Filing Flows › LandBridge (LB) › Q1 2026
LandBridge (LB) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
LandBridge (LB) reported revenue of $51.0M for the first quarter 2026 (Q1 2026), +16% from a year earlier and -10% from the quarter before. Operating margin was 57.2%, net earnings $8.7M (17.1% of revenue).
LandBridge, Q1 2026: revenue $51.0M (+16% year over year), operating margin 57.2%, net earnings $8.7M, operating cash flow $41.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $51.0M | -10% | +16% |
| Operating profit | $29.2M | -14% | +17% |
| Net earnings | $8.7M | +8% | +35% |
| Operating cash flow | $41.1M | +8% | +158% |
| Free cash flow | $40.9M | +13% | +158% |
What changed
Revenue was $51.0M in Q1 2026, up 16% year over year and down 10% from the previous quarter.
Operating profit was $29.2M, a 57.2% margin (up 0.2 points year over year). Of the extra revenue versus Q1 2025, 59% reached operating profit, above the 57% margin then. Total costs grew 15% against revenue growth of 16%. The fastest-growing cost line was Other operating costs (+46%). Net earnings were $8.7M, up 35% year over year. The effective tax rate was 9.1%.
Operating cash flow was $41.1M (up 158% year over year), 230% of net income including minority interests. Non-cash charges added back $4.4M of depreciation and amortization and $11.3M of share-based compensation. Working capital and other items added $7.6M. Capital expenditures of $180K left free cash flow of $40.9M.
Questions
What was LandBridge's revenue in the first quarter 2026?
LandBridge (LB) reported revenue of $51.0M for the first quarter 2026 (Q1 2026), +16% from a year earlier and -10% from the quarter before.
Was LandBridge profitable in the first quarter 2026?
Operating profit was $29.2M (57.2% of revenue) and net earnings $8.7M.
Source: LandBridge 10-Q on SEC EDGAR.