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WaterBridge Infrastructure LLC

For the period ended Sep 30, 2026. Filed Nov 5, 2026.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2026 · Filed Nov 5, 2026

WBI$24.81+3.6%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30,2026

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number:001-42850

(Exact name of registrant as specified in its charter)

Delaware33-4546086
(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)
5555 San Felipe Street, Suite 1200Houston, Texas (Address of principal executive offices)77056(Zip Code)

Registrant’s telephone number, including area code: (713)230‑8864

Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A shares representing limited liability company interestsWBINew York Stock Exchange
NYSE Texas, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non‑accelerated filer☒Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No☒

As of November 4, 2026, the registrant had 55,834,095 Class A shares and 67,832,611 Class B shares representing limited liability company interests (“Class B shares”) outstanding.

TABLE OF CONTENTS

Page
PART I – FINANCIAL INFORMATION
Glossary2
Cautionary Note Regarding Forward-Looking Statements3
Item 1.Financial Statements (Unaudited)5
WaterBridge Infrastructure LLC
Condensed Consolidated Balance Sheets5
Condensed Consolidated Statements of Operations6
Condensed Consolidated Statements of Shareholders’ and Member’s Equity7
Condensed Consolidated Statements of Cash Flows9
Notes to the Condensed Consolidated Financial Statements10
WaterBridge Equity Finance LLC
Condensed Consolidated Statements of Operations27
Condensed Consolidated Statements of Changes in Mezzanine Equity and Members’ Equity28
Condensed Consolidated Statement of Cash Flows29
Notes to the Condensed Consolidated Financial Statements30
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations34
Item 3.Quantitative and Qualitative Disclosures About Market Risk53
Item 4.Controls and Procedures54
PART II ‑ OTHER INFORMATION
Item 1.Legal Proceedings55
Item 1A.Risk Factors55
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds55
Item 3.Defaults Upon Senior Securities55
Item 4.Mine Safety Disclosures55
Item 5.Other Information55
Item 6.Exhibits57
Signatures58
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.