WaterBridge Infrastructure (WBI) Q3 2025 earnings summary

Executive summary

• Completed the largest energy-sector IPO since 2019, raising $672.8 million in net proceeds and establishing a $3.0 billion market cap, with strong demand and listing on NYSE and NYSE Texas.

• Combined legacy entities, including NDB Operating, WBEF, and Desert Environmental, to create the largest produced water infrastructure network in the U.S., reporting results on a pro forma basis.

• Operates 2,500 miles of pipeline and nearly 200 facilities, handling over 4.5 million barrels per day of produced water, with Q3 2025 volumes up 7% quarter-over-quarter to 2.5 million barrels per day.

• Brought the BPX Kraken pipeline online with a 10-year minimum volume commitment and began construction on the Speedway Pipeline project, with $290 million in expected initial phase costs.

• Streamlined balance sheet with a $1.425 billion senior notes offering, improving liquidity and reducing interest expense.

Financial highlights

• Q3 2025 pro forma revenue was $205.5 million, up 8% sequentially, with Adjusted EBITDA of $105.7 million and a 51% margin; pro forma net loss was $18.7 million.

• Produced water handling volumes reached 2.5 million barrels per day, up 7% quarter-over-quarter.

• Revenue mix: 90% from produced water handling, with the remainder from water solutions and waste management.

• Ended Q3 2025 with $547 million in total liquidity, including $347 million in cash and $200 million in undrawn revolving credit facilities.

• Borrowings outstanding were $1.727 billion at quarter-end, with credit ratings of BB- / BB- / Ba3.

Outlook and guidance

• Expects continued growth supported by network expansion, including the BPX Kraken and Speedway Pipeline projects, with Speedway phase one targeted for mid-2026 completion.

• Management anticipates providing 2026 guidance with the Q4 and full-year 2025 earnings call.

• Predictable cash flows and attractive operating margins underpin long-term value creation.