TPL

MKT CAP:$30B

Texas Pacific Land Corporation

Market Cap

$30B

Energy·Oil & Gas Exploration & Production·🇺🇸 United States·NYSE

Energy·Oil & Gas Exploration & Production·🇺🇸·NYSE

Stock Price

$438.03+$140.06 (+47.00%)

Apr 24, 2026

Company Details

Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. The company's Land and Resource Management segment manages approximately 880,000 acres of land. This segment also hold...

CEO

Tyler Glover

IPO Date

Mar 17, 1980

Website

www.texaspacific.com

Key Metrics TTM

Revenue

$798M

+13.1% YoY

Net Income

$481M

EPS (Diluted)

$6.97

Free Cash Flow

$486M

Revenue / Share

$11.56

Gross Margin

100.0%

Operating Margin

74.2%

Net Margin

60.3%

FCF Margin

60.9%

P/S

37.8x

P/E

62.7x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 18, 2026

$798M+13.1%EPS $6.97

Q4 2025

Feb 18, 2026

$212M+13.9%EPS $1.78

Q3 2025

Nov 5, 2025

$203M+17.0%EPS $1.76

Q2 2025

Aug 6, 2025

$188M+8.8%EPS $1.68

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$147M	$140M	$124M
Q2 22	$176M	$168M	$152M
Q3 22	$191M	$181M	$162M
Q4 22	$153M	$145M	$124M
Q1 23	$146M	$137M	$105M
Q2 23	$161M	$146M	$120M
Q3 23	$158M	$146M	$127M
Q4 23	$167M	$154M	$134M
Q1 24	$174M	$160M	$136M
Q2 24	$172M	$153M	$133M
Q3 24	$174M	$162M	$127M
Q4 24	$186M	$165M	$143M
Q1 25	$196M	$173M	$150M
Q2 25	$188M	$165M	$144M
Q3 25	$203M	$172M	$149M
Q4 25	$212M	$288M	$149M

Valuation

Quarter	P/S	P/E
Q1 22	21.1x	34.2x
Q2 22	20.0x	31.3x
Q3 22	21.7x	33.8x
Q4 22	23.8x	35.6x
Q1 23	20.7x	31.7x
Q2 23	15.9x	24.9x
Q3 23	21.8x	34.3x
Q4 23	18.7x	29.1x
Q1 24	19.9x	30.3x
Q2 24	24.9x	37.3x
Q3 24	29.7x	45.4x
Q4 24	36.1x	56.1x
Q1 25	41.9x	66.2x
Q2 25	32.7x	52.6x
Q3 25	27.4x	44.5x
Q4 25	25.5x	42.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$108M	$104M
Q2 22	$88M	$85M
Q3 22	$119M	$113M
Q4 22	$133M	$126M
Q1 23	$115M	$113M
Q2 23	$84M	$81M
Q3 23	$108M	$103M
Q4 23	$111M	$107M
Q1 24	$147M	$145M
Q2 24	$98M	$92M
Q3 24	$119M	$111M
Q4 24	$127M	$113M
Q1 25	$157M	$148M
Q2 25	$121M	$118M
Q3 25	$155M	$136M
Q4 25	$114M	$85M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$3M
Q3 22	$6M
Q4 22	$6M
Q1 23	$2M
Q2 23	$4M
Q3 23	$5M
Q4 23	$4M
Q1 24	$2M
Q2 24	$6M
Q3 24	$8M
Q4 24	$13M
Q1 25	$9M
Q2 25	$3M
Q3 25	$19M
Q4 25	$29M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+75.1%	+4.0%
Q2 22	+83.7%	-0.4%
Q3 22	+54.5%	+42.1%
Q4 22	+3.8%	+33.6%
Q1 23	-0.7%	+79.9%
Q2 23	-8.9%	+64.2%
Q3 23	-17.3%	+6.7%
Q4 23	+9.1%	+15.2%
Q1 24	+19.0%	-8.0%
Q2 24	+7.3%	-3.0%
Q3 24	+9.9%	+49.1%
Q4 24	+11.5%	+31.9%
Q1 25	+12.5%	+20.5%
Q2 25	+8.8%	+12.0%
Q3 25	+17.0%	+16.8%
Q4 25	+13.9%	+44.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	1.0%
Q2 22	$2M	1.1%
Q3 22	$2M	1.1%
Q4 22	$3M	1.8%
Q1 23	$2M	1.7%
Q2 23	$3M	1.8%
Q3 23	$3M	1.8%
Q4 23	$2M	1.3%
Q1 24	$3M	1.9%
Q2 24	$3M	1.6%
Q3 24	$3M	1.7%
Q4 24	$4M	1.9%
Q1 25	$4M	2.2%
Q2 25	$3M	1.9%
Q3 25	$3M	1.7%
Q4 25	$4M	1.8%

OpEx Breakdown

Quarter	G&A
Q1 22	$14M
Q2 22	$14M
Q3 22	$16M
Q4 22	$19M
Q1 23	$31M
Q2 23	$24M
Q3 23	$17M
Q4 23	$18M
Q1 24	$21M
Q2 24	$6M
Q3 24	$12M
Q4 24	$22M
Q1 25	$21M
Q2 25	$20M
Q3 25	$6M

Revenue Segments

Quarter	Easement and Sundry	Land Sales and Other Revenue	Oil And Gas Royalties	Produced Water Royalties	Water Sales And Royalties	Land Sales
Q1 22	$9M	$281.0K	$104M	$15M	$19M	—
Q2 22	$14M	$71.0K	$121M	$19M	$22M	—
Q3 22	$14M	$3M	$130M	$19M	$24M	—
Q4 22	$11M	$6M	$97M	$20M	$19M	—
Q2 23	$19M	$1M	$82M	$21M	$38M	—
Q3 23	$18M	$5M	$87M	$21M	$26M	—
Q1 24	$21M	—	$92M	$23M	$37M	$1M
Q2 24	$17M	—	$90M	$25M	$41M	—
Q3 24	$14M	—	$94M	$28M	$36M	$901.0K
Q1 25	$18M	—	$111M	$28M	$39M	—
Q2 25	$36M	—	$95M	$31M	$26M	—
Q3 25	$17M	—	$109M	$32M	$45M	$819.0K
Q4 25	$21M	—	$97M	$34M	$61M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$507M	$0	$507M
Q2 22	$390M	$0	$390M
Q3 22	$447M	$0	$447M
Q4 22	$511M	$0	$511M
Q1 23	$591M	$0	$591M
Q2 23	$609M	$0	$609M
Q3 23	$654M	$0	$654M
Q4 23	$725M	$0	$725M
Q1 24	$837M	$0	$837M
Q2 24	$895M	$0	$895M
Q3 24	$534M	$0	$534M
Q4 24	$370M	$0	$370M
Q1 25	$460M	$0	$460M
Q2 25	$544M	$0	$544M
Q3 25	$532M	$0	$532M
Q4 25	$145M	$0	$145M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	70M	-0.0%	-0.2%
Q2 22	70M	-0.1%	-0.2%
Q3 22	69M	-0.2%	-0.4%
Q4 22	69M	-0.2%	-0.5%
Q1 23	69M	-0.1%	-0.6%
Q2 23	69M	-0.1%	-0.6%
Q3 23	69M	-0.1%	-0.5%
Q4 23	69M	-0.0%	-0.3%
Q1 24	69M	-0.1%	-0.3%
Q2 24	69M	-0.0%	-0.3%
Q3 24	69M	-0.0%	-0.1%
Q4 24	69M	+0.0%	-0.1%
Q1 25	69M	-0.0%	-0.1%
Q2 25	69M	+0.0%	-0.0%
Q3 25	69M	-0.0%	-0.0%
Q4 25	69M	-0.0%	-0.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$2M	92
Q2 22	$2M	92
Q3 22	$2M	92
Q4 22	$2M	99
Q1 23	$1M	99
Q2 23	$2M	99
Q3 23	$2M	99
Q4 23	$2M	100
Q1 24	$2M	100
Q2 24	$2M	100
Q3 24	$2M	100
Q4 24	$2M	111
Q1 25	$2M	111
Q2 25	$2M	111
Q3 25	$2M	111
Q4 25	$2M	114

Revenue / Employee