Filing Flows › Texas Pacific Land (TPL) › Q3 2026 › vs Q3 2025
Texas Pacific Land (TPL) Q3 2026 vs Q3 2025 (year over year)
Texas Pacific Land's revenue rose $70.3M (+35%) from $203M in Q3 2025 to $273M in Q3 2026. The biggest changes: Oil and gas royalties +$58.6M (+54%); Easements and other surface-related income +$19.5M (+116%); Water sales −$16.1M (-36%). Operating margin 76.0% against 73.4% (+2.6 pts).
Texas Pacific Land, Q3 2026: revenue $273M (+35% year over year), operating margin 76.0%, net earnings $167M, operating cash flow $192M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 76.0% | 73.4% | +2.6 pts |
| Net margin | 61.2% | 59.7% | +1.5 pts |
| Free cash flow margin | 65.3% | 67.0% | -1.7 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Oil and gas royalties | $167M | $109M | $58.6M | +54% |
| Produced water royalties | $41.4M | $32.3M | $9.1M | +28% |
| Easements and other surface-related income | $36.2M | $16.7M | $19.5M | +116% |
| Water sales | $28.4M | $44.6M | −$16.1M | -36% |
| Revenue | $273M | $203M | $70.3M | +35% |
| Other income, net | $2.6M | $6.1M | −$3.5M | -57% |
| Operating profit | $208M | $149M | $58.7M | +39% |
| Costs & expenses | $65.6M | $54.0M | $11.6M | +22% |
| Pre-tax earnings | $210M | $155M | $55.2M | +36% |
| General & admin | $10.6M | $5.6M | $5.0M | +90% |
| Other operating costs | $55.0M | $48.4M | $6.6M | +14% |
| Net earnings | $167M | $121M | $46.1M | +38% |
| Income tax | $43.0M | $33.9M | $9.1M | +27% |
| Depreciation & amortization | $22.8M | $15.0M | $7.9M | +53% |
| Share-based compensation | $4.2M | $3.5M | $675K | +19% |
| Working capital & other | $2.0M | −$14.9M | $16.9M | — |
| Operating cash flow | $192M | $155M | $37.8M | +24% |
| Free cash flow (OCF − capex) | $178M | $136M | $42.4M | +31% |
| Capital expenditures | $14.0M | $18.6M | −$4.6M | -25% |
Questions
How much did Texas Pacific Land's revenue grow year over year in Q3 2026?
Texas Pacific Land's revenue rose $70.3M (+35%) from $203M in Q3 2025 to $273M in Q3 2026.
What drove Texas Pacific Land's revenue change in Q3 2026?
Oil and gas royalties +$58.6M (+54%); Easements and other surface-related income +$19.5M (+116%); Water sales −$16.1M (-36%).