Filing Flows › Texas Pacific Land (TPL) › Q1 2026
Texas Pacific Land (TPL) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 6, 2026
Texas Pacific Land (TPL) reported revenue of $237M for the first quarter 2026 (Q1 2026), +21% from a year earlier and +12% from the quarter before. Operating margin was 77.0%, net earnings $143M (60.3% of revenue).
Texas Pacific Land, Q1 2026: revenue $237M (+21% year over year), operating margin 77.0%, net earnings $143M, operating cash flow $162M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $237M | +12% | +21% |
| Operating profit | $182M | +22% | +21% |
| Net earnings | $143M | +16% | +18% |
| Operating cash flow | $162M | +43% | +3% |
| Free cash flow | $155M | — | +5% |
What changed
Revenue was $236.8M in Q1 2026, up 21% year over year and up 12% from the previous quarter. Oil and gas royalties was the largest line at 50% of revenue. Water sales added $8.1M year over year (up 21%), 20% of the total change. Easements and other surface-related income declined 5%.
Operating profit was $182.3M, a 77.0% margin (up 0.4 points year over year). Of the extra revenue versus Q1 2025, 79% reached operating profit, above the 77% margin then. Total costs grew 19% against revenue growth of 21%. The fastest-growing cost line was General & admin (+42%). Net earnings were $142.9M, up 18% year over year. The effective tax rate was 22.2%.
Operating cash flow was $162.0M (up 3% year over year), 113% of net earnings. Non-cash charges added back $14.0M of depreciation and amortization and $5.1M of share-based compensation. Capital expenditures of $7.3M left free cash flow of $154.7M.
Questions
What was Texas Pacific Land's revenue in the first quarter 2026?
Texas Pacific Land (TPL) reported revenue of $237M for the first quarter 2026 (Q1 2026), +21% from a year earlier and +12% from the quarter before.
Was Texas Pacific Land profitable in the first quarter 2026?
Operating profit was $182M (77.0% of revenue) and net earnings $143M.
Source: Texas Pacific Land 10-Q on SEC EDGAR.