L Brands, Inc. Earnings Recaps
Q2 2026
Aug 8, 2026
LandBridge’s stock edged down 0.3% as the market took a neutral stance on the Q2 results that showed solid revenue and EBITDA growth but no change in guidance, signaling no new upside to propel shares higher. Key Takeaways:
Key takeaways
- Q2 revenue reached a record $66.8 million, up 41% year-over-year and 31% sequentially, supported by strong activity across surface use royalties, resource sales, and oil and gas royalties.
- Adjusted EBITDA was $59.8 million, growing 41% year-over-year and 33% sequentially, with margins steady at 89%.
- Free cash flow was $40.2 million, increasing 11% year-over-year, maintaining a 60% free cash flow margin.
- Oil and gas royalties contributed only about 5% of total revenues, limiting commodity price exposure despite a 20% sequential increase in this segment.
- Full-year 2026 guidance was reaffirmed, with no upward revision, possibly tempering investor enthusiasm given recent performance.
Q1 2026
May 8, 2026
Shares declined 1.5% following the quarter despite management’s raised full-year guidance, likely reflecting investor caution about the anticipated Q1 sequential softness and modest commercial activity early in the year.
Key takeaways
- Q1 revenue and adjusted EBITDA grew approximately 16% year-over-year, with an adjusted EBITDA margin of 88%.
- Sequential results were softer versus Q4, consistent with seasonality in service-related payments linked to operator activity.
- Management raised full-year guidance based on an accelerating commercial pipeline and improved macroeconomic environment.
- Commercial momentum is expected to pick up in Q2 and beyond, driven by new contracts and bolt-on acquisitions expanding surface acreage to over 320,000 acres.
- The company emphasized its asset-light, fee-surface ownership model, highlighting strategic long-term leases such as the 3,400-acre data center campus agreement with PowerBridge.
Q3 2025
Nov 13, 2025
LandBridge reported robust Q3 2025 earnings, achieving a 7% sequential revenue growth and a remarkable 79% year-over-year increase in adjusted EBITDA, driven by diverse revenue streams and strategic land acquisitions.
Key takeaways
- Total revenue reached $50.8 million, with significant contributions from oil and gas royalties and resource sales.
- Adjusted EBITDA was $44.9 million, reflecting an impressive margin of 88% and underscoring operational efficiency.
- Strategic land acquisitions, including 37,500 acres, are expected to add approximately $20 million in EBITDA starting 2026.
- The company declared a quarterly dividend of $0.10 per share, with total liquidity of $108.3 million supporting ongoing growth initiatives.
- Consistent performance leads to reaffirmed full-year 2025 guidance of $165 million to $175 million in adjusted EBITDA.