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.
Looking ahead, WaterBridge is focused on expanding its long-haul infrastructure to support continued drilling activity in the Delaware and Midland Basins.
In February 2026, the company announced an open season for the second phase of its Speedway long-haul produced water pipeline project, a key initiative aimed at increasing transport capacity and system redundancy.
The company ended the year with a significant focus on capital discipline and the optimization of its high-margin "Adjusted Operating Margin," which reached $416.9 million on a pro forma annual basis.