WaterBridge Infrastructure LLC (WBI) financial statements: income statement, balance sheet and cash flow

WaterBridge Infrastructure LLC's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), WaterBridge Infrastructure LLC reported revenue of $525.6M and net income of $9.0K.

Income statement

WaterBridge Infrastructure LLC income statement, fiscal years
Line itemDec 31, 2025 · FY
Total revenues$525.6M
Direct operating costs$242.4M
Depreciation, depletion, amortization and accretion$140.9M
Total cost of revenues$383.3M
General and administrative expense$47.2M
Loss (gain) on disposal of assets, net$12.0M
Other operating expense (income), net$4.2M
Operating income$78.9M
Interest expense, net$68.9M
Loss on extinguishment of debt, net$11.4M
Other income, net($433.0K)
(Loss) income from operations before taxes($1.1M)
Income tax (benefit) expense($1.1M)
Net income$9.0K
WaterBridge Infrastructure LLC income statement, quarters
Line itemJun 30, 2026 · Q2Mar 31, 2026 · Q1Sep 30, 2025 · Q3
Total revenues$217.8M$201.0M$123.3M
Direct operating costs$87.5M$83.8M$58.2M
Depreciation, depletion, amortization and accretion$72.1M$68.9M$30.0M
Total cost of revenues$159.6M$152.8M$88.3M
General and administrative expense$17.7M$16.8M—
Loss (gain) on disposal of assets$8.0K($74.0K)$141.0K
Other operating expense, net$165.0K$999.0K$2.2M
Operating income$40.3M$30.5M$23.7M
Interest expense, net$22.7M$20.0M$19.3M
Other expense (income), net$794.0K($112.0K)($31.0K)
Income before income taxes$16.8M$10.6M$4.4M
Income tax expense (benefit)$2.2M$1.1M($366.0K)
Net income (loss)$14.6M$9.5M$4.8M
Net income attributable to noncontrolling interest$9.4M$6.0M($2.2M)
Net income attributable to WaterBridge Infrastructure LLC$5.1M$3.5M($667.0K)
Basic net income per share$0.10$0.08-$0.02
Dilutive net income per share$0.10$0.08-$0.02
Basic weighted average shares outstanding48.8M43.9M43.3M
Dilutive weighted average shares outstanding48.8M123.5M43.3M

Balance sheet

WaterBridge Infrastructure LLC balance sheet, fiscal years
Line itemDec 31, 2025 · FY
Cash and cash equivalents$51.5M
Accounts receivable, net$192.1M
Other receivables$2.6M
Prepaid expenses and other current assets$14.8M
Total current assets$261.1M
Property, plant and equipment, net$2.3B
Goodwill$53.1M
Intangible assets, net$935.7M
Deferred tax assets$131.8M
Other assets$32.7M
Total non-current assets$3.4B
Total assets$3.7B
Accounts payable$44.6M
Accrued liabilities$130.1M
Current portion of long-term debt$12.5M
Other current liabilities$1.7M
Total current liabilities$188.9M
Long-term debt, net of debt issuance costs$1.4B
Tax receivable agreement liability$201.4M
Other long-term liabilities$30.3M
Total non-current liabilities$1.7B
Total liabilities$1.9B
Member's equity$0
Common Stock$606.8M
Retained earnings($4.5M)
Total shareholders' equity attributable to WaterBridge Infrastructure LLC$602.3M
Noncontrolling interest$1.2B
Total shareholders and members equity$1.8B
Total liabilities and equity$3.7B
WaterBridge Infrastructure LLC balance sheet, quarters
Line itemJun 30, 2026Mar 31, 2026Sep 30, 2025
Cash and cash equivalents$47.6M$50.7M$346.6M
Accounts receivable, net$211.7M$194.9M$189.1M
Other receivables$1.1M$1.4M$2.0M
Prepaid expenses and other current assets$8.0M$12.2M$17.4M
Total current assets$268.5M$259.2M$555.1M
Property, plant and equipment, net$2.5B$2.4B$2.2B
Goodwill$52.0M$53.1M$52.1M
Intangible assets, net$923.2M$912.2M$967.7M
Deferred tax assets$185.8M$142.5M$133.6M
Other assets$31.4M$32.0M$29.4M
Total non-current assets$3.7B$3.5B$3.4B
Total assets$3.9B$3.8B$3.9B
Accounts payable$56.8M$61.0M$48.2M
Accrued liabilities$106.6M$125.0M$81.7M
Current portion of long-term debt$6.6M$9.1M$33.3M
Other current liabilities$4.3M$4.4M$1.8M
Total current liabilities$174.3M$199.5M$165.0M
Long-term debt, net of debt issuance costs$1.6B$1.5B$1.7B
Tax receivable agreement liability$294.6M$217.1M$201.6M
Other long-term liabilities$31.1M$30.6M$30.3M
Total non-current liabilities$1.9B$1.7B$1.9B
Total liabilities$2.1B$1.9B$2.1B
Common Stock$760.5M$659.9M$608.4M
Accumulated deficit($551.0K)($3.2M)($667.0K)
Total shareholders' equity attributable to WaterBridge Infrastructure LLC$759.9M$656.7M$607.7M
Noncontrolling interest$1.1B$1.2B$1.3B
Total shareholders' equity$1.8B$1.8B$1.9B
Total liabilities and equity$3.9B$3.8B$3.9B

Cash flow statement

WaterBridge Infrastructure LLC cash flow statement, fiscal years
Line itemDec 31, 2025 · FY
Net income prior to reorganization$9.0K
Depreciation, amortization, and accretion$140.9M
Amortization and write off of debt issuance costs$4.4M
Share-based compensation$5.3M
Contractual customer relationships amortization$1.8M
Loss (gain) on disposal of assets, net$12.0M
Loss on extinguishment of debt, net$11.4M
Deferred income tax benefit($1.2M)
Other$505.0K
Accounts receivable($37.1M)
Related party accounts receivable$14.5M
Prepaid expenses and other assets($1.0M)
Accounts payable$5.1M
Related party accounts payable$3.7M
Contract liabilities($120.0K)
Accrued and other liabilities($484.0K)
Consideration paid to customer$0
Net cash provided by operating activities$159.7M
Acquisitions, net of cash acquired$39.9M
Capital expenditures($278.6M)
Proceeds from disposal of assets$20.0M
Net cash used in investing activities($218.6M)
Repayments of debt($1.8B)
Proceeds from debt$1.5B
Proceeds from issuance of Class A shares, net of underwriting discounts and commissions685.4M
Purchase of OpCo equity interests from Elda River($228.2M)
Contributions from member$20.1M
Debt issuance costs($26.5M)
Deferred offering costs($8.3M)
Repayments of finance leases($1.1M)
Net cash provided by (used in) financing activities$97.2M
Net (decrease) increase in cash and cash equivalents$38.3M
Cash and cash equivalents - beginning of period$13.3M
Cash and cash equivalents - end of period$51.5M
WaterBridge Infrastructure LLC cash flow statement, quarters
Line itemJun 30, 2026 · YTDMar 31, 2026 · Q1Sep 30, 2025 · YTD
Net income (loss)$24.1M$9.5M$13.6M
Depreciation, depletion, amortization and accretion$141.0M$68.9M—
Amortization of debt issuance costs$2.1M$1.0M—
Share-based compensation$5.2M$2.6M$2.6M
Contractual customer relationships amortization$916.0K$458.0K$1.4M
(Gain) loss on disposal of assets, net($66.0K)($74.0K)$11.8M
Tax receivable agreement remeasurement$3.2M——
Deferred income tax expense$2.7M$892.0K($420.0K)
Other$827.0K$343.0K$160.0K
Accounts receivable($4.5M)$5.0M($26.8M)
Related party accounts receivable($9.3M)($7.6M)$9.1M
Prepaid expenses and other assets$6.8M$2.4M($3.1M)
Accounts payable$5.1M$2.4M$9.8M
Taxes payable$609.0K$163.0K—
Related party accounts payable($237.0K)($46.0K)$3.5M
Contract liabilities($295.0K)($148.0K)$0
Accrued and other liabilities($18.2M)$9.2M($25.7M)
Net cash provided by operating activities$160.0M$95.1M$71.5M
Acquisitions, net of cash acquired($82.8M)$0$39.9M
Capital expenditures($234.2M)($110.9M)($189.4M)
Proceeds from disposal of assets$1.3M$1.2M$19.9M
Net cash used in investing activities($315.7M)($109.7M)($129.5M)
Proceeds from debt$175.0M$25.0M—
Dividends, dividend equivalents and distributions paid($12.4M)($6.2M)—
Repayments on term loans($8.7M)—($21.2M)
Offering costs($1.2M)($540.0K)($2.3M)
Repayments of finance leases($626.0K)($283.0K)—
Deferred offering costs($244.0K)——
Debt issuance costs($17.0K)$0($543.0K)
Taxes paid related to net share settlement of RSUs($11.0K)($11.0K)—
Contributions from member$0—$20.1M
Net cash provided by (used in) financing activities$151.8M$13.7M$391.4M
Net decrease in cash and cash equivalents($3.9M)($875.0K)$333.4M
Cash and cash equivalents - beginning of period$51.5M$51.5M$13.3M
Cash and cash equivalents - end of period$47.6M$50.7M$346.6M

WaterBridge Infrastructure LLC score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.