LandBridge Company LLC Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	30.13	5.11	63.17	-6.36
Depreciation & Amortization	11.47	8.88	8.76	6.72
Other Amortization	2.19	1.69	0.39	-
Stock-Based Compensation	45.32	95.34	-17.23	36.36
Change in Accounts Receivable	-9.67	1.04	-2.09	-6.34
Change in Accounts Payable	0.02	0.27	0.36	-1.58
Change in Other Net Operating Assets	-0.22	0.41	-0.25	-0.3
Other Operating Activities	50.79	-47	-0.25	-
Operating Cash Flow	126.27	67.64	53.04	20.5
Operating Cash Flow Growth	86.69%	27.51%	158.74%	-
Acquisition of Real Estate Assets	-4.24	-0.99	-2.78	-3.29
Sale of Real Estate Assets	0.21	-	0.01	-
Net Sale / Acq. of Real Estate Assets	-4.03	-0.99	-2.77	-3.29
Cash Acquisition	-229.05	-723.37	-	-8.38
Investing Cash Flow	-233.07	-724.35	-2.77	-11.67
Long-Term Debt Issued	783.55	417.5	150	-
Long-Term Debt Repaid	-599.2	-162.96	-77.82	-6.5
Net Debt Issued (Repaid)	184.35	254.54	72.18	-6.5
Issuance of Common Stock	-	737.55	-	10.98
Common Dividends Paid	-63.71	-178.24	-105.17	-1.14
Other Financing Activities	-20.13	-157.92	-4.81	-0.07
Net Cash Flow	-6.29	-0.79	12.47	12.1
Cash Interest Paid	26.96	19.68	5.91	3.2
Cash Income Tax Paid	8.73	0.39	0.21	8.5
Levered Free Cash Flow	93.18	85.22	36.48	-
Unlevered Free Cash Flow	111.43	98.3	40.47	-
Change in Working Capital	-13.62	3.62	-1.8	-16.26

Source: S&P Capital IQ. Real Estate template. Financial Sources.