Waterbridge Infrastructure LLC Class A (WBI)
NYSE:WBI
Earnings Data
Report Date
Nov 18, 2026After Close (Confirmed)
Period Ending
2026 (Q3)Consensus EPS Forecast
―Last Year’s EPS
-0.15Same Quarter Last Year
Moderate Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call emphasized multiple operational and commercial wins — record and growing volumes, strong pro forma revenue growth (19% YoY) and adjusted EBITDA expansion (16% YoY), successful IPO and financing, and high-value projects (Kraken and oversubscribed Speedway) that underpin higher rates and expected margin improvement. Lowlights include ongoing pro forma net losses, leverage above the company's stated target (3.3x vs sub-3x goal), significant near-term CapEx needs ($430M–$490M planned for 2026), limited cash on hand, and timing/execution risk tied to Speedway Phase Two and other project ramps. Overall, the positives around scale, pricing power, project backlog, and strengthened financing appear to outweigh the manageable near-term financial and execution challenges.Company Guidance
Record and Growing Produced Water Volumes
Fourth quarter produced water volumes reached up to 2,600,000 barrels per day with a single-day record of 2,900,000 bpd; full year combined volumes averaged 2,400,000 bpd, representing 15% year-over-year growth and a >22% CAGR since 2022.
Revenue Growth and Strong EBITDA
Full year 2025 pro forma revenues of $790,000,000, a 19% increase year-over-year; Q4 record revenue of $208.9 million (up 2% vs pro forma Q3); full year adjusted EBITDA of $402.8 million, up 16% year-over-year; Q4 adjusted EBITDA of $103.8 million with a 50% adjusted EBITDA margin.
Operational Excellence and Reliability
System uptime of 99.7% for 2025 and measurement variance under 1%, supported by proprietary forecasting and real-time monitoring; infrastructure footprint of >5,000,000 bpd handling capacity, ~2,600 miles of integrated pipeline, and 12 facilities.
Commercial Wins and High-Value Projects
Kraken project brought online (~450,000 bpd initial capacity) with a ten-year minimum volume commitment (MVC) from BPX; Speedway Phase One oversubscribed and expected to enter service mid-year with major contracts effective in Q3; Phase Two launched Feb 2026 with demand outperforming expectations and potential to accelerate activity into 2026.
Successful IPO and Strengthened Capital Structure
Completed an upsized IPO in September 2025 and closed an inaugural $1.425 billion senior unsecured notes offering in Q4; ended year with total liquidity of $527 million (including $52 million cash and $475 million undrawn revolver).
2026 Guidance Reflects Growth with Back-half Weighting
2026 produced water handling guidance of 2,500,000–2,700,000 bpd; 2026 adjusted EBITDA guidance of $420,000,000–$460,000,000 (implying ~9% annual adjusted EBITDA growth) and expected to be weighted to the second half of 2026 as Kraken MVC and Speedway Phase One ramp.
Improving Pricing Power
Management reports rates rising meaningfully above the mid-$0.60 per barrel legacy average for new projects (Kraken, Speedway and other New Mexico projects), supporting margin expansion going forward.
Disciplined Capital Allocation and Return of Capital Initiated
Announced focused capital allocation priorities on high-return organic growth, selective M&A, balance sheet conservatism and opportunistic returns to shareholders; declared an inaugural quarterly dividend of $0.50 per share.
Waterbridge Infrastructure LLC Class A (WBI) Earnings, Revenues Date & History
WBI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
WBI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 16, 2026 | $25.35 | $23.94 | -5.56% |
Nov 12, 2025 | $25.42 | $24.62 | -3.14% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Waterbridge Infrastructure LLC Class A (WBI) report earnings?
Waterbridge Infrastructure LLC Class A (WBI) is schdueled to report earning on Nov 18, 2026, After Close (Confirmed).
What is Waterbridge Infrastructure LLC Class A (WBI) earnings time?
Waterbridge Infrastructure LLC Class A (WBI) earnings time is at Nov 18, 2026, After Close (Confirmed).
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What is WBI EPS forecast?
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