LandBridge Co LLC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
LB$65.24+0.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
(in thousands, except share and per share amounts)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenues: | |||
| Surface use royalties | $36,604 | $13,121 | $7,780 |
| Surface use royalties - Related party | 36,168 | 18,499 | 5,436 |
| Easements and other surface-related revenues | 51,286 | 20,629 | 8,395 |
| Easements and other surface-related revenues - Related party | 10,716 | 13,486 | 4,249 |
| Resource sales | 23,005 | 14,964 | 18,045 |
| Resource sales - Related party | 1,718 | 387 | 1,785 |
| Resource royalties | 15,730 | 9,779 | 6,432 |
| Resource royalties - Related party | 7,297 | 3,062 | - |
| Oil and gas royalties | 12,589 | 16,027 | 20,743 |
| Other | 3,980 | - | - |
| Total revenues | 199,093 | 109,954 | 72,865 |
| Resource sales-related expense | 2,026 | 2,113 | 3,445 |
| Other operating and maintenance expense | 4,518 | 3,174 | 2,740 |
| General and administrative expense (income) | 62,448 | 112,302 | (12,091) |
| Depreciation, depletion and amortization | 11,470 | 8,875 | 8,762 |
| Other operating expense, net | 131 | - | - |
| Operating income (loss) | 118,500 | (16,510) | 70,009 |
| Interest expense, net | 32,706 | 23,335 | 7,016 |
| Other loss (income) | 4,329 | (241) | (549) |
| Income (loss) from operations before taxes | 81,465 | (39,604) | 63,542 |
| Income tax expense | 9,066 | 1,875 | 370 |
| Net income (loss) | $72,399 | $(41,479) | $63,172 |
| Net loss prior to the IPO | - | (46,877) | |
| Net income attributable to noncontrolling interest | 42,271 | 288 | |
| Net income attributable to LandBridge Company LLC | $30,128 | $5,110 | |
| Net income per share of Class A shares (1) | |||
| Basic | $1.18 | $0.28 | |
| Diluted | $0.94 | $0.07 | |
| Weighted average shares outstanding of Class A shares (1) | |||
| Basic | 24,815,703 | 17,807,323 | |
| Diluted | 76,542,235 | 73,370,073 | |
(1)
For the year ended December 31, 2024, represents the period from July 1, 2024 through December 31, 2024, the period following the reorganization transactions and IPO.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.