L Brands, Inc. Q3 2026 Earnings Recap

LandBridge’s shares fell 10.7% after earnings, despite a higher full-year EBITDA range. The likely concern is that the outlook raise was modest relative to the quarter’s reported growth: acquisitions closed only at quarter-end, while management’s account of the expansion opportunities still depends on future commercial development and expected power delivery at Alpha not beginning until Q4 2027.

Key Takeaways

• Q3 revenue reached a record $70.9 million, up 39% year over year and 6% sequentially; management said growth was organic because the acquisitions closed at quarter-end.
• Full-year 2026 adjusted EBITDA guidance increased to $220 million–$235 million from $210 million–$230 million, lifting the midpoint to $227.5 million.
• Surface use royalties and revenues were $54.3 million, up $2.1 million sequentially, with higher produced-water handling volumes—including ramping Speedway Phase 1 volumes—and increased pipeline easement revenue.
• LandBridge added approximately 25,000 service acres, bringing its total to more than 350,000. Management said the acquired land was bought at about 10x EBITDA, with lower multiples dependent on future pore-space and other commercial development.
• PowerBridge began construction on Alpha Phase 1, planned for more than 300 MW; first power delivery is anticipated in Q4 2027.**