Monitor Q2 volumes and Speedway pipeline milestones to gauge execution on raised guidance. The sequential revenue decline is seasonal, but if volumes rebound, the stock could re-rate. Absent a catalyst, we expect modest movement.
Price Chart
Executive Summary
WaterBridge reported Q1 2026 revenue of $201.0M (down 4% sequentially) but swung to net income of $9.5M from a net loss, and raised full-year 2026 Adjusted EBITDA guidance to $425-$465M. The guidance raise reflects increased confidence in commercial demand and a strengthening macro backdrop.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $201.0M, down 4% vs Q4 2025's $208.9M
- Net income of $9.5M vs net loss of $13.6M in Q4 2025
- Adjusted EBITDA $102.9M, margin 51%
- Raised FY 2026 produced water volume guidance to 2.525-2.725 MBbl/d (from 2.5-2.7)
- Raised FY 2026 Adjusted EBITDA guidance to $425-$465M (from $420-$460M)
- Declared $0.05/share quarterly dividend, payable June 18
- Speedway Phase II open season closed with strong demand
Financial Impact
Revenue declined sequentially but guidance raised; net income positive vs prior loss
Risk Factors
- Seasonal volume decline may persist into Q2
- E&P activity slowdown could impact guidance
- High leverage and capex requirements
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-209050 |
| Document: wbi-20260506.htm | 0001193125-26-209050 |
| Document: 0001193125-26-209050-index-headers.html | 0001193125-26-209050 |
| Document: 0001193125-26-209050-index.html | 0001193125-26-209050 |
| Document: 0001193125-26-209050.txt | 0001193125-26-209050 |
| 8-K Data (Synthetic) | 0001193125-26-209050 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 18, 2026 6w ago | 8-K | $31.74 $31.02 | ▼ −2.27% | ▼ −0.32% | $28.85 (−9.11%) |
Jun 11, 2026 16w ago | Institutional Cluster | $30.50 $34.54 | ▲ +13.25% | ▲ +11.36% | $28.85 (−5.41%) |
May 6, 2026 21w ago | 8-K | $28.05 $29.93 | ▲ +6.70% | ▲ +3.57% | $28.85 (+2.85%) |
Apr 15, 2026 24w ago | 3 | $26.50 $29.12 | ▲ +9.89% | ▲ +3.84% | $28.85 (+8.87%) |
Apr 13, 2026 24w ago | EFFECT | $25.70 $28.01 | ▲ +8.99% | ▲ +1.26% | $28.85 (+12.26%) |
US Market Status
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