Filing Flows › Texas Pacific Land (TPL) › How it makes money
How Texas Pacific Land (TPL) makes money
Texas Pacific Land (TPL) made $273M of revenue in the third quarter 2026 (Q3 2026), +35% from a year earlier. Oil and gas royalties brought in $167M (61%); Produced water royalties brought in $41.4M (15%); Easements and other surface-related income brought in $36.2M (13%). Of every dollar of revenue, 76¢ was left as operating profit, 61¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Oil and gas royalties | $167M | 61.2% | +15% | +54% |
| Produced water royalties | $41.4M | 15.1% | +12% | +28% |
| Easements and other surface-related income | $36.2M | 13.2% | +53% | +116% |
| Water sales | $28.4M | 10.4% | -28% | -36% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $273M | 100.0% |
| Operating profit | $208M | 76.0% |
| Income tax | $43.0M | 15.7% |
| Net earnings | $167M | 61.2% |
| Operating cash flow | $192M | 70.4% |
| Free cash flow | $178M | 65.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $273M | +35% |
| Q2 2026 | $246M | +31% |
| Q1 2026 | $237M | +21% |
| Q4 2025 | $212M | +14% |
| Q3 2025 | $203M | +17% |
| Q2 2025 | $188M | +9% |
| Q1 2025 | $196M | +12% |
From Texas Pacific Land's 10-Q filed Nov 4, 2026 (on EDGAR).
Questions
How does Texas Pacific Land make money?
Texas Pacific Land (TPL) made $273M of revenue in the third quarter 2026 (Q3 2026), +35% from a year earlier. Oil and gas royalties brought in $167M (61%); Produced water royalties brought in $41.4M (15%); Easements and other surface-related income brought in $36.2M (13%). Of every dollar of revenue, 76¢ was left as operating profit, 61¢ was left as net earnings.
What is Texas Pacific Land's biggest business?
Oil and gas royalties: $167M in the third quarter 2026, 61% of revenue, +54% from a year earlier.
What is Texas Pacific Land's profit margin?
Net earnings were $167M, 61.2% of revenue, in the third quarter 2026; the operating margin was 76.0%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.