Filing Flows › Texas Pacific Land (TPL) › Q2 2026 › vs Q2 2025
Texas Pacific Land (TPL) Q2 2026 vs Q2 2025 (year over year)
Texas Pacific Land's revenue rose $58.5M (+31%) from $188M in Q2 2025 to $246M in Q2 2026. The biggest changes: Oil and gas royalties +$50.6M (+53%); Water sales +$14.2M (+55%); Easements and other surface-related income −$12.6M (-35%). Operating margin 78.0% against 76.6% (+1.3 pts).
Texas Pacific Land, Q2 2026: revenue $246M (+31% year over year), operating margin 78.0%, net earnings $154M, operating cash flow $173M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 78.0% | 76.6% | +1.3 pts |
| Net margin | 62.6% | 61.9% | +0.6 pts |
| Free cash flow margin | 61.4% | 62.7% | -1.3 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Oil and gas royalties | $146M | $95.0M | $50.6M | +53% |
| Water sales | $39.7M | $25.6M | $14.2M | +55% |
| Produced water royalties | $37.1M | $30.7M | $6.3M | +21% |
| Easements and other surface-related income | $23.7M | $36.2M | −$12.6M | -35% |
| Revenue | $246M | $188M | $58.5M | +31% |
| Other income, net | $1.9M | $5.2M | −$3.4M | -64% |
| Operating profit | $192M | $144M | $48.1M | +33% |
| Costs & expenses | $54.2M | $43.8M | $10.4M | +24% |
| Pre-tax earnings | $194M | $149M | $44.7M | +30% |
| General & admin | $8.0M | $5.7M | $2.3M | +41% |
| Other operating costs | $46.2M | $38.1M | $8.1M | +21% |
| Net earnings | $154M | $116M | $37.8M | +33% |
| Income tax | $39.8M | $32.9M | $6.9M | +21% |
| Depreciation & amortization | $16.6M | $13.7M | $2.9M | +21% |
| Share-based compensation | $4.4M | $3.5M | $903K | +26% |
| Working capital & other | $2.1M | $12.4M | −$10.3M | -83% |
| Operating cash flow | $173M | $121M | $52.0M | +43% |
| Free cash flow (OCF − capex) | $151M | $118M | $33.4M | +28% |
| Capital expenditures | $21.9M | $3.3M | $18.5M | +560% |
Questions
How much did Texas Pacific Land's revenue grow year over year in Q2 2026?
Texas Pacific Land's revenue rose $58.5M (+31%) from $188M in Q2 2025 to $246M in Q2 2026.
What drove Texas Pacific Land's revenue change in Q2 2026?
Oil and gas royalties +$50.6M (+53%); Water sales +$14.2M (+55%); Easements and other surface-related income −$12.6M (-35%).