Revenue growth accelerated to 20.8% in 2026Q1, while the company maintained a robust 60.3% net margin, demonstrating significant operating leverage.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 839.02M | 798.19M | 705.82M | 631.6M | 667.42M | 450.96M | 302.55M | 490.5M | 300.22M | 132.33M | 59.91M | 79.41M | 55.2M | 44.11M | 32.59M | 33.42M | 20.07M | 13.08M | 19.3M | 15.47M | 22.46M | 15.41M | 29.14M | 9.95M | 9.12M | 13.43M | 7.8M | 5.92M | 10.48M | 13.08M | 8.58M |
| Revenue Growth % | 15.3% | 13.09% | 11.75% | -5.37% | 48% | 49.05% | -38.32% | 63.38% | 126.87% | 120.87% | -24.56% | 43.86% | 25.15% | 35.36% | -2.49% | 66.55% | 53.35% | -32.19% | 24.77% | -31.15% | 45.78% | -47.13% | 192.77% | 9.11% | -32.07% | 72.19% | 31.65% | -43.47% | -19.85% | 52.37% | 33.24% |
| Cost of Goods Sold | 19.31M | 0 | 71.29M | 48.32M | 32.89M | 29.49M | 32.6M | 29.71M | 13.75M | 867K | 43.29K | 35.83K | 19.73K | 16.29K | 16.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | 10.1% | 7.65% | 4.93% | 6.54% | 10.78% | 6.06% | 4.58% | 0.66% | 0.07% | 0.05% | 0.04% | 0.04% | 0.05% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 819.72M | 798.19M | 634.54M | 583.27M | 634.53M | 421.47M | 269.95M | 460.78M | 286.47M | 131.46M | 59.87M | 79.38M | 55.18M | 44.09M | 32.57M | 33.42M | 20.07M | 13.08M | 19.3M | 15.47M | 22.46M | 15.41M | 29.14M | 9.95M | 9.12M | 13.43M | 7.8M | 5.92M | 10.48M | 13.08M | 8.58M |
| Gross Margin % | 97.7% | 100% | 89.9% | 92.35% | 95.07% | 93.46% | 89.22% | 93.94% | 95.42% | 99.34% | 99.93% | 99.95% | 99.96% | 99.96% | 99.95% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 25.79% | 8.79% | -8.08% | 50.55% | 56.13% | -41.41% | 60.85% | 117.91% | 119.59% | -24.58% | 43.85% | 25.15% | 35.37% | -2.54% | 66.55% | 53.35% | -32.19% | 24.77% | -31.15% | 45.78% | -47.13% | 192.77% | 9.11% | -32.07% | 72.19% | 31.65% | -43.47% | -19.85% | 52.37% | 33.24% |
| Operating Expenses | 195.3M | 206.03M | 95.4M | 97.22M | 72.22M | 59.08M | 52.7M | 59.01M | 25.64M | 11.69M | 4.81M | 4.12M | 3.77M | 3.96M | 3.27M | 3.56M | 3.67M | 3.09M | 3.72M | 3.96M | 6.14M | 3.23M | 3.37M | 2.36M | 2.03M | 3.39M | 2.46M | 1.72M | 1.64M | 3.24M | 2.44M |
| OpEx % of Revenue | - | 25.81% | 13.52% | 15.39% | 10.82% | 13.1% | 17.42% | 12.03% | 8.54% | 8.83% | 8.03% | 5.19% | 6.82% | 8.98% | 10.03% | 10.66% | 18.28% | 23.64% | 19.28% | 25.59% | 27.35% | 21% | 11.56% | 23.69% | 22.24% | 25.21% | 31.49% | 29.11% | 15.63% | 24.81% | 28.46% |
| Selling, General & Admin | 3.14M | 23.78M | 34.48M | 89.83M | 63.49M | 59.08M | 52.7M | 59.01M | 25.64M | 8.52M | 3.02M | 2.64M | 2.07M | 2.53M | 2.32M | 2.58M | 2.88M | 2.44M | 2.78M | 579.69K | 555.37K | 487.23K | 442.65K | 405.61K | 445.15K | 530.55K | 468.94K | 413.62K | 398.69K | 491.39K | 430.58K |
| SG&A % of Revenue | - | 2.98% | 4.89% | 14.22% | 9.51% | 13.1% | 17.42% | 12.03% | 8.54% | 6.44% | 5.05% | 3.32% | 3.74% | 5.74% | 7.11% | 7.73% | 14.34% | 18.65% | 14.43% | 3.75% | 2.47% | 3.16% | 1.52% | 4.08% | 4.88% | 3.95% | 6.01% | 6.98% | 3.8% | 3.76% | 5.02% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | 0% | 0% | 0% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 182.25M | 60.92M | 7.38M | 8.73M | 0 | 0 | 0 | 0 | 3.17M | 1.79M | 1.48M | 1.7M | 1.43M | 949.76K | 980.07K | 790.77K | 653.59K | 935.42K | 3.38M | 5.59M | 2.75M | 2.93M | 1.95M | 1.58M | 2.85M | 1.99M | 1.31M | 1.24M | 2.75M | 2.01M |
| Operating Income | 624.42M | 592.16M | 539.14M | 486.05M | 562.31M | 362.39M | 217.25M | 401.77M | 260.83M | 119.78M | 55.06M | 75.26M | 51.42M | 40.13M | 29.3M | 30.74M | 16.4M | 9.99M | 15.58M | 11.51M | 16.32M | 12.17M | 25.77M | 7.6M | 7.09M | 10.04M | 5.34M | 4.2M | 8.84M | 9.83M | 6.14M |
| Operating Margin % | 74.42% | 74.19% | 76.38% | 76.96% | 84.25% | 80.36% | 71.81% | 81.91% | 86.88% | 90.51% | 91.9% | 94.76% | 93.14% | 90.98% | 89.92% | 91.97% | 81.72% | 76.36% | 80.72% | 74.41% | 72.65% | 79% | 88.44% | 76.31% | 77.76% | 74.79% | 68.51% | 70.89% | 84.37% | 75.19% | 71.54% |
| Operating Income Growth % | - | 9.83% | 10.92% | -13.56% | 55.16% | 66.81% | -45.93% | 54.03% | 117.77% | 117.55% | -26.84% | 46.36% | 28.12% | 36.95% | -4.67% | 87.44% | 64.13% | -35.86% | 35.35% | -29.48% | 34.05% | -52.77% | 239.32% | 7.07% | -29.37% | 87.99% | 27.23% | -52.5% | -10.07% | 60.15% | 29.19% |
| EBITDA | 689.05M | 654.69M | 564.3M | 500.81M | 577.68M | 378.65M | 231.65M | 410.68M | 300.22M | 129.46M | 59.91M | 75.28M | 51.44M | 40.15M | 29.32M | 30.75M | 16.41M | 10.03M | 15.61M | 11.54M | 16.35M | 12.2M | 25.81M | 7.65M | 7.14M | 10.1M | 5.39M | 4.25M | 8.9M | 9.88M | 6.15M |
| EBITDA Margin % | 82.13% | 82.02% | 79.95% | 79.29% | 86.55% | 83.97% | 76.56% | 83.73% | 100% | 97.83% | 100% | 94.79% | 93.18% | 91.02% | 89.97% | 92.01% | 81.8% | 76.68% | 80.91% | 74.64% | 72.81% | 79.19% | 88.57% | 76.82% | 78.31% | 75.18% | 69.08% | 71.7% | 84.94% | 75.57% | 71.72% |
| EBITDA Growth % | 17.5% | 16.02% | 12.68% | -13.31% | 52.56% | 63.46% | -43.59% | 36.79% | 131.9% | 116.09% | -20.42% | 46.36% | 28.12% | 36.93% | -4.65% | 87.34% | 63.59% | -35.74% | 35.25% | -29.42% | 34.04% | -52.73% | 237.56% | 7.04% | -29.24% | 87.41% | 26.83% | -52.29% | -9.9% | 60.54% | 29.21% |
| D&A (Non-Cash Add-back) | 64.64M | 62.53M | 25.16M | 14.76M | 15.38M | 16.26M | 14.39M | 8.91M | 39.39M | 9.69M | 4.85M | 25.37K | 19.73K | 16.29K | 16.5K | 12.68K | 15.39K | 42.14K | 36.8K | 36K | 37.13K | 28.79K | 38.17K | 50.93K | 49.97K | 52.12K | 44.41K | 48.03K | 60.32K | 49.2K | 15.73K |
| EBIT | 627.4M | 592.92M | 539.14M | 486.05M | 562.67M | 362.51M | 217.44M | 399.69M | 260.83M | 144.98M | 55.06M | 75.27M | 51.42M | 40.13M | 29.3M | 30.74M | 16.4M | 9.99M | 15.58M | 11.51M | 16.32M | 11.93M | 25.77M | 7.6M | 7.09M | 10.04M | 5.34M | 4.2M | 8.84M | 9.83M | 10.6M |
| Net Interest Income | 14.56M | 17.97M | 32.14M | 28.63M | 6.21M | 0 | 0 | 0 | 0 | 84K | 29.07K | 27K | 14.52K | 12.01K | 19.43K | 18.53K | 25.71K | 53.43K | 1.59M | 1.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 15.55M | 17.97M | 32.14M | 28.63M | 6.21M | 0 | 0 | 0 | 0 | 84K | 29.07K | 27K | 14.52K | 12.01K | 19.43K | 898.28K | 25.71K | 1.27M | 1.59M | 1.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 992K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 898.28K | 0 | 1.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 15.08M | 18.17M | 39.68M | 31.51M | 6.55M | 624K | 2.4M | 2.68M | 916K | 114K | 29.07K | 27.44K | 14.52K | 12.01K | 19.43K | 18.53K | 25.71K | 53.43K | 228.75K | 370K | 561.28K | 245.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 639.5M | 610.33M | 578.82M | 517.56M | 568.86M | 363.02M | 219.66M | 402.25M | 261.75M | 119.86M | 55.09M | 75.28M | 51.43M | 40.14M | 29.32M | 30.76M | 16.42M | 10.04M | 15.8M | 11.88M | 16.88M | 12.17M | 25.77M | 7.6M | 7.09M | 10.04M | 5.34M | 4.2M | 8.84M | 9.83M | 6.14M |
| Pretax Margin % | 76.22% | 76.46% | 82.01% | 81.95% | 85.23% | 80.5% | 72.6% | 82.01% | 87.19% | 90.58% | 91.95% | 94.8% | 93.17% | 91.01% | 89.98% | 92.03% | 81.85% | 76.77% | 81.91% | 76.8% | 75.15% | 79% | 88.44% | 76.31% | 77.76% | 74.79% | 68.51% | 70.89% | 84.37% | 75.19% | 71.54% |
| Income Tax | 135.87M | 128.95M | 124.86M | 111.92M | 122.49M | 93.04M | 43.61M | 83.53M | 52.01M | 43.5M | 17.85M | 25.24M | 16.67M | 12.92M | 9.68M | 10.16M | 5.12M | 3.13M | 4.87M | 3.63M | 5.31M | 3.66M | 8.36M | 2.27M | 2.19M | 3.16M | 1.58M | 1.26M | 2.81M | 3.12M | 1.87M |
| Effective Tax Rate % | 21.25% | 21.13% | 21.57% | 21.62% | 21.53% | 25.63% | 19.85% | 20.76% | 19.87% | 36.29% | 32.4% | 33.53% | 32.41% | 32.2% | 32.99% | 33.04% | 31.15% | 31.17% | 30.78% | 30.54% | 31.45% | 30.07% | 32.44% | 29.82% | 30.91% | 31.44% | 29.66% | 30.04% | 31.76% | 31.78% | 30.53% |
| Net Income | 503.63M | 481.38M | 453.96M | 405.64M | 446.36M | 269.98M | 176.05M | 318.73M | 209.74M | 76.36M | 37.24M | 50.04M | 34.77M | 27.22M | 19.65M | 20.59M | 11.31M | 6.91M | 10.94M | 8.25M | 11.57M | 8.51M | 17.41M | 5.33M | 4.9M | 6.89M | 3.76M | 2.94M | 6.03M | 6.71M | 4.26M |
| Net Margin % | 60.03% | 60.31% | 64.32% | 64.23% | 66.88% | 59.87% | 58.19% | 64.98% | 69.86% | 57.71% | 62.16% | 63.01% | 62.98% | 61.71% | 60.29% | 61.62% | 56.36% | 52.84% | 56.69% | 53.34% | 51.51% | 55.25% | 59.76% | 53.55% | 53.72% | 51.28% | 48.19% | 49.59% | 57.57% | 51.29% | 49.69% |
| Net Income Growth % | 9.44% | 6.04% | 11.91% | -9.12% | 65.33% | 53.35% | -44.77% | 51.97% | 174.66% | 105.05% | -25.58% | 43.93% | 27.73% | 38.53% | -4.6% | 82.11% | 63.56% | -36.8% | 32.61% | -28.7% | 35.91% | -51.11% | 226.69% | 8.76% | -28.84% | 83.25% | 27.92% | -51.31% | -10.04% | 57.28% | 28.1% |
| Net Income (Continuing) | 503.63M | 481.38M | 453.96M | 405.64M | 446.36M | 269.98M | 176.05M | 318.73M | 209.74M | 97.23M | 37.24M | 50.04M | 34.77M | 27.22M | 19.65M | 20.59M | 11.31M | 6.91M | 10.94M | 8.25M | 11.57M | 8.51M | 17.41M | 5.33M | 4.9M | 6.89M | 3.76M | 2.94M | 6.03M | 6.71M | 4.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.30 | 6.97 | 6.57 | 5.86 | 6.42 | 3.87 | 2.52 | 4.57 | 2.99 | 1.38 | 0.59 | 0.68 | 0.46 | 0.35 | 0.73 | 0.25 | 0.13 | 0.08 | 0.12 | 0.09 | 0.12 | 0.09 | 0.18 | 0.05 | 0.05 | 0.06 | 0.03 | 0.02 | 0.05 | 0.05 | 0.03 |
| EPS Growth % | 9.46% | 6.04% | 12.11% | -8.67% | 65.89% | 53.37% | -44.74% | 52.56% | 117.43% | 134.66% | -13.3% | 47.1% | 31.43% | -52.27% | 199.22% | 88.8% | 69.27% | -34.35% | 34.56% | -27.66% | 37.76% | -50.32% | 237.18% | 11.96% | -25.09% | 89.8% | 32.65% | -49.86% | -6.77% | 63.72% | 31.68% |
| EPS (Basic) | - | 6.98 | 6.58 | 5.87 | 6.42 | 3.87 | 2.52 | 4.57 | 2.99 | 1.38 | 0.59 | 0.68 | 0.46 | 0.35 | 0.73 | 0.25 | 0.13 | 0.08 | 0.12 | 0.09 | 0.12 | 0.09 | 0.18 | 0.05 | 0.05 | 0.06 | 0.03 | 0.02 | 0.05 | 0.05 | 0.03 |
| Diluted Shares Outstanding | 69.01M | 69.03M | 69.06M | 69.18M | 69.54M | 69.77M | 69.81M | 69.81M | 70.09M | 70.69M | 71.9M | 73.78M | 75.58M | 77.41M | 26.82M | 252.1M | 261.36M | 270.48M | 280.98M | 285.11M | 289.24M | 293.16M | 297.94M | 307.51M | 316.55M | 333.22M | 345.13M | 357.88M | 368.55M | 381.95M | 397.6M |
| Basic Shares Outstanding | 68.96M | 68.95M | 69.06M | 69.18M | 69.53M | 69.77M | 69.81M | 69.81M | 70.09M | 70.69M | 71.9M | 73.78M | 75.58M | 77.41M | 26.82M | 252.1M | 261.36M | 270.48M | 279.57M | 284.48M | 289.24M | 293.16M | 297.94M | 307.51M | 316.55M | 333.22M | 345.13M | 357.3M | 366.88M | 378.83M | 397.6M |
| Dividend Payout Ratio | - | 30.7% | 76.51% | 24.65% | 55.4% | 31.58% | 44.06% | 14.6% | 15.09% | 13.99% | 6.73% | 4.8% | 6.56% | - | 21.86% | 9.71% | 17.4% | 27.92% | 17.23% | 20.57% | 50.76% | 14.14% | 28.49% | 32.23% | 19.53% | 14.57% | 27.51% | 36.33% | 18.28% | 16.92% | 27.64% |
Regulatory seismic disposal constraints
According to the most recent quarterly financial data, TPL achieved a 20.8% year-over-year revenue growth rate in 2026Q1, marking a notable acceleration from the mid-single-digit growth observed in previous periods and suggesting increased utilization of the company's vast Permian Basin surface and mineral assets.
The recent revenue surge appears to be driven by a combination of sustained royalty production and the scaling of the Water Services segment. Investors should monitor whether this growth trajectory is sustainable or if it reflects lumpy, non-recurring easement payments that often characterize the company's top-line performance.
As reported in financial statements, TPL maintains a robust net margin of 60.3% as of 2026Q1, demonstrating the company's unique ability to capture high-margin royalty income while effectively insulating its bottom line from the inflationary cost pressures typically impacting traditional oil and gas exploration and production firms.
The company's ability to sustain net margins above 60% suggests significant pricing power inherent in its perpetual land ownership model. However, the slight compression from historical peaks warrants further investigation into whether the expanding Water Services segment is beginning to exert downward pressure on overall profitability.
Based on TPL's reported figures, the company demonstrates exceptional operating leverage, with operating income reaching $182.3 million in 2026Q1, reflecting a high degree of efficiency as the firm scales its revenue base without a proportional increase in fixed operating expenses or debt-related interest burdens.
The absence of significant SG&A growth relative to revenue expansion suggests that the company's core business model remains highly scalable. This operational structure appears to allow TPL to convert a substantial portion of incremental revenue directly into operating profit, reinforcing its status as a low-overhead royalty landlord.
Data from recent income statements indicates that TPL's net income of $142.9 million in 2026Q1 is supported by minimal stock-based compensation and a lack of debt-related interest expenses, suggesting that reported earnings are of high quality and not significantly distorted by non-cash or non-operating accounting adjustments.
The consistent alignment between operating income and net income suggests a clean earnings profile that is largely free from the financial engineering often seen in the energy sector. Investors should continue to monitor the impact of periodic share repurchases on EPS growth to ensure that capital allocation remains accretive.
Quick answers to the most common questions about buying TPL stock.
For fiscal year 2025, Texas Pacific Land Corporation (TPL) reported total revenue of $798.2M. This represents a 9201.7% increase compared to $8.6M in 1996.
Texas Pacific Land Corporation (TPL) is profitable, generating $481.4M in net income for the fiscal year ending 2025 with a net profit margin of 60.3%.
Texas Pacific Land Corporation (TPL) reported an operating income of $592.2M, resulting in an operating profit margin of 74.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Texas Pacific Land Corporation (TPL) generated $798.2M in gross profit for the year, representing a gross profit margin of 100.0%. This demonstrates the company's core pricing power and production efficiency.