Key Highlights

  • Produced water handling volumes hit a record 2.8 million barrels per day in the third quarter, up 9% from a year earlier and 6% from the second quarter of 2026.
  • Revenue reached USD 240.2 million, up 17% year over year and 10% quarter over quarter, while Net Income was USD 13.3 million, a 6% margin.
  • Adjusted EBITDA, a non-GAAP measure, totaled USD 124.2 million, up 18% year over year, for a 52% margin, and the full-year EBITDA guidance midpoint rose 4%.
  • The board declared a quarterly Cash Dividend of USD 0.05 per Class A share, payable on December 10, 2026 to holders of record on November 25, 2026.

Record Volumes Anchor the Third Quarter

WaterBridge Infrastructure (NYSE:WBI) unveiled its third-quarter 2026 numbers on November 4, 2026. Produced water handling hit a record 2.8 million barrels daily, propelled by vigorous activity in the Delaware Basin and improved capture of volumes in pore-pressure-constrained zones such as the Stateline. Revenue of USD 240.2 million grew 17% from a year earlier and 10% from the prior quarter, reflecting greater throughput and better pricing on recently started contracts. Net income of USD 13.3 million was a bit under the USD 14.6 million recorded in the second quarter. Adjusted EBITDA came to USD 124.2 million, a 7% sequential gain. Comparisons to third-quarter 2025 are pro forma, as though the combination and IPO had closed on January 1, 2024.

Speedway Pipeline Outperformance Supports Higher Guidance

Midpoints for 2026 produced water Volume and adjusted EBITDA guidance were lifted 2% and 4%. Volume is now projected at 2.65 to 2.75 million barrels daily, while adjusted EBITDA should land between USD 465 million and USD 485 million. The capex range was tightened to USD 530 million to USD 560 million, a 3% lower midpoint, as some projects move from 2026 into 2027. The first phase of the Speedway pipeline entered service and exceeded volume expectations, and new commercial contracts for access were signed. Third-quarter Capital outlays totaled USD 123.9 million, primarily Speedway construction and Delaware Basin assets. Gross Margin registered USD 62.7 million, or USD 0.22 per barrel. The higher midpoints follow directly from the first-phase result cited in this section.

Debt Rises to USD 1.837 Billion as Liquidity Expands

Liquidity stood at USD 539.7 million on September 30, 2026, made up of roughly USD 505.0 million of revolver availability and USD 34.7 million of cash. In August the company issued an extra USD 150.0 million of 6.50% senior unsecured notes due 2033, lifting that series to USD 750.0 million, while the revolving Facility expanded by USD 250 million. Borrowings reached USD 1.837 billion, compared with USD 1.636 billion on June 30, 2026. The company flagged dependence on a small set of customers and a single region, plus Commodity swings that can alter customer drilling plans. A conference call was set for November 5, 2026.

Where Things Stand

Largely through record volumes and a Speedway start-up that outperformed. WaterBridge Infrastructure (NYSE:WBI) raised its 2026 volume and adjusted EBITDA midpoints and trimmed capital spending because of timing, yet sequential net income dipped and borrowings climbed to USD 1.837 billion to finance expansion. Next, watch the November 5 call, the December 10 dividend payment and how much deferred spending moves into 2027.