LandBridge Company: Beat — EPS $0.44, Revenue $70.89M
Earnings BeatQ3 2026 · After-market
Did LandBridge Company (LB) beat earnings today?
Yes, LandBridge Company (LB) beat Wall Street analyst expectations for Q3 2026, reporting higher-than-expected EPS and higher-than-expected revenue.
Earnings Per Share+4.76% surprise
$0.44Actual
Expected: $0.42
vs. year ago +69.2%
Total Revenue+6.91% surprise
$70.89MActual
Expected: $66.31M
vs. year ago +39.5%
Released Nov 04 · 4:10 PM ET
Earning Report
| Metric | Q3 2026 | Q3 2025 | YoY Change % |
|---|---|---|---|
| Revenue | $70.89M | $50.83M | +39.5% |
| Revenue detail — reported lines | |||
| └─Surface use royalties | $13.48M | $8.23M | +63.8% |
| └─Surface use royalties - related party | $12.89M | $10.15M | +27.0% |
| └─Easements and other surface-related revenues | $17.00M | $15.84M | +7.3% |
| └─Easements and other surface-related revenues - related party | $10.94M | $807.00K | +1255.1% |
| └─Resource sales | $6.17M | $4.50M | +37.0% |
| └─Resource sales - related party | $561.00K | $731.00K | -23.3% |
| └─Resource royalties | $4.33M | $3.93M | +10.2% |
| └─Resource royalties - related party | $1.46M | $1.60M | -8.7% |
| └─Oil and gas royalties | $4.06M | $3.33M | +21.8% |
| └─Other | - | $1.70M | - |
| Net Income | $34.05M | $20.29M | +67.8% |
| GAAP Basic EPS | $0.44 | $0.31 | +41.9% |
| GAAP Diluted EPS | $0.44 | $0.26 | +69.2% |
Financial Outlook / Guidance
| Metric | FY26 Outlook |
|---|---|
| Guidance | |
| Adjusted EBITDA | $220M-$235M |
FY26 Outlook
- Adjusted EBITDA
- Guidance$220M-$235M
Business Highlights
- ➤Completed conversion and redomestication to a Texas corporation, supporting broader index eligibility.
- ➤Acquired approximately 25,000 acres across the existing Delaware Basin footprint.
- ➤Acquired acreage adds contiguous surface land and undeveloped pore space outside over-pressured injection zones.
- ➤PowerBridge exercised its option to lease 825 acres for Alpha Phase I.
- ➤PowerBridge and LandBridge executed a long-term ground lease and power royalty agreement.
- ➤Construction commenced on Alpha Phase I in September 2026.
- ➤Alpha Phase I is expected to include over 300 megawatts of the planned 2-gigawatt campus.
- ➤First power delivery for Alpha Phase I is anticipated in Q4 2027.
- ➤Upsized the revolving credit facility by $100 million on August 4, 2026.
- ➤Issued $125.0 million of additional 6.25% senior unsecured notes after quarter-end.
- ➤Declared a quarterly Class A common-stock dividend of $0.12 per share.
Management Commentary
Jason Long, Chief Executive Officer of LandBridge
“LandBridge delivered another strong quarter, with revenue growing 39% year-over-year, and we are increasing our full year 2026 guidance based on the continued organic and M&A momentum across our acreage. Our acquisition of approximately 25,000 acres during the quarter perpetuates our strategy of acquiring strategic acreage at accretive multiples, with the goal of blending that multiple down over time through our dedicated commercial efforts. Alongside the continued strength of our acquisition pipeline, PowerBridge’s conversion of its option to a long-term lease and the start of construction on Alpha Phase I demonstrate the growing momentum of our commercial strategy across the footprint.”
Scott McNeely, Chief Financial Officer of LandBridge
“Our third quarter results underscore the scalability of our high-margin, asset-light business model. Growth across every revenue stream, together with the expected contribution from recent acquisitions beginning in the fourth quarter, supports our decision to raise the midpoint of our full year Adjusted EBITDA guidance to $227.5 million. We also recently completed our conversion to a Texas corporation, a milestone that supports broader index eligibility and reinforces our focus on long-term shareholder value creation.”