For the twelve months ended Sep 30, 2026, Texas Pacific Land Corporation reported $967.85M of revenue and $587.55M of net income.
TPL revenue was $273.39M in fiscal Q3 2026 (ended Sep 30, 2026), up 34.6% from a year earlier and up 11.1% from the prior quarter. For the full fiscal 2025 it was $798.19M, up 13.1% from fiscal 2024. Compound annual growth was +21.4% over 5 years. It rose in 5 of the last 7 fiscal years. Fiscal 2025 is the highest of the 8 fiscal years on file.
TPL net income was $167.37M in fiscal Q3 2026 (ended Sep 30, 2026), up 38.0% from a year earlier and up 8.7% from the prior quarter. For the full fiscal 2025 it was $481.38M, up 6.0% from fiscal 2024. Compound annual growth was +22.3% over 5 years. It rose in 5 of the last 7 fiscal years. Fiscal 2025 is the highest of the 8 fiscal years on file.
TPL diluted EPS was $2.42 in fiscal Q3 2026 (ended Sep 30, 2026), up 37.5% from a year earlier and up 8.5% from the prior quarter. For the full fiscal 2025 it was $6.97, up 6.1% from fiscal 2024. Compound annual growth was +22.5% over 5 years.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $798.19M | $705.82M | $631.60M | $667.42M | $450.96M | $302.56M | $490.50M | $300.22M |
| Selling, general and admin | $23.78M | $34.48M | $46.45M | $22.02M | $11.64M | $9.75M | $9.54M | $4.68M |
| Operating income | $592.16M | $539.14M | $486.05M | $562.31M | $362.39M | $217.26M | $399.57M | $260.83M |
| Interest expense | $690.0K | $0 | $0 | - | - | - | - | - |
| Pre-tax income | $610.33M | $578.82M | $517.56M | $568.86M | $363.02M | $219.66M | $402.25M | $261.75M |
| Income tax | $128.95M | $124.86M | $111.92M | $122.49M | $93.04M | $43.61M | $83.53M | $52.01M |
| Net income | $481.38M | $453.96M | $405.64M | $446.36M | $269.98M | $176.05M | $318.73M | $209.74M |
| EPS, basic | $6.98 | $6.58 | $5.87 | $6.42 | $3.87 | $2.52 | $4.57 | $2.99 |
| EPS, diluted | $6.97 | $6.57 | $5.86 | $6.42 | $3.87 | $2.52 | $4.57 | $2.99 |
| Diluted shares | 69.0M | 69.1M | 69.2M | 69.5M | 69.8M | 69.8M | 69.8M | 70.1M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $144.81M | $371.38M | $730.55M | $517.18M | $428.24M | $283.02M | $303.64M | $123.45M |
| Receivables | $164.91M | - | - | - | - | - | - | - |
| Current assets | $319.32M | $503.37M | $862.46M | $633.40M | $526.51M | $332.53M | - | - |
| Total assets | $1.62B | $1.25B | $1.16B | $877.43M | $764.06M | $571.63M | $598.18M | - |
| Current liabilities | $72.60M | $46.56M | $44.39M | $39.59M | $50.90M | $21.38M | - | - |
| Total liabilities | $164.37M | $115.56M | $113.20M | $104.54M | $112.35M | $86.45M | $86.04M | - |
| Shareholders' equity | $1.46B | $1.13B | $1.04B | $772.89M | $651.71M | $485.18M | $512.14M | $244.69M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $545.91M | $490.67M | $418.29M | $447.15M | $265.16M | $207.04M | $342.79M | $195.45M |
| Capital expenditures | - | - | - | $18.97M | $16.41M | $5.09M | $32.21M | $47.88M |
| Free cash flow | - | - | - | $428.18M | $248.75M | $201.95M | $310.58M | $147.57M |
| Investing cash flow | -$595.85M | -$471.75M | -$60.31M | -$21.40M | -$15.00M | -$26.00M | -$111.69M | -$81.53M |
| Financing cash flow | -$176.04M | -$378.09M | -$144.61M | -$336.81M | -$104.95M | -$201.66M | -$50.90M | -$70.05M |
| Dividends paid | $147.80M | $347.31M | $99.97M | $247.28M | $85.26M | $201.66M | $46.55M | $31.65M |
| Share repurchases | $8.38M | $29.16M | $42.57M | $87.77M | $19.68M | $0 | $4.35M | $38.40M |
| Stock-based compensation | $15.13M | $12.50M | $10.34M | $8.43M | $28.0K | $0 | $0 | - |
| Depreciation and amortization | $62.53M | $25.16M | $14.76M | $15.38M | $16.26M | $14.39M | $8.91M | $2.58M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 13.1% | 11.8% | -5.4% | 48.0% | 49.0% | -38.3% | 63.4% | - |
| Net income growth, YoY | 6.0% | 11.9% | -9.1% | 65.3% | 53.4% | -44.8% | 52.0% | - |
| EPS growth, YoY | 6.1% | 12.1% | -8.7% | 65.9% | 53.4% | -44.8% | 52.6% | - |
| Operating margin | 74.2% | 76.4% | 77.0% | 84.3% | 80.4% | 71.8% | 81.5% | 86.9% |
| Net margin | 60.3% | 64.3% | 64.2% | 66.9% | 59.9% | 58.2% | 65.0% | 69.9% |
| Free cash flow margin | - | - | - | 64.2% | 55.2% | 66.7% | 63.3% | 49.2% |
| Return on equity | 33.0% | 40.1% | 38.9% | 57.8% | 41.4% | 36.3% | 62.2% | 85.7% |
| Return on assets | 29.7% | 36.4% | 35.1% | 50.9% | 35.3% | 30.8% | 53.3% | - |
| Current ratio | 4.40 | 10.81 | 19.43 | 16.00 | 10.34 | 15.56 | - | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $273.39M | $246.06M | $236.82M | $211.58M | $203.09M | $187.54M | $195.98M | $185.78M | $173.56M | $172.33M | $174.14M | $166.66M |
| Selling, general and admin | $10.60M | $8.00M | $8.63M | $6.42M | $5.59M | $5.69M | $6.07M | $6.75M | $12.52M | $5.98M | $9.23M | $35.71M |
| Operating income | $207.78M | $191.82M | $182.33M | $149.25M | $149.09M | $143.75M | $150.07M | $142.54M | $127.33M | $133.22M | $136.04M | $133.86M |
| Interest expense | $981.0K | $973.0K | $992.0K | $690.0K | $0 | $0 | $0 | - | - | - | - | - |
| Pre-tax income | $210.39M | $193.70M | $183.56M | $151.76M | $155.18M | $148.99M | $154.39M | $150.98M | $135.42M | $146.44M | $145.98M | $145.13M |
| Income tax | $43.02M | $39.77M | $40.66M | $28.42M | $33.94M | $32.85M | $33.74M | $32.62M | $28.82M | $31.85M | $31.57M | $32.02M |
| Net income | $167.37M | $153.93M | $142.90M | $123.35M | $121.24M | $116.14M | $120.65M | $118.36M | $106.59M | $114.59M | $114.42M | $113.11M |
| EPS, basic | $2.43 | $2.23 | $2.07 | $1.79 | $1.76 | $1.68 | $1.75 | $1.71 | $1.55 | $1.66 | $1.66 | $1.64 |
| EPS, diluted | $2.42 | $2.23 | $2.07 | $1.78 | $1.76 | $1.68 | $1.75 | $1.71 | $1.54 | $1.66 | $1.66 | $1.63 |
| Diluted shares | 69.0M | 69.0M | 69.0M | - | 69.0M | 69.0M | 69.0M | - | 69.0M | 69.0M | 69.1M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $369.56M | $248.61M | $247.57M | $144.81M | $531.81M | $543.93M | $463.80M | $371.38M | $533.91M | $894.70M | $837.10M | $730.55M |
| Receivables | $169.54M | $174.77M | - | $164.91M | - | - | - | - | - | - | - | - |
| Current assets | $553.38M | $428.44M | $435.08M | $319.32M | $737.17M | $667.50M | $606.92M | $503.37M | $708.97M | $1.02B | $963.83M | $862.46M |
| Total assets | $1.99B | $1.86B | $1.75B | $1.62B | $1.52B | $1.40B | $1.35B | $1.25B | $1.18B | $1.32B | $1.26B | $1.16B |
| Current liabilities | $102.31M | $94.13M | $102.92M | $72.60M | $67.90M | $45.13M | $77.86M | $46.56M | $57.33M | $44.27M | $70.87M | $44.39M |
| Total liabilities | $185.94M | $187.08M | $195.51M | $164.37M | $156.95M | $115.72M | $147.03M | $115.56M | $123.44M | $109.37M | $136.72M | $113.20M |
| Shareholders' equity | $1.80B | $1.67B | $1.56B | $1.46B | $1.37B | $1.29B | $1.21B | $1.13B | $1.05B | $1.21B | $1.12B | $1.04B |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $192.39M | $172.86M | $162.01M | $113.67M | $154.61M | $120.90M | $156.73M | $126.58M | $118.56M | $98.29M | $147.24M | $111.43M |
| Investing cash flow | -$30.06M | -$130.98M | -$8.39M | -$458.24M | -$121.16M | -$3.93M | -$12.52M | -$245.99M | -$216.12M | -$7.41M | -$2.24M | -$4.40M |
| Financing cash flow | -$41.38M | -$41.44M | -$50.86M | -$41.83M | -$45.58M | -$36.83M | -$51.79M | -$43.12M | -$263.24M | -$33.27M | -$38.45M | -$36.02M |
| Dividends paid | $41.38M | $41.39M | $41.80M | $36.77M | $36.81M | $36.78M | $37.43M | $36.76M | $256.75M | $26.89M | $26.91M | $24.99M |
| Share repurchases | $0 | $0 | $0 | $0 | $8.28M | $0 | $100.0K | $6.36M | $6.07M | $6.38M | $10.34M | $10.25M |
| Stock-based compensation | $4.17M | $4.39M | $5.06M | $3.76M | $3.49M | $3.48M | $4.40M | $3.51M | $2.94M | $2.70M | $3.35M | $2.23M |
| Depreciation and amortization | $22.83M | $16.64M | $14.04M | $21.93M | $14.96M | $13.70M | $11.94M | $11.47M | $5.76M | $4.09M | $3.84M | $3.88M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 34.6% | 31.2% | 20.8% | 13.9% | 17.0% | 8.8% | 12.5% | 11.5% | 9.9% | 7.3% | 19.0% | 9.1% |
| Net income growth, YoY | 38.0% | 32.5% | 18.4% | 4.2% | 13.7% | 1.4% | 5.4% | 4.6% | 1.0% | 14.1% | 32.2% | 13.4% |
| EPS growth, YoY | 37.5% | 32.7% | 18.3% | 4.1% | 14.0% | 1.2% | 5.6% | 4.9% | 1.1% | 14.5% | 32.5% | 13.2% |
| Operating margin | 76.0% | 78.0% | 77.0% | 70.5% | 73.4% | 76.6% | 76.6% | 76.7% | 73.4% | 77.3% | 78.1% | 80.3% |
| Net margin | 61.2% | 62.6% | 60.3% | 58.3% | 59.7% | 61.9% | 61.6% | 63.7% | 61.4% | 66.5% | 65.7% | 67.9% |
| Current ratio | 5.41 | 4.55 | 4.23 | 4.40 | 10.86 | 14.79 | 7.80 | 10.81 | 12.37 | 22.99 | 13.60 | 19.43 |
Source: XBRL data Texas Pacific Land Corporation files with the SEC, latest filing dated Nov 4, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures and share counts are restated for stock splits the filings show: 3-for-1, first reported May 8, 2024; 3-for-1, first reported Feb 18, 2026.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| TPL | $967.85M | +25.3% | $587.55M | 60.7% | $18.79B |
| SHEL | $273.73B | -5.3% | $17.84B | 6.5% | $274.09B |
| TTE | $201.20B | -6.2% | $13.13B | 6.5% | $191.61B |
| PBR | $89.19B | -2.4% | $19.63B | 22.0% | $119.38B |
| CNQ | C$38.76B | +8.7% | C$10.82B | 27.9% | $100.44B |
| E | €82.15B | -7.5% | €2.61B | 3.2% | $87.24B |
| EOG | $29.73B | +31.7% | $8.19B | 27.5% | $77.17B |
| OXY | $22.00B | +7.8% | $6.53B | 29.7% | $56.35B |
| OKE | $43.19B | +36.8% | $4.07B | 9.4% | $53.71B |