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LandBridge (LB) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · LandBridge (LB) Q3 2026 earnings results →
Q3 2026 Revenue up 40% year over year to $70.9M · 18¢ of every $1 of revenue kept as net profit · operating margin 68.1%
LandBridge made $70.9M in Q3 2026 (+40% Y/Y). Operating margin 68.1%, net earnings $13.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $70.9M in Q3 2026, up 39% year over year and up 6% from the previous quarter.
Operating profit was $48.2M, a 68.1% margin (up 7.3 points year over year). Of the extra revenue versus Q3 2025, 87% reached operating profit, above the 61% margin then. Total costs grew 14% against revenue growth of 39%. The fastest-growing cost line was Other operating costs (+65%). Net earnings were $13.0M, up 60% year over year. The effective tax rate was 11.3%.
Operating cash flow was $49.6M (up 42% year over year), 146% of net income including minority interests. Non-cash charges added back $4.6M of depreciation and amortization and $9.1M of share-based compensation. Capital expenditures of $577K left free cash flow of $49.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $70.9M | +40% | 68.1% | $13.0M | $49.6M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $66.8M | +41% | 66.1% | $12.3M | $41.4M |
| Q1 2026 | 10-Q | May 7, 2026 | $51.0M | +16% | 57.2% | $8.7M | $41.1M |
| Q4 2025 | 10-K | Feb 26, 2026 | $56.8M | +56% | 60.0% | $8.1M | $38.1M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $50.8M | +78% | 60.8% | $8.1M | $34.9M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $47.5M | +83% | 60.0% | $7.5M | $37.3M |
| Q1 2025 | 10-Q | May 8, 2025 | $44.0M | +131% | 57.0% | $6.5M | $15.9M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
Sells to
- OXY — 59% of its revenue · Stated in 10-K (sentence) · source
- EOG · Stated in 10-K (named, share not stated) · source
About LandBridge
LandBridge was formed on September 27, 2023 as a Delaware limited liability company to serve as the issuer in an initial public offering of equity, which closed on July 1, 2024 (the “IPO”). LandBridge is a holding company, the principal asset of which is membership interests in OpCo. LandBridge is also the sole managing member of OpCo. Unless otherwise indicated or the context otherwise requires, references in this Annual Report to “LandBridge”, “us,” “we,” “our” or the “Company” are to (i) OpCo and its subsidiaries before the completion of the corporate reorganization in connection with the IPO (the “Corporate Reorganization”) and (ii) LandBridge and its subsidiaries as of the completion of the Corporate Reorganization.
In its own words, from its 10-K, filed Feb 26, 2026.
LandBridge against its Oil Royalty Traders peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +40% against the peers' median +40%. Operating margin: 68.1% against the peers' median 76.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| LB LandBridge | Q3 2026 | $70.9M | +40% | 68.1% |
| TPL Texas Pacific Land | Q3 2026 | $273M | +35% | 76.0% |
| EROK EagleRock Land, LLC | Q2 2026 | $41.5M | +74% | -128.0% |
| NRT North European Oil Royalty Trust | Q3 FY26 | $2.7M | +0.6% | 93.1% |
Source: LandBridge 10-Q on SEC EDGAR · CIK 1995807 · Oil Royalty Traders
Guidance and outlook
13F: who owns LB and who is buying
More on LB
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results