WaterBridge Infrastructure LLC
WBI NYSE Oil & Gas Field Services, Nec Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$526M
66.2%
vs prior year
Operating margin
Operating income as a share of revenue.
15.0%
2.8 pts
Net income
Profit after all expenses, interest and tax.
$0.0M
99.7%
Free cash flow
Cash from operations minus capital spending.
−$119M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
3.1%
5.7 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What WaterBridge Infrastructure LLC does
No business description yet.
- Legal name
- WaterBridge Infrastructure LLC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 16, 2026
- Accession · CIK
- 0001193125-26-106541
0002064947
Revenue and margins
WaterBridge Infrastructure LLC had $526M of revenue in fiscal 2025, up 66.2% on the year before.
FY23
Revenue $201M
FY24
Revenue $316M
FY25
Revenue $526M
Q3 '24
Revenue $89.8M
Q4 '24
Revenue $87.2M
Q1 '25
Revenue $97.9M
Q2 '25
Revenue $95.5M
Q3 '25
Revenue $123M
Q4 '25
Revenue $209M
Q1 '26
Revenue $201M
Q2 '26
Revenue $218M
FY23
Gross 27.5%
Operating 20.2%
Net 7.3%
FCF −49.6%
FY24
Gross 28.0%
Operating 17.8%
Net 0.9%
FCF −27.2%
FY25
Gross 27.1%
Operating 15.0%
Net 0.0%
FCF −22.6%
Gross
Operating
Net
FCF
Q3 '24
Gross 30.0%
Operating 21.0%
Net 3.7%
FCF —
Q4 '24
Gross 26.7%
Operating 17.3%
Net 0.6%
FCF −26.0%
Q1 '25
Gross 35.7%
Operating 16.1%
Net 1.7%
FCF −2.3%
Q2 '25
Gross 26.7%
Operating 18.0%
Net 7.5%
FCF −71.7%
Q3 '25
Gross 28.4%
Operating 19.2%
Net −0.5%
FCF −38.2%
Q4 '25
Gross 22.4%
Operating 10.7%
Net −7.9%
FCF −0.5%
Q1 '26
Gross 24.0%
Operating 15.2%
Net 1.7%
FCF −7.9%
Q2 '26
Gross 26.7%
Operating 18.5%
Net 2.3%
FCF −26.8%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income $14.7M
FY24
Net income $3.0M
FY25
Net income $0.0M
Q3 '24
Net income $3.3M
Q4 '24
Net income $0.5M
Q1 '25
Net income $1.7M
Q2 '25
Net income $7.1M
Q3 '25
Net income −$0.7M
Q4 '25
Net income −$16.4M
Q1 '26
Net income $3.5M
Q2 '26
Net income $5.1M
FY23
Diluted EPS —
FY24
Diluted EPS —
FY25
Diluted EPS —
Q3 '24
Diluted EPS —
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS —
Q2 '25
Diluted EPS —
Q3 '25
Diluted EPS −$0.02
Q4 '25
Diluted EPS —
Q1 '26
Diluted EPS $0.08
Q2 '26
Diluted EPS $0.10
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital 8.8%
Return on equity —
Return on assets 0.2%
FY25
Return on capital 3.1%
Return on equity 0.0%
Return on assets 0.0%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$119M in fiscal 2025, −22.6% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow −$99.5M
FY24
Free cash flow −$86.1M
FY25
Free cash flow −$119M
Q3 '24
Free cash flow —
Q4 '24
Free cash flow −$22.6M
Q1 '25
Free cash flow −$2.3M
Q2 '25
Free cash flow −$68.5M
Q3 '25
Free cash flow −$47.0M
Q4 '25
Free cash flow −$1.0M
Q1 '26
Free cash flow −$15.8M
Q2 '26
Free cash flow −$58.4M
FY23
Cash from operations $48.5M
Capital spending $148M
FY24
Cash from operations $73.9M
Capital spending $160M
FY25
Cash from operations $160M
Capital spending $279M
Cash from operations
Capital spending
Q3 '24
Cash from operations —
Capital spending —
Q4 '24
Cash from operations $9.2M
Capital spending $31.9M
Q1 '25
Cash from operations $43.2M
Capital spending $45.5M
Q2 '25
Cash from operations $16.0M
Capital spending $84.5M
Q3 '25
Cash from operations $12.3M
Capital spending $59.4M
Q4 '25
Cash from operations $88.2M
Capital spending $89.2M
Q1 '26
Cash from operations $95.1M
Capital spending $111M
Q2 '26
Cash from operations $64.9M
Capital spending $123M
Cash from operations
Capital spending
Dividends, buybacks and share count
WaterBridge Infrastructure LLC returned — to shareholders in fiscal 2025. The diluted share count rose 0.0%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
Q3 '24
Dividends —
Buybacks —
Q4 '24
Dividends —
Buybacks —
Q1 '25
Dividends $0.0M
Buybacks —
Q2 '25
Dividends $0.0M
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends $6.2M
Buybacks —
Q2 '26
Dividends $6.2M
Buybacks —
Dividends
Buybacks
FY23
Diluted shares —
FY24
Diluted shares —
FY25
Diluted shares —
Balance sheet
Cash, debt and the ratios that show how comfortably WaterBridge Infrastructure LLC can carry it.
FY23
Cash $12.9M
Debt —
FY24
Cash $13.3M
Debt $597M
FY25
Cash $51.5M
Debt $1.5B
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $12.9M | $13.3M | $51.5M |
| Debt incl. finance leases | — | $597M | $1.5B |
| Net debt / EBITDA | — | 4.3x | 6.4x |
| Debt / equity | — | — | 2.4x |
| Current ratio | — | 1.4x | 1.4x |
| Quick ratio | — | 1.4x | 1.4x |
| Total assets | — | $1.4B | $3.7B |
| Total liabilities | — | $688M | $1.9B |
| Shareholders' equity | — | $0.0M | $602M |
| Net debt (− = net cash) | — | $584M | $1.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✓ |
| Current ratio rose | — | — | ✕ |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 3 | — / 4 | 4 / 8 |
| Accruals ratio | — | −5.2% | −6.3% |
| Altman Z'' | — | 0.46 | 0.61 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $201M | $316M | $526M |
| Net interest income | −$26.2M | −$53.4M | −$68.9M |
| Gross profit | $55.3M | $88.4M | $142M |
| Operating income | $40.5M | $56.4M | $78.9M |
| Pretax income | $14.8M | $3.3M | −$1.1M |
| Income tax | $0.1M | $0.3M | −$1.1M |
| Net income | $14.7M | $3.0M | $0.0M |
| Cash flow | |||
| Cash from operations | $48.5M | $73.9M | $160M |
| Capital expenditure | $148M | $160M | $279M |
| Free cash flow | −$99.5M | −$86.1M | −$119M |
| Depreciation and amortization | $48.4M | $78.3M | $141M |
| Stock-based compensation | −$0.4M | $9.5M | $5.3M |
| Acquisitions | $25.3M | $167M | −$39.9M |
| Balance sheet | |||
| Cash and short-term investments | $12.9M | $13.3M | $51.5M |
| Total debt | — | $593M | $1.5B |
| Finance lease liabilities | — | $4.1M | $2.7M |
| Current assets | — | $120M | $261M |
| Current liabilities | — | $83.5M | $189M |
| Property and equipment, net | — | $1.1B | $2.3B |
| Goodwill | — | $9.1M | $53.1M |
| Intangible assets | — | $98.6M | $936M |
| Total assets | — | $1.4B | $3.7B |
| Total liabilities | — | $688M | $1.9B |
| Shareholders' equity | — | $0.0M | $602M |
| Margins | |||
| Gross margin | 27.5% | 28.0% | 27.1% |
| Operating margin | 20.2% | 17.8% | 15.0% |
| EBITDA margin | 44.3% | 42.6% | 41.8% |
| Net margin | 7.3% | 0.9% | 0.0% |
| FCF margin | −49.6% | −27.2% | −22.6% |
| Net interest share of revenue | −13.1% | −16.9% | −13.1% |
| Returns | |||
| Return on capital | — | 8.8% | 3.1% |
| Return on capital employed | — | 4.5% | 2.2% |
| Return on equity | — | — | 0.0% |
| Return on assets | — | 0.2% | 0.0% |
| Growth | |||
| Revenue growth | — | 57.5% | 66.2% |
| Net income growth | — | −79.6% | −99.7% |
| Financial health | |||
| Net debt / EBITDA | — | 4.3x | 6.4x |
| Debt / equity | — | — | 2.4x |
| Current ratio | — | 1.4x | 1.4x |
| Quick ratio | — | 1.4x | 1.4x |
| Capital allocation | |||
| Capex / revenue | 73.7% | 50.6% | 53.0% |
| Stock comp / revenue | −0.2% | 3.0% | 1.0% |
| Quality scores | |||
| Piotroski F-score | — | — | 4.0 |
| Altman Z'' | — | 0.5 | 0.6 |
| Accruals ratio | — | −5.2% | −6.3% |
Source: SEC EDGAR XBRL filings (CIK 0002064947). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.