WaterBridge (WBI) Q4-25 earnings: A $20M Excel mistake & the debt-heavy dividend

WaterBridge’s Q4 2025 results reveal a formidable physical moat in the Permian Basin overshadowed by a shocking internal accounting blunder.In this episode:• The $19.8M "calculation workbook" margin restatement• Why an inaugural cash dividend clashes with 3.3x leverage• Front-loading up to $490M in CapEx for flow assurance• Setting a massive single-day record of 2.9M barrels handled 🛢️WBI is the undisputed master of Permian pore space, practically guaranteeing long-term cash flow from drillers who desperately need wastewater management. But between a staggering 2026 infrastructure bill and fragile post-IPO internal controls, Wall Street is highly skeptical of management's shiny new 5-cent payout, sending the stock down 6%. If they can execute on the Speedway pipeline without another spreadsheet fiasco, the back half of the year could be a cash machine.Company: WaterBridge Infrastructure LLC (WBI) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.