LandBridge Raises Quarterly Dividend 20% to $0.12 Per Share

LandBridge Company LLC (NYSE: LB), a Houston-based land management company focused on energy and industrial development, declared a quarterly cash dividend of $0.12 per Class A share, marking a 20% increase from its previous $0.10 quarterly payout. The board of directors approved the dividend on February 25, 2026. Read more dividend announcements.

The dividend represents the company's seventh consecutive public quarter of growth, coming alongside strong fourth quarter 2025 results that saw revenues climb 56% year-over-year to $56.8 million. The increased payout will be paid to shareholders of record as of March 5, 2026, with payment scheduled for March 19, 2026.

Share Repurchase Authorization

Concurrent with the dividend announcement, LandBridge's board authorized a two-year share repurchase program allowing the company to buy back up to $50 million in Class A shares through year-end 2027. The company said the program would provide opportunities to acquire shares at levels that do not reflect the fundamental earnings power of the business.

Management indicated that while the repurchase authorization provides increased capital deployment flexibility, the company's primary capital allocation priority remains investing in long-term business growth through disciplined mergers and acquisitions.

Fourth Quarter 2025 Financial Performance

LandBridge reported revenues of $56.8 million for the fourth quarter ended December 31, 2025, up 56% from the prior-year period and 12% from the third quarter. Net income reached $18.2 million, representing a 32% net income margin.

Adjusted EBITDA climbed 61% year-over-year to $51.1 million, with an adjusted EBITDA margin of 90%. Free cash flow totaled $36.4 million, yielding a free cash flow margin of 64%. Operating cash flow was $38.1 million, or 67% of revenues.

For the full year 2025, revenues totaled $199.1 million, an 81% increase from 2024. Net income was $72.4 million with a 36% margin. Adjusted EBITDA rose 83% to $177.2 million, and free cash flow reached $122.0 million.

Balance Sheet and Liquidity

As of December 31, 2025, LandBridge had total liquidity of $235.7 million, including $30.7 million in cash and cash equivalents and approximately $205.0 million of available borrowing capacity under its revolving credit facility. The company had $570.0 million of borrowings outstanding under its senior notes and revolving credit facility.

In November 2025, LandBridge refinanced all existing debt through a $500.0 million offering of 6.25% senior unsecured notes due 2030 and a new $275.0 million senior secured revolving credit facility maturing in June 2030.

2026 Outlook

LandBridge provided full-year 2026 adjusted EBITDA guidance of $205 million to $225 million, representing projected year-over-year growth of over 20% at the midpoint of the range. The company manages over 315,000 acres of surface land in Texas, primarily in Pecos and Loving counties, supporting energy, power, digital infrastructure, and industrial development.

Chief Financial Officer Scott McNeely noted that 2025 saw approximately 450 new easements and agreements executed on the company's acreage, with the business model generating predominantly fee-based revenue yielding high adjusted EBITDA and free cash flow.