Texas Pacific Land Corporation (TPL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.18	$2.23	+2.3%	—	$246.1M	—
Q1 26	$2.02	$2.07	+2.5%	—	$236.8M	—
Q4 25	$3.6	$1.79	-50.3%	—	$211.6M	—
Q3 25	$1.92	$1.76	-8.3%	—	$203.1M	—
Q2 25	$2.32	$1.68	-27.6%	—	$187.5M	—
Q4 24	—	$4.93	—	—	$185.8M	—
Q2 24	$1.79	$1.66	-7.3%	—	$172.3M	—
Q1 24	$4.82	$4.97	+3.1%	—	$174.1M	—
Q4 23	$1.5	$1.64	+9.3%	—	$166.7M	—
Q3 23	$15	$13.7	-8.2%	—	$158M	—
Q2 23	$11.2	$13.1	+16.3%	—	$160.6M	—
Q1 23	$13.2	$11.3	-14.8%	—	$146.4M	—
Q4 22	$15.1	$12.9	-14.5%	—	$152.7M	—
Q3 22	$14.4	$16.8	+17.0%	—	$191.1M	—
Q2 22	$15.8	$15.4	-2.9%	—	$176.3M	—
Q1 22	$13.6	$12.6	-7.1%	—	$147.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.98	—	—	$798.2M	—
FY24	—	$6.58	—	—	$705.8M	—
FY23	—	$17.6	—	—	$631.6M	—
FY22	—	$19.3	—	—	$667.4M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$66.1M	$154.6M	$300.2M	$490.5M	$302.6M	$451M	$667.4M	$631.6M	$705.8M	$798.2M
YoY change	-16.8%	+133.9%	+94.1%	+63.4%	-38.3%	+49%	+48%	-5.37%	+11.8%	+13.1%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	66.1M	154.6M	300.2M	490.5M	302.6M	451M	667.4M	631.6M	705.8M	798.2M
Cost of revenue	43K	867K	13.8M	29.9M	32.6M	29.5M	32.8M	48.3M	71.3M	116.1M
Gross profit	66.1M	153.8M	286.4M	460.6M	270M	421.5M	634.6M	583.3M	634.5M	682.1M
Gross margin	99.9%	99.4%	95.4%	93.9%	89.2%	93.5%	95.1%	92.3%	89.9%	85.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	3.2M	8.8M	25.6M	61M	52.7M	58.9M	63.4M	89.8M	88.1M	81.7M
Operating expenses	3.2M	8.8M	25.1M	60.5M	52.7M	58.9M	63.4M	89.8M	88.1M	81.7M
Operating income	62.9M	144.9M	260.8M	399.6M	217.3M	362.4M	562.3M	486.1M	539.1M	592.2M
Operating margin	95.2%	93.7%	86.9%	81.5%	71.8%	80.4%	84.3%	77%	76.4%	74.2%
Non-operating income, net	-15K	114K	916K	2.7M	2.4M	624K	6.5M	31.5M	7.5M	888K
Pretax income	62.9M	145.1M	261.8M	402.3M	219.7M	363M	568.9M	517.6M	578.8M	610.3M
Income tax	20.6M	47.8M	52M	83.5M	43.6M	93M	122.5M	111.9M	124.9M	129M
Net income	42.3M	97.2M	209.7M	318.7M	176M	270M	446.4M	405.6M	454M	481.4M
Net margin	63.9%	62.9%	69.9%	65%	58.2%	59.9%	66.9%	64.2%	64.3%	60.3%
EBITDA	63M	145.3M	263.4M	408.5M	231.7M	378.6M	577.7M	500.8M	564.3M	673.6M
EPS	1.76	4.13	8.98	13.8	7.57	11.6	19.3	17.6	6.58	6.98
Diluted EPS	1.76	4.13	8.98	13.8	7.57	11.6	19.3	17.6	6.57	6.97

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	158M	166.7M	174.1M	172.3M	173.6M	185.8M	196M	187.5M	203.1M	211.6M	236.8M	246.1M
Cost of revenue	12.2M	12.9M	14.3M	18.9M	17.7M	20.4M	23.1M	22.1M	31.4M	39.5M	28.3M	28.2M
Gross profit	145.8M	153.7M	159.8M	153.4M	155.9M	165.4M	172.9M	165.4M	171.7M	172.1M	208.5M	217.8M
Gross margin	92.3%	92.2%	91.8%	89%	89.8%	89%	88.2%	88.2%	84.5%	81.4%	88%	88.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	17M	17.9M	21.4M	18.8M	26.4M	21.5M	20.6M	19.8M	20M	21.3M	23.6M	23.6M
Operating expenses	17M	17.9M	21.4M	18.8M	26.4M	21.5M	20.6M	19.8M	20M	21.3M	23.6M	23.6M
Operating income	127M	133.9M	136M	133.2M	127.3M	142.5M	150.1M	143.8M	149.1M	149.2M	182.3M	191.8M
Operating margin	80.4%	80.3%	78.1%	77.3%	73.4%	76.7%	76.6%	76.6%	73.4%	70.5%	77%	78%
Non-operating income, net	129K	11.3M	9.9M	2.5M	173K	4.8M	219K	219K	209K	241K	547K	572K
Pretax income	134.9M	145.1M	146M	146.4M	135.4M	151M	154.4M	149M	155.2M	151.8M	183.6M	193.7M
Income tax	29.4M	32M	31.6M	31.9M	28.8M	32.6M	33.7M	32.9M	33.9M	28.4M	40.7M	39.8M
Net income	105.6M	113.1M	114.4M	114.6M	106.6M	118.4M	120.7M	116.1M	121.2M	123.3M	142.9M	153.9M
Net margin	66.8%	67.9%	65.7%	66.5%	61.4%	63.7%	61.6%	61.9%	59.7%	58.3%	60.3%	62.6%
EBITDA	130.5M	137.7M	139.9M	137.3M	133.1M	154M	162M	157.4M	164.1M	190M	198.6M	211.3M
EPS	4.58	4.91	4.97	4.99	4.64	1.72	1.75	1.68	1.76	1.79	2.07	2.23
Diluted EPS	4.58	4.91	4.97	4.98	4.63	1.71	1.75	1.68	1.76	1.79	2.07	2.23

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	790.3M	1.2B	1.4B	2B	1.9B	3.2B	6B	4B	—	19.8B	23.3B
Enterprise value	740.9M	1.1B	1.3B	1.7B	1.6B	2.8B	5.5B	3.3B	—	19.7B	23.3B
Shares outstanding	24M	23.6M	23.4M	23.3M	23.3M	23.3M	23.2M	23M	69M	68.9M	68.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.7	12	6.7	6.34	10.7	12	13.5	9.93	—	41.1	43.5
P/S	12	7.56	4.68	4.12	6.21	7.16	9.04	6.37	—	24.8	26.2
P/B	16.6	11.1	5.75	3.94	3.87	4.95	7.81	3.86	—	13.6	14
EV/EBITDA	11.8	7.5	4.88	4.21	6.91	7.4	9.56	6.59	—	29.2	31.4
EV/Sales	11.2	7.05	4.28	3.51	5.29	6.21	8.28	5.23	—	24.6	26
Earnings yield	5.35%	8.31%	14.9%	15.8%	9.37%	8.37%	7.4%	10.1%	—	2.43%	2.3%
FCF yield	5.06%	6.42%	8.77%	15.1%	9.84%	7.73%	7.06%	9.4%	—	0.16%	-0.14%
PEG	—	—	—	—	—	—	—	—	—	—	1.34

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	99.9%	99.4%	95.4%	93.9%	89.2%	93.5%	95.1%	92.3%	89.9%	85.5%	88.5%
Operating margin	95.2%	93.7%	86.9%	81.5%	71.8%	80.4%	84.3%	77%	76.4%	74.2%	78.2%
Net margin	63.9%	62.9%	69.9%	65%	58.2%	59.9%	66.9%	64.2%	64.3%	60.3%	60.3%
ROE	88.8%	92.5%	85.7%	62.2%	36.3%	41.4%	57.8%	38.9%	40.1%	33%	36.6%
ROA	67.7%	81%	73.6%	53.3%	30.8%	35.3%	50.9%	35.1%	36.4%	29.7%	25.8%
ROIC	-2.4K%	380.7%	167.1%	149.4%	84.5%	119.8%	167.1%	119.3%	55.4%	35.1%	37%
Return on tangible assets	67.7%	81%	73.6%	53.3%	30.8%	35.3%	50.9%	36.4%	38.5%	30.9%	30.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	18.3	15.3	15	15	8.41	7.8	11.1	13.7	8.33	4.34	4.55
Quick ratio	18	15.1	14.1	10.6	5.66	6.18	9.22	13.7	8.33	4.34	4.6
Debt / equity	—	—	0	0.01	0	0	0	0	0	0.01	0.01
Debt / assets	—	—	0	0.01	0	0	0	0	0	0.01	0.01
Net debt / EBITDA	—	—	-0.45	-0.74	-1.2	-1.13	-0.88	-1.45	-0.65	-0.19	-0.31
Interest coverage	—	—	—	—	—	—	—	—	—	885.5	885.5
Effective tax rate	32.8%	33%	19.9%	20.8%	19.9%	25.6%	21.5%	21.6%	21.6%	21.1%	20.9%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.76	6.56	12.9	21.1	13	19.4	28.8	27.4	10.2	11.6	13
EPS (basic)	1.76	4.13	8.98	13.8	7.57	11.6	19.3	17.6	6.58	6.98	6.98
EPS (diluted)	1.76	4.13	8.98	13.8	7.57	11.6	19.3	17.6	6.57	6.97	7.84
Book value per share	1.99	4.46	10.5	22	20.9	28	33.4	45.3	16.4	21.2	24.2
FCF per share	1.67	3.19	5.28	13.1	7.95	10.7	18.4	16.4	0.95	0.47	1.1
Cash per share	2.06	3.38	5.12	13	12.1	18.4	22.1	31.5	5.36	2.1	3.6
Capex per share	0.04	0.79	3.09	1.59	0.95	0.62	0.9	0.81	6.17	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.45%	12.1%	24%	7.57%	7.28%	3.21%	3.11%	2.94%	60.3%	—	—
Capex / operating cash flow	2.42%	19.5%	35.6%	11%	10.9%	6.02%	4.42%	4.54%	85.4%	—	—
Payout ratio	5.93%	11%	15.1%	14.6%	114.5%	31.6%	55.4%	24.6%	76.5%	30.7%	28.9%
Dividend yield	0.32%	0.91%	2.25%	2.3%	10.7%	2.64%	4.1%	2.48%	—	0.75%	0.72%

Yield

0.72%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.60

ex-dividend Sep 1, 2026

Payout ratio

29%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.60
Jun 1, 2026	$0.60
Mar 2, 2026	$0.60
Dec 1, 2025	$1.60
Sep 2, 2025	$1.60

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$158M	$166.7M	$174.1M	$172.3M	$173.6M	$185.8M	$196M	$187.5M	$203.1M	$211.6M	$236.8M	$246.1M
YoY change	-17.3%	+9.14%	+19%	+7.3%	+9.87%	+11.5%	+12.5%	+8.83%	+17%	+13.9%	+20.8%	+31.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	49.4M	79.6M	119.6M	303.6M	281M	428.2M	510.8M	725.2M	369.8M	144.8M
Receivables	6.5M	17.8M	48.8M	63M	48.2M	95.2M	104M	129M	126.7M	164.9M
Inventory	1.1M	1.1M	10.5M	107.1M	108.5M	109.1M	109.7M	—	—	—
Total current assets	56M	98.6M	181.6M	366.6M	332.5M	526.5M	633.4M	862.5M	503.4M	319.3M
Property, plant & equipment	1.2M	19.5M	89.1M	120.5M	127.4M	125.9M	133M	138.1M	556.1M	1B
Goodwill & intangibles	—	—	—	—	—	—	0	42M	70.4M	65.7M
Total assets	62.5M	120M	285.1M	598.2M	571.6M	764.1M	877.4M	1.2B	1.2B	1.6B
Accounts payable	827K	5.6M	10.5M	19.2M	13.3M	17.9M	23.4M	22.5M	27M	39.6M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	3.1M	6.5M	12.1M	24.5M	39.5M	67.5M	56.8M	63.1M	60.4M	73.6M
Long-term debt	—	—	0	3.4M	2M	1.4M	2M	1.2M	453K	16.2M
Total liabilities	14.8M	14.9M	40.4M	86M	86.5M	112.4M	104.5M	113.2M	115.6M	164.4M
Shareholders' equity	47.6M	105.1M	244.7M	512.1M	485.2M	651.7M	772.9M	1B	1.1B	1.5B
Total debt	—	—	0	3.4M	2M	1.4M	2M	1.2M	453K	16.2M
Net debt	—	—	-119.6M	-300.3M	-279M	-426.8M	-508.9M	-724M	-369.4M	-128.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	654.2M	725.2M	837.1M	894.7M	533.9M	369.8M	460.4M	543.9M	531.8M	144.8M	247.6M	248.6M
Receivables	126.2M	129M	121.8M	119.1M	122.6M	126.7M	138.3M	114.3M	127.8M	164.9M	181.1M	174.8M
Inventory	130M	—	—	—	—	—	—	—	—	—	—	—
Total current assets	790.9M	862.5M	963.8M	1B	709M	503.4M	606.9M	667.5M	737.2M	319.3M	435.1M	428.4M
Property, plant & equipment	133.8M	138.1M	138.4M	141.1M	283.1M	556.1M	557.1M	544M	557.5M	1B	1B	1B
Goodwill & intangibles	42.6M	42M	41.5M	40.9M	71.5M	70.4M	69.2M	68M	66.9M	65.7M	64.5M	63.4M
Total assets	1.1B	1.2B	1.3B	1.3B	1.2B	1.2B	1.4B	1.4B	1.5B	1.6B	1.8B	1.9B
Accounts payable	29M	22.5M	23.3M	31.7M	40.6M	27M	25.1M	27M	38.5M	39.6M	40.5M	40.8M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	66.9M	63.1M	86.8M	59.3M	71.3M	60.4M	86.1M	57.3M	75.6M	73.6M	102.9M	93.2M
Long-term debt	—	1.2M	—	—	—	453K	—	—	16.5M	16.2M	15.8M	15.5M
Total liabilities	114.8M	113.2M	136.7M	109.4M	123.4M	115.6M	147M	115.7M	156.9M	164.4M	195.5M	187.1M
Shareholders' equity	964.6M	1B	1.1B	1.2B	1.1B	1.1B	1.2B	1.3B	1.4B	1.5B	1.6B	1.7B
Total debt	—	1.2M	—	—	—	453K	—	—	16.5M	16.2M	15.8M	15.5M
Net debt	—	-724M	—	—	—	-369.4M	—	—	-515.3M	-128.6M	-231.7M	-233.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	42.3M	97.2M	209.7M	318.7M	176M	270M	446.4M	405.6M	454M	481.4M
Depreciation & amortization	43K	376K	2.6M	8.9M	14.4M	16.3M	15.4M	14.8M	25.2M	62.5M
Stock-based compensation	—	—	—	0	0	28K	8.4M	10.3M	12.5M	15.1M
Change in working capital	-1.4M	-2.7M	-24.2M	6.1M	15M	-46.4M	-1.9M	-22.6M	1.8M	-16.3M
Operating cash flow	39.6M	96M	202.9M	337.7M	202M	240.1M	469.6M	409.6M	498M	545.9M
Capital expenditure	-959K	-18.7M	-72.2M	-37.1M	-22M	-14.5M	-20.8M	-18.6M	-425.3M	—
Investing cash flow	-959K	-18.7M	-72.2M	-37.1M	-22M	-14.5M	-20.8M	-18.6M	-470.3M	-46.1M
Dividends paid	-2.5M	-10.7M	-31.7M	-46.5M	-201.7M	-85.3M	-247.3M	-100M	-347.3M	-147.8M
Share repurchases	-33.1M	-34.3M	-38.4M	-4.4M	0	-19.7M	-87.8M	-42.6M	-29.2M	-8.4M
Financing cash flow	-35.6M	-44.9M	-70M	-50.9M	-201.7M	-104.9M	-336.8M	-144.6M	-378.1M	-176M
Net change in cash	3.1M	32.4M	60.7M	249.7M	-21.7M	120.7M	112M	246.4M	-350.3M	323.7M
Free cash flow	40M	75.1M	123.3M	305.6M	185M	249.6M	426.3M	378.3M	65.4M	32.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	105.6M	113.1M	114.4M	114.6M	106.6M	118.4M	120.7M	116.1M	121.2M	123.3M	142.9M	153.9M
Depreciation & amortization	3.6M	3.9M	3.8M	4.1M	5.8M	11.5M	11.9M	13.7M	15M	21.9M	14M	16.6M
Stock-based compensation	2.8M	2.2M	3.4M	2.7M	2.9M	3.5M	4.4M	3.5M	3.5M	3.8M	5.1M	4.4M
Change in working capital	-3.1M	-13.2M	-5.8M	11.5M	4.5M	1.9M	-14M	20.2M	5.4M	-4.7M	-19.8M	4.7M
Operating cash flow	108.5M	108.4M	115.4M	134M	121.2M	137.7M	123.8M	120.9M	154.6M	113.7M	162M	172.9M
Capital expenditure	-6.9M	-4.4M	-2.2M	-6.4M	-128.2M	-288.5M	-12.5M	—	—	—	—	—
Investing cash flow	-6.9M	-4.4M	-2.2M	-6.4M	-216.1M	-245.5M	-12.5M	3.9M	-71.1M	21.1M	-1M	1M
Dividends paid	-25M	-25M	-26.9M	-26.9M	-256.7M	-36.8M	-37.4M	-36.8M	-36.8M	-36.8M	-41.8M	-41.4M
Share repurchases	-5.9M	-10.2M	-10.3M	-6.4M	-6.1M	-6.4M	-100K	0	-8.3M	0	0	0
Financing cash flow	-31.2M	-36M	-38.5M	-33.3M	-263.2M	-43.1M	-51.8M	-36.8M	-45.6M	-41.8M	-50.9M	-41.4M
Net change in cash	70.4M	68M	74.7M	94.3M	-358.1M	-151M	59.5M	87.9M	37.9M	92.9M	110.1M	132.5M
Free cash flow	79.3M	107M	145M	91.9M	-9.6M	-161.9M	144.2M	117.6M	136M	-365.7M	154.7M	151M

Date	Ratio
Dec 23, 2025	3:1
Mar 27, 2024	3:1
Jul 13, 2007	5:1

Texas Pacific Land Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history