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Oil & gas E&P · Energy · Fiscal year ends Dec 31
LandBridge reported revenue of $199M in the fiscal year ended Dec 2025, up 81.1% from the year before. Operating income was $119M, an operating margin of 59.5%, and net income was $30M. Operating cash flow of $126M less capital expenditure of $4M left free cash flow of $122M. Net debt was $530M.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 72.9 | 110 | 199 |
| Operating income | 70.0 | −16.5 | 119 |
| Net interest incomeBanks | −7.0 | −23.3 | −32.7 |
| Pre-tax income | 63.5 | −39.6 | 81.5 |
| Income tax | 0.4 | 1.9 | 9.1 |
| Net income | 63.2 | 5.1 | 30.1 |
| Diluted EPS | – | 0.07 | 0.94 |
| Diluted shares | – | 73.4 | 76.5 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 37.8 | 37.0 | 30.7 |
| Current assets | 52.3 | 53.3 | 59.8 |
| Net PP&E | 203 | 903 | 1,084 |
| Total assets | 289 | 1,032 | 1,366 |
| Deferred revenue | 0.3 | 1.2 | 1.3 |
| Current liabilities | 27.1 | 14.4 | 12.3 |
| Short-term debt | 20.3 | 0.4 | 0.7 |
| Long-term debt | 108 | 381 | 560 |
| Total liabilities | 138 | 395 | 572 |
| Shareholders' equity | 151 | 212 | 340 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 53.0 | 67.6 | 126 |
| Capital expenditure | 2.8 | 1.0 | 4.2 |
| Free cash flow | 50.3 | 66.7 | 122 |
| Depreciation & amortisation | 8.8 | 8.9 | 11.5 |
| Stock-based compensation | −17.2 | 95.3 | 45.3 |
| Acquisitions | 0.0 | 723 | 229 |
| Dividends paid | 105 | 178 | 63.7 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 50.9% | 81.1% |
| Operating income growth (YoY) | – | −123.6% | – |
| EPS growth (YoY) | – | – | 1242.9% |
| Operating margin | 96.1% | −15.0% | 59.5% |
| Net margin | 86.7% | 4.6% | 15.1% |
| Return on equityBlank when equity is negative | 41.9% | 2.4% | 8.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 26.7% | −1.6% | 8.8% |
| Free cash flow margin | 69.0% | 60.6% | 61.3% |
| Cash conversion (CFO ÷ net income) | 0.84x | 13.2x | 4.19x |
| Debt ÷ equity | 0.85x | 1.80x | 1.65x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 90.9 | 344 | 530 |
| Current ratio | 1.93x | 3.70x | 4.87x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.