WaterBridge Infrastructure LLC (WBI) · Nov 4, 2026 · Earnings
Beat — Revenue $240.2M vs ~$225.8M consensus; EBITDA guide midpoint raised 4%
WaterBridge earnings beat revenue expectations, with record water volumes, Speedway outperformance and higher 2026 EBITDA guidance.
WaterBridge is building a large, integrated produced-water network in the Delaware Basin, with Speedway designed to move water long-haul to out-of-basin pore space as basin pressure and customer demand rise. The original 2026 plan already assumed mid-year Speedway-driven growth, with volume guidance of 2.5–2.7 million barrels per day and Adjusted EBITDA guidance of $420–$460 million.
The quarter beat the published revenue bar and showed operating momentum. Revenue reached $240.2 million, about 6% above the published consensus of roughly $225.8 million, while produced-water volumes rose 6% sequentially and Adjusted EBITDA increased 7% sequentially.
| Metric | Q3 2026 | Q3 2025 | Consensus / prior guide |
|---|---|---|---|
| Produced water volumes (Financial Highlights) | 2.8 MMBbl/d (+9%) | 2.6 MMBbl/d | — |
| Revenue (Financial Highlights) | $240.2M (+17%) | $205.5M | $225.8M consensus |
| Adjusted EBITDA (Financial Highlights) | $124.2M (+18%) | $105.7M | — |
| Net income (Income Statement) | $13.3M | $(18.7)M | — |
| 2026 volume guidance (Updated 2026 Outlook) | 2.65–2.75 MMBbl/d | — | 2.50–2.70 MMBbl/d prior guide |
| 2026 Adjusted EBITDA guidance (Updated 2026 Outlook) | $465–$485M | — | $420–$460M prior guide |
| 2026 capital expenditures guidance (Updated 2026 Outlook) | $530–$560M | — | $430–$490M prior guide |
The more important change is that Speedway is validating the growth investment earlier than expected. Phase I was previously planned as a mid-2026 capacity addition, but the filing says volumes are already exceeding expectations and that new commercial agreements have been signed for pipeline access. 〔0〕 This matters because it supports both current-year guidance and the broader thesis that WaterBridge can turn constrained disposal demand into capital-efficient, contracted infrastructure growth. The company had already been pursuing a second Speedway phase, so the project itself is not new; the surprise is the strength of the early ramp.
Guidance was raised on the right operating variables, while spending was pushed out rather than eliminated. The volume midpoint rose 2% and the Adjusted EBITDA midpoint rose 4%, while the capital-expenditure midpoint fell 3% because some project spending is shifting into 2027. 〔1〕 That is a favorable execution signal: the business is producing more EBITDA with less 2026 cash deployment, although the lower capex figure partly reflects timing and should not be read as a permanent reduction in growth investment.
The balance sheet is the main offset, but it does not overturn the quarter. Total borrowings rose to $1.837 billion from $1.636 billion at June 30 after the company issued additional senior notes, even as liquidity stood at $539.7 million. The debt funds expansion and leaves substantial liquidity, but it means the stronger operating outlook is arriving alongside a more leveraged capital structure.
Bottom line: This is more than a routine quarterly beat: Speedway is ramping ahead of plan, and that outperformance is translating into higher EBITDA guidance with lower near-term capex. The core growth story is strengthening, though the expansion remains debt-supported.
Q3 earnings call, November 5
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