LandBridge Company LLC (LB) financial statements
LandBridge Company LLC reported revenue of $199M in fiscal 2025, up 65.3% a year over 2 years.
Net income was $30M and the operating margin 59.5%, against 96.1% in 2023.
Free cash flow was $122M, and the company returned $64M in dividends.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from LandBridge Company LLC's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $73M | $110M | $199M |
| Operating income | $70M | -$17M | $118M |
| Pre-tax income | $64M | -$40M | $81M |
| Income tax | $370,000 | $2M | $9M |
| Net income | $63M | $5M | $30M |
| EPS (diluted) | — | $0.07 | $0.94 |
| Diluted shares | — | 73M | 77M |
| Operating margin | 96.1% | -15.0% | 59.5% |
| Net margin | 86.7% | 4.6% | 15.1% |
Balance sheet
Fiscal years, from LandBridge Company LLC's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $38M | $37M | $31M |
| Total current assets | $52M | $53M | $60M |
| Property, plant and equipment | $203M | $903M | $1.1B |
| Total assets | $289M | $1.0B | $1.4B |
| Total current liabilities | $27M | $14M | $12M |
| Long-term debt | $108M | $381M | $560M |
| Total liabilities | $138M | $395M | $572M |
| Shareholders' equity | $151M | $212M | $340M |
| Net debt | $91M | $344M | $530M |
Cash flow
Fiscal years, from LandBridge Company LLC's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $53M | $68M | $126M |
| Capital spending | $3M | $985,000 | $4M |
| Free cash flow | $50M | $67M | $122M |
| Stock-based compensation | -$17M | $95M | $45M |
| Dividends paid | $105M | $178M | $64M |
| Net borrowing | $72M | $255M | $184M |
| Free cash flow margin | 69.0% | 60.6% | 61.3% |
| Dividends per share | — | $2.43 | $0.83 |
Questions
What was LandBridge Company LLC's revenue in 2025?
$199M in fiscal 2025, from its 10-K filing.
How much free cash flow does LandBridge Company LLC generate?
$122M in fiscal 2025 (operating cash flow minus capital spending).
From LandBridge Company LLC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.