Waterbridge Infrastructure LLC cash flow statement

In fiscal 2025, Waterbridge Infrastructure LLC's operations generated $160m of cash; it spent $279m on capital projects, leaving free cash flow of −$119m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Waterbridge Infrastructure LLC: cash flow statement, annual
Fiscal year	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	48	74	160	261
Depreciation and amortisation	48	78	141	192
Stock-based pay	−0	10	5	9
Capital spending	148	160	279	383
Free cash flow	−99	−86	−119	−122
Free cash flow after stock pay	−99	−96	−124	−131
Shares issued	0	0	685	—

US$ millions unless shown otherwise. Fiscal quarters.

Waterbridge Infrastructure LLC: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	—	9	43	16	12	88	95	65
Depreciation and amortisation	20	21	19	19	30	69	45	48
Stock-based pay	—	0	0	1	1	3	3	3
Capital spending	—	32	46	84	59	89	111	123
Free cash flow	—	−23	−2	−69	−47	−1	−16	−58
Free cash flow after stock pay	—	−23	−3	−70	−48	−4	−18	−61
Shares issued	—	0	—	—	—	0	—	—

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Waterbridge Infrastructure LLC's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Waterbridge Infrastructure LLC.