WaterBridge Infrastructure LLC (WBI) financial statements
WaterBridge Infrastructure LLC reported revenue of $526M in fiscal 2025, up 61.8% a year over 2 years.
Net income was $9,000 and the operating margin 15.0%, against 20.2% in 2023.
Free cash flow was -$119M.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from WaterBridge Infrastructure LLC's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $201M | $316M | $526M |
| Cost of revenue | $145M | $228M | $383M |
| Gross profit | $55M | $88M | $142M |
| Selling, general and admin | $15M | $34M | $47M |
| Operating income | $40M | $56M | $79M |
| Pre-tax income | $15M | $3M | -$1M |
| Income tax | $111,000 | $320,000 | -$1M |
| Net income | $15M | $3M | $9,000 |
| Gross margin | 27.5% | 28.0% | 27.1% |
| Operating margin | 20.2% | 17.8% | 15.0% |
| Net margin | 7.3% | 0.9% | 0.0% |
Balance sheet
Fiscal years, from WaterBridge Infrastructure LLC's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $13M | $13M | $52M |
| Total current assets | — | $120M | $261M |
| Property, plant and equipment | — | $1.1B | $2.3B |
| Goodwill | — | $9M | $53M |
| Total assets | — | $1.4B | $3.7B |
| Total current liabilities | — | $83M | $189M |
| Long-term debt | — | $586M | $1.4B |
| Total liabilities | — | $688M | $1.9B |
| Shareholders' equity | — | $0 | $602M |
| Net debt | -$13M | $580M | $1.4B |
Cash flow
Fiscal years, from WaterBridge Infrastructure LLC's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | $48M | $74M | $160M |
| Capital spending | $148M | $160M | $279M |
| Free cash flow | -$99M | -$86M | -$119M |
| Stock-based compensation | -$359,000 | $10M | $5M |
| Net borrowing | $121M | $270M | -$344M |
| Free cash flow margin | -49.6% | -27.2% | -22.6% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for WBI.
Open WBI in InvestinglyQuestions
What was WaterBridge Infrastructure LLC's revenue in 2025?
$526M in fiscal 2025, from its 10-K filing.
How much free cash flow does WaterBridge Infrastructure LLC generate?
-$119M in fiscal 2025 (operating cash flow minus capital spending).
From WaterBridge Infrastructure LLC's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.