WaterBridge Infrastructure (WBI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $201.0 million, with net income of $9.5 million and adjusted EBITDA of $102.9 million (51% margin), reflecting robust demand, operational execution, and strong produced water handling volumes averaging 2.5 million barrels/day.

• Net income margin improved to 5%, reversing a prior quarter loss and rising 456% year-over-year.

• Speedway Phase II Open Season concluded with strong demand, supporting up to 500,000 barrels/day of incremental capacity and advancing commercial discussions.

• Quarterly dividend declared at $0.05 per share, payable June 18, 2026, highlighting confidence in cash flow stability.

• WaterBridge Combination completed in September 2025, significantly expanding scale and asset base.

Financial highlights

• Q1 2026 revenue was $201 million, a 4% sequential decrease from Q4 2025, but up 105% year-over-year due to organic growth and the WaterBridge Combination.

• Adjusted EBITDA for Q1 was $102.9 million, with a margin of 51%.

• Gross margin reached $48.2 million ($0.20/bbl), and adjusted operating margin was $111.3 million.

• Net income was $9.5 million, reversing a net loss of $13.6 million in Q4 2025.

• Q1 capital expenditures were $110.9 million, mainly for Speedway Phase One and Stateline infrastructure.

Outlook and guidance

• Full-year 2026 produced water handling volume guidance raised to 2.525–2.725 million barrels/day (approx. 8% YoY growth).

• Adjusted EBITDA guidance increased to $425–$465 million (approx. 10% YoY growth).

• Capital expenditure guidance reaffirmed at $430–$490 million for 2026.

• Management expects continued growth in produced water handling, supported by long-term contracts and expansion projects.

• Operational milestones and a constructive macro backdrop underpin the raised outlook.