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Financials · WBI

WaterBridge Infrastructure LLC (WBI) financials

For the twelve months ended Sep 30, 2026, WaterBridge Infrastructure LLC reported $867.79M of revenue and $16.03M of net income.

Revenue, TTM
$867.79M
Revenue growth, YoY
+114.9%
Net income, TTM
$16.03M
Net income growth, YoY
+13.5%
Net margin
1.8%
Free cash flow, TTM
-$93.57M
Cash
$34.67M
Total debt
$1.82B
P/E
210.50
P/S
3.89
Market cap
$3.37B
Annual revenue$525.55M
FY2023FY2025
Annual net income$9.0K
FY2023FY2025
Annual free cash flow-$118.87M
FY2023FY2025

WBI revenue and earnings growth

WBI revenueQ3 2026$240.16M

Quarter YoY
+94.9%
QoQ
+10.3%
FY YoY
+66.2%

WBI revenue was $240.16M in fiscal Q3 2026 (ended Sep 30, 2026), up 94.9% from a year earlier and up 10.3% from the prior quarter. For the full fiscal 2025 it was $525.55M, up 66.2% from fiscal 2024.

WBI net incomeQ3 2026$5.53M

Quarter YoY
+16.4%
QoQ
-62.0%
FY YoY
-99.7%

WBI net income was $5.53M in fiscal Q3 2026 (ended Sep 30, 2026), up 16.4% from a year earlier and down 62.0% from the prior quarter. For the full fiscal 2025 it was $9.0K, down 99.7% from fiscal 2024.

WBI EPSQ3 2026$0.10

QoQ
+0.0%

WBI diluted EPS was $0.10 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.02 a year earlier and up 0.0% from the prior quarter.

WBI free cash flowQ3 2026-$18.31M

WBI free cash flow was -$18.31M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$47.04M a year earlier. For the full fiscal 2025 it was -$118.87M, compared with -$86.06M in fiscal 2024.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
Revenue$525.55M$316.30M$200.77M
Cost of revenue$383.31M$227.85M$145.47M
Gross profit$142.24M$88.45M$55.30M
Selling, general and admin$47.24M$33.79M$14.69M
Operating income$78.86M$56.42M$40.49M
Pre-tax income-$1.06M$3.31M$14.78M
Income tax-$1.06M$320.0K$111.0K
Net income$9.0K$2.99M$14.67M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
Cash and equivalents$51.54M$13.28M$12.87M
Current assets$261.13M$120.34M-
Goodwill$53.13M$9.09M-
Total assets$3.70B$1.35B-
Current liabilities$188.94M$83.47M-
Short-term debt$12.55M$6.54M-
Long-term debt$1.43B$586.42M-
Total debt$1.44B$592.95M-
Total liabilities$1.85B$687.54M-
Shareholders' equity$602.31M$0-

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
Operating cash flow$159.69M$73.86M$48.47M
Capital expenditures$278.57M$159.92M$147.97M
Free cash flow-$118.87M-$86.06M-$99.50M
Investing cash flow-$218.62M-$323.66M-$171.28M
Financing cash flow$97.19M$250.22M$128.79M
Stock-based compensation$5.34M$9.53M-$359.0K
Depreciation and amortization$140.90M$78.31M$48.44M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
Revenue growth, YoY66.2%57.5%-
Net income growth, YoY-99.7%-79.6%-
Gross margin27.1%28.0%27.5%
Operating margin15.0%17.8%20.2%
Net margin0.0%0.9%7.3%
Free cash flow margin-22.6%-27.2%-49.6%
Return on equity0.0%--
Return on assets0.0%0.2%-
Current ratio1.381.44-
Debt to equity2.40--

Source: XBRL data WaterBridge Infrastructure LLC files with the SEC, latest filing dated Nov 5, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

WBI peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
WBI$867.79M+114.9%$16.03M1.8%$3.37B
SLB$36.89B+4.6%$3.10B8.4%$75.14B
HAL$22.48B+1.5%$2.01B8.9%$27.10B
OII$2.91B+3.0%$331.39M11.4%$3.46B
WTTR$1.52B+7.8%$49.90M3.3%$2.34B
NESR$1.83B-$109.97M6.0%$2.17B
LBRT$4.44B+13.6%$40.31M0.9%$2.11B
HOS$1.63B+50.5%-$172.21M-10.6%$1.29B

WBI FAQ

8 questions
  • What is WBI revenue?
    WaterBridge Infrastructure LLC (WBI) reported $867.79M of revenue for the twelve months ended Sep 30, 2026. That is up 114.9% from the year before. Revenue for fiscal 2025 was $525.55M.
  • Is WBI profitable?
    Yes. WaterBridge Infrastructure LLC earned $16.03M in net income for the twelve months ended Sep 30, 2026, a net margin of 1.8%.
  • How much cash and debt does WBI have?
    WaterBridge Infrastructure LLC reported $34.67M in cash and cash equivalents and $1.82B of debt on its most recent balance sheet in SEC filings.
  • How fast is WBI revenue growing?
    WaterBridge Infrastructure LLC's revenue changed +66.2% in fiscal 2025, to $525.55M.
  • What is WBI gross margin?
    WaterBridge Infrastructure LLC's gross profit was $215.81M on $867.79M of revenue for the twelve months ended Sep 30, 2026, a gross margin of 24.9%.
  • What is WBI free cash flow?
    WaterBridge Infrastructure LLC generated -$93.57M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $353.76M less capital expenditures.
  • When did WBI last report financial results?
    The latest statements here come from WaterBridge Infrastructure LLC's 10-Q filed on Nov 5, 2026, covering the period ended Sep 30, 2026.
  • Where does this WBI financial data come from?
    Quantisnow builds these statements from the structured XBRL data WaterBridge Infrastructure LLC files with the SEC. It is provided for information only and is not investment advice.