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WaterBridge Infrastructure LLC (WBI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · WaterBridge Infrastructure LLC (WBI) Q3 2026 earnings results →
Q3 2026 Revenue up 95% year over year to $240M · 2¢ of every $1 of revenue kept as net profit · operating margin 17.2%
WaterBridge Infrastructure LLC made $240M in Q3 2026 (+95% Y/Y). Operating margin 17.2%, net earnings $5.5M. 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 $240.2M in Q3 2026, up 95% year over year and up 10% from the previous quarter.
Operating profit was $41.3M, a 17.2% margin (down 2.0 points year over year). Of the extra revenue versus Q3 2025, 15% reached operating profit, below the 19% margin then. Total costs grew 100% against revenue growth of 95%. The fastest-growing cost line was General & admin (+106%). Net earnings were $5.5M. The effective tax rate was 10.6%.
Operating cash flow was $105.6M (up 756% year over year), 792% of net income including minority interests. Non-cash charges added back $52.0M of depreciation and amortization and $2.9M of share-based compensation. Working capital and other items added $37.3M. Capital expenditures of $123.9M exceeded it, leaving free cash flow of −$18.3M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $240M | +95% | 17.2% | $5.5M | $106M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $218M | +128% | 18.5% | $5.1M | $64.9M |
| Q1 2026 | 10-Q | May 7, 2026 | $201M | +105% | 15.2% | $3.5M | $95.1M |
| Q4 2025 | 10-K | Mar 16, 2026 | $209M | +140% | 10.7% | −$16.4M | $88.2M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $123M | +37% | 19.2% | $4.8M | $12.3M |
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Customers and suppliers named in filings
Sells to
- PR — 30% of its revenue · Stated in 10-K (sentence) · source
- EOG · Stated in 10-K (named, share not stated) · source
About WaterBridge Infrastructure LLC
WaterBridge is a leading integrated, pure-play water infrastructure company with operations predominantly in the Delaware Basin, the most prolific oil and natural gas basin in North America, with additional assets in the Eagle Ford and Arkoma Basins. WaterBridge operates the largest integrated produced water infrastructure network in the United States, through which it provides water management solutions to oil and natural gas exploration and production companies under long-term contracts, which include gathering, transporting, recycling and handling produced water. Headquartered in Houston, Texas, WaterBridge is a first mover in the water midstream sector and benefits from an experienced and entrepreneurial management team.
In its own words, from its 8-K, filed Aug 5, 2026.
WaterBridge Infrastructure LLC against its Oil & Gas Field Services, NEC peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +95% against the peers' median +7%. Operating margin: 17.2% against the peers' median 10.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| WBI WaterBridge Infrastructure LLC | Q3 2026 | $240M | +95% | 17.2% |
| SLB SLB Limited | Q3 2026 | $9.4B | +6% | 10.8% |
| HAL Halliburton | Q3 2026 | $5.7B | +2% | 10.9% |
| LBRT Liberty Energy | Q3 2026 | $1.2B | +26% | 1.6% |
| OII Oceaneering International | Q3 2026 | $785M | +6% | 11.7% |
| NESR National Energy Services Reunited | Q2 2026 | $521M | +59% | 12.5% |
| ACDC ProFrac Holding | Q3 2026 | $511M | +27% | -6.7% |
| RES RPC | Q3 2026 | $468M | +5% | -11.5% |
| XPRO Expro | Q3 2026 | $440M | +7% | 1.1% |
Source: WaterBridge Infrastructure LLC 10-Q on SEC EDGAR · CIK 2064947 · Oil & Gas Field Services, NEC
Guidance and outlook
13F: who owns WBI and who is buying
More on WBI
- How WaterBridge Infrastructure LLC makes money: revenue by segment
- WaterBridge Infrastructure LLC next earnings date and what analysts expect
- WaterBridge Infrastructure LLC stock forecast, price target and fair value
- Who owns WaterBridge Infrastructure LLC stock: holders, funds and Congress trades
- WaterBridge Infrastructure LLC guidance and outlook
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results