LandBridge Company (LB) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $51.0 million, up 16% year-over-year, with net income of $17.9 million, also up 16% year-over-year, and adjusted EBITDA of $44.9 million, an 88% margin.

• Free cash flow was $40.9 million, up 158% year-over-year, with a margin of 80%.

• Strategic bolt-on acquisitions expanded managed acreage to over 320,000 acres in the Delaware Basin.

• Announced a major lease agreement with PowerBridge for a giga-scale data center campus, validating long-term asset value.

• Declared a $0.12 per share dividend for Q1 2026.

Financial highlights

• Net income margin was 35% for Q1 2026.

• Cash flow from operations was $41.1 million, up 158% year-over-year; free cash flow margin was 80%.

• Total liquidity was $259.7 million, including $29.7–$30 million in cash and $230 million in available credit.

• Debt outstanding was $545–$546 million at quarter-end, with net leverage ratio at 2.7x.

• Market capitalization as of May 1, 2026, was ~$5.1 billion; enterprise value: ~$5.6 billion.

Outlook and guidance

• Full-year 2026 adjusted EBITDA guidance raised to $210–$230 million, up $5 million at both ends, implying ~24% year-over-year growth at the midpoint.

• Guidance increase driven by improved commercial pipeline visibility and a supportive macro environment.

• Management expects continued momentum in Q2 and the second half of 2026, with commercial catalysts developing as planned.