WaterBridge Infrastructure (NYSE:WBI) reported its full-year 2025 financial results on Monday, highlighting a transformative year defined by its September initial public offering and the strategic combination of its legacy operating entities.
The Houston-based midstream provider, which specializes in produced water handling for the energy industry, saw pro forma revenue climb 19% year-over-year to $790 million.
The company’s growth was underpinned by a 15% increase in combined produced water handling volumes, which averaged 2.4 million barrels per day for the year.
The scale of WaterBridge’s operations reached a new milestone in the fourth quarter, achieving a single-day volume record of approximately 2.9 million barrels per day.
This operational momentum pushed quarterly revenue to $208.9 million, representing a 2% increase over the third quarter.
On a pro forma basis, WaterBridge reported a net loss of $58.1 million for 2025, resulting in a net loss margin of 7%.
However, the company maintained strong operational profitability, posting pro forma Adjusted EBITDA of $402.8 million and an adjusted EBITDA margin of 51%.
Management noted that the results reflect the successful integration of WBEF, NDB Operating, and Desert Environmental following their combination in late 2025.