81M | 129.97M | -7.71M | 78.61M | 3.49M |
| EBITDA Margin % | 68.79% | 65.28% | -7.01% | 107.88% | 6.74% |
| EBITDA Growth % | 3226.62% | 1785.73% | -109.81% | 2153.7% | - |
| D&A (Non-Cash Add-back) | 13.29M | 11.47M | 8.8M | 8.6M | 6.72M |
| EBIT | 99.39M | 114.17M | -16.27M | 70.56M | -3.09M |
| Net Interest Income | -34.24M | -32.71M | -23.34M | -7.02M | -3.11M |
| Interest Income | 46K | 0 | 0 | 0 | 0 |
| Interest Expense | 34.29M | 32.71M | 23.34M | 7.02M | 3.11M |
| Other Income/Expense | -44.46M | -37.03M | -23.09M | -6.47M | -2.96M |
| Pretax Income | 84.06M | 81.47M | -39.6M | 63.54M | -6.2M |
| Pretax Margin % | 40.78% | 40.92% | -36.02% | 87.21% | -11.97% |
| Income Tax | 9.25M | 9.07M | 1.88M | 370K | 164K |
| Effective Tax Rate % | 11.01% | 11.13% | -4.73% | 0.58% | -2.65% |
| Net Income | 41.31M | 30.13M | 5.11M | 63.17M | -6.36M |
| Net Margin % | 20.04% | 15.13% | 4.65% | 86.7% | -12.29% |
| Net Income Growth % | 189.65% | 489.59% | -91.91% | 1093.11% | - |
| Net Income (Continuing) | 74.81M | 72.4M | -41.48M | 63.17M | -6.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 463.62M | 453.68M | 172.05M | 0 | 0 |
| EPS (Diluted) | 1.48 | 1.08 | 0.07 | 4.36 | -0.44 |
| EPS Growth % | 148.84% | 1397.92% | -98.35% | 1090.91% | - |
| EPS (Basic) | - | 1.18 | 0.29 | 4.36 | -0.44 |
| Diluted Shares Outstanding | 27.84M | 27.84M | 73.37M | 14.5M | 14.5M |
| Basic Shares Outstanding | 27.84M | 27.84M | 17.81M | 14.5M | 14.5M |
| Dividend Payout Ratio | - | 211.47% | 3488.14% | 166.47% | - |
Geographic concentration in Delaware Basin
As reported in financial statements, LandBridge achieved significant top-line expansion with revenue reaching $56.8 million in 2025Q4, reflecting an 81.07% year-over-year growth rate that underscores the company's aggressive monetization of its Delaware Basin surface acreage and associated water infrastructure assets during the current development cycle.
The revenue trajectory appears heavily influenced by the timing of project-based surface easements, which introduces a degree of lumpiness to quarterly results. Investors should monitor whether this growth rate is sustainable or if it represents a front-loaded harvest of initial infrastructure build-out opportunities within the basin.
According to recent SEC filings, LandBridge maintains a robust gross margin profile, consistently exceeding 90% in recent quarters, which suggests the company operates with minimal variable costs and effectively leverages its land-grant model to capture high-margin surface and royalty revenue with limited direct operational exposure.
While gross margins are structurally superior, the significant compression between gross and net margins suggests that corporate overhead and non-cash charges remain substantial. This disparity warrants further investigation into whether the company can achieve greater operating leverage as its asset base matures and administrative costs stabilize.
Based on LandBridge's reported figures, net income has been periodically impacted by significant stock-based compensation expenses, most notably the $71.8 million charge in 2024Q2, which complicates the assessment of core profitability and suggests that GAAP earnings may not fully reflect the underlying cash-generating capacity of the business.
The volatility in net income appears largely driven by these non-cash equity awards rather than operational failures. Analysts should focus on adjusted earnings metrics to better understand the company's true profitability, as the current GAAP figures may obscure the underlying strength of the royalty and water sales segments.
As indicated by the company's financial history, LandBridge's reliance on localized Delaware Basin activity creates a binary risk profile where any slowdown in regional drilling or a shift toward water recycling by operators could disproportionately impact the company's high-margin water sales and surface easement revenue streams.
Short-term growth may be masking the long-term risk of geographic over-concentration, as the company lacks the diversification of broader, multi-basin landholders. Investors should consider whether the current valuation adequately prices in the potential for localized regulatory or infrastructure-related headwinds that could abruptly alter the company's revenue trajectory.
Quick answers to the most common questions about buying LB stock.
For fiscal year 2025, LandBridge Company LLC (LB) reported total revenue of $199.1M. This represents a 284.5% increase compared to $51.8M in 2022.
LandBridge Company LLC (LB) is profitable, generating $30.1M in net income for the fiscal year ending 2025 with a net profit margin of 15.1%.
LandBridge Company LLC (LB) reported an operating income of $118.5M, resulting in an operating profit margin of 59.5%. This margin reflects the operational efficiency of the business before interest and taxes.
LandBridge Company LLC (LB) generated $181.1M in gross profit for the year, representing a gross profit margin of 91.0%. This demonstrates the company's core pricing power and production efficiency.