Filing Flows › Texas Pacific Land (TPL) › Q3 2025
Texas Pacific Land (TPL) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Texas Pacific Land (TPL) reported revenue of $203M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +8% from the quarter before. Operating margin was 73.4%, net earnings $121M (59.7% of revenue).
Texas Pacific Land, Q3 2025: revenue $203M (+17% year over year), operating margin 73.4%, net earnings $121M, operating cash flow $155M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $203M | +8% | +17% |
| Operating profit | $149M | +4% | +17% |
| Net earnings | $121M | +4% | +14% |
| Operating cash flow | $155M | +28% | +30% |
| Free cash flow | $136M | — | +23% |
What changed
Revenue was $203.1M in Q3 2025, up 17% year over year and up 8% from the previous quarter. Oil and gas royalties was the largest line at 54% of revenue. Oil and gas royalties added $14.3M year over year (up 15%), 48% of the total change. Land sales declined 9%.
Operating profit was $149.1M, a 73.4% margin (up 0.1 points year over year). Of the extra revenue versus a year earlier, 74% reached operating profit, above the 73% margin then. Total costs grew 17% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+44%). Net earnings were $121.2M, up 14% year over year. The effective tax rate was 21.9%.
Operating cash flow was $154.6M (up 30% year over year), 128% of net earnings. Non-cash charges added back $15.0M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $14.9M. Capital expenditures of $18.6M left free cash flow of $136.0M.
Questions
What was Texas Pacific Land's revenue in the third quarter 2025?
Texas Pacific Land (TPL) reported revenue of $203M for the third quarter 2025 (Q3 2025), +17% from a year earlier and +8% from the quarter before.
Was Texas Pacific Land profitable in the third quarter 2025?
Operating profit was $149M (73.4% of revenue) and net earnings $121M.
Source: Texas Pacific Land 10-Q on SEC EDGAR.