Revenue rose from $26.0M to $70.9M across the reported quarters with gross margin expanding to 96.5% and operating margin improving from 60.8% to 68.1% since 2025Q3, though net margin of 18.3% remains far below operating margin, suggesting large non-operating charges and interest costs.
LandBridge Company LLC (LB) annual income statement — 4-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Dec'24 | Dec'23 | Dec'22 |
|---|
| Sales/Revenue | 245.51M | 199.09M | 109.95M | 72.86M | 51.78M |
| Revenue Growth % | - | 81.07% | 50.9% | 40.73% | - |
| Cost of Goods Sold | 16.57M | 18.01M | 10.99M | 12.21M | 10.56M |
| COGS % of Revenue | - | 9.05% | 9.99% | 16.75% | 20.4% |
| Gross Profit | 228.95M | 181.08M | 98.97M | 60.66M | 41.22M |
| Gross Margin % | - | 90.95% | 90.01% | 83.25% | 79.6% |
| Gross Profit Growth % | - | 82.97% | 63.15% | 47.17% | - |
| Operating Expenses | 67.4M | 62.45M | 115.48M | -9.35M | 44.45M |
| OpEx % of Revenue | - | 31.37% | 105.02% | -12.83% | 85.85% |
| Selling, General & Admin | 58.79M | 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 | 2M | 0 | 3.17M | 2.74M | 2.65M |
| Operating Income | 161.54M | 118.5M | -16.51M | 70.01M | -3.23M |
| Operating Margin % | - | 59.52% | -15.02% | 96.08% | -6.24% |
| Operating Income Growth % | - | 817.75% | -123.58% | 2266.12% | - |
| EBITDA | 178.63M | 129.97M | -7.63M | 78.77M | 3.49M |
| EBITDA Margin % | - | 65.28% | -6.94% | 108.11% | 6.74% |
| EBITDA Growth % | - | 1802.29% | -109.69% | 2158.34% | - |
| D&A (Non-Cash Add-back) | 17.09M | 11.47M | 8.88M | 8.76M | 6.72M |
| EBIT | 151.3M | 114.17M | -16.27M | 70.56M | -3.09M |
| Net Interest Income | -37.52M | -32.71M | -23.34M | -7.02M | -3.11M |
| Interest Income | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 37.52M | 32.71M | 23.34M | 7.02M | 3.11M |
| Other Income/Expense | -47.75M | -37.03M | -23.09M | -6.47M | -2.96M |
| Pretax Income | 113.79M | 81.47M | -39.6M | 63.54M | -6.2M |
| Pretax Margin % | - | 40.92% | -36.02% | 87.21% | -11.97% |
| Income Tax | 12.65M | 9.07M | 1.88M | 370K | 164K |
| Effective Tax Rate % | 11.11% | 11.13% | -4.73% | 0.58% | -2.65% |
| Net Income | 51.17M | 30.13M | 5.11M | 63.17M | -6.36M |
| Net Margin % | - | 15.13% | 4.65% | 86.7% | -12.29% |
| Net Income Growth % | - | 489.59% | -91.91% | 1093.11% | - |
| Net Income (Continuing) | 101.14M | 72.4M | -41.48M | 63.17M | -6.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 476.62M | 453.68M | 172.05M | 0 | 0 |
| EPS (Diluted) | - | 1.08 | 0.07 | 4.36 | -0.44 |
| EPS Growth % | - | 1397.92% | -98.35% | 1090.91% | - |
| EPS (Basic) | - | 1.18 | 0.29 | 4.36 | -0.44 |
| Diluted Shares Outstanding | 29.15M | 27.84M | 73.37M | 14.5M | 14.5M |
| Basic Shares Outstanding | 29.15M | 27.84M | 17.81M | 14.5M | 14.5M |
| Dividend Payout Ratio | - | 211.47% | 3488.14% | 166.47% | - |
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.
Key Metrics
Top Statement Risk
Delaware Basin geographic concentration
Metrics are mathematically derived from official filings.
Revenue Momentum Moderating From Peak Growth
As reported in the quarterly income statement, LB's revenue rose from $26.0M in 2024Q2 to $70.9M in 2026Q3, though year-over-year growth of 39.5% in the latest quarter sits well below the 81.1% trailing rate, suggesting the growth curve is flattening.
The sequential step from $66.8M to $70.9M is modest relative to the earlier surge, which indicates that a substantial portion of recent growth reflects acquisitions and asset contributions rather than sustained organic expansion. Investors should monitor whether the raised 2026 guidance can be met with mostly organic volume gains, since the current pace implies a slower compounding trajectory than the trailing figures suggest.
Structurally High Gross Margin Profile
Based on the reported figures, LB's gross margin climbed from 89.4% in 2024Q2 to 96.5% in 2026Q3, placing it near the 85.5% gross margin of Texas Pacific Land, which points to a royalty-style cost base with minimal direct operating expense.
The near-total absence of cost of revenue reflects a model where land and mineral interests carry little variable cost, and the margin expansion over the period suggests improving scale benefits as acreage is consolidated. The margin profile appears structurally durable, though it is largely a function of the asset type rather than pricing power, and it may not persist if the company shifts toward more labor-intensive water operations.
Operating Leverage Driven by Fixed Overhead
According to the reported statements, SG&A has held near $15.9M per quarter in 2025Q3 through 2026Q3 while revenue grew, lifting operating margin from 60.8% to 68.1% over that span and indicating meaningful operating leverage.
Because SG&A has stayed roughly flat against rising revenue, incremental revenue is falling largely to operating income, which is the core reason operating margin has expanded. This suggests overhead efficiency is strong, but the figure remains a fixed-cost base that could weigh on margins if revenue stalls, so the sustainability of this leverage depends on continued top-line growth.
Wide Gap Between Operating and Net Income
Based on reported figures, LB's net margin of 18.3% in 2026Q3 trails its 68.1% operating margin by roughly 50 points, a gap that appears to reflect large non-operating charges and interest costs against a 0.71 debt-to-equity ratio.
The persistent spread between operating and net profitability, alongside a 4.3% return on equity, suggests that a considerable share of operating earnings is absorbed below the operating line. The EPS result for the latest quarter is not confirmed in the supplied data against the $0.39 consensus, so the quality of reported earnings warrants direct verification in filings before drawing firm conclusions.
Growth Durability and Concentration Risk
The strongest challenge to LB's narrative is that its trailing 81.1% revenue growth may be driven by acquisitions in a single basin, with 100% of operations appearing concentrated in the Delaware Basin of Texas and New Mexico.
If the raised guidance relies on M&A rather than organic volume, the company's growth could decelerate sharply once acquisition-driven step-ups fade, and any regional regulatory or water-disposal restriction would affect the entire revenue base. Investors should monitor whether margin expansion holds as the asset base changes, since the current high-margin profile may not persist under a more diversified or labor-intensive operating mix.