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WBI (WBI) Financials

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$31.73 -0.21 (-0.65%)
Closing price 08/19/2026 03:59 PM Eastern
Extended Trading
$32.08 +0.34 (+1.08%)
As of 07:14 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for WBI

Annual Income Statements for WBI

This table shows WBI's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -108 -531 0.01
Consolidated Net Income / (Loss)		 15 0.00 0.01
Net Income / (Loss) Continuing Operations		 -108 -531 0.01
Total Pre-Tax Income 		15 -73 -1.06
Total Operating Income		 40 112 79
Total Gross Profit		 -71 -466 142
Total Revenue		 201 0.00 526
Operating Revenue		 201 - 526
Total Cost of Revenue		 272 466 383
Operating Cost of Revenue		 272 466 383
Total Operating Expenses		 15 68 63
Selling, General & Admin Expense		 15 68 47
Other Operating Expenses / (Income)		 0.02 -0.13 4.16
Other Special Charges / (Income)		 0.10 -0.14 12
Total Other Income / (Expense), net		 -21 2.86 -80
Interest Expense		 26 0.00 80
Other Income / (Expense), net		 5.07 2.86 0.43
Income Tax Expense		 0.11 0.32 -1.07
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 0.00
Basic Earnings per Share		 $0.00 $0.00 $0.00
Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00
Diluted Earnings per Share		 $0.00 $0.00 $0.00
Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00
Weighted Average Basic & Diluted Shares Outstanding		 - - 123.46M

Quarterly Income Statements for WBI

This table shows WBI's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2024 3/31/2025 6/30/2025 9/16/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 -25 16 -25 0.00 3.52 5.11
Consolidated Net Income / (Loss)		 3.31 1.71 7.13 0.00 9.52 15
Net Income / (Loss) Continuing Operations		 -25 16 -25 0.00 9.52 15
Total Pre-Tax Income 		3.42 1.79 7.14 0.00 11 17
Total Operating Income		 19 16 17 0.00 30 40
Total Gross Profit		 -1.75 35 -6.62 0.00 48 130
Total Revenue		 90 98 96 0.00 201 218
Operating Revenue		 90 98 96 0.00 201 218
Total Cost of Revenue		 92 63 102 0.00 153 160
Operating Cost of Revenue		 92 - 102 0.00 153 88
Total Operating Expenses		 8.10 19 8.32 0.00 18 90
Selling, General & Admin Expense		 6.91 6.59 7.58 - 17 18
Depreciation Expense		 - - - - - 72
Other Operating Expenses / (Income)		 1.09 1.01 0.66 0.00 1.00 0.17
Other Special Charges / (Income)		 0.09 12 0.08 0.00 -0.07 0.01
Total Other Income / (Expense), net		 -15 0.13 -10 0.00 -20 -24
Interest Expense		 16 - 10 - 20 23
Other Income / (Expense), net		 0.25 0.13 0.13 0.00 0.11 -0.79
Income Tax Expense		 0.11 0.08 0.01 0.00 1.06 2.21
Net Income / (Loss) Attributable to Noncontrolling Interest		 0.00 0.00 0.00 0.00 6.01 9.45
Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.08 $0.10
Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 43.89M 48.76M
Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.08 $0.10
Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 123.46M 48.76M
Weighted Average Basic & Diluted Shares Outstanding		 - - - 123.46M 123.46M 123.46M

Annual Cash Flow Statements for WBI

This table details how cash moves in and out of WBI's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -147 30 38
Net Cash From Operating Activities		 48 137 160
Net Cash From Continuing Operating Activities		 50 157 160
Net Income / (Loss) Continuing Operations		 15 -74 0.01
Consolidated Net Income / (Loss)		 15 -74 0.01
Depreciation Expense		 48 198 141
Amortization Expense		 2.65 22 6.19
Non-Cash Adjustments To Reconcile Net Income		 -5.28 18 29
Changes in Operating Assets and Liabilities, net		 -11 -8.27 -17
Net Cash From Investing Activities		 -171 -343 -219
Net Cash From Continuing Investing Activities		 -171 -343 -219
Purchase of Property, Plant & Equipment		 -148 -181 -279
Acquisitions		 -25 -167 40
Sale of Property, Plant & Equipment		 2.03 4.93 20
Net Cash From Financing Activities		 129 216 97
Net Cash From Continuing Financing Activities		 -25 218 97
Repayment of Debt		 -30 -449 -1,877
Repurchase of Preferred Equity		 -150 - 0.00
Repurchase of Common Equity		 0.00 0.00 -8.26
Payment of Dividends		 -0.77 -8.87 0.00
Issuance of Debt		 150 676 1,505
Issuance of Common Equity		 9.82 0.00 705
Other Financing Activities, net		 -4.16 -0.90 -228

Quarterly Cash Flow Statements for WBI

This table details how cash moves in and out of WBI's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2024 Q1 2025 Q2 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2024 3/31/2025 6/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 60 14 -16 -295 -0.88 -3.04
Net Cash From Operating Activities		 72 43 16 88 95 65
Net Cash From Continuing Operating Activities		 92 43 16 88 95 65
Net Income / (Loss) Continuing Operations		 -76 1.71 7.13 -14 9.52 15
Consolidated Net Income / (Loss)		 -76 1.71 7.13 -14 9.52 15
Depreciation Expense		 141 21 21 69 69 72
Amortization Expense		 16 1.53 1.53 1.44 1.48 1.50
Non-Cash Adjustments To Reconcile Net Income		 11 12 1.22 15 2.85 6.31
Changes in Operating Assets and Liabilities, net		 -0.04 6.91 -15 17 12 -30
Net Cash From Investing Activities		 -52 -26 -84 -89 -110 -206
Net Cash From Continuing Investing Activities		 -52 -26 -84 -89 -110 -206
Purchase of Property, Plant & Equipment		 -53 -46 -84 -89 -111 -123
Acquisitions		 -0.68 -0.01 -0.07 - 0.00 -83
Sale of Property, Plant & Equipment		 2.43 19 0.33 0.12 1.24 0.06
Net Cash From Financing Activities		 -12 -2.83 53 -294 14 138
Net Cash From Continuing Financing Activities		 21 -2.50 52 -294 14 138
Repayment of Debt		 -46 -2.40 -2.12 -1,738 -4.51 -4.86
Repurchase of Common Equity		 - -0.10 -0.66 -5.94 -0.54 -0.63
Payment of Dividends		 -4.43 0.00 - - -6.22 -6.22
Issuance of Debt		 71 0.00 35 1,450 25 150
Other Financing Activities, net		 - 0.00 - -0.00 -0.01 -0.24

Annual Balance Sheets for WBI

This table presents WBI's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2024 2025
Period end date 12/31/2024 12/31/2025
Total Assets		 2,940 3,700
Total Current Assets		 246 261
Cash & Equivalents		 61 52
Accounts Receivable		 171 195
Prepaid Expenses		 14 15
Plant, Property, & Equipment, net		 2,328 2,286
Total Noncurrent Assets		 366 1,153
Goodwill		 178 53
Intangible Assets		 144 936
Noncurrent Deferred & Refundable Income Taxes		 0.00 132
Other Noncurrent Operating Assets		 44 33
Total Liabilities & Shareholders' Equity		 2,940 3,700
Total Liabilities		 1,881 1,852
Total Current Liabilities		 159 189
Short-Term Debt		 34 13
Accounts Payable		 33 45
Accrued Expenses		 76 130
Other Current Liabilities		 2.03 1.69
Total Noncurrent Liabilities		 1,722 1,663
Long-Term Debt		 1,688 1,432
Noncurrent Deferred & Payable Income Tax Liabilities		 - 201
Other Noncurrent Operating Liabilities		 34 30
Commitments & Contingencies		 0.00 0.00
Redeemable Noncontrolling Interest		 388 0.00
Total Equity & Noncontrolling Interests		 0.00 1,848
Total Preferred & Common Equity		 0.00 602
Total Common Equity		 0.00 602
Common Stock		 0.00 607
Retained Earnings		 0.00 -4.54
Other Equity Adjustments		 - 0.00
Noncontrolling Interest		 0.00 1,245

Quarterly Balance Sheets for WBI

This table presents WBI's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2025 3/31/2026 6/30/2026
Total Assets		 3,939 3,752 3,938
Total Current Assets		 555 259 268
Cash & Equivalents		 347 51 48
Accounts Receivable		 191 196 213
Prepaid Expenses		 17 12 8.01
Plant, Property, & Equipment, net		 2,201 2,353 2,477
Total Noncurrent Assets		 1,183 1,140 1,192
Goodwill		 52 53 52
Intangible Assets		 968 912 923
Noncurrent Deferred & Refundable Income Taxes		 134 142 186
Other Noncurrent Operating Assets		 29 32 31
Total Liabilities & Shareholders' Equity		 3,939 3,752 3,938
Total Liabilities		 2,079 1,905 2,110
Total Current Liabilities		 165 199 174
Short-Term Debt		 33 9.11 6.61
Accounts Payable		 48 61 57
Accrued Expenses		 82 125 107
Other Current Liabilities		 1.78 4.40 4.29
Total Noncurrent Liabilities		 1,914 1,705 1,936
Long-Term Debt		 1,682 1,457 1,610
Noncurrent Deferred & Payable Income Tax Liabilities		 202 217 295
Other Noncurrent Operating Liabilities		 30 31 31
Commitments & Contingencies		 0.00 0.00 0.00
Redeemable Noncontrolling Interest		 0.00 - 0.00
Total Equity & Noncontrolling Interests		 1,860 1,848 1,828
Total Preferred & Common Equity		 608 657 760
Total Common Equity		 608 657 760
Common Stock		 608 660 760
Retained Earnings		 -0.67 -3.20 -0.55
Other Equity Adjustments		 0.00 - 0.00
Noncontrolling Interest		 1,252 1,191 1,068

Annual Metrics And Ratios for WBI

This table displays calculated financial ratios and metrics derived from WBI's official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 0.00 123,455,000.00
DEI Adjusted Shares Outstanding		 0.00 0.00 123,455,000.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 0.00
Growth Metrics		 - - -
Profitability Metrics		 - - -
Net Operating Profit after Tax (NOPAT)		 40 78 55
Return On Investment Capital (ROIC_SIMPLE)		 - 4.54% 1.68%
Earnings before Interest and Taxes (EBIT)		 46 115 79
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 97 335 226
Valuation Ratios		 - - -
Leverage & Solvency		 - - -
Liquidity Ratios		 - - -
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 0.00 -2,655 -452
Efficiency Ratios		 - - -
Capital & Investment Metrics		 - - -
Invested Capital		 0.00 2,733 3,240
Increase / (Decrease) in Invested Capital		 0.00 2,733 507
Book Value per Share		 $0.00 $0.00 $4.88
Tangible Book Value per Share		 $0.00 ($10.17) ($3.13)
Total Capital		 0.00 2,109 3,292
Total Debt		 0.00 1,722 1,444
Total Long-Term Debt		 0.00 1,688 1,432
Net Debt		 0.00 1,660 1,393
Capital Expenditures (CapEx)		 146 176 259
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 60 33
Debt-free Net Working Capital (DFNWC)		 0.00 121 85
Net Working Capital (NWC)		 0.00 87 72
Net Nonoperating Expense (NNE)		 26 78 55
Net Nonoperating Obligations (NNO)		 0.00 2,346 1,393
Total Depreciation and Amortization (D&A)		 51 221 147
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 123.46M
Normalized Net Operating Profit after Tax (NOPAT)		 40 78 64
Debt Service Ratios		 - - -
Payout Ratios		 - - -

Quarterly Metrics And Ratios for WBI

This table displays calculated financial ratios and metrics derived from WBI's official financial filings.

Metric Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2024 3/31/2025 6/30/2025 9/16/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 0.00 0.00 0.00 0.00 123,455,000.00 123,456,209.00
DEI Adjusted Shares Outstanding		 0.00 0.00 0.00 0.00 123,455,000.00 123,456,209.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 0.00 0.00 0.00 0.03 0.04
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 37.24% 105.27% 128.00%
EBITDA Growth		 0.00% 0.00% 0.00% 24.30% 162.95% 182.83%
EBIT Growth		 0.00% 0.00% 0.00% 24.30% 92.89% 128.13%
NOPAT Growth		 0.00% 0.00% 0.00% 40.96% 82.53% 103.88%
Net Income Growth		 0.00% 0.00% 0.00% 23.72% 456.46% 104.28%
EPS Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Cash Flow Growth		 0.00% 0.00% 0.00% 0.00% 120.08% 306.43%
Free Cash Flow Firm Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Invested Capital Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Revenue Q/Q Growth		 0.00% 0.00% -2.45% 0.00% 0.00% 8.36%
EBITDA Q/Q Growth		 0.00% 0.00% 4.09% 0.00% 0.00% 11.96%
EBIT Q/Q Growth		 0.00% 0.00% 9.19% 0.00% 0.00% 29.14%
NOPAT Q/Q Growth		 0.00% 0.00% 14.14% 0.00% 0.00% 27.50%
Net Income Q/Q Growth		 0.00% 0.00% 316.42% 0.00% 0.00% 52.87%
EPS Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 25.00%
Operating Cash Flow Q/Q Growth		 0.00% -40.14% -63.05% 0.00% 7.85% -31.76%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% -3.89%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 4.09%
Profitability Metrics		 - - - - - -
Gross Margin		 -1.95% 35.67% -6.93% 28.39% 23.98% 59.80%
EBITDA Margin		 21.25% 39.23% 41.86% 19.25% 50.25% 51.92%
Operating Margin		 20.98% 16.05% 17.98% 19.22% 15.15% 18.49%
EBIT Margin		 21.25% 16.19% 18.12% 19.25% 15.21% 18.13%
Profit (Net Income) Margin		 3.68% 1.75% 7.46% 3.32% 4.74% 6.68%
Tax Burden Percent		 96.67% 95.59% 99.86% 93.14% 90.02% 86.81%
Interest Burden Percent		 17.91% 11.30% 41.24% 18.50% 34.60% 42.47%
Effective Tax Rate		 3.33% 4.41% 0.14% -8.34% 9.98% 13.19%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 5.26% 7.10%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 2.73% 4.50%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 2.09% 3.86%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 0.00% 7.34% 10.95%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 2.55% 3.46%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.79% 1.27%
Return on Common Equity (ROCE)		 0.00% 0.00% 0.00% 0.00% 2.61% 4.55%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 18 15 17 0.00 27 35
NOPAT Margin		 20.28% 15.34% 17.95% 20.83% 13.64% 16.05%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 3.15% 2.53% 2.60%
Return On Investment Capital (ROIC_SIMPLE)		 - - - 0.00% 0.83% 1.01%
Cost of Revenue to Revenue		 101.95% 64.33% 106.93% 71.61% 76.02% 73.31%
SG&A Expenses to Revenue		 7.70% 6.73% 7.94% 7.31% 8.36% 8.12%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 9.02% 19.62% 8.71% 9.17% 8.82% 41.31%
Earnings before Interest and Taxes (EBIT)		 19 16 17 0.00 31 39
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 19 38 40 0.00 101 113
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 1.80 5.04 2.20
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 5.26 2.23
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 93.58
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.19% 0.29%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 1.07%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 1.15 1.81 1.27
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 9.41 5.74
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 20.47 11.90
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 62.91 37.08
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 62.47 42.03
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 27.95 16.54
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.92 0.79 0.88
Long-Term Debt to Equity		 0.00 0.00 0.00 0.90 0.79 0.88
Financial Leverage		 0.00 0.00 0.00 0.74 0.77 0.86
Leverage Ratio		 0.00 0.00 0.00 2.12 2.03 2.15
Compound Leverage Factor		 0.00 0.00 0.00 0.39 0.70 0.91
Debt to Total Capital		 0.00% 0.00% 0.00% 47.98% 44.25% 46.93%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.93% 0.27% 0.19%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 47.05% 43.97% 46.73%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 35.03% 35.94% 31.01%
Common Equity to Total Capital		 0.00% 0.00% 0.00% 17.00% 19.81% 22.06%
Debt to EBITDA		 0.00 0.00 0.00 0.00 5.07 4.46
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 4.90 4.33
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 5.04 4.45
Debt to NOPAT		 0.00 0.00 0.00 0.00 15.49 15.77
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 14.95 15.31
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 15.39 15.71
Altman Z-Score		 0.00 0.00 0.00 0.00 1.25 0.73
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 64.47% 58.44%
Liquidity Ratios		 - - - - - -
Current Ratio		 0.00 0.00 0.00 3.36 1.30 1.54
Quick Ratio		 0.00 0.00 0.00 3.26 1.24 1.49
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 0.00 0.00 -3,229 -3,236 -3,362
Operating Cash Flow to CapEx		 0.00% 165.81% 18.97% 0.00% 86.70% 52.66%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 -165.67 -161.88 -148.06
Operating Cash Flow to Interest Expense		 0.00 0.00 1.57 0.00 4.76 2.86
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 -6.71 0.00 -0.73 -2.57
Efficiency Ratios		 - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.17 0.19
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 3.20 3.53
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.27 0.30
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 7.76 9.33
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 114.00 103.45
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 47.06 39.10
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 66.94 64.35
Capital & Investment Metrics		 - - - - - -
Invested Capital		 0.00 0.00 0.00 3,229 3,264 3,397
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.39 0.44
Increase / (Decrease) in Invested Capital		 0.00 0.00 0.00 3,229 3,264 3,397
Enterprise Value (EV)		 0.00 0.00 0.00 3,712 5,914 4,308
Market Capitalization		 634 634 634 1,091 3,307 1,671
Book Value per Share		 $0.00 $0.00 $0.00 $4.92 $5.32 $6.16
Tangible Book Value per Share		 $0.00 $0.00 $0.00 ($3.34) ($2.50) ($1.74)
Total Capital		 0.00 0.00 0.00 3,576 3,314 3,445
Total Debt		 0.00 0.00 0.00 1,716 1,466 1,617
Total Long-Term Debt		 0.00 0.00 0.00 1,682 1,457 1,610
Net Debt		 0.00 0.00 0.00 1,369 1,416 1,569
Capital Expenditures (CapEx)		 0.00 26 84 0.00 110 123
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 0.00 0.00 0.00 77 18 53
Debt-free Net Working Capital (DFNWC)		 0.00 0.00 0.00 423 69 101
Net Working Capital (NWC)		 0.00 0.00 0.00 390 60 94
Net Nonoperating Expense (NNE)		 15 13 10 0.00 18 20
Net Nonoperating Obligations (NNO)		 0.00 0.00 0.00 1,369 1,416 1,569
Total Depreciation and Amortization (D&A)		 0.00 23 23 0.00 70 74
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 2.89% 7.08%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 10.95% 13.42%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 9.50% 12.54%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.08 $0.10
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 0.00 0.00 43.89M 48.76M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.08 $0.10
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 0.00 0.00 123.46M 48.76M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 0.00 123.46M 123.46M 123.46M
Normalized Net Operating Profit after Tax (NOPAT)		 18 26 17 0.00 27 35
Normalized NOPAT Margin		 20.38% 26.68% 18.04% 13.54% 13.61% 16.06%
Pre Tax Income Margin		 3.81% 1.83% 7.47% 3.56% 5.26% 7.70%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 1.22 0.00 1.70 1.23 1.53 1.74
NOPAT to Interest Expense		 1.16 0.00 1.69 1.33 1.37 1.54
EBIT Less CapEx to Interest Expense		 0.00 0.00 -6.57 0.00 -3.96 -3.69
NOPAT Less CapEx to Interest Expense		 0.00 0.00 -6.59 0.00 -4.12 -3.89
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 79.51% 81.53%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 190.82% 138.39%

Financials Breakdown Chart

Key Financial Trends

WaterBridge Infrastructure LLC (NYSE: WBI) showed a much stronger start to 2026, with revenue growth, a return to solid quarterly profitability, and strong operating cash flow. That said, the balance sheet remains highly leveraged, and cash declined slightly during the quarter as capital spending stayed elevated.

  • Revenue rebounded sharply year over year. Q1 2026 revenue rose to $201.0 million, up from $97.9 million in Q1 2025, signaling much better top-line momentum.
  • Operating income improved meaningfully. Operating income reached $30.5 million in Q1 2026 versus $15.7 million in Q1 2025.
  • Margins improved versus the prior year. Gross profit was $48.2 million in Q1 2026, with gross margin around 24%, an improvement from roughly 36% in Q1 2025 after adjusting for the prior period’s unusual figures.
  • Operating cash flow was strong. WBI generated $95.1 million in cash from operations in Q1 2026, up from $43.2 million a year ago.
  • Net income continued to recover. Consolidated net income came in at $9.5 million in Q1 2026, compared with $1.7 million in Q1 2025.
  • Capital spending remained heavy. The company spent $110.9 million on property, plant and equipment in Q1 2026, which kept investing cash flow deeply negative.
  • Cash balance dipped only slightly. Cash and equivalents were $50.7 million at the end of Q1 2026, down modestly from the prior quarter’s level, despite the large investment program.
  • Debt financing helped support liquidity. WBI issued $25.0 million of debt in Q1 2026 while repaying $4.5 million, helping offset heavy investing outflows.
  • Leverage remains a key risk. Long-term debt was $1.46 billion at March 31, 2026, and total liabilities were $1.90 billion, which is high relative to equity.
  • Interest expense continues to weigh on earnings. Q1 2026 interest expense was $20.0 million, consuming a large share of operating profit.

Looking at the trend over the last four quarters, WBI’s business appears to have moved from a weak and volatile 2024 period into a more constructive 2026 start. Q3 2024 showed negative gross profit and a loss to common shareholders, while Q1 2026 delivered positive operating profit and positive consolidated net income. The improvement suggests the core business is healthier, but the company is still operating with significant debt and ongoing capital intensity.

Bottom line: WBI’s latest quarter was encouraging, especially for revenue, operating profit, and cash flow. Investors should still watch leverage, interest costs, and whether management can sustain these improvements without leaning too heavily on debt or large capital expenditures.

08/20/26 07:21 AM ETAI Generated. May Contain Errors.

WBI Financials - Frequently Asked Questions

According to the most recent income statement we have on file, WBI's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

WBI's net income appears to be on a downward trend, with a most recent value of $9 thousand in 2025, falling from $14.67 million in 2023. The previous period was $0.00 in 2024. See where experts think WBI is headed by visiting WBI's forecast page.

WBI's total operating income in 2025 was $78.86 million, based on the following breakdown:
  • Total Gross Profit: $142.24 million
  • Total Operating Expenses: $63.38 million

Over the last 2 years, WBI's total revenue changed from $200.77 million in 2023 to $525.55 million in 2025, a change of 161.8%.

WBI's total liabilities were at $1.85 billion at the end of 2025, a 1.5% decrease from 2024, and a 1.5% decrease since 2024.

In the past 1 years, WBI's cash and equivalents has ranged from $51.54 million in 2025 to $61.17 million in 2024, and is currently $51.54 million as of their latest financial filing in 2025.

Over the last 2 years, WBI's book value per share changed from 0.00 in 2023 to 4.88 in 2025, a change of 487.9%.


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Financial statements for NYSE:WBI last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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