• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    LandBridge Company LLC Announces First Quarter 2025 Results

    5/7/25 6:17:00 PM ET
    $LB
    Oil & Gas Production
    Energy
    Get the next $LB alert in real time by email

    Delivers Q1 revenue growth of 131% year-over-year and 20% quarter-over-quarter

    Declared quarterly cash dividend of $0.10 per share

    Re-affirms FY25 EBITDA outlook of $170 million to $190 million

    LandBridge Company LLC (NYSE:LB) (the "Company," "LandBridge") today announced its financial and operating results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Revenues of $44.0 million, up 131% year-over-year and 20% quarter-over-quarter
    • Net income of $15.5 million(1)
    • Net income margin of 35%(1)
    • Adjusted EBITDA(2) of $38.8 million, up 129% year-over-year and 22% quarter-over-quarter
    • Adjusted EBITDA Margin(2) of 88%
    • Cash flows from operating activities of $15.9 million
    • Free Cash Flow(2) of $15.8 million
    • Operating cash flow margin of 36%
    • Free Cash Flow Margin(2) of 36%

    (1) 1Q25 net income and net income margin include a non-cash expense of $11.1 million attributable to share-based compensation, of which $8.9 million is attributable to management incentive units issued by LandBridge Holdings LLC ("Incentive Units"). Any actual cash expense associated with such Incentive Units will be borne solely by LandBridge Holdings LLC and not the Company.

    (2) Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Margin are non-GAAP financial measures. See "Comparison of Non-GAAP Financial Measures" included within the Appendix of this press release for related disclosures and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP.

    Jason Long, Chief Executive Officer of LandBridge, stated, "Our strong start to the year is evidence of our continued ability to capitalize on diverse revenue streams, including the growing need for surface acreage to support produced water handling needs across the Delaware Basin. Recent land acquisitions, and new projects with key partners and blue chip operators, give us continued confidence in our active land management strategy and growth trajectory."

    Scott McNeely, Chief Financial Officer of LandBridge, said, "With diversified revenue streams and limited operating and capital expenditures, LandBridge is well positioned to continue delivering strong revenue growth and profitability across economic cycles and periodic market volatility."

    First Quarter 2025 Consolidated Financial Information

    Revenue for the first quarter of 2025 was $44.0 million as compared to $36.5 million in the fourth quarter of 2024 and $19.0 million in the first quarter of 2024. The sequential increase was primarily attributable to increases in surface use royalties of $6.8 million, resource sales of $4.2 million and resource royalties of $3.5 million, partially offset by sequential decreases of $6.1 million in easements and other surface-related revenue and $1.1 million in oil and gas royalties. Net income for the first quarter of 2025 was $15.5 million as compared to $8.2 million in the fourth quarter of 2024 and $10.8 million in the first quarter of 2024.(1)

    Adjusted EBITDA was $38.8 million in the first quarter of 2025 as compared to $31.7 million in the fourth quarter of 2024 and $16.9 million in the first quarter of 2024. (2) Adjusted EBITDA during the first quarter of 2025 reflects $8.9 million of non-cash charges related to Incentive Units and $2.2 million of non-cash charges related to restricted stock units.

    Net income margin was 35% in the first quarter of 2025 as compared to 22% in the fourth quarter of 2024 and 57% in the first quarter of 2024. (1) Adjusted EBITDA margin was 88% in the first quarter of 2025 as compared to 87% in the fourth quarter of 2024 and 89% in the first quarter of 2024. (2)

    Diversified Revenue Streams

    Surface Use Royalties and Revenue: Generated revenues of $26.2 million in the first quarter of 2025 as compared to $25.5 million in the fourth quarter of 2024 and $9.3 million in the first quarter of 2024. Surface Use Royalties and Revenue increased 3% sequentially, primarily driven by a significant increase in produced water royalty volumes from 831 MBbls/d to 1,433 MBbls/d due to strong organic growth coupled with our acquisition of 46,000 largely contiguous surface acres, known as the Wolf Bone Ranch, in the fourth quarter of 2024. The total revenue increase was partially offset by a decrease in Easements and Other Surface-Related revenues of $6.1 million due to the $8.0 million payment received in the fourth quarter of 2024 in connection with our previously-announced data center lease development agreement.

    Resources Sales and Royalties: Generated revenues of $14.4 million in the first quarter of 2025 as compared to $6.6 million in the fourth quarter of 2024 and $5.5 million in the first quarter of 2024. Revenue from Resource Sales and Royalties increased 118% sequentially, primarily driven by increased brackish water sales and royalty volumes following our recent acquisitions.

    Oil and Gas Royalties: Generated revenues of $3.4 million in the first quarter of 2025 as compared to $4.5 million in the fourth quarter of 2024 and $4.2 million in the first quarter of 2024. Revenue from Oil and Gas Royalties decreased 24% sequentially, primarily driven by net royalty production decreasing from 1,199 boe/d in the fourth quarter of 2024 to 923 boe/d in the first quarter of 2025.

    Free Cash Flow Generation

    Cash flow from operations for the first quarter of 2025 was $15.9 million as compared to $26.9 million in the fourth quarter of 2024 and $17.2 million in the first quarter of 2024. Free Cash Flow for the first quarter of 2025 was $15.8 million as compared to $26.7 million in the fourth quarter of 2024 and $17.1 million in the first quarter of 2024.(2) The first quarter 2025 compression in Free Cash Flow was the result of higher accounts receivable and related party accounts receivable working capital balances. The higher working capital balances are directly attributable to increased surface use royalties, resource sales and resource royalties that collectively increased $14.6 million, or 85%, in the first quarter 2025 as compared to the fourth quarter 2024. Timing of collection of those revenues resulted in a short-term impact to Free Cash Flow.

    Capital expenditures for the first quarter of 2025 were $0.1 million and net cash used in investing activities during the first quarter of 2025 was $17.9 million.

    Net cash used in financing activities during the first quarter of 2025 consisted of approximately $13.6 million of dividends and distributions paid and $5.8 million of debt repayments.

    Strong Balance Sheet with Ample Liquidity

    Total liquidity was $84.9 million as of March 31, 2025.

    As of March 31, 2025, the Company had approximately $70.0 million of available borrowing capacity under its revolving credit facility.

    Total cash and cash equivalents were $14.9 million as of March 31, 2025, as compared to $37.0 million as of December 31, 2024. The Company had $379.3 million of borrowings outstanding under its term loan and revolving credit facility as of March 31, 2025, versus $385.0 million outstanding as of December 31, 2024.

    First Quarter 2025 Dividend

    The LandBridge Board of Directors declared a dividend on our Class A shares of $0.10 per share, payable on June 19, 2025 to shareholders of record as of June 5, 2025, and a corresponding required cash distribution to DBR Land Holdings LLC unitholders.

    Outlook

    The Company re-affirms the following outlook for fiscal year 2025:

    For fiscal year 2025, the Company expects Adjusted EBITDA to be between $170 million and $190 million, driven by:

    • Incremental contribution from our recent acquisitions;
    • Initial solar facility contributions to surface use revenues;
    • Growth of our surface use royalties through higher produced water volumes on our surface;
    • Updates to resource sales and royalties based on current timing and volume expectations; and
    • Updates to anticipated commodity pricing based on current regional pricing dynamics

    Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly non-recurring gains or losses, unusual or non-recurring items, income tax benefit or expense, or one-time transaction costs and cost of revenue. We are unable to reasonably predict these because they are uncertain and depend on various factors not yet known, which could have a material impact on GAAP results for the guidance period. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures is not available without unreasonable effort.

    Quarterly Report on Form 10-Q

    Our financial statements and related footnotes will be available in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which is expected to be filed with the U.S. Securities and Exchange Commission ("SEC") on May 7, 2025.

    Conference Call and Webcast Information

    The Company will hold a conference call on Thursday, May 8, 2025, at 8:00 a.m. Central Time to discuss first quarter results. A live webcast of the conference call will be available on the Events and Presentations section of the LandBridge Investor Relations website at https://ir.landbridgeco.com/events-and-presentations/default.aspx. To listen to the live broadcast, go to the site at least 10-15 minutes prior to the scheduled start time to register and install any necessary audio software.

    To access the live conference call, participants must pre-register online at https://registrations.events/direct/Q4I3477969805794224242690 to receive unique dial-in information. Pre-registration may be completed at any time up to the call start time. An audio replay will be available following the conclusion of the call and remain available through May 22, 2025. The replay can be accessed by registering online at https://registrations.events/direct/Q4I3477969805794224242690.

    About LandBridge

    LandBridge owns approximately 277,000 surface acres across Texas and New Mexico, located primarily in the heart of the Delaware sub-region in the Permian Basin, the most active region for oil and gas exploration and development in the United States. LandBridge actively manages its land and resources to support and encourage energy and infrastructure development and other land uses, including digital infrastructure. LandBridge was formed by Five Point Infrastructure LLC, formerly known as Five Point Energy LLC, a private equity firm with a track record of investing in and developing energy, environmental water management and sustainable infrastructure companies within the Permian Basin. For more information, please visit: www.landbridgeco.com

    Cautionary Statement Regarding Forward-Looking Statements

    This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on LandBridge's beliefs, as well as assumptions made by, and information currently available to, LandBridge, and therefore involve risks and uncertainties that are difficult to predict. Generally, future or conditional verbs such as "will," "would," "should," "could," or "may" and the words "believe," "anticipate," "continue," "intend," "expect" and similar expressions identify forward-looking statements. Forward-looking statements include, but are not limited to, strategies, plans, objectives, expectations, intentions, assumptions, future operations and prospects and other statements that are not historical facts, including our estimated future financial performance. You should not place undue reliance on forward-looking statements. Although LandBridge believes that plans, intentions and expectations reflected in or suggested by any forward-looking statements made herein are reasonable, LandBridge may be unable to achieve such plans, intentions or expectations and actual results, and performance or achievements may vary materially and adversely from those envisaged in this news release due to a number of factors including, but not limited to: our customers' demand for and use of our land and resources; the success of our affiliates, WaterBridge, Desert Environmental and the counterparty to the lease development agreement in executing their business strategies, including their ability to construct infrastructure, attract customers and operate successfully on our land; our customers' willingness and ability to develop our land or any potential acquired acreage to accommodate any future surface use developments, such as the site under contract for the data center lease development agreement; our ability to continue the payment of dividends; the domestic and foreign supply of, and demand for, energy sources, including the impact of actions relating to oil price and production controls by the members of OPEC, Russia and other allied producing countries with respect to oil production levels and announcements of potential changes to such levels; our reliance on a limited number of customers and a particular region for substantially all of our revenues; our ability to enter into favorable contracts regarding surface uses, access agreements and fee arrangements, including the prices we are able to charge and the margins we are able to realize; our ability to successfully implement our growth plans, including through the future acquisitions of acreage and/or introduction of new revenue streams; our level of indebtedness and our ability to service our indebtedness; and any changes in general economic and/or industry specific conditions. These risks, as well as other risks associated with LandBridge are also more fully discussed in our final prospectus filed with the SEC on March 25, 2025, and our subsequent SEC filings. You can access LandBridge's filings with the SEC through the SEC's website at http://www.sec.gov. Except as required by applicable law, LandBridge undertakes no obligation to update any forward-looking statements or other statements herein for revisions or changes after this communication is made.

    The historical financial information presented below reflects only our historical financial results and the historical financial results of our predecessor, DBR Land Holdings LLC, as applicable.

    FIRST QUARTER 2025 RESULTS

     

    CONSOLIDATED STATEMENTS OF OPERATIONS

    (in thousands)

     

     

     

    Three Months Ended

     

     

     

    March 31, 2025

     

     

    March 31, 2024

     

    Revenues:

     

     

     

     

     

     

    Surface use royalties

     

    $

    10,522

     

     

    $

    1,598

     

    Surface use royalties - Related party

     

     

    6,915

     

     

     

    2,607

     

    Easements and other surface-related revenues

     

     

    6,440

     

     

     

    4,754

     

    Easements and other surface-related revenues - Related party

     

     

    2,332

     

     

     

    383

     

    Resource sales

     

     

    7,166

     

     

     

    3,415

     

    Resource sales - Related party

     

     

    185

     

     

     

    93

     

    Resource royalties

     

     

    4,158

     

     

     

    1,979

     

    Resource royalties - Related party

     

     

    2,847

     

     

     

    -

     

    Oil and gas royalties

     

     

    3,386

     

     

     

    4,185

     

    Total revenues

     

     

    43,951

     

     

     

    19,014

     

     

     

     

     

     

     

     

    Resource sales-related expense

     

     

    458

     

     

     

    673

     

    Other operating and maintenance expense

     

     

    1,127

     

     

     

    517

     

    General and administrative expense

     

     

    14,728

     

     

     

    2,159

     

    Depreciation, depletion, amortization and accretion

     

     

    2,601

     

     

     

    2,145

     

    Operating income

     

     

    25,037

     

     

     

    13,520

     

     

     

     

     

     

     

     

    Interest expense, net

     

     

    7,977

     

     

     

    2,884

     

    Other income

     

     

    -

     

     

     

    (241

    )

    Income from operations before taxes

     

     

    17,060

     

     

     

    10,877

     

    Income tax expense

     

     

    1,601

     

     

     

    101

     

    Net income

     

    $

    15,459

     

     

    $

    10,776

     

    Net income attributable to noncontrolling interest

     

     

    8,995

     

     

     

     

    Net income attributable to LandBridge Company LLC

     

    $

    6,464

     

     

     

     

     

     

     

     

     

     

     

    CONSOLIDATED BALANCE SHEETS

    (in thousands)

     

     

     

    March 31,

     

     

    December 31,

     

     

     

    2025

     

     

    2024

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    14,935

     

     

    $

    37,032

     

    Accounts receivable, net

     

     

    19,924

     

     

     

    12,544

     

    Related party accounts receivable

     

     

    7,289

     

     

     

    2,111

     

    Prepaid expenses and other current assets

     

     

    1,446

     

     

     

    1,628

     

    Total current assets

     

     

    43,594

     

     

     

    53,315

     

     

     

     

     

     

     

     

    Non-current assets:

     

     

     

     

     

     

    Property, plant and equipment, net

     

     

    918,613

     

     

     

    902,742

     

    Intangible assets, net

     

     

    44,125

     

     

     

    45,265

     

    Deferred tax assets

     

     

    72

     

     

     

    411

     

    Other assets

     

     

    1,696

     

     

     

    1,741

     

    Total non-current assets

     

     

    964,506

     

     

     

    950,159

     

    Total assets

     

    $

    1,008,100

     

     

    $

    1,003,474

     

     

     

     

     

     

     

     

    Liabilities and equity

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Accounts payable

     

    $

    596

     

     

    $

    489

     

    Taxes payable

     

     

    2,065

     

     

     

    2,286

     

    Related party accounts payable

     

     

    1,069

     

     

     

    686

     

    Accrued liabilities

     

     

    5,837

     

     

     

    7,185

     

    Current portion of long-term debt

     

     

    299

     

     

     

    424

     

    Unearned revenue

     

     

    832

     

     

     

    1,221

     

    Other current liabilities

     

     

    1,096

     

     

     

    2,119

     

    Total current liabilities

     

     

    11,794

     

     

     

    14,410

     

     

     

     

     

     

     

     

    Non-current liabilities:

     

     

     

     

     

     

    Long-term debt, net of debt issuance costs

     

     

    375,467

     

     

     

    380,815

     

    Other long-term liabilities

     

     

    182

     

     

     

    183

     

    Total non-current liabilities

     

     

    375,649

     

     

     

    380,998

     

    Total liabilities

     

     

    387,443

     

     

     

    395,408

     

     

     

     

     

     

     

     

    Class A shares, unlimited shares authorized and 23,255,419 shares issued and outstanding as of March 31, 2025 and December 31, 2024

     

     

    432,881

     

     

     

    432,663

     

    Class B shares, unlimited shares authorized and 53,193,178 shares issued and outstanding as of March 31, 2025. Unlimited shares authorized and 53,227,852 shares issued and outstanding as of December 31, 2024

     

     

    -

     

     

     

    -

     

    Retained earnings

     

     

    7,464

     

     

     

    3,349

     

    Total shareholders' equity attributable to LandBridge Company LLC

     

     

    440,345

     

     

     

    436,012

     

    Noncontrolling interest

     

     

    180,312

     

     

     

    172,054

     

    Total shareholders' equity

     

     

    620,657

     

     

     

    608,066

     

    Total liabilities and equity

     

    $

    1,008,100

     

     

    $

    1,003,474

     

     

     

     

     

     

     

     

    CONSOLIDATED STATEMENTS OF CASH FLOWS

    (in thousands)

     

     

     

    Three Months Ended

     

     

     

    March 31, 2025

     

     

    March 31, 2024

     

    Cash flows from operating activities

     

     

     

     

     

     

    Net income

     

    $

    15,459

     

     

    $

    10,776

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

     

     

    Depreciation, depletion, amortization and accretion

     

     

    2,601

     

     

     

    2,145

     

    Amortization of debt issuance costs

     

     

    539

     

     

     

    194

     

    Share-based compensation

     

     

    11,140

     

     

     

    810

     

    Deferred income tax expense

     

     

    339

     

     

     

    -

     

    Other

     

     

    8

     

     

     

    -

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

    Accounts receivable

     

     

    (7,384

    )

     

     

    3,931

     

    Related party accounts receivable

     

     

    (5,178

    )

     

     

    (310

    )

    Prepaid expenses and other assets

     

     

    154

     

     

     

    323

     

    Accounts payable

     

     

    66

     

     

     

    407

     

    Related party accounts payable

     

     

    383

     

     

     

    (20

    )

    Unearned revenue

     

     

    (389

    )

     

     

    (47

    )

    Accrued liabilities and other liabilities

     

     

    (1,604

    )

     

     

    (1,095

    )

    Taxes payable

     

     

    (221

    )

     

     

    101

     

    Net cash provided by operating activities

     

     

    15,913

     

     

     

    17,215

     

     

     

     

     

     

     

     

    Cash flows from investing activities

     

     

     

     

     

     

    Acquisitions

     

     

    (17,818

    )

     

     

    (55,072

    )

    Capital expenditures

     

     

    (69

    )

     

     

    (89

    )

    Proceeds from disposal of assets

     

     

    20

     

     

     

    -

     

    Net cash used in investing activities

     

     

    (17,867

    )

     

     

    (55,161

    )

     

     

     

     

     

     

     

    Cash flows from financing activities

     

     

     

     

     

     

    Dividends, dividend equivalents, and distributions paid

     

     

    (13,558

    )

     

     

    -

     

    Repayments on term loan

     

     

    (5,750

    )

     

     

    (5,000

    )

    Proceeds from revolver

     

     

    10,000

     

     

     

    15,000

     

    Repayments on revolver

     

     

    (10,000

    )

     

     

    -

     

    Offering costs

     

     

    (648

    )

     

     

    (870

    )

    Other

     

     

    (187

    )

     

     

    (115

    )

    Net cash (used in) provided by financing activities

     

     

    (20,143

    )

     

     

    9,015

     

    Net decrease in cash and cash equivalents

     

     

    (22,097

    )

     

     

    (28,931

    )

    Cash and cash equivalents - beginning of period

     

     

    37,032

     

     

     

    37,823

     

    Cash and cash equivalents - end of period

     

    $

    14,935

     

     

    $

    8,892

     

     

     

     

     

     

     

     

    Comparison of Non-GAAP Financial Measures

    Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow and Free Cash Flow Margin are supplemental non-GAAP measures that we use to evaluate current, past and expected future performance. Although these non-GAAP financial measures are important factors in assessing our operating results and cash flows, they should not be considered in isolation or as a substitute for net income, gross margin or any other measures presented under GAAP.

    Adjusted EBITDA and Adjusted EBITDA Margin are used to assess the financial performance of our assets over the long term to generate sufficient cash to return capital to equity holders or service indebtedness. We define Adjusted EBITDA as net income (loss) before interest; taxes; depreciation, amortization, depletion and accretion; share-based compensation; non-recurring transaction-related expenses and other non-cash or non-recurring expenses. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenues.

    We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period, and against our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at Adjusted EBITDA and Adjusted EBITDA Margin because these amounts can vary substantially from company to company within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired.

    The following table sets forth a reconciliation of net income as determined in accordance with GAAP to Adjusted EBITDA and Adjusted EBITDA Margin for the periods indicated.

     

    Three Months Ended

     

     

    March 31, 2025

     

     

    December 31, 2024

     

     

    March 31, 2024

     

     

    (In thousands)

     

    Net income

    $

    15,459

     

     

    $

    8,154

     

     

    $

    10,776

     

    Adjustments:

     

     

     

     

     

     

     

     

    Depreciation, depletion, amortization and accretion

     

    2,601

     

     

     

    2,581

     

     

     

    2,145

     

    Interest expense, net

     

    7,977

     

     

     

    7,100

     

     

     

    2,884

     

    Income tax expense

     

    1,601

     

     

     

    2,765

     

     

     

    101

     

    EBITDA

     

    27,638

     

     

     

    20,600

     

     

     

    15,906

     

    Adjustments:

     

     

     

     

     

     

     

     

    Share-based compensation - Incentive Units (1)

     

    8,945

     

     

     

    8,905

     

     

     

    810

     

    Share-based compensation - RSUs

     

    2,195

     

     

     

    2,234

     

     

     

    -

     

    Transaction-related expenses (2)

     

    -

     

     

     

    -

     

     

     

    191

     

    Adjusted EBITDA

    $

    38,778

     

     

    $

    31,739

     

     

    $

    16,907

     

    Net income margin

     

    35

    %

     

     

    22

    %

     

     

    57

    %

    Adjusted EBITDA Margin

     

    88

    %

     

     

    87

    %

     

     

    89

    %

    (1)

     

    Share-based compensation – Incentive Units for the three months ended March 31, 2025, and December 31, 2024, consist of $8.9 million related to the Incentive Units. Share-based compensation – Incentive Units for the three months ended March 31, 2024, consists only of the NDB Incentive Units. NDB Incentive Units were liability awards resulting in periodic fair value remeasurement prior to the Division. Subsequent to the IPO, any actual cash expense associated with such Incentive Units is borne solely by LandBridge Holdings LLC and not the Company. Distributions attributable to Incentive Units are based on returns received by investors of LandBridge Holdings LLC once certain return thresholds have been met and are neither an obligation of the Company nor taken into consideration for distributions to investors in the Company.

    (2)

     

    Transaction-related expenses consist of non-capitalizable transaction costs associated with both completed or attempted acquisitions, debt amendments and entity structuring charges.

    Free Cash Flow and Free Cash Flow Margin are used to assess our ability to repay our indebtedness, return capital to our shareholders and fund potential acquisitions without access to external sources of financing for such purposes. We define Free Cash Flow as cash flow from operating activities less investment in capital expenditures. We define Free Cash Flow Margin as Free Cash Flow divided by total revenues.

    We believe Free Cash Flow and Free Cash Flow Margin are useful because they allow for an effective evaluation of both our operating and financial performance, as well as the capital intensity of our business, and subsequently the ability of our operations to generate cash flow that is available to distribute to our shareholders, reduce leverage or support acquisition activities.

    The following table sets forth a reconciliation of cash flows from operating activities determined in accordance with GAAP to Free Cash Flow and Free Cash Flow Margin, respectively, for the periods indicated.

     

    Three Months Ended

     

     

    March 31, 2025

     

     

    December 31, 2024

     

     

    March 31, 2024

     

     

    (In thousands)

     

    Net cash provided by operating activities

    $

    15,913

     

     

    $

    26,928

     

     

    $

    17,215

     

    Net cash used in investing activities

     

    (17,867

    )

     

     

    (292,331

    )

     

     

    (55,161

    )

    Cash used in operating and investing activities

     

    (1,954

    )

     

     

    (265,403

    )

     

     

    (37,946

    )

    Adjustments:

     

     

     

     

     

     

     

     

    Acquisitions

     

    17,818

     

     

     

    292,107

     

     

     

    55,072

     

    Proceeds from disposal of assets

     

    (20

    )

     

     

    -

     

     

     

    -

     

    Free Cash Flow

    $

    15,844

     

     

    $

    26,704

     

     

    $

    17,126

     

    Operating cash flow margin (1)

     

    36

    %

     

     

    74

    %

     

     

    91

    %

    Free Cash Flow Margin

     

    36

    %

     

     

    73

    %

     

     

    90

    %

    (1) Operating cash flow margin is calculated by dividing net cash provided by operating activities by total revenue.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250507832756/en/

    Media

    Daniel Yunger / Nathaniel Shahan

    Kekst CNC

    [email protected]



    Investor

    Scott McNeely

    Chief Financial Officer

    LandBridge Company LLC

    832-703-1433

    [email protected]

    Get the next $LB alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $LB

    DatePrice TargetRatingAnalyst
    1/3/2025$71.00Buy
    Goldman
    7/25/2024$36.00Buy
    Janney
    7/24/2024$35.00Buy
    Johnson Rice
    7/23/2024Outperform
    Pickering Energy Partners
    7/23/2024$34.00Outperform
    Raymond James
    7/23/2024$30.00Neutral
    Piper Sandler
    7/23/2024$35.00Buy
    Goldman
    7/23/2024$29.00Equal Weight
    Barclays
    More analyst ratings

    $LB
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Goldman initiated coverage on LandBridge with a new price target

      Goldman initiated coverage of LandBridge with a rating of Buy and set a new price target of $71.00

      1/3/25 7:37:36 AM ET
      $LB
      Oil & Gas Production
      Energy
    • Janney initiated coverage on LandBridge with a new price target

      Janney initiated coverage of LandBridge with a rating of Buy and set a new price target of $36.00

      7/25/24 6:37:38 AM ET
      $LB
      Oil & Gas Production
      Energy
    • Johnson Rice initiated coverage on LandBridge with a new price target

      Johnson Rice initiated coverage of LandBridge with a rating of Buy and set a new price target of $35.00

      7/24/24 11:04:58 AM ET
      $LB
      Oil & Gas Production
      Energy

    $LB
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • LandBridge Company LLC Announces First Quarter 2025 Results

      Delivers Q1 revenue growth of 131% year-over-year and 20% quarter-over-quarter Declared quarterly cash dividend of $0.10 per share Re-affirms FY25 EBITDA outlook of $170 million to $190 million LandBridge Company LLC (NYSE:LB) (the "Company," "LandBridge") today announced its financial and operating results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights Revenues of $44.0 million, up 131% year-over-year and 20% quarter-over-quarter Net income of $15.5 million(1) Net income margin of 35%(1) Adjusted EBITDA(2) of $38.8 million, up 129% year-over-year and 22% quarter-over-quarter Adjusted EBITDA Margin(2) of 88% Cash flows from operating acti

      5/7/25 6:17:00 PM ET
      $LB
      Oil & Gas Production
      Energy
    • LandBridge Schedules First Quarter 2025 Earnings Release and Conference Call

      LandBridge Company LLC (NYSE:LB) ("LandBridge") today announced that it will release its financial results for the first quarter of 2025 after market close on Wednesday, May 7, 2025. LandBridge will host a webcast and conference call to discuss its results on Thursday, May 8, 2025, at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time. Webcast Instructions: To listen to the live webcast, please visit the Events and Presentations section of the LandBridge Investor Relations website using this link, https://ir.landbridgeco.com/events-and-presentations/default.aspx. Please go to the site at least 10-15 minutes prior to the scheduled start time to register and install any necessary audio softwar

      4/9/25 9:00:00 AM ET
      $LB
      Oil & Gas Production
      Energy
    • WaterBridge Announces Open Season on Long-Haul Produced Water Pipeline to Central Basin Platform

      Dual 30" pipelines will provide access to over 4 million bpd of contiguous pore space with majority of active permits located on the Central Basin Platform Anticipated in-service date of 4Q25 WaterBridge today announced the launch of an open season to solicit commitments to support the construction of two new large-diameter gathering and transportation pipelines (together, the "Speedway Pipeline"). The open season began at 8:00 a.m. CDT today, April 1, 2025, and is scheduled to end at 5:00 p.m. CDT on May 1, 2025. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250401236710/en/ The Speedway Pipeline will consist of dual 30" pipe

      4/1/25 9:00:00 AM ET
      $DVN
      $LB
      Oil & Gas Production
      Energy

    $LB
    SEC Filings

    See more
    • LandBridge Company LLC filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - LandBridge Co LLC (0001995807) (Filer)

      5/7/25 5:04:41 PM ET
      $LB
      Oil & Gas Production
      Energy
    • Amendment: SEC Form SCHEDULE 13G/A filed by LandBridge Company LLC

      SCHEDULE 13G/A - LandBridge Co LLC (0001995807) (Subject)

      5/6/25 4:03:13 PM ET
      $LB
      Oil & Gas Production
      Energy
    • SEC Form DEFA14A filed by LandBridge Company LLC

      DEFA14A - LandBridge Co LLC (0001995807) (Filer)

      4/30/25 4:19:24 PM ET
      $LB
      Oil & Gas Production
      Energy

    $LB
    Leadership Updates

    Live Leadership Updates

    See more
    • L Brands Appoints J.K. Symancyk to Board of Directors

      COLUMBUS, Ohio, May 21, 2021 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE:LB) today announced that it has appointed J.K. Symancyk as an independent member of its Board of Directors, effective May 20, 2021. With this addition, the Board now consists of 11 directors, ten of whom are independent and six of whom are women (including the Chair of the Board). "We are pleased to welcome J.K. to the Board and look forward to benefitting from his deep retail and leadership expertise," said Sarah E. Nash, chair of L Brands' Board of Directors. "J.K. has a proven track record of helping organizations drive profitable growth, while improving operational performance of large, multi-channel consumer busine

      5/21/21 8:30:00 AM ET
      $LB
      Oil & Gas Production
      Energy
    • L Brands Appoints Chief Financial Officers for Bath & Body Works and Victoria's Secret Standalone Businesses

      COLUMBUS, Ohio, May 19, 2021 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE:LB) today announced the appointment of Chief Financial Officers for the standalone Bath & Body Works and Victoria's Secret businesses. Upon the completion of the spin-off of Victoria's Secret, which is targeted to occur in August 2021, Wendy Arlin, currently SVP of Finance and Controller for L Brands, will become Bath & Body Works CFO, and Tim Johnson, previously CFO and Chief Administrative Officer for Big Lots, will become Victoria's Secret CFO. As previously announced, current L Brands CFO Stuart Burgdoerfer will retire at that time. Sarah Nash, chair of L Brands board, said, "We are pleased to announce the appointme

      5/19/21 4:15:00 PM ET
      $LB
      Oil & Gas Production
      Energy
    • L Brands Announces Board of Directors Changes

      – APPOINTS FRANCIS A. HONDAL AND DANIELLE LEE TO BOARD OF DIRECTORS – – LES AND ABIGAIL WEXNER WILL NOT STAND FOR REELECTION TO BOARD IN MAY 2021 – COLUMBUS, Ohio, March 18, 2021 (GLOBE NEWSWIRE) -- L Brands, Inc. (NYSE: LB) today announced that Francis Hondal, president of loyalty and engagement at Mastercard, and Danielle Lee, Chief Fan Officer for the National Basketball Association, have been appointed as two new independent members of its Board of Directors. Additionally, Les and Abigail Wexner will not stand for reelection to the Board at the annual shareholders’ meeting in May 2021. With these changes, in May 2021, the Board will consist of 10 directors, nine of whom are i

      3/18/21 7:30:00 AM ET
      $LB
      Oil & Gas Production
      Energy

    $LB
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • Amendment: SEC Form SC 13G/A filed by LandBridge Company LLC

      SC 13G/A - LandBridge Co LLC (0001995807) (Subject)

      11/14/24 4:25:39 PM ET
      $LB
      Oil & Gas Production
      Energy
    • Amendment: SEC Form SC 13G/A filed by LandBridge Company LLC

      SC 13G/A - LandBridge Co LLC (0001995807) (Subject)

      11/12/24 10:32:12 AM ET
      $LB
      Oil & Gas Production
      Energy
    • SEC Form SC 13G filed by LandBridge Company LLC

      SC 13G - LandBridge Co LLC (0001995807) (Subject)

      7/11/24 4:35:25 PM ET
      $LB
      Oil & Gas Production
      Energy

    $LB
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Landbridge Holdings Llc returned $150,000,023 worth of Class B shares to the company (2,498,751 units at $60.03) (SEC Form 4)

      4 - LandBridge Co LLC (0001995807) (Issuer)

      12/23/24 9:42:01 PM ET
      $LB
      Oil & Gas Production
      Energy
    • Director Capobianco David N returned $150,000,023 worth of Class B shares to the company (2,498,751 units at $60.03) (SEC Form 4)

      4 - LandBridge Co LLC (0001995807) (Issuer)

      12/23/24 9:34:46 PM ET
      $LB
      Oil & Gas Production
      Energy
    • Director Nicolas Andrea Liria was granted 7,353 units of Class A shares (SEC Form 4)

      4 - LandBridge Co LLC (0001995807) (Issuer)

      9/16/24 5:24:06 PM ET
      $LB
      Oil & Gas Production
      Energy

    $LB
    Financials

    Live finance-specific insights

    See more
    • LandBridge Company LLC Announces First Quarter 2025 Results

      Delivers Q1 revenue growth of 131% year-over-year and 20% quarter-over-quarter Declared quarterly cash dividend of $0.10 per share Re-affirms FY25 EBITDA outlook of $170 million to $190 million LandBridge Company LLC (NYSE:LB) (the "Company," "LandBridge") today announced its financial and operating results for the first quarter ended March 31, 2025. First Quarter 2025 Financial Highlights Revenues of $44.0 million, up 131% year-over-year and 20% quarter-over-quarter Net income of $15.5 million(1) Net income margin of 35%(1) Adjusted EBITDA(2) of $38.8 million, up 129% year-over-year and 22% quarter-over-quarter Adjusted EBITDA Margin(2) of 88% Cash flows from operating acti

      5/7/25 6:17:00 PM ET
      $LB
      Oil & Gas Production
      Energy
    • LandBridge Schedules First Quarter 2025 Earnings Release and Conference Call

      LandBridge Company LLC (NYSE:LB) ("LandBridge") today announced that it will release its financial results for the first quarter of 2025 after market close on Wednesday, May 7, 2025. LandBridge will host a webcast and conference call to discuss its results on Thursday, May 8, 2025, at 8:00 a.m. Central Time / 9:00 a.m. Eastern Time. Webcast Instructions: To listen to the live webcast, please visit the Events and Presentations section of the LandBridge Investor Relations website using this link, https://ir.landbridgeco.com/events-and-presentations/default.aspx. Please go to the site at least 10-15 minutes prior to the scheduled start time to register and install any necessary audio softwar

      4/9/25 9:00:00 AM ET
      $LB
      Oil & Gas Production
      Energy
    • LandBridge Company LLC Announces Fourth Quarter and Fiscal Year 2024 Results

      Delivers Q4 revenue growth of 109% year-over-year Fiscal Year 2024 year-over-year revenue growth of 51% Re-affirms FY25 EBITDA outlook of $170 million to $190 million Added approximately 53,000 acres through previously announced acquisitions LandBridge Company LLC (NYSE:LB) (the "Company," "LandBridge") today announced its financial and operating results for the fourth quarter and fiscal year ended December 31, 2024. Fourth Quarter 2024 Financial Highlights Revenues of $36.5 million, up 109% year-over-year Net income of $8.2 million(1) Net income margin of 22%(1) Adjusted EBITDA(2) of $31.7 million, up 108% year-over-year Adjusted EBITDA Margin(2) of 87% Cash flows from ope

      3/5/25 5:39:00 PM ET
      $LB
      Oil & Gas Production
      Energy

    $LB
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • Director Chase Valerie bought $49,725 worth of Class A shares (2,925 units at $17.00) (SEC Form 4)

      4 - LandBridge Co LLC (0001995807) (Issuer)

      7/3/24 9:04:03 PM ET
      $LB
      Oil & Gas Production
      Energy
    • Director Daul Ty P. bought $149,600 worth of Class A shares (8,800 units at $17.00) (SEC Form 4)

      4 - LandBridge Co LLC (0001995807) (Issuer)

      7/3/24 9:02:38 PM ET
      $LB
      Oil & Gas Production
      Energy
    • Director Watson Charles L. bought $1,999,200 worth of Class A shares (117,600 units at $17.00) (SEC Form 4)

      4 - LandBridge Co LLC (0001995807) (Issuer)

      7/3/24 9:01:06 PM ET
      $LB
      Oil & Gas Production
      Energy