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Texas Pacific Land (TPL) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 4, 2026 · Texas Pacific Land (TPL) Q3 2026 earnings results →
Q3 2026 Revenue up 35% year over year to $273M · 61¢ of every $1 of revenue kept as net profit · operating margin 76.0%
Texas Pacific Land made $273M in Q3 2026 (+35% Y/Y): Oil and gas royalties $167M, Produced water royalties $41.4M, Easements and other surface-related income $36.2M. Operating margin 76.0%, net earnings $167M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $273.4M in Q3 2026, up 35% year over year and up 11% from the previous quarter. Oil and gas royalties was the largest line at 61% of revenue. Oil and gas royalties added $58.6M year over year (up 54%), 83% of the total change. Water sales declined 36%.
Operating profit was $207.8M, a 76.0% margin (up 2.6 points year over year). Of the extra revenue versus Q3 2025, 83% reached operating profit, above the 73% margin then. Total costs grew 22% against revenue growth of 35%. The fastest-growing cost line was General & admin (+90%). Net earnings were $167.4M, up 38% year over year. The effective tax rate was 20.4%.
Operating cash flow was $192.4M (up 24% year over year), 115% of net earnings. Non-cash charges added back $22.8M of depreciation and amortization and $4.2M of share-based compensation. Capital expenditures of $14.0M left free cash flow of $178.4M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 4, 2026 | $273M | +35% | 76.0% | $167M | $192M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $246M | +31% | 78.0% | $154M | $173M |
| Q1 2026 | 10-Q | May 6, 2026 | $237M | +21% | 77.0% | $143M | $162M |
| Q4 2025 | 10-K | Feb 18, 2026 | $212M | +14% | 70.5% | $123M | $114M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $203M | +17% | 73.4% | $121M | $155M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $188M | +9% | 76.6% | $116M | $121M |
| Q1 2025 | 10-Q | May 7, 2025 | $196M | +12% | 76.6% | $121M | $157M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Texas Pacific Land
Texas Pacific Land Corporation (which, together with its subsidiaries as the context requires, may be referred to as “TPL,” the “Company,” “our,” “we,” or “us”) is a Delaware Corporation and one of the largest landowners in the State of Texas with approximately 882,000 surface acres of land, principally concentrated in the Permian Basin. Additionally, we own a 1/128th nonparticipating perpetual oil and gas royalty interest (“NPRI”) under approximately 85,000 acres of land, a 1/16th NPRI under approximately 371,000 acres of land, and approximately 33,000 additional net royalty acres (normalized to 1/8th) (“NRA”), for a collective total of approximately 224,000 NRA, principally concentrated in the Permian Basin.
In its own words, from its 10-K, filed Feb 18, 2026.
Texas Pacific Land against its Oil Royalty Traders peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +35% against the peers' median +40%. Operating margin: 76.0% against the peers' median 76.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TPL Texas Pacific Land | Q3 2026 | $273M | +35% | 76.0% |
| LB LandBridge | Q3 2026 | $70.9M | +40% | 68.1% |
| EROK EagleRock Land, LLC | Q2 2026 | $41.5M | +74% | -128.0% |
| NRT North European Oil Royalty Trust | Q3 FY26 | $2.7M | +0.6% | 93.1% |
Source: Texas Pacific Land 10-Q on SEC EDGAR · CIK 1811074 · Oil Royalty Traders
Guidance and outlook
13F: who owns TPL and who is buying
More on TPL
- How Texas Pacific Land makes money: revenue by segment
- Texas Pacific Land next earnings date and what analysts expect
- Texas Pacific Land stock forecast, price target and fair value
- Who owns Texas Pacific Land stock: holders, funds and Congress trades
- Texas Pacific Land guidance and outlook
- Is Texas Pacific Land a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Texas Pacific Land operating margin by quarter
- Texas Pacific Land net income by quarter
- Texas Pacific Land free cash flow by quarter
- Texas Pacific Land capital expenditures by quarter
- Texas Pacific Land Oil and gas royalties revenue by quarter
- Texas Pacific Land Produced water royalties revenue by quarter
- Texas Pacific Land Easements and other surface-related income revenue by quarter