WaterBridge Infrastructure
Operates long-term produced-water and energy-waste infrastructure for U.S. oil and gas producers.
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Profile
Provides produced-water gathering, transportation, recycling, and handling for oil and gas producers under long-term contracts. The Delaware Basin network is complemented by Eagle Ford and Arkoma assets and Desert Environmental's non-hazardous energy-waste facilities. Services are reported in one segment, with demand tied to customer drilling, production, and disposal capacity.
Operates an integrated network that gathers, transports, recycles, and handles produced water for oil and gas exploration-and-production customers under long-term contracts. The network is concentrated in the Delaware Basin, with additional Eagle Ford and Arkoma assets. Desert Environmental operates two non-hazardous energy-waste management facilities, while the company reports the platform as one operating segment.
Produced water must be handled for wells to come online and remain in production, tying volumes to customer drilling and production activity. Operations also depend on access to produced-water disposal capacity and are regulated mainly by state oil-and-gas authorities. Regulation includes concern that deep-injection disposal can contribute to induced seismicity.
Company facts
Key statistics
Year to date +59.4% · Average volume (30d) 568.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Barclays | Reiterate | Overweight | $33 | $34 | |
| Aug 18, 2026 | Raymond James | Reiterate | Strong Buy | $30 | $40 | |
| Aug 13, 2026 | Wells Fargo | Reiterate | Neutral | $25 | $28 | |
| Aug 12, 2026 | Morgan Stanley | Reiterate | Overweight | $38 | $43 | |
| Jul 15, 2026 | Goldman Sachs | Reiterate | Buy | $36 | $41 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.09 | $0.10 | +5.9% | $213.7M | $217.8M | +1.9% | −2.47% |
| May 6, 2026Q1 FY26 | $0.06 | $0.05 | −25.0% | $199.3M | $201.0M | +0.9% | −4.17% |
| Mar 16, 2026Q4 FY25 | $0.01 | $0.00 | −157.9% | $202.1M | $208.9M | +3.4% | +3.76% |
| Nov 12, 2025Q3 FY25 | $0.08 | −$0.02 | −125.0% | $200.4M | $123.3M | −38.5% | −3.14% |
Financial highlights
| 8 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $178.1M | $196.8M | $123.3M | $208.9M | $201.0M | $217.8M | |
| Gross profit | $56.3M | $21.6M | $35.0M | $46.8M | $48.2M | $58.1M | |
| Operating income | $29.0M | $3.9M | $23.7M | $22.4M | $30.4M | $40.3M | |
| Net income | −$10.7M | $1.5M | $4.8M | −$3.9M | $9.5M | $5.1M | |
| Diluted EPS | −$0.28 | $0.04 | $0.11 | −$0.00 | $0.22 | $0.12 | |
| Gross margin | 31.6% | 11.0% | 28.4% | 22.4% | 24.0% | 26.7% | |
| Operating margin | 16.3% | 2.0% | 19.2% | 10.7% | 15.1% | 18.5% |
Fiscal years (4-quarter sums)FY25 $707.0M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $47.6M · Total debt $1.62B · Total assets $3.94B · Shareholders' equity $759.9M
Dividends
To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 27, 2026 | Aug 27 | Sep 10 | $0.05 | |
| Jun 4, 2026 | Jun 4 | Jun 18 | $0.05 | |
| Mar 5, 2026 | Mar 5 | Mar 19 | $0.05 |
Ownership
Shares outstanding 47.02M · Float 35.89M · 76.3% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Devon Energy Corp/DE | 17.76M | 37.77% | 13F | May 13, 2026 |
| Devon WB Holdco L.L.C. | 17.76M | 29.10% | 13G | Nov 13, 2025 |
| WBR Holdings LLC | 13.04M | 20.90% | 13G | Jun 26, 2026 |
| ALPS Advisors, Inc. | 9.85M | 7.98% | 13G | Jul 9, 2026 |
| Horizon Kinetics Asset Management LLC | 7.34M | 17.00% | 13G | Apr 29, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 22, 2026 | Devon Energy Corp/DE | 10 percent owner | −1,755,174 | $30.05 |
| Jun 22, 2026 | David N. Capobianco | director, 10 percent owner: | −5,894,826 | $30.05 |
| Jun 22, 2026 | WBR Holdings LLC | 10 percent owner | −5,894,826 | $30.05 |
| Jun 22, 2026 | WaterBridge Resources LLC | 10 percent owner | −5,894,826 | $30.05 |
| Jan 6, 2026 | Michael Howard JR Reitz | officer: See Remarks | +4,865 | $20.49 |
Peers
- Western Midstream Partners
Delaware Basin produced-water network expanded through Aris
- NGL Energy Partners
Direct Delaware Basin peer in produced-water disposal and recycling
- Select Water Solutions
Permian produced-water recycling and pipeline network operator
- Delek Logistics Partners
Permian water disposal and recycling platform, including Delaware Basin
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| WaterBridge Infrastructure | $31.44 | 0.00% | $1.48B | 70.3 | 52.4 | 2.0 | — |
| Western Midstream Partners | $48.33 | +0.13% | $19.96B | 15.1 | 12.5 | 4.6 | +30.0% |
| NGL Energy Partners | $18.15 | +0.72% | $2.25B | — | 14.3 | 0.6 | +59.1% |
| Select Water Solutions | $19.28 | +0.05% | $2.11B | 71.7 | 28.1 | 1.5 | +8.7% |
| Delek Logistics Partners | $54.79 | +0.57% | $2.91B | 19.1 | 12.9 | 2.4 | +56.2% |
| Median | 19.1 | 13.6 | 2.0 | +43.1% |