Texas Pacific Land (TPL) financial statements
Texas Pacific Land reported revenue of $798M in fiscal 2025, up 15.0% a year over 7 years.
Net income was $481M and the operating margin 74.2%, against 86.9% in 2018.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Texas Pacific Land's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $300M | $490M | $303M | $451M | $667M | $632M | $706M | $798M |
| Selling, general and admin | $5M | $10M | $10M | $12M | $22M | $46M | $34M | $24M |
| Operating income | $261M | $400M | $217M | $362M | $562M | $486M | $539M | $592M |
| Interest expense | — | — | — | — | — | $0 | $0 | $690,000 |
| Pre-tax income | $262M | $402M | $220M | $363M | $569M | $518M | $579M | $610M |
| Income tax | $52M | $84M | $44M | $93M | $122M | $112M | $125M | $129M |
| Net income | $210M | $319M | $176M | $270M | $446M | $406M | $454M | $481M |
| EPS (diluted) | $2.99 | $4.57 | $2.52 | $3.87 | $6.42 | $5.86 | $6.57 | $6.97 |
| Diluted shares | 70M | 70M | 70M | 70M | 70M | 69M | 69M | 69M |
| 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% |
Balance sheet
Fiscal years, from Texas Pacific Land's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $123M | $304M | $281M | $428M | $511M | $725M | $370M | $145M |
| Receivables | — | — | — | — | — | — | — | $165M |
| Total current assets | — | — | $333M | $527M | $633M | $862M | $503M | $319M |
| Property, plant and equipment | — | $88M | $79M | $80M | $85M | $90M | $123M | $165M |
| Total assets | — | $598M | $572M | $764M | $877M | $1.2B | $1.2B | $1.6B |
| Total current liabilities | — | — | $21M | $51M | $40M | $44M | $47M | $73M |
| Total liabilities | — | $86M | $86M | $112M | $105M | $113M | $116M | $164M |
| Shareholders' equity | $245M | $512M | $485M | $652M | $773M | $1.0B | $1.1B | $1.5B |
| Net debt | -$123M | -$304M | -$281M | -$428M | -$511M | -$725M | -$370M | -$145M |
Cash flow
Fiscal years, from Texas Pacific Land's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $195M | $343M | $207M | $265M | $447M | $418M | $491M | $546M |
| Capital spending | $48M | $32M | $5M | $16M | $19M | — | — | — |
| Free cash flow | $148M | $311M | $202M | $249M | $428M | — | — | — |
| Stock-based compensation | — | $0 | $0 | $28,000 | $8M | $10M | $12M | $15M |
| Dividends paid | $32M | $47M | $202M | $85M | $247M | $100M | $347M | $148M |
| Share buybacks (net) | -$38M | -$4M | $0 | -$20M | -$88M | -$43M | -$29M | -$8M |
| Free cash flow margin | 49.2% | 63.3% | 66.7% | 55.2% | 64.2% | — | — | — |
| Dividends per share | $0.45 | $0.67 | $2.89 | $1.22 | $3.56 | $1.45 | $5.03 | $2.14 |
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What was Texas Pacific Land's revenue in 2025?
$798M in fiscal 2025, from its 10-K filing.
From Texas Pacific Land's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.