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TPLTexas Pacific Land Corporation

Energy · Royalty Trusts · NYSE

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FY2025 at a glance

Sales up 13.1%

XBRL, from each 10-K

RevenueStatements ↓

$798.2M

from $705.8M in FY2024

FY2018FY2025

Net incomeStatements ↓

$481.4M

from $454.0M in FY2024

FY2018FY2025

EPS (diluted)Statements ↓

$6.97

from $6.57 in FY2024

FY2018FY2025

Operating marginStatements ↓

74.2%

from 76.4% in FY2024

FY2018FY2025

Price and key numbers

The latest figures

All key numbers (38, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	8.51	Sales (ttm)	967.8M	Net income (ttm)	587.5M	Sales growth	+13.1%	EPS growth	+6.1%	Sales Q/Q	+34.6%
Free cash flow	-	Gross margin	-	Oper. margin	75.5%	Net margin	60.7%	FCF margin	-	ROE	32.6%
ROA	29.6%	R&D / sales	-	Dividend	2.13	Debt/Eq	-	Curr. ratio	5.41	Cash	369.6M
Op. cash flow (ttm)	640.9M	EBITDA	654.7M	EBITDA margin	82.0%	Quick ratio	5.41	Interest cover	858.20	ROIC	25.9%
Payout ratio	30.6%	Tax rate	21.1%	Stock pay / sales	1.9%	Shares out.	69.0M	Shares Y/Y	0.0%	Book / share	26.13
Cash / share	5.36	Sales / share	14.03	Asset turnover	0.49	Days sales out.	75	Sales 3Y CAGR	+6.1%	Sales 5Y CAGR	+21.4%
EPS 3Y CAGR	+2.8%	EPS 5Y CAGR	+22.5%

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Operating margin narrowed to 74.2%76.4% → 74.2% · Operating income / revenue · 10-K ↗

What management wrote about it → · Every company →

TPL against Energy peers

Ten years, side by side → · All 21 →

TPLPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 21 companies, the better end on the right. Hover a dot for the company.

Sales growth

+13.1%6th of 21 · median -0.3%

Net margin

60.7%1st of 21 · median 13.5%

Return on equity

32.6%5th of 21 · median 17.4%

TPL and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
TPL Texas Pacific Land Corporation	$967.8M	+13.1%	-	60.7%	32.6%	-	-
TRGP Targa Resources	$18.2B	+3.9%	41.8%	13.5%	64.1%	5.1%	5.20
WMB Williams Companies	$15.4B	+17.9%	-	19.9%	23.3%	-0.7%	2.33
EXE Expand Energy	$13.9B	+186%	-	19.8%	14.1%	18.6%	0.24
APA APA Corporation	$9.9B	-10.6%	-	21.9%	30.2%	-	0.46
EQT EQT Corporation	$9.3B	+63.9%	83.5%	28.4%	10.4%	40.7%	0.22

Profitability

3 of 3

✓
Net margin above the peer median60.7% vs 13.5%
✓
Return on equity above 15%32.6%
✓
A profit in every one of 8 years

Net margin, FY2018 to FY2025: 69.9% → 60.3%

Balance sheet

2 of 2

✓
Interest covered more than 5 timesOperating income is over 100× interest expense
✓
Current assets cover current liabilitiesCurrent ratio 5.41

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 5 years$428.2M last year
✓
Share count down over 5 years−1.1%
✓
Dividend per share up over 5 years$1.11 → $2.13
✓
Cash from operations above net income$545.9M vs $481.4M

Free cash flow, FY2018 to FY2025: 147.6M → 428.2M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2018 to FY2025

Revenue 798.2M Net income 481.4M

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $798.2M of revenue came from

by product, year to Dec 31, 2025

Oil and gas royalties $411.7M · 52%
Water sales $169.7M · 21%
Produced Water Royalties $124.2M · 16%
Easements and other surface-related income $91.8M · 11%
Land sales $819K · 0%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

TPL's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue798.2M

Net income481.4M

Free cash flow428.2M

EPS (diluted)6.97

Dividend per share2.13

Diluted shares69.0M

The segments changed

10-K filed 2026-02-18

Compared with the 10-K of Feb 19, 2025: new segment Water Serviceand Operations; no longer reported: Water services and operations.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Land And Resource Management	490.7M	61.5%	+11.3%
Water Serviceand Operations	307.5M	38.5%	+16.0%

10-K 0001811074-26-000018, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025

	Revenue	Share	vs year before
Oil and gas royalties	411.7M	51.6%	+10.3%
Water sales	169.7M	21.3%	+12.6%
Produced Water Royalties	124.2M	15.6%	+19.3%
Easements and other surface-related income	91.8M	11.5%	+25.3%
Land sales	819K	0.1%	-81.3%

10-K 0001811074-26-000018, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	300.2M	490.5M	302.6M	451.0M	667.4M	631.6M	705.8M	798.2M
SG&A	4.7M	9.5M	9.8M	11.6M	22.0M	46.5M	34.5M	23.8M
Operating income	260.8M	399.6M	217.3M	362.4M	562.3M	486.1M	539.1M	592.2M
Interest expense	-	-	-	-	-	0	0	690K
Pretax income	261.8M	402.3M	219.7M	363.0M	568.9M	517.6M	578.8M	610.3M
Income tax	52.0M	83.5M	43.6M	93.0M	122.5M	111.9M	124.9M	129.0M
Net income	209.7M	318.7M	176.0M	270.0M	446.4M	405.6M	454.0M	481.4M
EPS (diluted)	2.99	4.57	2.52	3.87	6.42	5.86	6.57	6.97
Diluted shares	70.1M	69.8M	69.8M	69.8M	69.5M	69.2M	69.1M	69.0M
Depreciation & amortization	2.6M	8.9M	14.4M	16.3M	15.4M	14.8M	25.2M	62.5M
EBITDA	263.4M	408.5M	231.7M	378.6M	577.7M	500.8M	564.3M	654.7M
Operating margin	86.9%	81.5%	71.8%	80.4%	84.3%	77.0%	76.4%	74.2%
Net margin	69.9%	65.0%	58.2%	59.9%	66.9%	64.2%	64.3%	60.3%
Revenue growth	-	+63.4%	-38.3%	+49.0%	+48.0%	-5.4%	+11.8%	+13.1%
EPS growth	-	+52.6%	-44.8%	+53.4%	+65.9%	-8.7%	+12.1%	+6.1%

Balance sheet

From EDGAR

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	123.4M	303.6M	281.0M	428.2M	510.8M	725.2M	369.8M	144.8M
Receivables	-	-	-	-	-	-	-	164.9M
Current assets	-	-	332.5M	526.5M	633.4M	862.5M	503.4M	319.3M
Property & equipment	-	88.3M	79.3M	79.7M	85.5M	89.6M	122.6M	164.5M
Total assets	-	598.2M	571.6M	764.1M	877.4M	1.2B	1.2B	1.6B
Current liabilities	-	-	21.4M	50.9M	39.6M	44.4M	46.6M	72.6M
Total liabilities	-	86.0M	86.5M	112.4M	104.5M	113.2M	115.6M	164.4M
Shareholders' equity	244.7M	512.1M	485.2M	651.7M	772.9M	1.0B	1.1B	1.5B
Retained earnings	-	-	487.9M	668.0M	866.1M	1.2B	1.3B	1.6B

Cash flow

From EDGAR

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	195.4M	342.8M	207.0M	265.2M	447.1M	418.3M	490.7M	545.9M
Capital spending	47.9M	32.2M	5.1M	16.4M	19.0M	-	-	-
Free cash flow	147.6M	310.6M	202.0M	248.7M	428.2M	-	-	-
Stock-based pay (added back)	-	0	0	28K	8.4M	10.3M	12.5M	15.1M
Dividends paid	31.7M	46.5M	201.7M	85.3M	247.3M	100.0M	347.3M	147.8M
Buybacks	38.4M	4.4M	0	19.7M	87.8M	42.6M	29.2M	8.4M
Acquisitions	-	-	-	-	0	0	45.0M	0
Investing cash flow	-81.5M	-111.7M	-26.0M	-15.0M	-21.4M	-60.3M	-471.7M	-595.8M
Financing cash flow	-70.0M	-50.9M	-201.7M	-104.9M	-336.8M	-144.6M	-378.1M	-176.0M
Dividend per share	-	0.19	1.11	1.22	-	1.44	-	2.13

Stock-based pay and leases

From EDGAR

	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	-	0	0	28K	8.4M	10.3M	12.5M	15.1M
Stock-based pay / revenue	-	0.0%	0.0%	0.0%	1.3%	1.6%	1.8%	1.9%
Operating lease cost	-	-	700K	800K	800K	800K	900K	1.4M
Right-of-use assets	-	3.1M	2.5M	1.8M	2.5M	1.9M	1.2M	13.7M
Operating lease liabilities	-	3.4M	2.8M	2.1M	2.8M	2.0M	1.3M	17.8M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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