L Brands, Inc. Q2 2026 Earnings Recap

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.