Filing Flows › LandBridge (LB) › Q3 2025
LandBridge (LB) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
LandBridge (LB) reported revenue of $50.8M for the third quarter 2025 (Q3 2025), +78% from a year earlier and +7% from the quarter before. Operating margin was 60.8%, net earnings $8.1M (15.9% of revenue).
LandBridge, Q3 2025: revenue $50.8M (+78% year over year), operating margin 60.8%, net earnings $8.1M, operating cash flow $34.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $50.8M | +7% | +78% |
| Operating profit | $30.9M | +8% | +869% |
| Net earnings | $8.1M | +8% | -84% |
| Operating cash flow | $34.9M | -6% | +369% |
| Free cash flow | $33.7M | -7% | +372% |
What changed
Revenue was $50.8M in Q3 2025, up 78% year over year and up 7% from the previous quarter.
Operating profit was $30.9M, a 60.8% margin (up 49.6 points year over year). Of the extra revenue versus a year earlier, 124% reached operating profit, above the 11% margin then. Total costs fell 21% while revenue rose 78%. Net earnings were $8.1M, down 84% year over year. The effective tax rate was 11.8%.
Operating cash flow was $34.9M (up 369% year over year), 172% of net income including minority interests. Non-cash charges added back $2.6M of depreciation and amortization and $11.2M of share-based compensation. Capital expenditures of $1.2M left free cash flow of $33.7M.
Questions
What was LandBridge's revenue in the third quarter 2025?
LandBridge (LB) reported revenue of $50.8M for the third quarter 2025 (Q3 2025), +78% from a year earlier and +7% from the quarter before.
Was LandBridge profitable in the third quarter 2025?
Operating profit was $30.9M (60.8% of revenue) and net earnings $8.1M.
Source: LandBridge 10-Q on SEC EDGAR.