WaterBridge Infrastructure (WBI) Q4 2025 earnings summary

Executive summary

• Completed a successful IPO in September 2025/2026, creating the largest pure-play water infrastructure network in the U.S. with a $3.1 billion market cap.

• Achieved strong operational performance in 2025, with produced water volumes up 15% year-over-year and a single-day record of 2.9 million barrels per day.

• Advanced major projects including Kraken (online July 2025) and Speedway Pipeline (Phase I under construction, Phase II open season announced for February 2026).

• Streamlined balance sheet with a $1.425 billion senior notes offering and announced inaugural quarterly dividend in Q1 2026.

• Realized 99.7% operational uptime and continued expansion in the Delaware Basin.

Financial highlights

• Full-year 2025 pro forma revenue reached $790.0 million, up 19% year-over-year; Q4 2025 revenue was $208.9 million, up 2% sequentially.

• Full-year pro forma net loss was $58.1 million (net loss margin 7%); Q4 net loss was $13.6 million.

• Full-year pro forma Adjusted EBITDA was $402.8 million (up 16% year-over-year, margin 51%); Q4 Adjusted EBITDA was $103.8 million (margin 50%).

• Ended 2025 with $527 million in liquidity, including $52 million in cash and $475 million undrawn on a $500 million revolver; total debt stood at $1.465 billion.

• Capital expenditures totaled $354.8 million for 2025.

Outlook and guidance

• 2026 produced water handling volumes expected to average 2,500–2,700 MBbl/d, up ~7% year-over-year, driven by Kraken and Speedway ramp-ups.

• 2026 Adjusted EBITDA guidance is $420–$460 million, representing ~9% annual growth, weighted to the back half of the year.

• 2026 capital expenditures projected at $430–$490 million, with significant investment in Speedway Phases I and II and other projects.

• Inaugural quarterly dividend of $0.05 per share announced for Q1 2026.

• Expectations for 2027 are meaningfully higher, with further upside anticipated from commercial momentum and project ramp.