LandBridge Company LLC (LB) Income Statement
LB 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLB revenue and net income
Where LB's revenue goes
2025Each bar shows an amount and its share of revenue. LB kept 15.1% of revenue as net income.
LB profit margins
LB growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +81.1% | +56.7% | — | — |
| Gross profit | +83.0% | +63.8% | — | — |
| Operating income | — | — | — | — |
| Net income | +489.6% | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LB quarterly EPS vs estimates
LandBridge beat the analyst EPS estimate in 1 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.42).
LB income statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | $199.1M | $110.0M | $72.9M | $51.8M |
| Cost of revenue | $18.0M | $11.0M | $12.2M | $10.6M |
| Gross profit | $181.1M | $99.0M | $60.7M | $41.2M |
| Sales, general & admin | $62.4M | $112.3M | $12.1M | $41.8M |
| Total operating expenses | $62.4M | $115.5M | −$9.4M | $44.4M |
| Operating income | $118.5M | −$16.5M | $70.0M | −$3.2M |
| Interest income | $32.7M | $23.3M | $7.0M | $3.1M |
| Interest expense | $32.7M | $23.3M | $7.0M | $3.1M |
| Income before taxes | $81.5M | −$39.6M | $63.5M | −$6.2M |
| Income taxes | $9.1M | $1.9M | $370,000 | $164,000 |
| Net income | $30.1M | $5.1M | $63.2M | −$6.4M |
| EBITDA | $125.6M | −$7.4M | $79.3M | $3.6M |
| EPS (diluted) | $0.92 | −$2.73 | $4.36 | −$0.44 |
| Gross margin | 91.0% | 90.0% | 83.2% | 79.6% |
| Operating margin | 59.5% | −15.0% | 96.1% | −6.2% |
| Net margin | 15.1% | 4.6% | 86.7% | −12.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $66.8M | $51.0M | $56.8M | $50.8M | $47.5M | $44.0M | $36.5M | $28.5M | $26.0M | $19.0M | $37.5M | $17.8M |
| Cost of revenue | $2.5M | $6.1M | $5.6M | $3.0M | $4.1M | $3.1M | $3.0M | $2.5M | $2.8M | $2.8M | $2.8M | $1.0M |
| Gross profit | $64.4M | $44.9M | $51.2M | $47.8M | $43.4M | $40.9M | $33.5M | $26.0M | $23.2M | $16.2M | $34.7M | $16.8M |
| Sales, general & admin | $15.9M | $15.7M | $11.3M | $15.9M | $14.8M | $14.7M | $14.2M | $22.1M | $73.8M | $2.2M | $8.8M | $5.6M |
| Total operating expenses | $20.2M | $15.7M | $11.3M | $16.9M | $14.9M | $15.9M | $15.5M | $22.8M | $74.4M | $2.7M | $9.8M | −$2.3M |
| Operating income | $44.2M | $29.2M | $40.0M | $30.9M | $28.5M | $25.0M | $18.0M | $3.2M | −$51.2M | $13.5M | $24.9M | $19.1M |
| Interest income | — | — | $9.0M | $7.9M | $7.9M | $8.0M | $7.1M | $7.1M | $302,000 | — | — | — |
| Interest expense | $9.2M | $9.5M | $9.0M | $7.9M | $7.9M | $8.0M | $7.1M | $7.1M | $6.3M | $2.9M | $25.2M | $2.9M |
| Income before taxes | $35.0M | $19.7M | $20.8M | $23.0M | $20.6M | $17.1M | $10.9M | −$3.9M | −$57.5M | $10.9M | −$314,000 | $16.7M |
| Income taxes | $3.9M | $1.8M | $2.6M | $2.7M | $2.1M | $1.6M | $2.8M | −$1.1M | $137,000 | $101,000 | $3.1M | $104,000 |
| Net income | $12.3M | $17.9M | $8.1M | $8.1M | $7.3M | $6.5M | $2.5M | $2.7M | −$57.7M | $10.8M | −$49.3M | $16.6M |
| EBITDA | $48.5M | $33.6M | $33.5M | $33.5M | $31.1M | $27.6M | $20.5M | $5.2M | −$49.1M | $15.9M | $27.3M | $22.2M |
| EPS (diluted) | $0.40 | $0.23 | $0.23 | $0.24 | $0.23 | $0.22 | $0.25 | $0.15 | −$3.31 | $0.18 | — | — |
| Gross margin | 96.3% | 88.1% | 90.2% | 94.1% | 91.4% | 93.0% | 91.9% | 91.4% | 89.4% | 85.2% | 92.6% | 94.4% |
| Operating margin | 66.1% | 57.2% | 70.4% | 60.8% | 60.0% | 57.0% | 49.4% | 11.2% | −197.4% | 71.1% | 66.5% | 107.3% |
| Net margin | 18.4% | 35.0% | 14.2% | 15.9% | 15.3% | 14.7% | 6.7% | 9.3% | −222.1% | 56.7% | −131.5% | 93.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LB's financial statements (latest annual report filed March 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LB financial results
In fiscal year 2025 (ended December 31, 2025), LandBridge reported revenue of $199.1 million, up 81.1% from the year before. It had net income of $30.1 million (up 489.6%), a net profit margin of 15.1%. Diluted earnings per share came to $0.92.
See the LB stock overview for the latest quote and news, or the LB chart for price history and technical indicators.
LB income statement FAQ
What is LandBridge's annual revenue?
LandBridge reported total revenue of $199.1 million for fiscal year 2025, which ended on December 31, 2025. That was up 81.1% from $110.0 million the previous year.
Is LandBridge profitable?
Yes. LandBridge reported net income of $30.1 million in fiscal 2025, a net profit margin of 15.1%; its operating margin was 59.5%.
What is LandBridge's gross margin?
LandBridge's gross margin was 91.0% in fiscal 2025: for every $100 of revenue, LandBridge kept $91 after the direct cost of its products and services.
What are LandBridge's earnings per share?
LandBridge earned $0.92 per diluted share in fiscal 2025, compared with $-2.73 a year earlier.
When will LandBridge report its next earnings?
LandBridge is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does LandBridge's fiscal year end?
LandBridge's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 12, 2026.