LandBridge Co LLC
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
View on SEC.govAbout this filing
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)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net income (loss) | $72,399 | $(41,479) | $63,172 |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation, depletion and amortization | 11,470 | 8,875 | 8,762 |
| Amortization of debt issuance costs | 2,189 | 1,688 | 388 |
| Share-based compensation | 45,319 | 95,335 | (17,230) |
| Loss on extinguishment of debt | 4,416 | - | - |
| Deferred income tax expense (benefit) | 4,084 | (411) | - |
| Other | 16 | 5 | (246) |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (6,834) | 2,113 | (1,474) |
| Related party accounts receivable | (2,834) | (1,074) | (613) |
| Prepaid expenses and other assets | 1,301 | (328) | 43 |
| Accounts payable | 16 | 272 | 362 |
| Related party accounts payable | 95 | 233 | (109) |
| Accrued liabilities and other liabilities | (1,616) | 506 | (186) |
| Taxes payable | (3,748) | 1,901 | 173 |
| Net cash provided by operating activities | 126,273 | 67,636 | 53,042 |
| Cash flows from investing activities | |||
| Acquisitions | (229,048) | (723,367) | - |
| Capital expenditures | (4,236) | (985) | (2,783) |
| Proceeds from disposal of assets | 210 | - | 11 |
| Net cash used in investing activities | (233,074) | (724,352) | (2,772) |
| Cash flows from financing activities | |||
| Proceeds from debt | 783,549 | 417,500 | 150,000 |
| Repayments of debt | (599,198) | (162,962) | (77,821) |
| Dividends, dividend equivalents, and distributions paid | (63,713) | (178,244) | (105,165) |
| Debt issuance costs | (13,266) | (4,326) | (3,106) |
| Taxes paid related to net share settlement of RSUs | (5,750) | - | - |
| Offering costs | (1,112) | (8,186) | (1,706) |
| Proceeds from issuance of Class A shares - IPO, net of underwriting discounts and fees | - | 278,263 | - |
| Proceeds from issuance of Class A shares - December 2024 Private Placement, net of placement agent fees | - | 339,291 | - |
| Purchase of OpCo Units from LandBridge Holdings, net of placement agent fees | - | (145,411) | - |
| Contributions from member | - | 120,000 | - |
| Net cash provided by (used in) financing activities | 100,510 | 655,925 | (37,798) |
| Net (decrease) increase in cash and cash equivalents | (6,291) | (791) | 12,472 |
| Cash and cash equivalents - beginning of period | 37,032 | 37,823 | 25,351 |
| Cash and cash equivalents - end of period | $30,741 | $37,032 | $37,823 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.