Revenue reached $201.0 million in 2026Q1, yet profitability remains constrained by an operating margin of 15.2% and significant volatility in gross margins, which fluctuated between 11.0% and 106.8% over the past year.
| Sales/Revenue | 548.42M | 525.55M |
| Revenue Growth % | - | - |
| Cost of Goods Sold | 414.33M | 383.31M |
| COGS % of Revenue | - | 72.94% |
| Gross Profit | 134.1M | 142.24M |
| Gross Margin % | 24.45% | 27.07% |
| Gross Profit Growth % | - | - |
| Operating Expenses | 36.72M | 47.24M |
| OpEx % of Revenue | - | 8.99% |
| Selling, General & Admin | 49.77M | 47.24M |
| SG&A % of Revenue | - | 8.99% |
| Research & Development | 0 | 0 |
| R&D % of Revenue | - | - |
| Other Operating Expenses | 1000K | 0 |
| Operating Income | 80.36M | 78.86M |
| Operating Margin % | 14.65% | 15.01% |
| Operating Income Growth % | - | - |
| EBITDA | 248.92M | 219.76M |
| EBITDA Margin % | 45.39% | 41.82% |
| EBITDA Growth % | - | - |
| D&A (Non-Cash Add-back) | 167.66M | 140.9M |
| EBIT | 28.55M | 0 |
| Net Interest Income | -50.82M | 0 |
| Interest Income | 0 | 0 |
| Interest Expense | 96.2M | 68.94M |
| Other Income/Expense | -76.05M | 0 |
| Pretax Income | -15.57M | -1.06M |
| Pretax Margin % | -2.84% | -0.2% |
| Income Tax | -29K | -1.06M |
| Effective Tax Rate % | 0.19% | 100.85% |
| Net Income | 15.67M | -4.54M |
| Net Margin % | 2.86% | -0.86% |
| Net Income Growth % | - | - |
| Net Income (Continuing) | 15.67M | -4.54M |
| Discontinued Operations | 0 | 0 |
| Minority Interest | 1.19B | 1.25B |
| EPS (Diluted) | - | -0.10 |
| EPS Growth % | - | - |
| EPS (Basic) | - | -0.10 |
| Diluted Shares Outstanding | 0 | 43.26M |
| Basic Shares Outstanding | 0 | 43.26M |
| Dividend Payout Ratio | - | - |
Regulatory and margin volatility
According to recent financial disclosures, WaterBridge Infrastructure experienced significant revenue fluctuations, reaching $201.0 million in 2026Q1, which suggests that the company's top-line performance remains highly sensitive to the cyclical drilling activity and gas-to-oil ratios prevalent within the Williston Basin's regional energy infrastructure landscape.
The observed revenue volatility appears to be a function of the company's exposure to gathering and processing volumes, which lack the contractual insulation of its regulated transmission business. Investors should monitor whether the recent growth trend can be sustained as the basin matures and flaring regulations continue to evolve.
As reported in quarterly filings, WBI's gross margin has exhibited substantial inconsistency, ranging from a high of 106.8% in 2025Q4 to a low of 11.0% in 2025Q2, indicating that the company's cost structure is heavily influenced by non-recurring operational factors or volatile energy input costs.
The wide variance in gross margins suggests that the company may be struggling to maintain pricing power or is experiencing significant fluctuations in the cost of gas purchased for resale. This instability warrants further investigation into whether these margin swings are driven by accounting adjustments or fundamental shifts in operational efficiency.
Based on the provided income statement data, WBI's operating margin of 15.2% in 2026Q1 indicates that while the core business generates positive operating income, a significant portion of gross profit is absorbed by SG&A expenses, limiting the company's ability to scale profitability effectively during periods of revenue expansion.
The inability to consistently translate gross profit into higher operating margins suggests that the company's fixed-cost base remains high relative to its current throughput. This may imply that management is prioritizing infrastructure maintenance and regulatory compliance over aggressive cost-cutting, which could limit bottom-line growth in the near term.
Financial statements reveal that WBI's net income has frequently dipped into negative territory, such as the -$10.7 million reported in 2025Q1, despite positive operating income, which suggests that non-operating items or tax-related charges are significantly impacting the company's bottom-line performance and overall earnings quality.
The disconnect between operating income and net income warrants caution, as it may indicate that the company is carrying substantial deferred tax liabilities or interest expenses that are not immediately apparent. Investors should monitor these non-operating headwinds to determine if they represent structural issues or temporary accounting anomalies.
As indicated by the negative net margin of -0.86% in recent periods, there is a clear analytical risk that WBI's current business model may not be generating sufficient returns to cover its total cost structure, despite the company's strong balance sheet and strategic regional footprint.
Short-term observers might focus on the company's inability to maintain consistent net profitability as a sign of underlying operational weakness. This suggests that the company's long-term viability may depend on its ability to secure more favorable rate cases or increase high-margin transportation volumes to offset its fixed-cost burden.
Quick answers to the most common questions about buying WBI stock.
For fiscal year 2025, WaterBridge Infrastructure LLC (WBI) reported total revenue of $525.6M. This represents a 0.0% increase compared to $525.6M in 2025.
WaterBridge Infrastructure LLC (WBI) reported a net loss of $4.5M for the fiscal year ending 2025.
WaterBridge Infrastructure LLC (WBI) reported an operating income of $78.9M, resulting in an operating profit margin of 15.0%. This margin reflects the operational efficiency of the business before interest and taxes.
WaterBridge Infrastructure LLC (WBI) generated $142.2M in gross profit for the year, representing a gross profit margin of 27.1%. This demonstrates the company's core pricing power and production efficiency.