Texas Pacific Land Corporation (TPL) Income Statement
TPL 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsTPL revenue and net income
Where TPL's revenue goes
2025Each bar shows an amount and its share of revenue. TPL kept 60.3% of revenue as net income.
TPL profit margins
TPL growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +13.1% | +6.1% | +21.4% | +26.0% |
| Gross profit | +7.5% | +2.4% | +20.4% | +24.0% |
| Operating income | +9.8% | +1.7% | +22.2% | +22.9% |
| Net income | +6.0% | +2.5% | +22.3% | +25.4% |
| EPS (diluted) | +59.7% | +17.8% | +33.0% | +31.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
TPL quarterly EPS vs estimates
Texas Pacific Land beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 4, 2026 (estimate $2.35).
TPL income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $798.2M | $705.8M | $631.6M | $667.4M | $451.0M | $302.6M | $490.5M | $300.2M | $132.3M | $59.9M |
| Cost of revenue | $116.1M | $71.3M | $48.3M | $32.9M | $29.5M | $32.6M | $29.7M | $13.8M | $867,000 | $43,290 |
| Gross profit | $682.1M | $634.5M | $583.3M | $634.5M | $421.5M | $270.0M | $460.8M | $286.5M | $131.5M | $59.9M |
| Research & development | — | — | $1 | $1 | $1 | $1 | $1 | $1 | $1 | $1 |
| Sales, general & admin | $81.7M | $82.9M | $89.8M | $63.5M | $59.1M | $52.7M | $59.0M | $25.6M | $8.5M | $3.0M |
| Total operating expenses | $90.0M | $95.4M | $97.2M | $72.2M | $59.1M | $52.7M | $59.0M | $25.6M | $11.7M | $4.8M |
| Operating income | $592.2M | $539.1M | $486.1M | $562.3M | $362.4M | $217.3M | $401.8M | $260.8M | $119.8M | $55.1M |
| Interest income | $690,000 | $32.1M | $28.6M | $6.2M | — | — | — | — | $84,000 | $29,070 |
| Interest expense | $690,000 | — | — | $6.5M | $16.9M | $16.8M | $11.6M | $0 | $84,000 | $29,070 |
| Income before taxes | $610.3M | $578.8M | $517.6M | $568.9M | $363.0M | $219.7M | $404.5M | $261.8M | $119.9M | $55.1M |
| Income taxes | $129.0M | $124.9M | $111.9M | $122.5M | $93.0M | $43.6M | $83.5M | $52.0M | $43.5M | $17.8M |
| Net income | $481.4M | $454.0M | $405.6M | $446.4M | $270.0M | $176.0M | $320.9M | $209.7M | $76.4M | $37.2M |
| EBITDA | $673.6M | $604.0M | $500.8M | $577.7M | $378.6M | $231.6M | $410.7M | $263.4M | $145.4M | $55.1M |
| EPS (diluted) | $10.49 | $6.57 | $5.86 | $6.42 | $3.87 | $2.52 | $4.60 | $2.99 | $1.20 | $0.52 |
| Gross margin | 85.5% | 89.9% | 92.3% | 95.1% | 93.5% | 89.2% | 93.9% | 95.4% | 99.3% | 99.9% |
| Operating margin | 74.2% | 76.4% | 77.0% | 84.3% | 80.4% | 71.8% | 81.9% | 86.9% | 90.5% | 91.9% |
| Net margin | 60.3% | 64.3% | 64.2% | 66.9% | 59.9% | 58.2% | 65.4% | 69.9% | 57.7% | 62.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $246.1M | $236.8M | $211.6M | $203.1M | $187.5M | $196.0M | $185.8M | $173.6M | $172.3M | $174.1M | $166.7M | $158.0M |
| Cost of revenue | $28.2M | $28.3M | $43.3M | $31.4M | $22.1M | $23.1M | $20.4M | $11.7M | $18.9M | $14.3M | $12.9M | $12.1M |
| Gross profit | $217.8M | $208.5M | $16.8M | $171.7M | $165.4M | $172.9M | $165.4M | $161.8M | $153.4M | $159.8M | $153.7M | $145.8M |
| Sales, general & admin | $23.6M | $23.6M | $22.2M | $5.6M | $19.8M | $20.6M | $21.5M | $12.3M | $18.6M | $21.4M | $17.9M | $17.1M |
| Total operating expenses | $26.0M | $26.2M | $138.9M | $22.6M | $21.6M | $22.8M | $22.8M | $34.5M | $20.2M | $23.8M | $19.8M | $18.9M |
| Operating income | $191.8M | $182.3M | $149.2M | $149.1M | $143.8M | $150.1M | $142.5M | $127.3M | $133.2M | $136.0M | $133.9M | $127.0M |
| Interest income | $2.3M | $1.7M | $690,000 | $5.9M | $5.0M | $4.1M | $3.7M | $7.9M | $10.8M | $9.8M | — | $7.8M |
| Interest expense | $973,000 | $992,000 | — | — | $0 | $0 | — | — | — | — | $8.8M | — |
| Income before taxes | $193.7M | $183.6M | $151.8M | $155.2M | $149.0M | $154.4M | $151.0M | $135.4M | $146.4M | $146.0M | $145.1M | $134.9M |
| Income taxes | $39.8M | $40.7M | $28.4M | $33.9M | $32.9M | $33.7M | $32.6M | $28.8M | $31.9M | $31.6M | $32.0M | $29.4M |
| Net income | $153.9M | $142.9M | $123.3M | $121.2M | $116.1M | $120.7M | $118.4M | $106.6M | $114.6M | $114.4M | $113.1M | $105.6M |
| EBITDA | $211.3M | $198.6M | $165.8M | $170.1M | $162.7M | $166.3M | $162.4M | $141.2M | $137.3M | $149.8M | $149.0M | $138.5M |
| EPS (diluted) | $2.23 | $2.07 | $1.79 | $5.27 | $1.68 | $1.75 | $1.71 | $1.54 | $1.66 | $1.66 | $1.64 | $1.53 |
| Gross margin | 88.5% | 88.0% | 8.0% | 84.5% | 88.2% | 88.2% | 89.0% | 93.2% | 89.0% | 91.8% | 92.2% | 92.3% |
| Operating margin | 78.0% | 77.0% | 70.5% | 73.4% | 76.6% | 76.6% | 76.7% | 73.4% | 77.3% | 78.1% | 80.3% | 80.4% |
| Net margin | 62.6% | 60.3% | 58.3% | 59.7% | 61.9% | 61.6% | 63.7% | 61.4% | 66.5% | 65.7% | 67.9% | 66.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in TPL's financial statements (latest annual report filed February 18, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
TPL financial results
In fiscal year 2025 (ended December 31, 2025), Texas Pacific Land reported revenue of $798.2 million, up 13.1% from the year before. It had net income of $481.4 million (up 6.0%), a net profit margin of 60.3%. Diluted earnings per share came to $10.49. Over five years revenue grew at an average rate of 21.4% a year.
See the TPL stock overview for the latest quote and news, or the TPL chart for price history and technical indicators.
TPL income statement FAQ
What is Texas Pacific Land's annual revenue?
Texas Pacific Land reported total revenue of $798.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 13.1% from $705.8 million the previous year.
Is Texas Pacific Land profitable?
Yes. Texas Pacific Land reported net income of $481.4 million in fiscal 2025, a net profit margin of 60.3%; its operating margin was 74.2%.
What is Texas Pacific Land's gross margin?
Texas Pacific Land's gross margin was 85.5% in fiscal 2025: for every $100 of revenue, Texas Pacific Land kept $85 after the direct cost of its products and services.
How fast is Texas Pacific Land growing?
Revenue grew 21.4% a year on average over the last five fiscal years, from $302.6 million to $798.2 million.
What are Texas Pacific Land's earnings per share?
Texas Pacific Land earned $10.49 per diluted share in fiscal 2025, compared with $6.57 a year earlier.
When will Texas Pacific Land report its next earnings?
Texas Pacific Land is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Texas Pacific Land's fiscal year end?
Texas Pacific Land's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 18, 2026.