Texas Pacific Land
TPL · NYSEOil Royalty Traders · Fiscal year ends Dec 31
Texas Pacific Land reported revenue of $798M in the fiscal year ended Dec 2025, up 13.1% from the year before. Operating income was $592M, an operating margin of 74.2%, and net income was $481M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $451M | $667M | $632M | $706M | $798M |
| Operating income | $362M | $562M | $486M | $539M | $592M |
| Interest expense | – | – | $0 | $0 | $690,000 |
| Pre-tax income | $363M | $569M | $518M | $579M | $610M |
| Income tax | $93M | $122M | $112M | $125M | $129M |
| Net income | $270M | $446M | $406M | $454M | $481M |
| Diluted EPS | 34.83 | 19.26 | 5.86 | 6.57 | 6.97 |
| Diluted shares | 8M | 23M | 69M | 69M | 69M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $428M | $511M | $725M | $370M | $145M |
| Receivables | – | – | – | – | $165M |
| Current assets | $527M | $633M | $862M | $503M | $319M |
| Net PP&E | $80M | $85M | $90M | $123M | $165M |
| Total assets | $764M | $877M | $1.2B | $1.2B | $1.6B |
| Deferred revenue | $4M | $4M | $6M | $7M | $20M |
| Current liabilities | $51M | $40M | $44M | $47M | $73M |
| Total liabilities | $112M | $105M | $113M | $116M | $164M |
| Shareholders' equity | $652M | $773M | $1B | $1.1B | $1.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $265M | $447M | $418M | $491M | $546M |
| Capital expenditure | $16M | $19M | – | – | – |
| Free cash flow | $249M | $428M | – | – | – |
| Depreciation & amortisation | $16M | $15M | $15M | $25M | $63M |
| Stock-based compensation | $28,000 | $8M | $10M | $12M | $15M |
| Share buybacks | $20M | $88M | $43M | $29M | $8M |
| Dividends paid | $85M | $247M | $100M | $347M | $148M |
| Dividend per share | 11.00 | – | 4.33 | – | 2.13 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 48.0% | −5.4% | 11.8% | 13.1% |
| Operating income growth (YoY) | – | 55.2% | −13.6% | 10.9% | 9.8% |
| EPS growth (YoY) | – | −44.7% | −69.6% | 12.1% | 6.1% |
| Operating margin | 80.4% | 84.3% | 77.0% | 76.4% | 74.2% |
| Net margin | 59.9% | 66.9% | 64.2% | 64.3% | 60.3% |
| Return on equityBlank when equity is negative | 41.4% | 57.8% | 38.9% | 40.1% | 33.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 50.8% | 67.1% | 43.7% | 44.9% | 38.2% |
| Free cash flow margin | 55.2% | 64.2% | – | – | – |
| Cash conversion (CFO ÷ net income) | 0.98x | 1.00x | 1.03x | 1.08x | 1.13x |
| Receivable days | – | – | – | – | 75 |
| Interest cover | – | – | – | – | 858x |
| Current ratio | 10.3x | 16.0x | 19.4x | 10.8x | 4.40x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.