Filing Flows › Texas Pacific Land (TPL) › Q4 2025
Texas Pacific Land (TPL) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 18, 2026
Texas Pacific Land (TPL) reported revenue of $212M for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +4% from the quarter before. Operating margin was 70.5%, net earnings $123M (58.3% of revenue).
Texas Pacific Land, Q4 2025: revenue $212M (+14% year over year), operating margin 70.5%, net earnings $123M, operating cash flow $114M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $212M | +4% | +14% |
| Operating profit | $149M | +0.1% | +5% |
| Net earnings | $123M | +2% | +4% |
| Operating cash flow | $114M | -26% | -10% |
| Free cash flow | $85.0M | — | -25% |
What changed
Revenue was $211.6M in Q4 2025, up 14% year over year and up 4% from the previous quarter. Oil and gas royalties was the largest line at 46% of revenue.
Operating profit was $149.2M, a 70.5% margin (down 6.2 points year over year). Of the extra revenue versus a year earlier, 26% reached operating profit, below the 77% margin then. Total costs grew 44% against revenue growth of 14%. The fastest-growing cost line was Other operating costs (+53%). Net earnings were $123.3M, up 4% year over year. The effective tax rate was 18.7%.
Operating cash flow was $113.7M (down 10% year over year), 92% of net earnings. Non-cash charges added back $21.9M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $35.4M. Capital expenditures of $28.7M left free cash flow of $85.0M.
Questions
What was Texas Pacific Land's revenue in the fourth quarter 2025?
Texas Pacific Land (TPL) reported revenue of $212M for the fourth quarter 2025 (Q4 2025), +14% from a year earlier and +4% from the quarter before.
Was Texas Pacific Land profitable in the fourth quarter 2025?
Operating profit was $149M (70.5% of revenue) and net earnings $123M.
Source: Texas Pacific Land 10-K on SEC EDGAR.