Filing Flows › Texas Pacific Land (TPL) › Q1 2025
Texas Pacific Land (TPL) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Texas Pacific Land (TPL) reported revenue of $196M for the first quarter 2025 (Q1 2025), +13% from a year earlier and +5% from the quarter before. Operating margin was 76.6%, net earnings $121M (61.6% of revenue).
Texas Pacific Land, Q1 2025: revenue $196M (+12% year over year), operating margin 76.6%, net earnings $121M, operating cash flow $157M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $196M | +5% | +13% |
| Operating profit | $150M | +5% | +10% |
| Net earnings | $121M | +2% | +5% |
| Operating cash flow | $157M | +24% | +6% |
| Free cash flow | $148M | — | +2% |
What changed
Revenue was $196.0M in Q1 2025, up 13% year over year and up 5% from the previous quarter. Oil and gas royalties was the largest line at 57% of revenue. Oil and gas royalties added $19.1M year over year (up 21%), 88% of the total change. Easements and other surface-related income declined 12%.
Operating profit was $150.1M, a 76.6% margin (down 1.5 points year over year). Of the extra revenue versus a year earlier, 64% reached operating profit, below the 78% margin then. Total costs grew 20% against revenue growth of 13%. The fastest-growing cost line was Other operating costs (+38%). Net earnings were $120.7M, up 5% year over year. The effective tax rate was 21.9%.
Operating cash flow was $156.7M (up 6% year over year), 130% of net earnings. Non-cash charges added back $11.9M of depreciation and amortization and $4.4M of share-based compensation. Working capital and other items added $19.7M. Capital expenditures of $9.0M left free cash flow of $147.8M.
Questions
What was Texas Pacific Land's revenue in the first quarter 2025?
Texas Pacific Land (TPL) reported revenue of $196M for the first quarter 2025 (Q1 2025), +13% from a year earlier and +5% from the quarter before.
Was Texas Pacific Land profitable in the first quarter 2025?
Operating profit was $150M (76.6% of revenue) and net earnings $121M.
Source: Texas Pacific Land 10-Q on SEC EDGAR.