WaterBridge Infrastructure Declares Inaugural $0.05 Quarterly Dividend
WaterBridge Infrastructure LLC, a Delaware Basin produced water infrastructure operator, declared its first quarterly cash dividend of $0.05 per Class A share. The dividend is payable March 19, 2026 to shareholders of record as of March 5, 2026.
WaterBridge Infrastructure LLC, a Delaware Basin produced water infrastructure operator, declared its first quarterly cash dividend of $0.05 per Class A share on February 25, 2026. The dividend is payable March 19, 2026 to shareholders of record as of March 5, 2026. Read more dividend announcements.
The board also approved a corresponding cash distribution to WBI Operating LLC unitholders.
| Dividend Details | Date |
|---|---|
| Amount per Share | $0.05 |
| Record Date | March 5, 2026 |
| Payment Date | March 19, 2026 |
| Frequency | Quarterly |
Fourth Quarter and Full Year 2025 Results
WaterBridge reported fourth quarter 2025 revenue of $208.9 million, up 2% from third quarter pro forma revenue of $205.5 million. The company posted a net loss of $13.6 million, or 7% net loss margin, compared to a $18.7 million pro forma net loss in the prior quarter.
Adjusted EBITDA for the quarter totaled $103.8 million with a 50% margin, down slightly from third quarter pro forma Adjusted EBITDA of $105.7 million. Gross margin reached $46.8 million.
For full year 2025, WaterBridge handled 2.4 million barrels per day of produced water, up 15% year-over-year. Pro forma revenue hit $790.0 million, a 19% increase from 2024. Pro forma net loss was $58.1 million with a 7% margin. Pro forma Adjusted EBITDA reached $402.8 million with a 51% margin.
The company achieved 99.7% operational uptime with measurement variance under 1% across its system for 2025. A single-day volume record of approximately 2.9 million barrels per day was set in the fourth quarter.
Balance Sheet and Capital Position
WaterBridge had total liquidity of $526.5 million as of December 31, 2025, including $475.0 million available under its revolving credit facility and cash of $51.5 million. Total borrowings outstanding stood at $1.465 billion, up from $609.4 million at year-end 2024.
2026 Guidance
The company expects 2026 Adjusted EBITDA of $420 million to $460 million. Full year produced water handling volumes are projected to average 2,500 to 2,700 thousand barrels per day, representing 7% annual growth.
Capital expenditures for 2026 are forecast at $430 million to $490 million, primarily for the Speedway Pipeline project's first and second phases. The pipeline's initial phase provides 500,000 barrels per day of throughput capacity, with Phase II expected to add another 500,000 barrels per day.
CEO Jason Long said 2025 was a milestone year as WaterBridge completed an upsized IPO and achieved record revenues. CFO Scott McNeely said the company entered 2026 from a position of strength.