WaterBridge Infrastructure (WBI) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $217.8 million, up 8% sequentially and 128% year-over-year, with net income of $14.6 million and Adjusted EBITDA of $115.8 million (53% margin), driven by organic growth, acquisitions, and strong commercial demand for water handling and recycling services.

• Produced water handling volumes reached 2.6 million barrels per day, up 6% quarter-over-quarter and 114% year-over-year.

• Closed the Ranger Water Midstream acquisition, expanding capacity in New Mexico, and announced/acquired the NDB Landfill and a new Stateline waste management facility, doubling environmental waste management capacity.

• Raised full-year 2026 guidance for volumes, Adjusted EBITDA, and capital expenditures, reflecting confidence in continued growth and recent acquisitions.

• Announced a $0.05 per share dividend and expanded the revolving credit facility to $750 million.

Financial highlights

• Q2 2026 revenue: $217.8 million, up from $201.0 million in Q1; net income: $14.6 million; Adjusted EBITDA: $115.8 million (53% margin); produced water handling volumes: 2,598 MBbl/d.

• Gross margin improved to $58.1 million from $48.2 million in Q1; Adjusted Operating Margin was $124.1 million.

• Capital expenditures were $123.3 million, mainly for Speedway and Stateline projects.

• Total liquidity at quarter-end: $347.6 million, including $47.6 million in cash; total borrowings: $1.636 billion.

• Net Debt/Covenant EBITDA: 3.3x at quarter-end; market capitalization: $4.2 billion as of July 31, 2026.

Outlook and guidance

• Full-year 2026 produced water handling volumes guidance raised to 2.55–2.75 million barrels/day; Adjusted EBITDA guidance increased to $435–$475 million.

• Capital expenditures guidance raised by $100 million to $530–$590 million, reflecting investments in acquisitions and organic projects.

• Guidance assumes continued strong customer activity; downside risk only in case of a significant commodity price drop or drilling halt.