Filing Flows › WaterBridge Infrastructure LLC (WBI) › Q3 2025
WaterBridge Infrastructure LLC (WBI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
WaterBridge Infrastructure LLC (WBI) reported revenue of $123M for the third quarter 2025 (Q3 2025), +37% from a year earlier and +29% from the quarter before. Operating margin was 19.2%, net earnings $4.8M (3.9% of revenue).
WaterBridge Infrastructure LLC, Q3 2025: revenue $123M (+37% year over year), operating margin 19.2%, net earnings $4.8M, operating cash flow $12.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $123M | +29% | +37% |
| Operating profit | $23.7M | +38% | +26% |
| Net earnings | $4.8M | -33% | +44% |
| Operating cash flow | $12.3M | -23% | — |
What changed
Revenue was $123.2M in Q3 2025, up 37% year over year and up 29% from the previous quarter.
Operating profit was $23.7M, a 19.2% margin (down 1.8 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, below the 21% margin then. Total costs grew 40% against revenue growth of 37%. The fastest-growing cost line was Cost of revenue (+40%). Net earnings were −$667K. The effective tax rate was -8.3%.
Operating cash flow was $12.3M, 259% of net income including minority interests. Non-cash charges added back $34.1M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items used $27.8M. Capital expenditures of $59.4M exceeded it, leaving free cash flow of −$47.0M.
Questions
What was WaterBridge Infrastructure LLC's revenue in the third quarter 2025?
WaterBridge Infrastructure LLC (WBI) reported revenue of $123M for the third quarter 2025 (Q3 2025), +37% from a year earlier and +29% from the quarter before.
Was WaterBridge Infrastructure LLC profitable in the third quarter 2025?
Operating profit was $23.7M (19.2% of revenue) and net earnings $4.8M.