TXO Partners (TXO) Financials

$12.94 -0.12 (-0.93%)

Closing price 03:58 PM Eastern

Extended Trading

$12.98 +0.04 (+0.28%)

As of 04:10 PM Eastern

Annual Income Statements for TXO Partners

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	52	-7.67	-104	23	-22
Consolidated Net Income / (Loss)	52	-7.67	-104	23	-22
Net Income / (Loss) Continuing Operations	52	-7.67	-104	23	-22
Total Pre-Tax Income	52	-7.67	-104	23	-22
Total Operating Income	44	-26	-124	-6.86	-31
Total Gross Profit	228	246	381	283	401
Total Revenue	228	246	381	283	401
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	184	272	504	290	432
Selling, General & Admin Expense	12	1.65	7.89	15	21
Marketing Expense	69	128	145	150	186
Exploration Expense	0.12	0.36	0.15	0.37	0.47
Depreciation Expense	40	41	44	52	97
Other Operating Expenses / (Income)	63	101	84	72	84
Impairment Charge	0.00	0.00	223	0.00	42
Total Other Income / (Expense), net	8.29	18	20	30	8.96
Interest Expense	5.87	8.20	4.42	7.87	17
Interest & Investment Income	0.02	0.14	0.46	1.08	0.62
Other Income / (Expense), net	14	26	24	37	25
Basic Earnings per Share	$2.10	($0.31)	($3.44)	$0.66	($0.43)
Weighted Average Basic Shares Outstanding	25M	25M	30.27M	35.56M	49.77M
Diluted Earnings per Share	$2.10	($0.31)	($3.44)	$0.65	($0.43)
Weighted Average Diluted Shares Outstanding	25M	25M	30.27M	36.13M	49.77M
Weighted Average Basic & Diluted Shares Outstanding	-	-	30.75M	41.17M	55.24M

This table shows TXO Partners' 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	8.48	-194	10	2.81	0.20	10	2.42	-0.14	4.35	-28	-74
Consolidated Net Income / (Loss)	8.48	-194	10	2.81	0.20	10	2.42	-0.14	4.35	-28	-74
Net Income / (Loss) Continuing Operations	8.48	-194	10	2.81	0.20	10	2.42	-0.14	4.35	-28	-74
Total Pre-Tax Income	8.48	-194	10	2.81	0.20	10	2.42	-0.14	4.35	-28	-74
Total Operating Income	4.38	-198	2.71	-10	-4.97	5.51	-3.58	-3.72	3.76	-27	-78
Total Gross Profit	70	92	67	57	69	89	84	90	101	126	28
Total Revenue	70	92	67	57	69	89	84	90	101	126	28
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	65	290	65	67	74	84	88	94	97	153	106
Selling, General & Admin Expense	1.76	2.83	2.65	4.59	3.28	4.01	2.44	9.45	4.83	4.74	4.81
Marketing Expense	36	34	33	36	39	41	42	43	48	53	48
Exploration Expense	0.02	0.04	0.12	0.07	0.02	0.16	0.07	0.06	0.09	0.25	0.11
Depreciation Expense	11	11	11	10	14	18	21	22	24	30	29
Other Operating Expenses / (Income)	17	18	18	16	17	20	22	19	21	23	24
Total Other Income / (Expense), net	4.10	4.48	7.56	13	5.17	4.71	6.00	3.58	0.59	-1.21	3.22
Interest Expense	1.20	1.16	0.98	1.05	1.86	3.99	3.62	2.57	4.51	6.27	5.74
Interest & Investment Income	0.11	0.12	0.13	0.12	0.70	0.13	0.10	0.30	0.11	0.10	0.10
Other Income / (Expense), net	5.20	5.52	8.41	14	6.33	8.57	9.52	5.85	4.98	4.96	8.86
Basic Earnings per Share	$0.28	($6.55)	$0.33	$0.09	$0.01	$0.23	$0.06	$0.00	$0.08	($0.57)	($1.35)
Weighted Average Basic Shares Outstanding	30.75M	30.27M	30.80M	31.15M	39.27M	35.56M	41.08M	48.22M	54.78M	49.77M	55.09M
Diluted Earnings per Share	$0.27	($6.49)	$0.33	$0.09	$0.01	$0.22	$0.06	$0.00	$0.08	($0.57)	($1.35)
Weighted Average Diluted Shares Outstanding	31.29M	30.27M	31.43M	31.71M	39.83M	36.13M	41.81M	48.22M	55.81M	49.77M	55.09M
Weighted Average Basic & Diluted Shares Outstanding	30.75M	30.75M	30.94M	38.41M	40.91M	41.17M	41.37M	54.78M	54.78M	55.24M	55.24M

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

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-14	1.66	-4.70	2.80	2.07
Net Cash From Operating Activities	74	136	77	109	118
Net Cash From Continuing Operating Activities	74	136	77	109	118
Net Income / (Loss) Continuing Operations	52	-7.67	-104	23	-22
Consolidated Net Income / (Loss)	52	-7.67	-104	23	-22
Depreciation Expense	40	41	44	52	97
Non-Cash Adjustments To Reconcile Net Income	-12	120	130	26	52
Changes in Operating Assets and Liabilities, net	-6.99	-17	6.64	6.91	-8.29
Net Cash From Investing Activities	-228	-87	-46	-288	-335
Net Cash From Continuing Investing Activities	-228	-87	-46	-288	-335
Purchase of Property, Plant & Equipment	-228	-87	-46	-288	-335
Sale of Property, Plant & Equipment	0.00	0.32	0.00	0.12	0.02
Net Cash From Financing Activities	140	-48	-36	182	219
Net Cash From Continuing Financing Activities	140	-48	-36	182	219
Repayment of Debt	-1,430	-1,493	-178	-125	-274
Repurchase of Common Equity	0.00	-3.74	0.00	0.00	0.00
Payment of Dividends	-0.14	-13	-50	-85	-101
Issuance of Debt	1,437	1,461	86	251	406
Issuance of Common Equity	0.00	0.00	106	0.00	0.00
Other Financing Activities, net	133	1.03	0.00	141	189

This table details how cash moves in and out of TXO Partners' 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	1.45	-1.39	0.07	71	-72	3.46	3.54	-2.89	-2.65	4.07	-1.49
Net Cash From Operating Activities	24	17	25	23	21	41	31	27	28	32	33
Net Cash From Continuing Operating Activities	24	17	25	23	21	41	31	27	28	32	33
Net Income / (Loss) Continuing Operations	8.48	-194	10	2.81	0.20	10	2.42	-0.14	4.35	-28	-74
Consolidated Net Income / (Loss)	8.48	-194	10	2.81	0.20	10	2.42	-0.14	4.35	-28	-74
Depreciation Expense	11	11	11	10	14	18	21	22	24	30	29
Non-Cash Adjustments To Reconcile Net Income	4.94	205	4.82	7.20	5.46	9.00	14	3.88	0.56	33	84
Changes in Operating Assets and Liabilities, net	0.15	-5.51	-0.41	2.55	1.48	3.30	-7.03	1.42	-0.33	-2.36	-5.25
Net Cash From Investing Activities	-12	-5.69	-3.02	-35	-235	-15	-6.84	-43	-256	-30	-4.38
Net Cash From Continuing Investing Activities	-12	-5.69	-3.02	-35	-235	-15	-6.84	-43	-256	-30	-4.38
Purchase of Property, Plant & Equipment	-12	-5.69	-3.02	-35	-235	-15	-6.84	-41	-256	-30	-11
Sale of Property, Plant & Equipment	-	-	-	-	-	0.12	0.00	-	-	0.02	6.27
Net Cash From Financing Activities	-11	-13	-22	84	142	-22	-20	13	225	1.50	-31
Net Cash From Continuing Financing Activities	-11	-13	-22	84	142	-22	-20	13	225	1.50	-31
Repayment of Debt	-12	-19	-12	-70	-16	-27	-31	-196	-22	-25	-37
Payment of Dividends	-15	-16	-19	-20	-22	-24	-25	-32	-25	-19	-17
Issuance of Debt	16	22	10	174	39	29	36	53	272	45	23
Issuance of Common Equity	-	-	-	-	-	-	0.00	-	-	-190	0.00
Other Financing Activities, net	-	-	-0.66	0.74	141	-0.01	0.06	-1.21	-	190	0.06

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

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	925	696	1,031	1,355
Total Current Assets	74	55	64	95
Cash & Equivalents	9.20	4.51	7.31	9.37
Accounts Receivable	52	32	40	52
Other Current Assets	13	18	17	34
Plant, Property, & Equipment, net	836	629	951	1,241
Plant, Property & Equipment, gross	1,582	1,642	2,017	2,445
Accumulated Depreciation	745	1,013	1,065	1,204
Total Noncurrent Assets	14	11	15	19
Noncurrent Note & Lease Receivables	7.13	7.13	7.13	7.13
Other Noncurrent Operating Assets	7.07	3.97	7.87	12
Total Liabilities & Shareholders' Equity	925	696	1,031	1,355
Total Liabilities	403	222	421	663
Total Current Liabilities	147	39	66	154
Accounts Payable	15	8.60	18	28
Accrued Expenses	34	23	39	46
Current Deferred Revenue	-	-	0.00	70
Other Current Liabilities	99	7.16	9.19	10
Total Noncurrent Liabilities	256	183	355	509
Long-Term Debt	120	28	157	291
Asset Retirement Reserve & Litigation Obligation	124	152	189	218
Other Noncurrent Operating Liabilities	12	2.38	9.08	0.57
Commitments & Contingencies	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	522	474	609	692
Total Preferred & Common Equity	522	474	609	692
Total Common Equity	522	474	609	692
Common Stock	522	474	609	692

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	907	901	901	688	775	1,016	1,033	1,047	1,376	1,322
Total Current Assets	62	50	52	54	117	54	82	71	77	90
Cash & Equivalents	7.25	4.44	5.89	4.57	76	3.85	11	7.95	5.31	7.89
Accounts Receivable	32	30	33	31	29	35	38	37	46	58
Other Current Assets	23	15	14	19	13	15	32	26	26	24
Plant, Property, & Equipment, net	835	841	840	624	648	945	936	958	1,285	1,216
Plant, Property & Equipment, gross	1,591	1,609	1,618	1,647	1,681	1,993	2,022	2,067	2,417	2,448
Accumulated Depreciation	756	768	779	1,024	1,034	1,048	1,087	1,108	1,132	1,233
Total Noncurrent Assets	10	9.57	9.35	11	9.94	17	16	18	15	16
Noncurrent Note & Lease Receivables	7.13	7.13	7.13	7.13	7.13	7.13	7.13	7.13	7.13	7.17
Other Noncurrent Operating Assets	3.17	2.43	2.22	3.39	2.81	9.57	8.93	10	7.58	8.89
Total Liabilities & Shareholders' Equity	907	901	901	688	775	1,016	1,033	1,047	1,376	1,322
Total Liabilities	199	213	219	222	202	395	445	294	640	717
Total Current Liabilities	63	53	61	40	36	53	82	73	161	210
Accounts Payable	15	9.79	11	7.66	8.83	14	20	19	30	39
Accrued Expenses	28	27	26	25	23	35	32	34	47	38
Current Deferred Revenue	-	-	-	-	-	-	-	-	70	70
Other Current Liabilities	20	17	24	6.92	4.09	4.44	30	20	14	63
Total Noncurrent Liabilities	135	160	158	183	166	342	363	221	479	507
Long-Term Debt	7.10	21	25	26	7.10	155	162	19	271	277
Asset Retirement Reserve & Litigation Obligation	126	129	131	155	157	178	190	194	205	221
Other Noncurrent Operating Liabilities	2.40	9.66	1.62	1.85	1.50	8.49	10	8.29	2.80	8.74
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	709	688	683	466	573	621	589	753	736	604
Total Preferred & Common Equity	709	688	683	466	573	621	589	753	736	604
Total Common Equity	709	688	683	466	573	621	589	753	736	604
Common Stock	709	688	683	466	573	621	589	753	736	604

This table displays calculated financial ratios and metrics derived from TXO Partners' official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	54,784,292.00
DEI Adjusted Shares Outstanding	-	-	-	-	54,784,292.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-0.39
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	7.91%	54.51%	-25.72%	41.80%
EBITDA Growth	0.00%	-57.49%	-233.50%	248.38%	10.40%
EBIT Growth	0.00%	-99.34%	-25,946.25%	130.28%	-117.41%
NOPAT Growth	0.00%	-140.68%	-382.01%	92.08%	-212.01%
Net Income Growth	0.00%	-114.61%	-1,256.12%	122.60%	-192.01%
EPS Growth	0.00%	-114.76%	-1,009.68%	118.90%	-166.15%
Operating Cash Flow Growth	0.00%	84.98%	-43.43%	41.67%	8.13%
Free Cash Flow Firm Growth	0.00%	0.00%	107.44%	-655.20%	12.29%
Invested Capital Growth	0.00%	0.00%	-21.35%	52.64%	28.22%
Revenue Q/Q Growth	0.00%	0.00%	14.98%	-0.93%	10.04%
EBITDA Q/Q Growth	0.00%	0.00%	-147.59%	163.20%	-21.08%
EBIT Q/Q Growth	0.00%	0.00%	-237.07%	117.17%	-117.07%
NOPAT Q/Q Growth	0.00%	0.00%	-282.98%	95.35%	-1,187.19%
Net Income Q/Q Growth	0.00%	0.00%	-254.14%	113.02%	-228.30%
EPS Q/Q Growth	0.00%	0.00%	-260.00%	110.73%	-219.44%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-16.54%	26.78%	-6.38%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-23.17%	-3.63%
Invested Capital Q/Q Growth	0.00%	0.00%	-29.14%	-1.74%	-2.85%
Profitability Metrics	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	43.01%	16.94%	-14.64%	29.24%	22.77%
Operating Margin	19.35%	-10.42%	-32.51%	-2.43%	-7.63%
EBIT Margin	25.54%	0.16%	-26.27%	10.71%	-1.31%
Profit (Net Income) Margin	22.98%	-3.11%	-27.31%	8.31%	-5.39%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	89.96%	-1,981.40%	103.96%	77.57%	409.99%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-5.68%	-15.34%	-1.09%	-2.47%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	12.91%	-41.12%	33.92%	-2.57%
Return on Net Nonoperating Assets (RNNOA)	0.00%	2.74%	-5.56%	5.43%	-0.85%
Return on Equity (ROE)	0.00%	-2.94%	-20.89%	4.34%	-3.32%
Cash Return on Invested Capital (CROIC)	0.00%	-205.68%	8.57%	-42.76%	-27.20%
Operating Return on Assets (OROA)	0.00%	0.04%	-12.35%	3.51%	-0.44%
Return on Assets (ROA)	0.00%	-0.83%	-12.84%	2.72%	-1.81%
Return on Common Equity (ROCE)	0.00%	-2.94%	-20.89%	4.34%	-3.32%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-1.47%	-21.95%	3.86%	0.00%
Net Operating Profit after Tax (NOPAT)	44	-18	-87	-6.86	-21
NOPAT Margin	19.35%	-7.30%	-22.76%	-2.43%	-5.34%
Net Nonoperating Expense Percent (NNEP)	0.00%	-18.59%	25.79%	-35.02%	0.10%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.80%	-17.26%	-0.90%	-2.18%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	5.33%	0.67%	2.07%	5.14%	5.35%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	80.65%	110.42%	132.51%	102.43%	107.63%
Earnings before Interest and Taxes (EBIT)	58	0.39	-100	30	-5.27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	98	42	-56	83	91
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.19	1.03	1.00	0.77
Price to Tangible Book Value (P/TBV)	0.00	0.19	1.03	1.00	0.77
Price to Revenue (P/Rev)	0.44	0.41	1.28	2.15	1.32
Price to Earnings (P/E)	1.91	0.00	0.00	25.90	0.00
Dividend Yield	0.00%	0.00%	9.31%	14.13%	18.93%
Earnings Yield	52.48%	0.00%	0.00%	3.86%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.33	1.03	1.00	0.83
Enterprise Value to Revenue (EV/Rev)	0.00	0.86	1.34	2.68	2.03
Enterprise Value to EBITDA (EV/EBITDA)	0.00	5.05	0.00	9.17	8.90
Enterprise Value to EBIT (EV/EBIT)	0.00	544.95	0.00	25.03	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	1.55	6.63	6.94	6.88
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	10.57	0.00	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.23	0.06	0.26	0.42
Long-Term Debt to Equity	0.00	0.23	0.06	0.26	0.42
Financial Leverage	0.00	0.21	0.14	0.16	0.33
Leverage Ratio	0.00	1.77	1.63	1.59	1.83
Compound Leverage Factor	0.00	-35.13	1.69	1.24	7.52
Debt to Total Capital	0.00%	18.72%	5.60%	20.50%	29.62%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	18.72%	5.60%	20.50%	29.62%
Preferred Equity to Total Capital	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%
Common Equity to Total Capital	0.00%	81.28%	94.40%	79.50%	70.38%
Debt to EBITDA	0.00	2.88	-0.50	1.90	3.19
Net Debt to EBITDA	0.00	2.66	-0.42	1.81	3.09
Long-Term Debt to EBITDA	0.00	2.88	-0.50	1.90	3.19
Debt to NOPAT	0.00	-6.68	-0.32	-22.90	-13.60
Net Debt to NOPAT	0.00	-6.17	-0.27	-21.83	-13.16
Long-Term Debt to NOPAT	0.00	-6.68	-0.32	-22.90	-13.60
Altman Z-Score	0.00	0.32	1.42	1.24	0.71
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.00	0.50	1.41	0.97	0.62
Quick Ratio	0.00	0.42	0.94	0.71	0.40
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-650	48	-269	-236
Operating Cash Flow to CapEx	32.36%	157.36%	166.92%	37.91%	35.25%
Free Cash Flow to Firm to Interest Expense	0.00	-79.34	10.94	-34.13	-13.89
Operating Cash Flow to Interest Expense	12.56	16.64	17.44	13.88	6.97
Operating Cash Flow Less CapEx to Interest Expense	-26.25	6.06	6.99	-22.73	-12.80
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.27	0.47	0.33	0.34
Accounts Receivable Turnover	0.00	4.71	9.01	7.87	8.71
Inventory Turnover	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.29	0.52	0.36	0.37
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	77.48	40.52	46.41	41.91
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	77.48	40.52	46.41	41.91
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	0.00	632	497	759	973
Invested Capital Turnover	0.00	0.78	0.67	0.45	0.46
Increase / (Decrease) in Invested Capital	0.00	632	-135	262	214
Enterprise Value (EV)	0.00	211	511	758	813
Market Capitalization	100	100	488	608	531
Book Value per Share	$0.00	$20.86	$15.41	$14.90	$12.63
Tangible Book Value per Share	$0.00	$20.86	$15.41	$14.90	$12.63
Total Capital	0.00	642	502	767	983
Total Debt	0.00	120	28	157	291
Total Long-Term Debt	0.00	120	28	157	291
Net Debt	0.00	111	24	150	282
Capital Expenditures (CapEx)	228	87	46	288	335
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-83	12	-9.20	-68
Debt-free Net Working Capital (DFNWC)	0.00	-73	16	-1.89	-59
Net Working Capital (NWC)	0.00	-73	16	-1.89	-59
Net Nonoperating Expense (NNE)	-8.29	-10	17	-30	0.21
Net Nonoperating Obligations (NNO)	0.00	111	24	150	282
Total Depreciation and Amortization (D&A)	40	41	44	52	97
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-33.54%	3.04%	-3.25%	-16.95%
Debt-free Net Working Capital to Revenue	0.00%	-29.80%	4.22%	-0.67%	-14.61%
Net Working Capital to Revenue	0.00%	-29.80%	4.22%	-0.67%	-14.61%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($3.44)	$0.66	($0.43)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	30.27M	35.56M	49.77M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($3.44)	$0.65	($0.43)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	30.27M	36.13M	49.77M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	30.75M	41.17M	55.24M
Normalized Net Operating Profit after Tax (NOPAT)	31	-18	70	-4.80	8.29
Normalized NOPAT Margin	13.55%	-7.30%	18.31%	-1.70%	2.07%
Pre Tax Income Margin	22.98%	-3.11%	-27.31%	8.31%	-5.39%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	9.94	0.05	-22.61	3.85	-0.31
NOPAT to Interest Expense	7.53	-2.19	-19.59	-0.87	-1.26
EBIT Less CapEx to Interest Expense	-28.87	-10.52	-33.06	-32.77	-20.08
NOPAT Less CapEx to Interest Expense	-31.28	-12.76	-30.04	-37.49	-21.03
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.26%	-171.92%	-47.85%	363.27%	-469.10%
Augmented Payout Ratio	0.26%	-220.67%	-47.85%	363.27%	-469.10%

This table displays calculated financial ratios and metrics derived from TXO Partners' 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	-	-	-	-	-	-	-	-	-	54,784,292.00	110,485,014.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	54,784,292.00	110,485,014.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.52	-0.67
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-42.11%	117.13%	-57.42%	-5.23%	-1.64%	-2.87%	25.04%	56.84%	46.77%	40.97%	-66.47%
EBITDA Growth	-70.52%	-1,998.44%	-77.48%	48.26%	-26.02%	117.67%	26.48%	69.33%	117.20%	-76.06%	-245.66%
EBIT Growth	-83.46%	-878.89%	-86.94%	281.75%	-85.76%	107.30%	-46.63%	-42.81%	541.53%	-256.92%	-1,257.65%
NOPAT Growth	-91.36%	-632.10%	-96.57%	-64.54%	-213.51%	103.97%	-232.46%	74.27%	175.71%	-443.75%	-1,415.09%
Net Income Growth	-84.78%	-769.48%	-87.75%	210.29%	-97.61%	105.27%	-76.47%	-104.81%	2,043.84%	-376.49%	-3,176.82%
EPS Growth	-87.89%	-621.11%	-88.46%	212.50%	-96.30%	103.39%	-81.82%	-100.00%	700.00%	-359.09%	-2,350.00%
Operating Cash Flow Growth	-31.27%	-46.75%	46.93%	24.35%	-14.35%	132.56%	21.48%	17.34%	36.51%	-19.89%	9.14%
Free Cash Flow Firm Growth	0.00%	0.00%	135.55%	126.83%	89.15%	-6,816.86%	-214.52%	-237.86%	-198.04%	9.03%	26.66%
Invested Capital Growth	0.00%	-21.35%	-31.21%	-28.49%	10.08%	52.64%	51.87%	51.65%	29.69%	28.22%	18.07%
Revenue Q/Q Growth	15.55%	31.63%	-26.68%	-15.02%	19.93%	29.97%	-5.60%	6.59%	12.24%	24.84%	-77.55%
EBITDA Q/Q Growth	112.80%	-998.93%	111.92%	-34.98%	6.18%	114.66%	-14.66%	-12.95%	36.19%	-76.34%	-619.17%
EBIT Q/Q Growth	565.89%	-2,112.59%	105.77%	-66.41%	-63.51%	932.65%	-57.84%	-64.00%	309.36%	-352.60%	-211.02%
NOPAT Q/Q Growth	171.23%	-3,271.33%	101.95%	-473.64%	50.87%	210.89%	-165.06%	27.42%	244.59%	-603.46%	-186.77%
Net Income Q/Q Growth	433.03%	-2,384.81%	105.30%	-72.65%	-92.77%	4,933.50%	-76.36%	-105.59%	3,323.70%	-749.17%	-163.12%
EPS Q/Q Growth	437.50%	-2,503.70%	105.08%	-72.73%	-88.89%	2,100.00%	-72.73%	-100.00%	0.00%	-812.50%	-136.84%
Operating Cash Flow Q/Q Growth	31.38%	-27.96%	44.66%	-9.18%	-9.50%	95.59%	-24.43%	-12.27%	5.28%	14.79%	2.95%
Free Cash Flow Firm Q/Q Growth	1.87%	99.47%	6,140.07%	-14.80%	-139.70%	-238.58%	0.00%	-2.56%	14.18%	-3.35%	19.38%
Invested Capital Q/Q Growth	-0.40%	-29.14%	-2.04%	3.41%	53.33%	-1.74%	-2.53%	3.27%	31.12%	-2.85%	-10.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	28.89%	-197.33%	32.08%	24.55%	21.73%	35.89%	32.45%	26.50%	32.16%	6.10%	-140.96%
Operating Margin	6.26%	-215.51%	4.01%	-17.64%	-7.23%	6.16%	-4.25%	-4.13%	3.73%	-21.47%	-274.26%
EBIT Margin	13.70%	-209.50%	16.49%	6.52%	1.98%	15.76%	7.04%	2.38%	8.67%	-17.54%	-242.94%
Profit (Net Income) Margin	12.13%	-210.64%	15.22%	4.90%	0.30%	11.44%	2.87%	-0.15%	4.31%	-22.43%	-262.89%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	88.56%	100.54%	92.35%	75.18%	14.89%	72.60%	40.71%	-6.32%	49.77%	127.91%	108.21%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.91%	-101.67%	1.94%	-8.36%	-2.80%	2.77%	-2.08%	-1.52%	1.53%	-6.96%	-82.08%
ROIC Less NNEP Spread (ROIC-NNEP)	48.64%	-183.43%	72.68%	-57.81%	3.27%	8.21%	4.87%	-10.05%	1.81%	-11.28%	-91.62%
Return on Net Nonoperating Assets (RNNOA)	1.37%	-24.79%	1.32%	2.40%	0.43%	1.31%	0.80%	0.44%	0.56%	-3.74%	-32.29%
Return on Equity (ROE)	7.28%	-126.45%	3.27%	-5.97%	-2.37%	4.09%	-1.28%	-1.08%	2.09%	-10.70%	-114.37%
Cash Return on Invested Capital (CROIC)	0.00%	8.57%	13.58%	9.92%	-29.59%	-42.76%	-43.33%	-42.12%	-25.63%	-27.20%	-25.64%
Operating Return on Assets (OROA)	5.03%	-98.46%	5.99%	2.23%	0.59%	5.16%	2.45%	0.87%	2.64%	-5.90%	-71.17%
Return on Assets (ROA)	4.46%	-98.99%	5.53%	1.68%	0.09%	3.75%	1.00%	-0.05%	1.31%	-7.54%	-77.02%
Return on Common Equity (ROCE)	7.28%	-126.45%	3.27%	-5.97%	-2.37%	4.09%	-1.28%	-1.08%	2.09%	-10.70%	-114.37%
Return on Equity Simple (ROE_SIMPLE)	9.88%	0.00%	-38.12%	-30.06%	-29.04%	0.00%	2.66%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	4.38	-139	2.71	-10	-4.97	5.51	-3.58	-2.60	3.76	-19	-54
NOPAT Margin	6.26%	-150.85%	4.01%	-17.64%	-7.23%	6.16%	-4.25%	-2.89%	3.73%	-15.03%	-191.99%
Net Nonoperating Expense Percent (NNEP)	-42.73%	81.77%	-70.73%	49.45%	-6.06%	-5.43%	-6.94%	8.54%	-0.28%	4.32%	9.54%
Return On Investment Capital (ROIC_SIMPLE)	-	-27.64%	-	-	-	0.72%	-0.48%	-0.34%	0.37%	-1.93%	-6.16%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	2.51%	3.07%	3.94%	8.01%	4.77%	4.49%	2.89%	10.52%	4.79%	3.76%	17.03%
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	93.74%	315.51%	95.99%	117.64%	107.23%	93.84%	104.25%	104.13%	96.27%	121.47%	374.26%
Earnings before Interest and Taxes (EBIT)	9.57	-193	11	3.74	1.36	14	5.93	2.14	8.74	-22	-69
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	20	-181	22	14	15	32	27	24	32	7.68	-40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.83	1.03	1.21	1.12	1.27	1.00	1.36	0.96	1.07	0.77	1.15
Price to Tangible Book Value (P/TBV)	0.83	1.03	1.21	1.12	1.27	1.00	1.36	0.96	1.07	0.77	1.15
Price to Revenue (P/Rev)	1.71	1.28	1.95	2.23	2.76	2.15	2.67	2.18	2.15	1.32	2.01
Price to Earnings (P/E)	8.38	0.00	0.00	0.00	0.00	25.90	51.21	57.10	46.53	0.00	0.00
Dividend Yield	5.43%	9.31%	11.59%	11.06%	11.73%	14.13%	12.58%	15.76%	16.01%	18.93%	13.59%
Earnings Yield	11.94%	0.00%	0.00%	0.00%	0.00%	3.86%	1.95%	1.75%	2.15%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.83	1.03	1.20	1.13	1.22	1.00	1.29	0.96	1.05	0.83	1.10
Enterprise Value to Revenue (EV/Rev)	1.76	1.34	2.02	1.99	3.29	2.68	3.18	2.22	2.88	2.03	2.79
Enterprise Value to EBITDA (EV/EBITDA)	4.99	0.00	0.00	0.00	0.00	9.17	10.77	7.50	9.08	8.90	39.96
Enterprise Value to EBIT (EV/EBIT)	8.01	0.00	0.00	0.00	0.00	25.03	37.93	31.32	33.99	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	12.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	533.20	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6.32	6.63	6.87	6.36	10.89	6.94	8.30	6.20	8.32	6.88	7.95
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	10.57	7.21	9.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.06	0.06	0.01	0.25	0.26	0.28	0.03	0.37	0.42	0.46
Long-Term Debt to Equity	0.04	0.06	0.06	0.01	0.25	0.26	0.28	0.03	0.37	0.42	0.46
Financial Leverage	0.03	0.14	0.02	-0.04	0.13	0.16	0.16	-0.04	0.31	0.33	0.35
Leverage Ratio	1.32	1.63	1.36	1.33	1.47	1.59	1.63	1.37	1.76	1.83	1.97
Compound Leverage Factor	1.17	1.64	1.25	1.00	0.22	1.16	0.66	-0.09	0.88	2.35	2.14
Debt to Total Capital	3.55%	5.60%	5.31%	1.22%	19.97%	20.50%	21.59%	2.47%	26.91%	29.62%	31.43%
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	3.55%	5.60%	5.31%	1.22%	19.97%	20.50%	21.59%	2.47%	26.91%	29.62%	31.43%
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	96.45%	94.40%	94.69%	98.78%	80.03%	79.50%	78.41%	97.53%	73.09%	70.38%	68.57%
Debt to EBITDA	0.21	-0.50	-0.20	-0.06	-1.19	1.90	1.83	0.19	2.34	3.19	11.51
Net Debt to EBITDA	0.16	-0.42	-0.17	0.55	-1.16	1.81	1.71	0.11	2.30	3.09	11.18
Long-Term Debt to EBITDA	0.21	-0.50	-0.20	-0.06	-1.19	1.90	1.83	0.19	2.34	3.19	11.51
Debt to NOPAT	0.53	-0.32	-0.19	-0.05	-1.05	-22.90	-12.33	-2.83	137.68	-13.60	-3.79
Net Debt to NOPAT	0.41	-0.27	-0.15	0.49	-1.03	-21.83	-11.50	-1.65	134.99	-13.16	-3.68
Long-Term Debt to NOPAT	0.53	-0.32	-0.19	-0.05	-1.05	-22.90	-12.33	-2.83	137.68	-13.60	-3.79
Altman Z-Score	1.94	0.98	2.02	2.41	1.48	1.18	1.39	1.80	0.95	0.67	0.56
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	0.86	1.41	1.36	3.27	1.02	0.97	1.00	0.97	0.48	0.62	0.43
Quick Ratio	0.64	0.94	0.89	2.92	0.73	0.71	0.60	0.62	0.32	0.40	0.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-698	-3.71	224	191	-76	-256	-256	-263	-226	-233	-188
Operating Cash Flow to CapEx	202.30%	306.39%	835.72%	64.52%	8.83%	265.25%	356.01%	65.55%	11.05%	108.59%	762.57%
Free Cash Flow to Firm to Interest Expense	-580.30	-3.18	229.32	181.79	-40.70	-64.27	-70.79	-102.25	-50.08	-37.21	-32.75
Operating Cash Flow to Interest Expense	20.12	14.96	25.82	21.82	11.13	10.16	8.45	10.45	6.28	5.18	5.82
Operating Cash Flow Less CapEx to Interest Expense	10.17	10.08	22.73	-12.00	-114.96	6.33	6.08	-5.49	-50.52	0.41	5.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.47	0.36	0.34	0.30	0.33	0.35	0.36	0.30	0.34	0.29
Accounts Receivable Turnover	10.13	9.01	9.27	9.73	8.44	7.87	8.66	10.15	9.04	8.71	7.12
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	0.39	0.52	0.40	0.39	0.32	0.36	0.38	0.41	0.33	0.37	0.32
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	36.02	40.52	39.36	37.52	43.26	46.41	42.14	35.98	40.37	41.91	51.28
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)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	36.02	40.52	39.36	37.52	43.26	46.41	42.14	35.98	40.37	41.91	51.28
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	702	497	487	504	773	759	740	764	1,002	973	874
Invested Capital Turnover	0.94	0.67	0.48	0.47	0.39	0.45	0.49	0.52	0.41	0.46	0.43
Increase / (Decrease) in Invested Capital	702	-135	-221	-201	71	262	253	260	229	214	134
Enterprise Value (EV)	584	511	586	570	939	758	952	736	1,050	813	962
Market Capitalization	565	488	564	639	788	608	801	725	784	531	693
Book Value per Share	$22.20	$15.41	$15.15	$18.51	$16.18	$14.90	$14.30	$18.20	$13.44	$12.63	$10.94
Tangible Book Value per Share	$22.20	$15.41	$15.15	$18.51	$16.18	$14.90	$14.30	$18.20	$13.44	$12.63	$10.94
Total Capital	708	502	492	580	776	767	751	772	1,007	983	882
Total Debt	25	28	26	7.10	155	157	162	19	271	291	277
Total Long-Term Debt	25	28	26	7.10	155	157	162	19	271	291	277
Net Debt	19	24	22	-69	151	150	151	11	266	282	269
Capital Expenditures (CapEx)	12	5.69	3.02	35	235	15	8.60	41	256	30	4.38
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-14	12	9.63	5.18	-2.86	-9.20	-11	-9.91	-89	-68	-128
Debt-free Net Working Capital (DFNWC)	-8.51	16	14	81	0.99	-1.89	-0.37	-1.96	-84	-59	-120
Net Working Capital (NWC)	-8.51	16	14	81	0.99	-1.89	-0.37	-1.96	-84	-59	-120
Net Nonoperating Expense (NNE)	-4.10	55	-7.56	-13	-5.17	-4.71	-6.00	-2.47	-0.59	9.32	20
Net Nonoperating Obligations (NNO)	19	24	22	-69	151	150	151	11	266	282	269
Total Depreciation and Amortization (D&A)	11	11	11	10	14	18	21	22	24	30	29
Debt-free, Cash-free Net Working Capital to Revenue	-4.35%	3.04%	3.32%	1.81%	-1.00%	-3.25%	-3.74%	-2.98%	-24.42%	-16.95%	-37.01%
Debt-free Net Working Capital to Revenue	-2.57%	4.22%	4.90%	28.33%	0.35%	-0.67%	-0.12%	-0.59%	-22.97%	-14.61%	-34.72%
Net Working Capital to Revenue	-2.57%	4.22%	4.90%	28.33%	0.35%	-0.67%	-0.12%	-0.59%	-22.97%	-14.61%	-34.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	($6.55)	$0.33	$0.09	$0.01	$0.23	$0.06	$0.00	$0.08	($0.57)	($1.35)
Adjusted Weighted Average Basic Shares Outstanding	30.75M	30.27M	30.80M	31.15M	39.27M	35.56M	41.08M	48.22M	54.78M	49.77M	55.09M
Adjusted Diluted Earnings per Share	$0.27	($6.49)	$0.33	$0.09	$0.01	$0.22	$0.06	$0.00	$0.08	($0.57)	($1.35)
Adjusted Weighted Average Diluted Shares Outstanding	31.29M	30.27M	31.43M	31.71M	39.83M	36.13M	41.81M	48.22M	55.81M	49.77M	55.09M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	30.75M	30.75M	30.94M	38.41M	40.91M	41.17M	41.37M	54.78M	54.78M	55.24M	55.24M
Normalized Net Operating Profit after Tax (NOPAT)	3.06	-139	1.89	-7.07	-3.48	3.85	-2.51	-2.60	2.63	-19	-54
Normalized NOPAT Margin	4.38%	-150.85%	2.81%	-12.35%	-5.06%	4.32%	-2.97%	-2.89%	2.61%	-15.03%	-191.99%
Pre Tax Income Margin	12.13%	-210.64%	15.22%	4.90%	0.30%	11.44%	2.87%	-0.15%	4.31%	-22.43%	-262.89%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.97	-165.54	11.39	3.56	0.73	3.53	1.64	0.83	1.94	-3.52	-11.97
NOPAT to Interest Expense	3.64	-119.20	2.77	-9.63	-2.67	1.38	-0.99	-1.01	0.83	-3.02	-9.46
EBIT Less CapEx to Interest Expense	-1.98	-170.42	8.30	-30.25	-125.36	-0.30	-0.74	-15.10	-54.86	-8.29	-12.73
NOPAT Less CapEx to Interest Expense	-6.30	-124.08	-0.32	-43.45	-128.76	-2.45	-3.36	-16.95	-55.96	-7.79	-10.22
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	59.83%	-47.85%	-38.99%	-40.95%	-43.05%	363.27%	582.92%	813.45%	629.01%	-469.10%	-94.22%
Augmented Payout Ratio	59.83%	-47.85%	-38.99%	-40.95%	-43.05%	363.27%	582.92%	813.45%	629.01%	-469.10%	-94.22%

Financials Breakdown Chart

Key Financial Trends

TXO Partners, L.P. (NYSE: TXO) has shown a mix of earnings volatility and cash-flow strength over the last four years. The latest Q4 2025 data highlights a rebound in operating cash flow and rising debt levels tied to sizable capex and financing activity. Below are the 10 most important near-term takeaways for retail investors, with positive items listed first, then neutral, then negative.

Healthy operating cash flow in 2025: Net cash from continuing operating activities was positive in each 2025 quarter (Q1 ~$30.6M, Q2 ~$26.9M, Q3 ~$28.3M, Q4 ~$32.5M), totaling roughly $118M in CFO for the year shown. This indicates the core business generated solid cash flow despite earnings variability.
Revenue growth into 2025: Total revenue rose through 2025, with Q4 2025 revenue at $125.93M vs Q4 2024 at $89.33M, signaling top-line improvement year over year.
Profitability improving in parts of 2025: Net income from continuing operations turned positive in several 2025 quarters (Q1 2025: $2.42M; Q3 2025: $4.35M), suggesting earnings improvement despite earlier losses.
Solid equity cushion on the balance sheet: Total Common Equity around $736M in 2025 Q3, with total liabilities approximately $640M, placing equity above liabilities and providing a cushion for downside scenarios.
Access to capital markets in late 2025: A $45M debt issuance in Q4 2025 and positive net financing activity indicate ongoing liquidity access to fund capex and operations when needed.
Profitability is still volatile: Net income swings across quarters (positive in some periods, negative in others like Q4 2025 at -$28.25M), highlighting earnings sensitivity to costs and other factors.
Material capital expenditure in some quarters: Notable capex episodes (for example, Q3 2025 PPE outflow of about $255.9M) can drive future production/asset base but create near-term cash pressure.
Dividend cash outlays reduce cash availability: Regular dividend payments occurred across quarters (e.g., Q4 2025 outflow of around $19.2M; other quarters show sizable dividend cash outs), which matters for cash runway but may appeal to income-focused investors.
Significant near-term earnings decline in Q4 2025: Net income for Q4 2025 was -$28.25M, underscoring ongoing earnings headwinds even as cash flow remained positive.
Rising leverage and interest considerations: Long-term debt stood around $271.1M by 2025 Q3, contributing to a higher liability load (Total Liabilities ~$639.94M vs Total Equity ~$736.22M) and ongoing interest expense pressure observed across quarters.

05/14/26 06:05 PM ETAI Generated. May Contain Errors.

TXO Partners Financials - Frequently Asked Questions

According to the most recent income statement we have on file, TXO Partners' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

TXO Partners' net income appears to be on an upward trend, with a most recent value of -$21.62 million in 2025, falling from $52.48 million in 2021. The previous period was $23.50 million in 2024. See TXO Partners' forecast for analyst expectations on what's next for the company.

TXO Partners' total operating income in 2025 was -$30.58 million, based on the following breakdown:

Total Gross Profit: $401.01 million
Total Operating Expenses: $431.59 million

Over the last 4 years, TXO Partners' total revenue changed from $228.34 million in 2021 to $401.01 million in 2025, a change of 75.6%.

TXO Partners' total liabilities were at $663.17 million at the end of 2025, a 57.4% increase from 2024, and a 64.5% increase since 2022.

In the past 3 years, TXO Partners' cash and equivalents has ranged from $4.51 million in 2023 to $9.37 million in 2025, and is currently $9.37 million as of their latest financial filing in 2025.

Over the last 4 years, TXO Partners' book value per share changed from 0.00 in 2021 to 12.63 in 2025, a change of 1,262.7%.

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Financial statements for NYSE:TXO last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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TXO Partners (TXO) Financials

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TXO Partners (TXO) Financials

Annual Income Statements for TXO Partners

Quarterly Income Statements for TXO Partners

Annual Cash Flow Statements for TXO Partners

Quarterly Cash Flow Statements for TXO Partners

Annual Balance Sheets for TXO Partners

Quarterly Balance Sheets for TXO Partners

Annual Metrics And Ratios for TXO Partners

Quarterly Metrics And Ratios for TXO Partners

Financials Breakdown Chart

Key Financial Trends

TXO Partners Financials - Frequently Asked Questions

When does TXO Partners' fiscal year end?

How has TXO Partners' net income changed over the last 4 years?

What is TXO Partners' operating income?

How has TXO Partners' revenue changed over the last 4 years?

How much debt does TXO Partners have?

How much cash does TXO Partners have?

How has TXO Partners' book value per share changed over the last 4 years?

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