This is an information refresh, not a new operating event. The exhibit repeats developments already announced: the $80 million Ranger Water acquisition closed June 22, 2026; the Northern Delaware Basin Landfill purchase was agreed August 4, 2026; and the revolving facility was upsized the same day. It also repeats the previously disclosed Speedway Pipeline buildout and potential corporate conversion. With no new earnings release, forecast or transaction surprise, the market-level read is confirmation rather than a beat or miss. (Recent Developments)
The operating profile remains growth-oriented. WaterBridge reports $218.7 million of adjusted EBITDA for the first six months of 2026, including $115.8 million in the second quarter versus $102.9 million in the first quarter and $103.8 million in the year-ago quarter. Revenue was $418.7 million for the first half, while adjusted EBITDA margin was 52%. These figures show continued scale and stable margins, but the filing provides no published consensus against which to call them better or worse than expected. (Non-GAAP Financial Measures)
| Metric | 2Q 2026 | 1Q 2026 | 2Q 2025 / prior period |
|---|---|---|---|
| Total revenues | $217.8M | $201.0M | $208.9M (2Q 2025) (Non-GAAP Financial Measures) |
| Adjusted EBITDA | $115.8M | $102.9M | $103.8M (2Q 2025) (Non-GAAP Financial Measures) |
| Adjusted EBITDA margin | 53% | 51% | 50% (2Q 2025) (Non-GAAP Financial Measures) |
| Six-month adjusted EBITDA | $218.7M | — | $192.4M (1H 2025) (Non-GAAP Financial Measures) |
| Net debt / Covenant EBITDA | 3.3x actual | — | 3.5x pro forma (June 30, 2026) (Net Debt and Net Leverage) |
The main unresolved issue is leverage, not demand. Actual net debt was $1.59 billion at June 30, 2026, and leverage was 3.3x Covenant EBITDA; including the pending landfill acquisition and related financing, leverage rises to 3.5x. That remains above management’s stated long-term target of less than 3.0x, so the growth program is being funded while balance-sheet repair is still unfinished. (Net Debt and Net Leverage)
Financing flexibility improved, but it does not change the near-term verdict. The revolver increased from $500 million to $750 million, with another potential $250 million of incremental capacity, and pricing declined by 25 basis points. That supports funding for Speedway and acquisitions, but it is an already disclosed amendment rather than a new catalyst. Net: the filing reinforces the existing expansion story while leaving leverage above target and expectations unchanged. (Recent Developments; Potential Corporate Conversion)
Read the original 8-K on SEC EDGAR ↗