What is Texas Pacific Land's operating income?

Texas Pacific Land's total operating income in 2025 was $592.16 million, based on the following breakdown: Total Gross Profit: $740.27 million Total Operating Expenses: $148.10 million

Texas Pacific Land (TPL) Financials

$362.30 -0.48 (-0.13%)

As of 02:21 PM Eastern

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Annual Income Statements for Texas Pacific Land

This table shows Texas Pacific Land's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	210	319	176	270	446	406	454	481
Consolidated Net Income / (Loss)	210	319	176	270	446	406	454	481
Net Income / (Loss) Continuing Operations	210	319	176	270	446	406	454	481
Total Pre-Tax Income	262	402	220	363	569	518	579	610
Total Operating Income	261	400	217	362	562	486	539	592
Total Gross Profit	282	455	266	411	626	588	652	740
Total Revenue	300	490	303	451	667	632	706	798
Operating Revenue	300	490	303	451	667	632	706	798
Total Cost of Revenue	18	35	36	40	41	43	54	58
Operating Cost of Revenue	18	35	36	40	41	43	54	58
Total Operating Expenses	21	56	49	49	64	102	113	148
Selling, General & Admin Expense	7.18	26	21	19	22	46	34	24
Depreciation Expense	2.58	8.91	14	16	15	15	25	63
Other Operating Expenses / (Income)	11	21	14	13	26	41	53	62
Total Other Income / (Expense), net	0.92	2.68	2.40	0.62	6.55	32	40	18
Interest Expense	-	-	-	-	-	0.00	0.00	0.69
Other Income / (Expense), net	0.92	2.68	2.40	0.62	6.55	32	40	19
Income Tax Expense	52	84	44	93	122	112	125	129
Basic Earnings per Share	$26.93	$41.09	$22.70	$34.83	$19.27	$5.87	$6.58	$6.98
Weighted Average Basic Shares Outstanding	-	7.76M	7.76M	7.75M	23.17M	69.13M	68.96M	68.95M
Diluted Earnings per Share	$26.93	$41.09	$22.70	$34.83	$19.26	$5.86	$6.57	$6.97
Weighted Average Diluted Shares Outstanding	7.79M	7.76M	7.76M	7.75M	23.18M	69.18M	69.06M	69.03M
Weighted Average Basic & Diluted Shares Outstanding	-	-	7.76M	7.75M	7.70M	7.67M	22.98M	68.94M
Cash Dividends to Common per Share	-	$1.75	$0.00	$11.00	-	-	-	$2.13

This table shows Texas Pacific Land's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	106	113	114	115	107	118	121	116	121	123	143
Consolidated Net Income / (Loss)	106	113	114	115	107	118	121	116	121	123	143
Net Income / (Loss) Continuing Operations	106	113	114	115	107	118	121	116	121	123	143
Total Pre-Tax Income	135	145	146	146	135	151	154	149	155	152	184
Total Operating Income	127	134	136	133	127	143	150	144	149	149	182
Total Gross Profit	146	156	162	160	160	172	181	173	189	197	222
Total Revenue	158	167	174	172	174	186	196	188	203	212	237
Operating Revenue	158	167	174	172	174	186	196	188	203	212	237
Total Cost of Revenue	11	11	12	13	14	14	15	14	14	15	15
Operating Cost of Revenue	11	11	12	13	14	14	15	14	14	15	15
Total Operating Expenses	20	22	26	26	32	29	31	30	40	47	40
Selling, General & Admin Expense	5.55	7.24	9.23	5.98	13	7.18	6.07	5.69	5.59	6.42	8.63
Depreciation Expense	3.58	3.88	3.84	4.09	5.76	11	12	14	15	22	14
Other Operating Expenses / (Income)	10	11	13	16	14	11	13	10	19	19	17
Total Other Income / (Expense), net	7.98	11	9.94	13	8.09	8.43	4.32	5.24	6.09	2.52	1.24
Interest Expense	-	-	-	-	-	-	0.00	-	-	-	0.99
Other Income / (Expense), net	7.98	11	9.94	13	8.09	8.43	4.32	5.24	6.09	3.21	2.23
Income Tax Expense	29	32	32	32	29	33	34	33	34	28	41
Basic Earnings per Share	$4.58	$4.91	$4.97	$4.99	$4.64	$5.15	$1.75	$5.05	$5.27	$1.79	$2.07
Weighted Average Basic Shares Outstanding	23.03M	23.04M	23.00M	22.99M	22.98M	22.99M	68.94M	22.99M	22.98M	68.95M	68.96M
Diluted Earnings per Share	$4.58	$4.91	$4.97	$4.98	$4.63	$5.15	$1.75	$5.05	$5.27	$1.79	$2.07
Weighted Average Diluted Shares Outstanding	23.05M	23.06M	23.02M	23.01M	23.01M	23.02M	69.02M	23.01M	23.01M	69.03M	69.01M
Weighted Average Basic & Diluted Shares Outstanding	7.67M	7.67M	22.99M	22.98M	22.97M	22.98M	22.99M	22.99M	22.98M	68.94M	68.97M
Cash Dividends to Common per Share	$1.08	$1.08	$1.17	$1.17	$11.17	$1.60	$0.53	$1.60	$1.60	$0.53	$0.60

This table details how cash moves in and out of Texas Pacific Land's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	44	180	-21	145	89	213	-359	-226
Net Cash From Operating Activities	195	343	207	265	447	418	491	546
Net Cash From Continuing Operating Activities	195	343	207	265	447	418	491	546
Net Income / (Loss) Continuing Operations	210	319	176	270	446	406	454	481
Consolidated Net Income / (Loss)	210	319	176	270	446	406	454	481
Depreciation Expense	2.58	8.91	14	16	15	15	25	63
Amortization Expense	-	-	-	-	-	0.00	0.00	0.21
Non-Cash Adjustments To Reconcile Net Income	5.02	-18	7.37	-1.88	10	15	3.98	29
Changes in Operating Assets and Liabilities, net	-22	33	9.22	-19	-25	-18	7.57	-27
Net Cash From Investing Activities	-82	-112	-26	-15	-21	-60	-472	-596
Net Cash From Continuing Investing Activities	-82	-112	-26	-15	-21	-60	-472	-596
Purchase of Property, Plant & Equipment	-9.38	-75	-3.97	-0.54	-0.63	-20	-1.48	-36
Acquisitions	-24	-5.02	-17	0.00	-1.66	-25	-441	-504
Sale of Property, Plant & Equipment	0.03	0.12	0.00	1.09	0.11	0.01	0.00	0.00
Divestitures	-	-	-	-	-	0.00	0.00	3.88
Other Investing Activities, net	-48	-32	-5.09	-16	-19	-15	-30	-60
Net Cash From Financing Activities	-70	-51	-202	-105	-337	-145	-378	-176
Net Cash From Continuing Financing Activities	-70	-51	-202	-105	-337	-145	-378	-176
Repayment of Debt	-	-	-	-	-	0.00	0.00	-5.07
Repurchase of Common Equity	-38	-4.35	0.00	-20	-88	-43	-29	-8.38
Payment of Dividends	-32	-47	-202	-85	-247	-100	-347	-148
Other Financing Activities, net	-	-	0.00	0.00	-1.76	-2.06	-1.62	-15
Cash Income Taxes Paid	46	44	47	68	152	104	121	127

This table details how cash moves in and out of Texas Pacific Land's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	48	71	107	58	-361	-163	92	80	-12	-386	103
Net Cash From Operating Activities	108	111	147	98	119	127	157	121	155	114	162
Net Cash From Continuing Operating Activities	108	111	147	98	119	127	157	121	155	114	162
Net Income / (Loss) Continuing Operations	106	113	114	115	107	118	121	116	121	123	143
Consolidated Net Income / (Loss)	106	113	114	115	107	118	121	116	121	123	143
Depreciation Expense	3.58	3.88	3.84	4.09	5.76	11	12	14	15	22	14
Non-Cash Adjustments To Reconcile Net Income	2.79	7.37	3.35	2.70	2.94	-5.01	4.40	3.49	3.49	18	-16
Changes in Operating Assets and Liabilities, net	-4.35	-13	26	-23	3.27	1.76	20	-12	15	-49	21
Net Cash From Investing Activities	-28	-4.40	-2.24	-7.41	-216	-246	-13	-3.93	-121	-458	-8.39
Net Cash From Continuing Investing Activities	-28	-4.40	-2.24	-7.41	-216	-246	-13	-3.93	-121	-458	-8.39
Purchase of Property, Plant & Equipment	-	-	0.00	-	-	-0.45	-0.01	-4.50	-31	-	0.00
Acquisitions	-23	-	0.00	-	-208	-232	-3.55	-	-71	-430	-1.04
Other Investing Activities, net	-5.09	-4.40	-2.24	-6.38	-7.83	-13	-8.97	-3.31	-19	-29	-7.35
Net Cash From Financing Activities	-31	-36	-38	-33	-263	-43	-52	-37	-46	-42	-51
Net Cash From Continuing Financing Activities	-31	-36	-38	-33	-263	-43	-52	-37	-46	-42	-51
Repurchase of Common Equity	-5.95	-10	-10	-6.38	-6.07	-6.36	-0.10	-	-8.28	-	0.00
Payment of Dividends	-25	-25	-27	-27	-257	-37	-37	-37	-37	-37	-42
Other Financing Activities, net	-0.35	-0.78	-1.21	-	-0.42	-	-14	-0.05	-0.48	-	-9.06
Cash Interest Paid	-	-	-	-	-	-	0.00	-	-	-	0.65
Cash Income Taxes Paid	31	29	0.00	67	30	24	0.00	65	24	37	0.00

This table presents Texas Pacific Land's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	598	572	764	877	1,156	1,248	1,623
Total Current Assets	367	333	527	633	862	503	319
Cash & Equivalents	304	281	428	511	725	370	145
Accounts Receivable	63	48	95	104	129	127	165
Prepaid Expenses	-	1.29	3.05	7.43	2.94	5.32	5.30
Current Deferred & Refundable Income Taxes	-	-	0.00	4.81	-	0.00	3.72
Other Current Assets	0.00	1.98	0.00	6.35	5.38	1.55	0.60
Plant, Property, & Equipment, net	88	79	80	85	90	123	165
Total Noncurrent Assets	143	160	158	159	204	622	1,139
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	0.00
Intangible Assets	-	-	-	0.00	21	35	33
Other Noncurrent Operating Assets	143	160	158	159	183	587	1,107
Total Liabilities & Shareholders' Equity	598	572	764	877	1,156	1,248	1,623
Total Liabilities	86	86	112	105	113	116	164
Total Current Liabilities	24	21	51	40	44	47	73
Short-Term Debt	-	-	-	-	-	0.00	0.00
Accounts Payable	19	13	18	23	23	27	40
Current Deferred Revenue	-	4.00	3.81	4.49	6.33	6.80	20
Current Deferred & Payable Income Tax Liabilities	5.27	4.05	29	3.17	4.80	4.39	4.01
Other Taxes Payable	-	-	0.10	8.50	11	8.42	8.91
Total Noncurrent Liabilities	62	65	61	65	69	69	92
Noncurrent Deferred Revenue	17	22	20	22	25	21	21
Noncurrent Deferred & Payable Income Tax Liabilities	41	39	39	41	42	47	54
Other Noncurrent Operating Liabilities	3.37	4.18	2.06	2.09	1.44	0.96	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	512	485	652	773	1,043	1,132	1,459
Total Preferred & Common Equity	512	485	652	773	1,043	1,132	1,459
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	512	485	652	773	1,043	1,132	1,459
Common Stock	0.00	0.00	0.11	8.37	15	20	11
Retained Earnings	514	488	668	866	1,172	1,278	1,595
Treasury Stock	-	0.00	-15	-104	-145	-	-151
Accumulated Other Comprehensive Income / (Loss)	-1.46	-2.69	-1.01	2.52	1.83	3.58	4.15

This table presents Texas Pacific Land's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	829	955	1,001	1,079	1,259	1,316	1,176	1,353	1,405	1,525	1,751
Total Current Assets	589	711	738	791	964	1,018	709	607	668	737	435
Cash & Equivalents	447	591	609	654	837	895	534	460	544	532	248
Accounts Receivable	140	106	121	126	122	119	123	138	114	128	181
Prepaid Expenses	2.94	7.59	5.31	5.11	4.92	3.88	48	4.87	9.26	78	5.87
Current Deferred & Refundable Income Taxes	-	0.00	0.00	0.00	-	-	4.00	-	-	-	0.00
Other Current Assets	-	6.76	2.20	5.38	0.00	0.00	0.00	3.42	0.00	0.00	0.60
Plant, Property, & Equipment, net	82	86	84	87	92	96	119	128	128	138	167
Total Noncurrent Assets	158	158	179	202	203	203	347	618	609	650	1,150
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	-	20
Intangible Assets	-	-	-	21	21	20	36	35	34	33	32
Other Noncurrent Operating Assets	158	158	179	181	182	182	312	583	575	617	1,097
Total Liabilities & Shareholders' Equity	829	955	1,001	1,079	1,259	1,316	1,176	1,353	1,405	1,525	1,751
Total Liabilities	108	126	114	115	137	109	123	147	116	157	196
Total Current Liabilities	44	61	45	47	71	44	57	78	45	68	103
Short-Term Debt	-	-	-	-	-	-	-	-	-	-	0.00
Accounts Payable	31	27	27	29	23	32	41	25	27	39	41
Current Deferred Revenue	4.61	6.78	6.22	6.10	6.77	6.06	6.69	12	9.00	12	22
Current Deferred & Payable Income Tax Liabilities	8.26	22	5.15	4.28	37	0.89	2.22	37	4.18	9.89	37
Other Taxes Payable	-	4.56	6.36	7.96	4.18	5.66	7.86	3.44	4.96	7.53	2.95
Total Noncurrent Liabilities	64	65	69	67	66	65	66	69	71	89	93
Noncurrent Deferred Revenue	21	22	27	26	23	21	21	20	21	20	19
Noncurrent Deferred & Payable Income Tax Liabilities	38	41	40	40	42	43	45	48	49	53	58
Other Noncurrent Operating Liabilities	4.66	1.92	1.77	1.61	1.10	0.89	0.95	0.68	0.65	17	16
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	721	829	888	965	1,122	1,206	1,052	1,206	1,289	1,368	1,556
Total Preferred & Common Equity	721	829	888	965	1,122	1,206	1,052	1,206	1,289	1,368	1,556
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	721	829	888	965	1,122	1,206	1,052	1,206	1,289	1,368	1,556
Common Stock	5.56	7.81	11	12	13	16	17	2.35	5.66	6.84	3.60
Retained Earnings	790	928	1,003	1,084	1,259	1,347	1,196	1,345	1,425	1,509	1,681
Treasury Stock	-73	-109	-129	-134	-152	-158	-162	-145	-	-151	-133
Accumulated Other Comprehensive Income / (Loss)	-0.98	2.49	2.47	2.44	1.81	1.79	1.77	3.54	3.51	3.47	3.79

This table displays calculated financial ratios and metrics derived from Texas Pacific Land's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	63.38%	-38.31%	49.05%	48.00%	-5.37%	11.75%	13.09%
EBITDA Growth	0.00%	55.55%	-43.07%	62.04%	54.04%	-8.89%	13.46%	11.55%
EBIT Growth	0.00%	53.68%	-45.39%	65.26%	56.70%	-9.02%	11.84%	5.56%
NOPAT Growth	0.00%	51.48%	-45.00%	54.78%	63.71%	-13.66%	11.00%	10.46%
Net Income Growth	0.00%	51.97%	-44.77%	53.36%	65.33%	-9.12%	11.91%	6.04%
EPS Growth	0.00%	52.58%	-44.76%	53.44%	65.33%	-9.12%	12.11%	6.09%
Operating Cash Flow Growth	0.00%	75.39%	-39.60%	28.08%	68.63%	-6.45%	17.30%	11.26%
Free Cash Flow Firm Growth	0.00%	0.00%	65.09%	40.18%	60.94%	-19.29%	-106.70%	-287.86%
Invested Capital Growth	0.00%	0.00%	-2.09%	9.47%	17.27%	21.36%	139.80%	72.31%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	19.27%	0.84%	2.26%	2.79%	3.34%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	23.15%	0.18%	3.44%	2.28%	1.84%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	23.98%	0.46%	3.39%	1.02%	0.24%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	14.74%	4.08%	2.04%	1.79%	2.07%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	14.53%	4.86%	3.41%	1.17%	1.05%
EPS Q/Q Growth	0.00%	0.00%	0.00%	14.53%	4.86%	3.41%	0.97%	-66.38%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	20.70%	10.33%	-4.80%	3.19%	-2.31%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	6.62%	-3.72%	-110.48%	-160.46%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-2.11%	-4.56%	2.46%	47.16%	57.16%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	93.85%	92.81%	88.05%	91.13%	93.80%	93.13%	92.40%	92.74%
EBITDA Margin	88.05%	83.83%	77.36%	84.10%	87.54%	84.28%	85.57%	84.41%
Operating Margin	86.88%	81.46%	71.81%	80.36%	84.25%	76.96%	76.38%	74.19%
EBIT Margin	87.19%	82.01%	72.60%	80.50%	85.23%	81.95%	82.01%	76.55%
Profit (Net Income) Margin	69.86%	64.98%	58.19%	59.87%	66.88%	64.23%	64.32%	60.31%
Tax Burden Percent	80.13%	79.24%	80.15%	74.37%	78.47%	78.38%	78.43%	78.87%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	99.89%
Effective Tax Rate	19.87%	20.76%	19.85%	25.63%	21.53%	21.62%	21.57%	21.13%
Return on Invested Capital (ROIC)	0.00%	303.71%	84.40%	126.06%	181.75%	131.34%	78.26%	44.98%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	302.31%	83.74%	125.93%	180.66%	127.35%	72.57%	39.41%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-179.24%	-49.09%	-78.56%	-119.09%	-86.67%	-36.52%	-7.83%
Return on Equity (ROE)	0.00%	124.47%	35.30%	47.49%	62.67%	44.67%	41.73%	37.15%
Cash Return on Invested Capital (CROIC)	0.00%	103.71%	86.51%	117.02%	165.86%	112.05%	-4.03%	-8.13%
Operating Return on Assets (OROA)	0.00%	67.25%	37.56%	54.36%	69.31%	50.90%	48.15%	42.56%
Return on Assets (ROA)	0.00%	53.28%	30.10%	40.43%	54.38%	39.89%	37.76%	33.53%
Return on Common Equity (ROCE)	0.00%	124.47%	35.30%	47.49%	62.67%	44.67%	41.73%	37.15%
Return on Equity Simple (ROE_SIMPLE)	0.00%	62.23%	36.29%	41.43%	57.75%	38.88%	40.09%	0.00%
Net Operating Profit after Tax (NOPAT)	209	317	174	270	441	381	423	467
NOPAT Margin	69.62%	64.55%	57.55%	59.77%	66.11%	60.32%	59.91%	58.51%
Net Nonoperating Expense Percent (NNEP)	0.00%	1.40%	0.66%	0.13%	1.09%	4.00%	5.68%	5.57%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	57.09%	36.52%	37.34%	32.01%
Cost of Revenue to Revenue	6.15%	7.19%	11.95%	8.87%	6.20%	6.87%	7.60%	7.26%
SG&A Expenses to Revenue	2.39%	5.29%	6.79%	4.20%	3.30%	7.35%	4.89%	2.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.97%	11.35%	16.25%	10.77%	9.55%	16.17%	16.02%	18.56%
Earnings before Interest and Taxes (EBIT)	262	402	220	363	569	518	579	611
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	264	411	234	379	584	532	604	674
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	14.20	22.72	11.34	22.44	13.57
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	14.20	22.72	11.57	23.16	13.88
Price to Revenue (P/Rev)	0.00	0.00	0.00	20.52	26.31	18.72	36.00	24.81
Price to Earnings (P/E)	0.00	0.00	0.00	34.27	39.34	29.15	55.97	41.13
Dividend Yield	0.83%	0.84%	3.77%	0.92%	1.27%	0.84%	1.37%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	2.92%	2.54%	3.43%	1.79%	2.43%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	39.49	65.07	34.91	32.83	14.96
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	19.57	25.55	17.58	35.48	24.63
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	23.27	29.19	20.85	41.46	29.17
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	24.31	29.97	21.45	43.26	32.17
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	32.74	38.64	29.14	59.22	42.08
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	33.28	38.13	26.54	51.03	36.01
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	35.27	42.35	34.16	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	-0.59	-0.59	-0.62	-0.66	-0.68	-0.50	-0.20
Leverage Ratio	0.00	1.17	1.17	1.17	1.15	1.12	1.11	1.11
Compound Leverage Factor	0.00	1.17	1.17	1.17	1.15	1.12	1.11	1.11
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.00	0.00	0.00	53.54	105.89	66.97	135.90	75.57
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	14.99	15.56	10.34	16.00	19.43	10.81	4.40
Quick Ratio	0.00	14.99	15.40	10.28	15.53	19.24	10.66	4.27
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	108	178	250	403	325	-22	-84
Operating Cash Flow to CapEx	2,089.91%	460.33%	5,220.30%	0.00%	84,848.01%	2,059.01%	33,243.36%	1,518.48%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-122.35
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	791.17
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	739.07
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.82	0.52	0.68	0.81	0.62	0.59	0.56
Accounts Receivable Turnover	0.00	7.79	5.44	6.29	6.70	5.42	5.52	5.48
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	5.55	3.61	5.67	8.08	7.22	6.65	5.56
Accounts Payable Turnover	0.00	1.84	2.22	2.56	2.00	1.89	2.17	1.74
Days Sales Outstanding (DSO)	0.00	46.88	67.08	58.05	54.47	67.31	66.10	66.67
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	198.65	164.18	142.45	182.27	193.27	168.33	209.63
Cash Conversion Cycle (CCC)	0.00	-151.77	-97.10	-84.41	-127.80	-125.96	-102.24	-142.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	208	204	223	262	318	763	1,314
Invested Capital Turnover	0.00	4.71	1.47	2.11	2.75	2.18	1.31	0.77
Increase / (Decrease) in Invested Capital	0.00	208	-4.35	19	39	56	445	551
Enterprise Value (EV)	0.00	0.00	0.00	8,824	17,051	11,101	25,040	19,656
Market Capitalization	0.00	0.00	0.00	9,252	17,562	11,827	25,409	19,800
Book Value per Share	$0.00	$66.03	$62.55	$84.13	$100.32	$135.92	$49.29	$63.49
Tangible Book Value per Share	$0.00	$66.03	$62.55	$84.13	$100.32	$133.18	$47.76	$62.06
Total Capital	0.00	512	485	652	773	1,043	1,132	1,459
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	0.00	-304	-281	-428	-511	-725	-370	-145
Capital Expenditures (CapEx)	9.35	74	3.97	-0.55	0.53	20	1.48	36
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	39	30	47	83	93	87	102
Debt-free Net Working Capital (DFNWC)	0.00	342	311	476	594	818	457	247
Net Working Capital (NWC)	0.00	342	311	476	594	818	457	247
Net Nonoperating Expense (NNE)	-0.73	-2.13	-1.92	-0.46	-5.14	-25	-31	-14
Net Nonoperating Obligations (NNO)	0.00	-304	-281	-428	-511	-725	-370	-145
Total Depreciation and Amortization (D&A)	2.58	8.91	14	16	15	15	25	63
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	7.86%	9.95%	10.50%	12.43%	14.71%	12.32%	12.77%
Debt-free Net Working Capital to Revenue	0.00%	69.76%	102.84%	105.47%	88.97%	129.53%	64.72%	30.91%
Net Working Capital to Revenue	0.00%	69.76%	102.84%	105.47%	88.97%	129.53%	64.72%	30.91%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$7.57	$11.61	$19.27	$17.60	$19.75	$6.98
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	23.27M	23.26M	23.17M	23.04M	22.99M	68.95M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$7.57	$11.61	$19.26	$17.59	$19.72	$6.97
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	23.27M	23.26M	23.18M	23.06M	23.02M	69.03M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$7.57	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	23.27M	23.24M	23.09M	23.01M	22.98M	68.94M
Normalized Net Operating Profit after Tax (NOPAT)	209	317	174	270	441	381	423	467
Normalized NOPAT Margin	69.62%	64.55%	57.55%	59.77%	66.11%	60.32%	59.91%	58.51%
Pre Tax Income Margin	87.19%	82.01%	72.60%	80.50%	85.23%	81.95%	82.01%	76.46%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	885.53
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	676.88
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	833.43
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	624.78
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	15.09%	14.60%	114.55%	31.58%	55.40%	24.65%	76.51%	30.70%
Augmented Payout Ratio	33.40%	15.97%	114.55%	38.87%	75.06%	35.14%	82.93%	32.44%

This table displays calculated financial ratios and metrics derived from Texas Pacific Land's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	68,941,554.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	68,941,554.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.07
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-17.34%	9.14%	18.98%	7.30%	9.87%	11.48%	12.54%	8.83%	17.01%	13.88%	20.84%
EBITDA Growth	-17.49%	13.48%	31.72%	14.87%	1.92%	9.02%	11.02%	8.07%	20.52%	7.35%	19.40%
EBIT Growth	-17.71%	13.25%	32.30%	15.17%	0.36%	4.03%	5.76%	1.74%	14.59%	0.98%	19.54%
NOPAT Growth	-22.59%	7.91%	29.49%	9.77%	0.90%	7.11%	9.99%	7.49%	16.22%	8.55%	21.03%
Net Income Growth	-18.69%	13.42%	32.17%	14.14%	0.97%	4.64%	5.45%	1.35%	13.74%	4.21%	18.44%
EPS Growth	-18.69%	13.42%	32.53%	14.48%	1.09%	4.89%	5.43%	1.41%	13.82%	4.07%	18.29%
Operating Cash Flow Growth	-9.77%	-15.90%	28.29%	16.33%	10.19%	13.59%	6.44%	23.00%	30.40%	-10.19%	3.37%
Free Cash Flow Firm Growth	-22.56%	-16.77%	-7.33%	-1.85%	-269.40%	-788.38%	-674.90%	-553.57%	-87.25%	-29.24%	-22.52%
Invested Capital Growth	13.04%	21.36%	19.68%	12.01%	66.95%	139.80%	161.39%	139.00%	61.35%	72.31%	75.41%
Revenue Q/Q Growth	-1.65%	5.50%	4.49%	-1.04%	0.71%	7.04%	5.49%	-4.31%	8.29%	4.18%	11.93%
EBITDA Q/Q Growth	5.71%	7.57%	0.55%	0.47%	-6.22%	15.06%	2.39%	-2.19%	4.58%	2.49%	13.89%
EBIT Q/Q Growth	6.12%	7.56%	0.59%	0.31%	-7.53%	11.49%	2.26%	-3.50%	4.15%	-1.76%	21.06%
NOPAT Q/Q Growth	4.59%	5.03%	2.20%	-2.23%	-3.85%	11.49%	4.95%	-4.45%	3.95%	4.14%	17.02%
Net Income Q/Q Growth	5.16%	7.14%	1.16%	0.15%	-6.98%	11.04%	1.94%	-3.74%	4.39%	1.74%	15.85%
EPS Q/Q Growth	5.16%	7.14%	-66.26%	0.20%	-7.03%	11.23%	1.75%	-3.63%	4.36%	-66.03%	15.64%
Operating Cash Flow Q/Q Growth	27.35%	3.57%	32.14%	-33.25%	20.63%	6.76%	23.82%	-22.86%	27.88%	-26.48%	42.52%
Free Cash Flow Firm Q/Q Growth	-11.98%	-23.87%	23.48%	18.62%	-251.91%	-209.38%	-3.12%	6.41%	37.29%	-113.53%	2.23%
Invested Capital Q/Q Growth	11.54%	2.46%	-10.28%	9.24%	66.25%	47.16%	-2.20%	-0.12%	12.23%	57.16%	-0.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	92.72%	93.59%	92.70%	92.59%	91.82%	92.50%	92.56%	92.50%	92.92%	92.96%	93.67%
EBITDA Margin	87.69%	89.41%	86.04%	87.35%	81.34%	87.44%	84.87%	86.75%	83.78%	82.42%	83.86%
Operating Margin	80.37%	80.32%	78.12%	77.30%	73.36%	76.73%	76.57%	76.65%	73.41%	70.54%	76.99%
EBIT Margin	85.42%	87.08%	83.83%	84.98%	78.02%	81.27%	78.78%	79.44%	76.41%	72.06%	77.93%
Profit (Net Income) Margin	66.83%	67.87%	65.70%	66.49%	61.42%	63.71%	61.56%	61.93%	59.70%	58.30%	60.34%
Tax Burden Percent	78.24%	77.94%	78.38%	78.25%	78.72%	78.40%	78.15%	77.95%	78.13%	81.27%	77.85%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	99.55%	99.46%
Effective Tax Rate	21.76%	22.06%	21.62%	21.75%	21.28%	21.60%	21.85%	22.05%	21.87%	18.73%	22.15%
Return on Invested Capital (ROIC)	132.78%	136.32%	154.16%	137.61%	95.71%	78.57%	84.45%	84.01%	65.42%	44.07%	48.96%
ROIC Less NNEP Spread (ROIC-NNEP)	131.65%	134.90%	153.07%	136.23%	94.64%	77.36%	83.93%	83.44%	64.53%	43.27%	48.69%
Return on Net Nonoperating Assets (RNNOA)	-85.96%	-91.81%	-111.98%	-97.84%	-55.76%	-38.94%	-46.76%	-48.10%	-28.42%	-8.59%	-12.48%
Return on Equity (ROE)	46.82%	44.51%	42.17%	39.76%	39.96%	39.63%	37.69%	35.90%	37.00%	35.48%	36.48%
Cash Return on Invested Capital (CROIC)	115.39%	112.05%	136.82%	129.19%	50.11%	-4.03%	-5.24%	1.52%	20.62%	-8.13%	-6.89%
Operating Return on Assets (OROA)	55.30%	54.09%	49.92%	49.22%	47.52%	47.71%	43.89%	43.39%	43.71%	40.06%	42.12%
Return on Assets (ROA)	43.26%	42.15%	39.13%	38.52%	37.41%	37.40%	34.29%	33.82%	34.15%	32.41%	32.61%
Return on Common Equity (ROCE)	46.82%	44.51%	42.17%	39.76%	39.96%	39.63%	37.69%	35.90%	37.00%	35.48%	36.48%
Return on Equity Simple (ROE_SIMPLE)	40.67%	0.00%	38.62%	37.11%	42.65%	0.00%	38.15%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	99	104	107	104	100	112	117	112	116	121	142
NOPAT Margin	62.88%	62.60%	61.23%	60.49%	57.75%	60.15%	59.84%	59.75%	57.36%	57.33%	59.94%
Net Nonoperating Expense Percent (NNEP)	1.13%	1.42%	1.09%	1.38%	1.07%	1.21%	0.52%	0.57%	0.89%	0.80%	0.27%
Return On Investment Capital (ROIC_SIMPLE)	-	10.00%	-	-	-	9.87%	9.72%	8.69%	8.52%	8.31%	9.12%
Cost of Revenue to Revenue	7.28%	6.42%	7.30%	7.41%	8.18%	7.50%	7.44%	7.50%	7.08%	7.04%	6.33%
SG&A Expenses to Revenue	3.51%	4.34%	5.16%	3.47%	7.11%	3.86%	3.10%	3.04%	2.75%	3.04%	3.64%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.35%	13.26%	14.58%	15.28%	18.45%	15.77%	15.99%	15.85%	19.50%	22.42%	16.68%
Earnings before Interest and Taxes (EBIT)	135	145	146	146	135	151	154	149	155	152	185
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	139	149	150	151	141	162	166	163	170	174	199
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	14.21	11.34	11.68	13.80	19.32	22.44	25.25	18.84	15.69	13.57	21.03
Price to Tangible Book Value (P/TBV)	14.53	11.57	11.90	14.04	20.00	23.16	25.99	19.35	16.08	13.88	21.47
Price to Revenue (P/Rev)	22.19	18.72	19.89	24.81	29.61	36.00	41.85	32.69	27.79	24.81	38.99
Price to Earnings (P/E)	34.94	29.15	30.25	37.19	45.31	55.97	66.18	52.59	45.05	41.13	64.96
Dividend Yield	0.71%	0.84%	0.00%	0.62%	1.65%	1.37%	1.17%	1.51%	0.69%	0.00%	0.46%
Earnings Yield	2.86%	3.43%	3.31%	2.69%	2.21%	1.79%	1.51%	1.90%	2.22%	2.43%	1.54%
Enterprise Value to Invested Capital (EV/IC)	42.05	34.91	43.02	50.55	38.20	32.83	40.21	31.86	25.03	14.96	24.82
Enterprise Value to Revenue (EV/Rev)	21.13	17.58	18.62	23.48	28.83	35.48	41.22	31.96	27.10	24.63	38.70
Enterprise Value to EBITDA (EV/EBITDA)	25.36	20.85	21.60	26.80	33.52	41.46	48.34	37.52	31.64	29.17	46.00
Enterprise Value to EBIT (EV/EBIT)	26.08	21.45	22.19	27.52	34.55	43.26	51.08	40.25	34.34	32.17	50.64
Enterprise Value to NOPAT (EV/NOPAT)	34.96	29.14	30.29	38.01	47.66	59.22	69.19	53.79	45.74	42.08	66.03
Enterprise Value to Operating Cash Flow (EV/OCF)	29.71	26.54	27.24	33.92	41.63	51.03	59.97	45.41	37.45	36.01	58.91
Enterprise Value to Free Cash Flow (EV/FCFF)	38.67	34.16	34.26	41.34	95.37	0.00	0.00	2,956.42	149.90	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.65	-0.68	-0.73	-0.72	-0.59	-0.50	-0.56	-0.58	-0.44	-0.20	-0.26
Leverage Ratio	1.13	1.12	1.13	1.11	1.12	1.11	1.12	1.09	1.12	1.11	1.12
Compound Leverage Factor	1.13	1.12	1.13	1.11	1.12	1.11	1.12	1.09	1.12	1.10	1.12
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	74.88	65.91	60.71	94.54	101.88	134.77	127.05	128.74	84.80	74.64	102.80
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	16.70	19.43	13.60	22.99	12.37	10.81	7.80	14.79	10.86	4.40	4.23
Quick Ratio	16.47	19.24	13.53	22.90	11.45	10.66	7.69	14.59	9.71	4.27	4.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	64	48	60	71	-108	-333	-343	-321	-201	-430	-421
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	28,128.00%	3,134,520.00%	2,686.67%	491.67%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-423.95
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	163.31
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	163.31
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.65	0.62	0.60	0.58	0.61	0.59	0.56	0.55	0.57	0.56	0.54
Accounts Receivable Turnover	4.65	5.42	5.79	5.60	5.52	5.52	5.60	6.37	6.17	5.48	5.26
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	7.35	7.22	7.39	7.46	6.68	6.65	6.60	6.65	6.02	5.56	5.68
Accounts Payable Turnover	1.49	1.89	1.80	1.62	1.45	2.17	2.30	1.95	1.45	1.74	1.78
Days Sales Outstanding (DSO)	78.56	67.31	63.06	65.23	66.13	66.10	65.22	57.34	59.17	66.67	69.45
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	245.47	193.27	202.90	225.15	252.09	168.33	158.47	187.65	251.57	209.63	205.25
Cash Conversion Cycle (CCC)	-166.91	-125.96	-139.84	-159.92	-185.95	-102.24	-93.24	-130.31	-192.40	-142.96	-135.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	310	318	285	312	518	763	746	745	836	1,314	1,308
Invested Capital Turnover	2.11	2.18	2.52	2.27	1.66	1.31	1.41	1.41	1.14	0.77	0.82
Increase / (Decrease) in Invested Capital	36	56	47	33	208	445	461	433	318	551	562
Enterprise Value (EV)	13,053	11,101	12,276	15,756	19,798	25,040	29,994	23,740	20,930	19,656	32,469
Market Capitalization	13,707	11,827	13,114	16,651	20,332	25,409	30,455	24,284	21,462	19,800	32,717
Book Value per Share	$125.63	$135.92	$48.80	$52.48	$45.78	$49.29	$52.48	$56.07	$59.51	$63.49	$22.57
Tangible Book Value per Share	$122.85	$133.18	$47.89	$51.59	$44.23	$47.76	$50.98	$54.59	$58.06	$62.06	$22.10
Total Capital	965	1,043	1,122	1,206	1,052	1,132	1,206	1,289	1,368	1,459	1,556
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-654	-725	-837	-895	-534	-370	-460	-544	-532	-145	-248
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.45	0.01	4.50	31	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	89	93	56	79	118	87	69	78	137	102	85
Debt-free Net Working Capital (DFNWC)	743	818	893	973	652	457	529	622	669	247	332
Net Working Capital (NWC)	743	818	893	973	652	457	529	622	669	247	332
Net Nonoperating Expense (NNE)	-6.24	-8.78	-7.79	-10	-6.36	-6.61	-3.38	-4.08	-4.76	-2.05	-0.96
Net Nonoperating Obligations (NNO)	-654	-725	-837	-895	-534	-370	-460	-544	-532	-145	-248
Total Depreciation and Amortization (D&A)	3.58	3.88	3.84	4.09	5.76	11	12	14	15	22	14
Debt-free, Cash-free Net Working Capital to Revenue	14.46%	14.71%	8.47%	11.73%	17.14%	12.32%	9.44%	10.56%	17.80%	12.77%	10.08%
Debt-free Net Working Capital to Revenue	120.37%	129.53%	135.42%	145.05%	94.89%	64.72%	72.71%	83.78%	86.65%	30.91%	39.59%
Net Working Capital to Revenue	120.37%	129.53%	135.42%	145.05%	94.89%	64.72%	72.71%	83.78%	86.65%	30.91%	39.59%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.58	$1.64	$4.97	$4.99	$4.64	$5.15	$5.25	$5.05	$5.27	$1.79	$2.07
Adjusted Weighted Average Basic Shares Outstanding	23.03M	69.13M	23.00M	22.99M	22.98M	22.99M	22.98M	22.99M	22.98M	68.95M	68.96M
Adjusted Diluted Earnings per Share	$4.58	$1.64	$4.97	$4.98	$4.63	$5.15	$5.24	$5.05	$5.27	$1.79	$2.07
Adjusted Weighted Average Diluted Shares Outstanding	23.05M	69.18M	23.02M	23.01M	23.01M	23.02M	23.01M	23.01M	23.01M	69.03M	69.01M
Adjusted Basic & Diluted Earnings per Share	$0.00	$1.64	$0.00	$0.00	$0.00	$5.15	$0.00	$0.00	$0.00	$1.79	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	23.02M	23.01M	22.99M	22.98M	22.97M	22.98M	22.99M	22.99M	22.98M	68.94M	68.97M
Normalized Net Operating Profit after Tax (NOPAT)	99	104	107	104	100	112	117	112	116	121	142
Normalized NOPAT Margin	62.88%	62.60%	61.23%	60.49%	57.75%	60.15%	59.84%	59.75%	57.36%	57.33%	59.94%
Pre Tax Income Margin	85.42%	87.08%	83.83%	84.98%	78.02%	81.27%	78.78%	79.44%	76.41%	71.73%	77.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	186.04
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	143.08
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	186.04
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	143.08
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	25.02%	24.65%	23.49%	23.17%	74.78%	76.51%	77.76%	79.64%	31.02%	30.70%	30.21%
Augmented Payout Ratio	40.95%	35.14%	34.12%	30.53%	82.14%	82.93%	81.87%	82.35%	34.12%	32.44%	31.86%

Financials Breakdown Chart

Key Financial Trends

Texas Pacific Land (NYSE: TPL) continued to post very strong profitability and cash generation in Q1 2026, but the broader multi-year trend shows a business that has become much more capital intensive and less cash-rich on the balance sheet after several large acquisitions and dividend payments.

What stands out in Q1 2026 is the company’s ability to convert revenue into earnings and operating cash flow. Revenue rose to $236.8 million, up from $211.6 million in Q4 2025 and $195.98 million in Q1 2025. Net income reached $142.9 million, while operating cash flow was $162.0 million. That is still an excellent result for a company of this size.

At the same time, the balance sheet is no longer as cash-heavy as it was in 2024 and much of 2025. Cash and equivalents fell to $247.6 million at the end of Q1 2026 from $531.8 million in Q3 2025 and $894.7 million in Q2 2024. Much of that decline appears tied to acquisitions, dividends, and other capital deployment rather than operating weakness.

Revenue and earnings remain strong. Q1 2026 revenue of $236.8 million and net income of $142.9 million show TPL is still highly profitable.
Operating cash flow is robust. The company generated $162.0 million of operating cash flow in Q1 2026, supporting shareholder returns and reinvestment.
Gross margins remain very high. Gross profit was $221.8 million on $236.8 million of revenue, indicating a strong underlying business model.
Minimal debt is a major strength. Short-term debt was $0, and total liabilities were only $195.5 million versus $1.75 billion in assets.
Equity remains large. Total common equity of $1.56 billion provides a solid capital base.
Acquisitions have become a bigger part of the story. Investing cash outflow of -$8.4 million in Q1 2026 followed much larger acquisition-related spending in prior quarters, which can support growth but also changes the risk profile.
Dividends remain meaningful. Q1 2026 dividends totaled -$41.8 million, reinforcing TPL’s shareholder-friendly posture but also consuming cash.
Share repurchases have been sporadic. Buybacks were zero in Q1 2026 after small repurchases in several prior quarters, so capital returns are currently focused more on dividends.
Cash has declined sharply from prior highs. Cash and equivalents dropped from nearly $895 million in Q2 2024 to $247.6 million in Q1 2026.
Operating capital can swing quarter to quarter. Changes in operating assets and liabilities were a positive $20.9 million in Q1 2026 after being negative in some earlier quarters, showing some volatility in working capital.

Longer-term trend: TPL has consistently produced strong quarterly earnings and operating cash flow across the last four years, with quarterly net income often ranging from about $86 million to $143 million in the data provided. However, the company’s balance sheet has changed materially. In late 2024 and 2025, acquisitions caused noncurrent assets and total assets to jump, while cash balances became much more variable.

Investor takeaway: Texas Pacific Land still looks like a high-margin, cash-generating business with little debt and strong profitability. The main watch item is whether recent and future acquisitions can generate enough return to justify the cash deployed, especially as the company’s cash balance has moved lower from earlier peaks. For now, the fundamentals remain strong, but the balance sheet is less fortress-like than it was when cash was sitting near peak levels.

06/16/26 12:07 PM ETAI Generated. May Contain Errors.

Texas Pacific Land Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Texas Pacific Land's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Texas Pacific Land's net income appears to be on an upward trend, with a most recent value of $481.38 million in 2025, rising from $209.74 million in 2018. The previous period was $453.96 million in 2024. See where experts think Texas Pacific Land is headed by visiting Texas Pacific Land's forecast page.

Texas Pacific Land's total operating income in 2025 was $592.16 million, based on the following breakdown:

Total Gross Profit: $740.27 million
Total Operating Expenses: $148.10 million

Over the last 7 years, Texas Pacific Land's total revenue changed from $300.22 million in 2018 to $798.19 million in 2025, a change of 165.9%.

Texas Pacific Land's total liabilities were at $164.37 million at the end of 2025, a 42.2% increase from 2024, and a 91.0% increase since 2019.

In the past 6 years, Texas Pacific Land's cash and equivalents has ranged from $144.81 million in 2025 to $725.17 million in 2023, and is currently $144.81 million as of their latest financial filing in 2025.

Over the last 7 years, Texas Pacific Land's book value per share changed from 0.00 in 2018 to 63.49 in 2025, a change of 6,348.8%.

Related Companies

Financial statements for NYSE:TPL last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Texas Pacific Land (TPL) Financials

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Texas Pacific Land (TPL) Financials

Annual Income Statements for Texas Pacific Land

Quarterly Income Statements for Texas Pacific Land

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Quarterly Cash Flow Statements for Texas Pacific Land

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Quarterly Balance Sheets for Texas Pacific Land

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Quarterly Metrics And Ratios for Texas Pacific Land

Financials Breakdown Chart

Key Financial Trends

Texas Pacific Land Financials - Frequently Asked Questions

When does Texas Pacific Land's financial year end?

How has Texas Pacific Land's net income changed over the last 7 years?

What is Texas Pacific Land's operating income?

How has Texas Pacific Land's revenue changed over the last 7 years?

How much debt does Texas Pacific Land have?

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How has Texas Pacific Land's book value per share changed over the last 7 years?

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