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TPL

Texas Pacific Land Corporation

TPL

Texas Pacific Land Corporation • NYSE
$864.29 ▲ 0.16% (+1.38)
Market Cap $19.86 B
52w High $1610.96
52w Low $838.27
Dividend Yield 6.40%
P/E 41.67
Volume 45.31K
Outstanding Shares 22.98M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $203.085M ▲ $22.603M ▲ $121.238M ▲ 59.698% ▼ $5.27 ▲ $170.142M ▲
Q2-2025 $187.543M ▼ $21.642M ▼ $116.14M ▼ 61.927% ▲ $5.05 ▼ $157.45M ▼
Q1-2025 $195.983M ▲ $22.843M ▲ $120.652M ▲ 61.562% ▼ $5.25 ▲ $162.014M ▲
Q4-2024 $185.784M ▲ $22.841M ▼ $118.36M ▲ 63.708% ▲ $5.15 ▲ $154.011M ▲
Q3-2024 $173.563M $34.501M $106.594M 61.415% $4.64 $133.093M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $531.808M ▼ $1.525B ▲ $156.95M ▲ $1.368B ▲
Q2-2025 $543.93M ▲ $1.405B ▲ $115.72M ▼ $1.289B ▲
Q1-2025 $460.379M ▲ $1.353B ▲ $147.035M ▲ $1.206B ▲
Q4-2024 $369.835M ▼ $1.248B ▲ $115.555M ▼ $1.132B ▲
Q3-2024 $533.914M $1.176B $123.437M $1.052B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $121.238M ▲ $154.612M ▲ $-121.155M ▼ $-45.579M ▼ $-12.122M ▼ $136.011M ▲
Q2-2025 $116.14M ▼ $120.9M ▼ $-3.933M ▲ $-36.833M ▲ $80.134M ▼ $117.589M ▼
Q1-2025 $120.652M ▲ $156.726M ▲ $-12.517M ▲ $-51.794M ▼ $92.415M ▲ $147.76M ▲
Q4-2024 $118.36M ▲ $126.576M ▲ $-245.986M ▼ $-43.123M ▲ $-162.533M ▲ $113.331M ▲
Q3-2024 $106.594M $118.563M $-216.115M $-263.238M $-360.79M $110.734M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Easement and Sundry
Easement and Sundry
 $40.00M ▲$20.00M ▼$40.00M ▲$20.00M ▼
Land Sales
Land Sales
 $0 ▲$0 ▲$0 ▲$0 ▲
Oil And Gas Royalties
Oil And Gas Royalties
 $190.00M ▲$110.00M ▼$100.00M ▼$110.00M ▲
Produced Water Royalties
Produced Water Royalties
 $50.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Water Sales And Royalties
Water Sales And Royalties
 $80.00M ▲$40.00M ▼$30.00M ▼$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement TPL’s income statement shows a business with very high profitability and steady growth over the last several years. Revenue has risen meaningfully from the early period to the most recent year, with only a modest pause in the middle, and profits have broadly followed the same upward path. Margins are extremely strong at every level — from gross profit through operating income to net income. That reflects the asset‑light, royalty‑heavy nature of the model, where TPL collects fees and royalties rather than spending heavily on drilling. Earnings per share have trended higher over time, with only a small step back in one year, suggesting resilient economics but still some exposure to shifts in oil and gas activity and prices. Overall, the income statement points to a highly profitable, scaled, but still cyclical, energy‑linked revenue stream with strong operating leverage both to activity levels in the Permian and to commodity prices.

Balance Sheet

Balance Sheet TPL’s balance sheet is very conservative and straightforward. Total assets and shareholder equity have grown steadily over the period, indicating that the company is building value on its land and related assets rather than eroding its base. A standout feature is the complete lack of financial debt across the years shown. This essentially removes balance‑sheet leverage risk and gives TPL a lot of flexibility if industry conditions weaken. Cash levels move around from year to year but remain solid relative to the size of the business, suggesting management has a meaningful liquidity cushion while still deploying capital into operations and shareholder returns. In simple terms, this is a clean, equity‑funded balance sheet anchored by long‑lived land and royalty interests, with low financial risk but ongoing exposure to the underlying energy cycle and potential land‑use or regulatory changes.

Cash Flow

Cash Flow TPL’s cash flow profile lines up well with its reported profits and highlights the attractiveness of its business model. Operating cash flow has grown over time, roughly tracking the rise in earnings, which supports the idea that profits are backed by real cash generation rather than accounting noise. Capital spending is quite modest for an energy‑linked company, reflecting that TPL does not drill wells itself and focuses on land, water infrastructure, and related services. As a result, free cash flow stays close to operating cash flow and has increased meaningfully over the years. This combination — strong cash generation, low ongoing investment needs, and no debt to service — gives TPL considerable room to fund growth projects, withstand downturns, and return capital to shareholders, while still leaving it exposed to swings in Permian activity and regulatory or environmental shifts around water and land use.

Competitive Edge

Competitive Edge TPL’s core competitive advantage is its enormous, contiguous land position in the heart of the Permian Basin. Owning a very large acreage block in one of the most productive oil and gas regions gives the company a durable, hard‑to‑replicate foundation for royalties, water services, and infrastructure fees. Because TPL largely leases land and collects royalties instead of drilling, it benefits from industry growth without bearing full exploration and development risks. Its surface ownership also lets it control key chokepoints for water, pipelines, power lines, and renewable projects, which strengthens its bargaining power with operators. On top of that, TPL is pushing into newer areas like renewable energy leases and potential carbon storage on its land. While others can also pursue these markets, few have the same combination of scale, location, and alignment across royalties, water, infrastructure, and next‑generation uses, making its moat unusually robust — though heavily concentrated in one region and sector.

Innovation and R&D

Innovation and R&D For a land and royalty company, TPL is unusually active in innovation, especially around water and “next‑gen” energy uses of its acreage. Through Texas Pacific Water Resources, it is developing advanced produced‑water recycling and desalination technologies, including a patented process and a test facility to scale treatment. If this proves commercially viable, it could create a differentiated, higher‑value water offering and an additional revenue stream. TPL is also electrifying water assets to cut fuel usage and emissions, and using analytics to help operators optimize water use, which deepens customer relationships and can make its land and services more “sticky.” Beyond water, the company is supporting wind and solar projects, exploring carbon capture and storage potential, and evaluating opportunities such as grid‑connected batteries or data‑ and compute‑heavy facilities on its land. These initiatives are still developing and carry execution and regulatory risk, but they show a clear push to turn a legacy land base into a platform for broader energy‑transition and infrastructure businesses, not just traditional oil and gas royalties.

Summary

Texas Pacific Land combines a very old asset — land — with a modern, high‑margin, capital‑light business model. The income statement points to strong growth and exceptional profitability, supported by a clean, debt‑free balance sheet and robust, low‑maintenance cash generation. Its competitive strength rests on vast, strategically located Permian acreage that underpins royalties, water services, infrastructure easements, and an expanding set of renewable and carbon‑related opportunities. Innovation efforts in water technology, electrification, and next‑generation land uses suggest TPL is actively trying to future‑proof its franchise. Key positives are the high margins, strong cash flow, and unique land‑based moat. Key risks center on concentration in the Permian Basin, dependence on oil and gas activity and regulation, and the need to successfully execute on newer technologies and business lines. Overall, TPL presents as a financially strong, niche energy‑infrastructure and land platform with meaningful upside from successful innovation, but with unavoidable exposure to commodity‑driven and policy‑driven uncertainty.

NEWS

November 5, 2025 · 4:15 PM UTC

Texas Pacific Land Corporation Announces Third Quarter Results

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October 27, 2025 · 4:05 PM UTC

Texas Pacific Land Corporation Completes Inaugural $500 Million Credit Facility

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October 9, 2025 · 4:15 PM UTC

Texas Pacific Land Corporation Sets Dates for Third Quarter 2025 Earnings Release and Conference Call

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