Filing Flows › LandBridge (LB) › Q2 2025
LandBridge (LB) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
LandBridge (LB) reported revenue of $47.5M for the second quarter 2025 (Q2 2025), +83% from a year earlier and +8% from the quarter before. Operating margin was 60.0%, net earnings $7.5M (15.8% of revenue).
LandBridge, Q2 2025: revenue $47.5M (+83% year over year), operating margin 60.0%, net earnings $7.5M, operating cash flow $37.3M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $47.5M | +8% | +83% |
| Operating profit | $28.5M | +14% | — |
| Net earnings | $7.5M | +16% | — |
| Operating cash flow | $37.3M | +135% | +133% |
| Free cash flow | $36.1M | +128% | +130% |
What changed
Revenue was $47.5M in Q2 2025, up 83% year over year and up 8% from the previous quarter.
Operating profit was $28.5M, a 60.0% margin (up 257.4 points year over year). Total costs fell 75% while revenue rose 83%. Net earnings were $7.5M. The effective tax rate was 10.4%.
Operating cash flow was $37.3M (up 133% year over year), 202% of net income including minority interests. Non-cash charges added back $2.5M of depreciation and amortization and $11.3M of share-based compensation. Working capital and other items added $5.0M. Capital expenditures of $1.2M left free cash flow of $36.1M.
Questions
What was LandBridge's revenue in the second quarter 2025?
LandBridge (LB) reported revenue of $47.5M for the second quarter 2025 (Q2 2025), +83% from a year earlier and +8% from the quarter before.
Was LandBridge profitable in the second quarter 2025?
Operating profit was $28.5M (60.0% of revenue) and net earnings $7.5M.
Source: LandBridge 10-Q on SEC EDGAR.