Texas Pacific Land Corporation (TPL) financials
Texas Pacific Land revenue and earnings by year
Texas Pacific Land's revenue was $798 million in the fiscal year to December 31, 2025, up 13.1% from the year before. Net income was $481 million, 60.3% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 31.9% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 798 | 706 | 632 | 667 | 451 | 303 | 490 | 300 | 155 | 66 |
| Revenue growth | 13.1% | 11.8% | -5.4% | 48.0% | 49.0% | -38.3% | 63.4% | 94.1% | 133.9% | — |
| Gross profit | 678 | 599 | 547 | 600 | 398 | 256 | 435 | 271 | 150 | 65 |
| Gross margin | 85.0% | 84.8% | 86.6% | 89.9% | 88.2% | 84.7% | 88.6% | 90.1% | 97.2% | 97.8% |
| Operating income | 592 | 539 | 486 | 562 | 362 | 217 | 400 | 261 | 145 | 63 |
| Operating margin | 74.2% | 76.4% | 77.0% | 84.3% | 80.4% | 71.8% | 81.5% | 86.9% | 93.7% | 95.2% |
| Net income | 481 | 454 | 406 | 446 | 270 | 176 | 319 | 210 | 97 | 42 |
| Net margin | 60.3% | 64.3% | 64.2% | 66.9% | 59.9% | 58.2% | 65.0% | 69.9% | 62.9% | 63.9% |
| Diluted EPS | $6.97 | $6.57 | $5.86 | $6.42 | $3.87 | $2.52 | $4.56 | $2.98 | $1.38 | $0.59 |
| Free cash flow | -4 | 64 | 379 | 426 | 250 | 198 | 236 | 138 | 75 | 40 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open TPL in Markets.
How Texas Pacific Land makes money
Revenue by segment in the quarter to June 30, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Oil & Gas Royalties | $146M | 59.2% |
| Water Sales | $39.7M | 16.1% |
| Produced Water Royalties | $37.1M | 15.1% |
| Easement & Sundry | $23.7M | 9.6% |
See also: TPL valuation and P/E history · TPL returns
No forecast, no recommendation. This page describes Texas Pacific Land Corporation from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.