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WaterBridge Infrastructure LLC cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$18.3M in Q3 2026 · −$93.6M over twelve months

Operating cash flow$106M
Capital spending−$124M
Free cash flow−$18.3M
Cash / net income7.9×

Analysis

In Q3 2026, WaterBridge Infrastructure LLC generated $106M of operating cash flow and spent $124M on capital projects, leaving free cash flow of −$18.3M. That is $28.7M more than in Q3 2025 (−$47.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $354M; the largest uses were other financing ($2.0B), capital spending ($447M), acquisitions ($275M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.0B), asset & business sales ($21.7M); the cash balance fell by $312M.

Operating cash flow was $106M against net income of $13.3M — 7.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$52.0M, accrued liabilities +$37.4M, receivables −$28.9M.

Free cash flow

WaterBridge Infrastructure LLC: free cash flow by quarterWaterBridge Infrastructure LLC: free cash flow by quarter−$2.3MQ1 2025−$68.5MQ2 2025−$47.0MQ3 2025−$1.0MQ4 2025−$15.8MQ1 2026−$58.4MQ2 2026−$18.3MQ3 2026
Operating cash flow less capital spending.
WaterBridge Infrastructure LLC: operating cash flow against capital spendingWaterBridge Infrastructure LLC: operating cash flow against capital spendingOperating cash flowCapital spending$43.2M$45.5MQ1 2025$16.0M$84.5MQ2 2025$12.3M$59.4MQ3 2025$88.2M$89.2MQ4 2025$95.1M$111MQ1 2026$64.9M$123MQ2 2026$106M$124MQ3 2026
Latest (Q3 2026): Operating cash flow $106M, Capital spending $124M.

Capital allocation, year by year

WaterBridge Infrastructure LLC: where the cash came from (up) and went (down), by fiscal yearWaterBridge Infrastructure LLC: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsFY2023: Operating cash flow $48.5MFY2023: Net borrowing $121MFY2023: Asset sales $2.0MFY2023: Capital spending −$148MFY2023: Acquisitions −$25.3M$171MFY2023FY2024: Operating cash flow $73.9MFY2024: Net borrowing $269MFY2024: Asset sales $2.8MFY2024: Capital spending −$160MFY2024: Acquisitions −$167M$346MFY2024FY2025: Operating cash flow $160MFY2025: Net borrowing −$348MFY2025: Shares issued $685MFY2025: Asset sales $20.0MFY2025: Capital spending −$279MFY2025: Acquisitions $39.9M$905MFY2025
Over these 3 years operating cash flow totalled $282M; the largest uses were capital spending ($586M) and net borrowing ($348M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$34.7M
Debt$1.5B
Net debt$1.4B
Due within a year$12.5M

WaterBridge Infrastructure LLC's operations bring cash in ($354M over twelve months), and it spends more than that on capital projects: a gap of $93.6M funded from its $34.7M of cash and investments and from borrowing ($1.5B of debt, $12.5M due within a year). That is a choice to invest, not a cash runway running down.

WaterBridge Infrastructure LLC: debt maturities by year (FY2025)WaterBridge Infrastructure LLC: debt maturities by year (FY2025)$12.5MYear 1$1.8MYear 2$554KYear 3$850MYear 5$600MAfter year 5
Principal due in each year as disclosed in the annual report, against $34.7M of cash and investments now.

Where the cash came from and went

WaterBridge Infrastructure LLC: sources (+) and uses (−) of cash, Q3 2026WaterBridge Infrastructure LLC: sources (+) and uses (−) of cash, Q3 2026Acquisitions−$192MNet borrowing (+) / repaid (−)$191MCapital spending−$124MOperating cash flow$106MAsset & business sales$20.2MCash drawn (+) / kept (−)$13.0MDividends−$6.2MOther financing−$4.9MTaxes on employees’ shares−$2.9M
WaterBridge Infrastructure LLC: sources (+) and uses (−) of cash, TTM to Q3 2026WaterBridge Infrastructure LLC: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$2.0BOther financing−$2.0BCapital spending−$447MOperating cash flow$354MCash drawn (+) / kept (−)$312MAcquisitions−$275MAsset & business sales$21.7M

From profit to cash

WaterBridge Infrastructure LLC: net income to operating cash flow, Q3 2026WaterBridge Infrastructure LLC: net income to operating cash flow, Q3 2026Net income$13.3MDepreciation & amortization$52.0MStock-based pay$2.9MDeferred taxes$2.2MGains on disposals−$31KOther non-cash−$489KReceivables−$28.9MPayables$2.2MAccrued liabilities$37.4MDeferred revenue$3.4MPrepaid and other assets$2.4MIncome taxes payable−$941KOperating cash flow$106M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$106M−$124M−$192M−$6.2M$191M$13.0M−$18.3M
Q2 2026$64.9M−$123M−$82.8M−$6.2M$150M$3.0M−$58.4M
Q1 2026$95.1M−$111M—−$6.2M$20.8M$875K−$15.8M
Q4 2025$88.2M−$89.2M——$1.4B$295M−$1.0M
Q3 2025$12.3M−$59.4M$40.0M—−$113M−$335M−$47.0M
Q2 2025$16.0M−$84.5M−$66K—$35.0M$15.7M−$68.5M
Q1 2025$43.2M−$45.5M−$5K—−$2.2M−$14.3M−$2.3M

WaterBridge Infrastructure LLC: income statement and cash flow

WaterBridge Infrastructure LLC, Q3 2026: revenue $240M (+95% year over year), operating margin 17.2%. The chart follows the revenue to costs, profit and cash.

WaterBridge Infrastructure LLC: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.