Filing Flows › Texas Pacific Land (TPL) › Q3 2026
Texas Pacific Land (TPL) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 4, 2026
Texas Pacific Land (TPL) reported revenue of $273M for the third quarter 2026 (Q3 2026), +35% from a year earlier and +11% from the quarter before. Operating margin was 76.0%, net earnings $167M (61.2% of revenue).
Texas Pacific Land, Q3 2026: revenue $273M (+35% year over year), operating margin 76.0%, net earnings $167M, operating cash flow $192M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $273M | +11% | +35% |
| Operating profit | $208M | +8% | +39% |
| Net earnings | $167M | +9% | +38% |
| Operating cash flow | $192M | +11% | +24% |
| Free cash flow | $178M | — | +31% |
What changed
Revenue was $273.4M in Q3 2026, up 35% year over year and up 11% from the previous quarter. Oil and gas royalties was the largest line at 61% of revenue. Oil and gas royalties added $58.6M year over year (up 54%), 83% of the total change. Water sales declined 36%.
Operating profit was $207.8M, a 76.0% margin (up 2.6 points year over year). Of the extra revenue versus Q3 2025, 83% reached operating profit, above the 73% margin then. Total costs grew 22% against revenue growth of 35%. The fastest-growing cost line was General & admin (+90%). Net earnings were $167.4M, up 38% year over year. The effective tax rate was 20.4%.
Operating cash flow was $192.4M (up 24% year over year), 115% of net earnings. Non-cash charges added back $22.8M of depreciation and amortization and $4.2M of share-based compensation. Capital expenditures of $14.0M left free cash flow of $178.4M.
Questions
What was Texas Pacific Land's revenue in the third quarter 2026?
Texas Pacific Land (TPL) reported revenue of $273M for the third quarter 2026 (Q3 2026), +35% from a year earlier and +11% from the quarter before.
Was Texas Pacific Land profitable in the third quarter 2026?
Operating profit was $208M (76.0% of revenue) and net earnings $167M.
Source: Texas Pacific Land 10-Q on SEC EDGAR.