Company file · TPL

Texas Pacific Land

Texas Pacific Land's revenue rose 13.1% in FY2025, to $798M, and net income rose 6.0% to $481M

Revenue rose 13.1% to $798M in FY2025, from $706M in FY2024. Net income rose 6.0% to $481M. Land and Resource Management was the largest segment, at 61% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 18, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026) · Data pulled Nov 11, 2026

Key facts

Texas Pacific Land (NYSE: TPL) reported revenue of $798M for fiscal 2025, the year ended Dec 31, 2025, up 13.1% from fiscal 2024. Net income was $481M, up 6.0%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $273M, up 34.6% from the same quarter a year earlier, and net income was $167M. The largest piece by segment was Land and Resource Management, at 61% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 18, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).

Revenue$798MFY2025 · +13.1% vs FY2024

Net income$481MFY2025 · +6.0% vs FY2024

Operating cash flow$546MFY2025 · +11.3% vs FY2024

Cash & equivalents$370Mat Sep 30, 2026 · +155.2% vs FY2025 end

Diluted shares69MFY2025 avg · −0.0% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 18, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026 · 10-Q filed Nov 4, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Land and Resource Management$491M61%+11.3%
Water Service and Operations$307M39%+16.0%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Land and Resource Management (61%) and Water Service and Operations (39%), as shares of total revenue. Total revenue was $798M.

By segment: three-year mixShare of the total each fiscal year

FY2023

68%32%

FY2024

62%38%

FY2025

61%39%

Land and Resource ManagementWater Service and Operations

Source: 10-K FY2025

By product or service, FY2025

Oil and Gas Royalties$412M52%+10.3%

Water Sales and Royalties$170M21%+12.6%

Produced Water Royalties$124M16%+19.3%

Easement and Sundry$92M11%+25.3%

Land Sales$1M0%−81.3%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$273M Q3 2026

$203M Q3 2025

34.6% increase

Net income

$167M Q3 2026

$121M Q3 2025

38.0% increase

Source: Texas Pacific Land 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

By segment

Land and Resource Management

$202M Q3 2026

$122M Q3 2025

64.9% increase

Water Service and Operations

$72M Q3 2026

$81M Q3 2025

11.1% decrease

Source: Texas Pacific Land 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

Cash & equivalents $370M at Sep 30, 2026, vs $145M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $527M vs $432M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 13.1% in FY2025 to $798M, from $706M a year earlier. 10-K, FY2025
Net income rose 6.0% in FY2025 to $481M, from $454M. 10-K, FY2025
Operating cash flow rose 11.3% in FY2025 to $546M. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $273M, up 34.6% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Land Sales revenue fell 81.3% in FY2025 to $1M. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; operations and safety; regulation and climate policy. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Texas Pacific Land is in the oil & gas exploration & production industry, part of the energy sector. The SEC files it under Oil Royalty Traders.

Texas Pacific Land reports 2 segments: Land and Resource Management and Water Service and Operations.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the oil & gas exploration & production industry. They are not a summary of Texas Pacific Land’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesOil, gas and refined-product prices drive revenue and spending.
Operations and safetyAccidents, outages and weather can halt production or shipping.
Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
DemandEconomic activity and changes in fuel use affect volumes.
Capital spendingProjects need large investment that may not earn what was planned.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$632M	$706M	$798M
Net income	$406M	$454M	$481M
Operating cash flow	$418M	$491M	$546M
Cash & equivalents (year end)	$725M	$370M	$145M
Diluted shares	69M	69M	69M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

What we left out

Total debt: the company's filing data doesn't carry a consistent debt total for the years shown, so it isn't shown.

Recent filings

Form	Filed	Period
10-Q	Nov 4, 2026	Sep 30, 2026
DEF 14A	Sep 25, 2026	Nov 5, 2026
10-Q	Aug 5, 2026	Jun 30, 2026
10-Q	May 6, 2026	Mar 31, 2026
10-K	Feb 18, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Texas Pacific Land

How does Texas Pacific Land make money?

Texas Pacific Land's revenue was $798M in fiscal 2025. By segment in FY2025: Land and Resource Management (61%) and Water Service and Operations (39%), as shares of total revenue. Total revenue was $798M. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

What was Texas Pacific Land's revenue in fiscal 2025?

$798M of revenue for the fiscal year ended Dec 31, 2025, up 13.1% from $706M in fiscal 2024. Fiscal 2023 was $632M. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

Is Texas Pacific Land profitable?

Texas Pacific Land reported net income of $481M for fiscal 2025, up 6.0% from $454M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $167M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 18, 2026.

What did Texas Pacific Land report in its latest quarterly filing?

Revenue was $273M in the quarter ended Sep 30, 2026, up 34.6% from $203M a year earlier. Net income was $167M, up 38.0% from $121M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.

What are the main risks Texas Pacific Land faces?

Texas Pacific Land's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 18, 2026. Risks that are common among companies in the oil & gas exploration & production industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.

Where do these Texas Pacific Land numbers come from?

From Texas Pacific Land's own SEC filings: the 10-K for fiscal 2025 (filed Feb 18, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Texas Pacific Land

Citadel Advisors: 135,593 shares, reported value $59.3M at Jun 30, 2026 (+437.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Two Sigma Investments: 26,948 shares, reported value $11.8M at Jun 30, 2026 (+76.4% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 1,151 shares, reported value $0.5M at Jun 30, 2026 (−90.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in TPL: The editor holds no position in Texas Pacific Land (TPL). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell TPL from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold TPL, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Texas Pacific LandTPL	FY2025	$798M	+13.1%	$481M
ConocoPhillipsCOP	FY2025	$58.9B	+7.7%	$8.0B
EOG ResourcesEOG	FY2025	$22.6B	−4.5%	$5.0B
Occidental PetroleumOXY	FY2025	$21.6B	−1.9%	$2.4B
Diamondback EnergyFANG	FY2025	$15.0B	+35.8%	$1.7B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.