WBI on NYSE

WaterBridge Infrastructure LLC

WaterBridge was formed on April 11, 2025 as a Delaware limited liability company to serve as the issuer in an initial public offering of equity, which closed on September 18, 2025 (the “IPO”).4 From its latest annual report

Price unavailable

Last updated Oct 19, 2026.

Overview

$525.6MRevenue, fiscal 20252
$9.0KNet income, fiscal 20252

Compare with Core Laboratories, Ranger Energy Services, Inc. or Nine Energy Service, Inc., or pick any stock.

  • TickerWBI on NYSE1
  • IndustryOil & Gas Field Services, NEC1
  • HeadquartersHouston, Texas1
  • Incorporated inDE3
  • Business address5555 San Felipe Street, Suite 1200, Houston, Tx 770563
  • Filer categoryNon-accelerated filer3

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WaterBridge was formed on April 11, 2025 as a Delaware limited liability company to serve as the issuer in an initial public offering of equity, which closed on September 18, 2025 (the “IPO”). WaterBridge is a holding company, the principal asset of which is units representing limited liability company interests (“OpCo Units”) in OpCo. WaterBridge is also the sole managing member of OpCo. Unless otherwise indicated or the context otherwise requires, references in this Annual Report to “WaterBridge,” “us,” “we,” “our” or the “Company” are to (i) WaterBridge NDB Operating LLC (“NDB Operating”), one of our predecessors for SEC reporting purposes, and its subsidiaries, for periods prior to the completion of the combination and reorganization transactions in connection with the IPO and (ii) WaterBridge and its subsidiaries for periods following the completion such transactions. For more infor…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

15.0%Operating margin2
0.0%Net margin2
66.2%Revenue growth, 20252
0.0%Return on equity2
2.38×Debt to equity2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Produced Water Handling Revenues Excluding Skim Oil brought in 92% of the revenue WaterBridge Infrastructure LLC broke down this way in fiscal 2025.

  1. Produced Water Handling Revenues Excluding Skim Oil$434.5M292%up 71% from 2024
  2. Skim Oil$37.1M28%up 27% from 2024
Products and services by year
Products and services202320242025
Produced Water Handling Revenues Excluding Skim Oil$167.5M$254.7M$434.5M
Skim Oil$16.4M$29.3M$37.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue73¢$383.3M
  • Other costs27¢$141.2M
  • Income tax0¢$1.1M
  • Profit0¢$9.0K

Out of $525.6M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$159.7M

Out of $159.7M of cash from operations.2

Financial statements

Revenue2$525.6M in 2025+162% since 2023
0$200.0M$400.0M$600.0M2023: $200.8M$200.8M20232024: $316.3M$316.3M2024+58%2025: $525.6M$525.6M2025+66%
Operating income2$78.9M in 2025+95% since 2023
0$20.0M$40.0M$60.0M$80.0M2023: $40.5M$40.5M20232024: $56.4M$56.4M2024+39%2025: $78.9M$78.9M2025+40%
Net income2$9.0K in 2025−100% since 2023
0$5.0M$10.0M$15.0M2023: $14.7M$14.7M20232024: $3.0M$3.0M2024−80%2025: $9.0K$9.0K2025−100%

Every line of the income statement as filed: the last 3 fiscal years (annual) or 1 quarters (quarterly), latest first.2

Period ending2025-12-312024-12-312023-12-31
Total revenues$525.6M$316.3M$200.8M
Depreciation, depletion, amortization and accretion$140.9M$78.3M$48.4M
Total cost of revenues$383.3M$227.8M$145.5M
General and administrative expense$47.2M$33.8M$14.7M
Loss (gain) on disposal of assets, net$12.0M-$137.0K$97.0K
Other operating expense (income), net$4.2M-$1.6M$21.0K
Operating income$78.9M$56.4M$40.5M
Interest expense, net$68.9M$53.4M$26.2M
Loss on extinguishment of debt, net$11.4M$0$0
Other income, net-$433.0K-$251.0K-$523.0K
(Loss) income from operations before taxes-$1.1M$3.3M$14.8M
Income tax (benefit) expense-$1.1M$320.0K$111.0K
Net income$9.0K$3.0M$14.7M

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Leadership

Who has led WaterBridge Infrastructure LLC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jason Thomas Long2025–now

President

  1. Michael Howard Reitz Jr.2025–now

Chief financial officer

  1. Scott Lloyd McNeely2025–now

Chief operating officer

  1. Michael Howard Reitz Jr.2025–now
Board members and other officers (17)

Timeline

  1. Sep 17, 2025New chief executive Jason Thomas Long becomes CEO8

Filings

136 filings to the SEC since October 2021: 1 annual reports, 3 quarterly reports, 18 major events, 57 insider forms, 14 large holders, 43 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13G/A EDGAR
  2. Oct 1, 2026S-3ASR EDGAR
  3. Oct 1, 2026S-3ASR EDGAR
  4. Sep 22, 20264 EDGAR
  5. Sep 22, 20264 EDGAR
  6. Sep 22, 20264 EDGAR
  7. Sep 22, 20264 EDGAR
  8. Sep 22, 20264 EDGAR
  9. Sep 22, 20264 EDGAR
  10. Sep 22, 20264 EDGAR
  11. Sep 22, 20264 EDGAR
  12. Sep 22, 20264 EDGAR
  13. Sep 21, 20268-K EDGAR
  14. Aug 18, 2026424B3 EDGAR
  15. Aug 18, 20268-K EDGAR
  16. Aug 13, 2026SCHEDULE 13G/A EDGAR
  17. Aug 13, 2026424B3 EDGAR
  18. Aug 13, 20268-K EDGAR
  19. Aug 6, 20264 EDGAR
  20. Aug 6, 20264 EDGAR

The 136 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

10 open-market trades by officers, directors and large owners since October 2021: 6 buys and 4 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 22, 2026DEVON ENERGY CORP/DE10% ownerSale1,755,174$30.05$52.7MForm 4
Jun 22, 2026WaterBridge Resources LLC10% ownerSale5,894,826$30.05$177.1MForm 4
Jun 22, 2026Five Point Energy GP I LP10% ownerSale5,894,826$30.05$177.1MForm 4
Jun 22, 2026Capobianco David NDirectorSale5,894,826$30.05$177.1MForm 4
Jan 6, 2026McNeely Scott LloydExecutive VP, CFOBuy1,278$19.56$25.0KForm 4
Jan 6, 2026Reitz Michael Howard JRSee RemarksBuy4,865$20.49$99.7KForm 4
Jan 5, 2026Long Jason ThomasChief Executive OfficerBuy5,000$19.84$99.2KForm 4
Jan 5, 2026Bolling Harrison FennerExecutive VP and GCBuy2,000$19.98$40.0KForm 4
Sep 18, 2025CRANE JAMES RDirectorBuy300,000$20.00$6.0MForm 4
Sep 18, 2025DAILY GREGORY SDirectorBuy75,000$20.00$1.5MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Devon Energy Corp/DE16,002,051$548.4M34.4%−1,755,174
Alps Advisors Inc9,851,493$337.6M1.6%New
Horizon Kinetics Asset Management LLC7,650,237$262.2M3.0%+308,090
Fmr LLC3,869,296$132.6M0.0%−94,478
Hood River Capital Management LLC1,960,405$67.2M0.5%+1,339,831
UBS Group AG1,935,231$66.3M0.0%+1,607,570
Schwartz Investment Counsel Inc1,681,789$57.6M1.9%+78,760
Capital Research Global Investors1,497,559$51.3M0.0%New
Tensile Capital Management LP1,082,533$37.1M5.1%+97,959
Ameriprise Financial Inc1,074,786$36.8M0.0%−104,739
Emory University1,001,685$34.3M21.4%+1,685
Jpmorgan Chase & Co905,080$30.1M0.0%+863,196
Balyasny Asset Management L.P.831,453$28.5M0.1%+812,377
Jennison Associates LLC821,534$28.2M0.0%+497,611
First Manhattan Co. Llc.803,720$27.5M0.1%No change
William Blair Investment Management, LLC783,780$26.9M0.1%New
Marshall Wace, Llp705,798$24.2M0.0%+32,808
Hill City Capital, LP700,000$24.0M0.6%No change
Ranger Investment Management, L.P.682,262$23.4M1.5%−242,308
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT620,000$21.2M1.0%+417,500
Goldman Sachs Group Inc600,225$20.6M0.0%+381,825
Loomis Sayles & Co L P599,413$20.5M0.0%−1,189
Federated Hermes, Inc.590,000$20.2M0.0%−43,000
Fideuram - Intesa Sanpaolo Private Banking S.p.a.562,311$19.3M0.6%−79,550
Westwood Holdings Group Inc547,482$18.8M0.1%−195,680

13F reports cover disclosed long positions in U.S. stocks only.

Members of Congress who traded it

3 trades disclosed by members of Congress. “Vs S&P since” is the stock’s change since the trade minus the S&P 500’s.

DateMemberTradeAmountVs S&P sinceFiling
Nov 11, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$100,001 - $250,000−2.2%Report
Sep 26, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$15,001 - $50,000Report
Sep 17, 2025Gilbert Ray Cisneros, Jr.Democratic, HouseBuy$15,001 - $50,000Report

Members report amounts as ranges, not exact figures. Returns are price-only (no dividends).

Sources

The numbers on this page point here. Each one links to the record it came from.

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