Filing Flows › TXO Partners, L.P. (TXO) › Q3 2025
TXO Partners, L.P. (TXO) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
TXO Partners, L.P. (TXO) reported revenue of $101M for the third quarter 2025 (Q3 2025), +47% from a year earlier and +12% from the quarter before. Operating margin was 3.7%, net earnings $4.4M (4.3% of revenue).
TXO Partners, L.P., Q3 2025: revenue $101M (+47% year over year), operating margin 3.7%, net earnings $4.4M, operating cash flow $28.3M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $101M | +12% | +47% |
| Operating profit | $3.8M | — | — |
| Net earnings | $4.4M | — | 21× |
| Operating cash flow | $28.3M | +5% | +37% |
| Free cash flow | $7.2M | -64% | -60% |
What changed
Revenue was $100.9M in Q3 2025, up 47% year over year and up 12% from the previous quarter. Oil and condensate was the largest line at 66% of revenue. Natural gas added $21.6M year over year (up 398%), 67% of the total change.
Operating profit was $3.8M, a 3.7% margin (up 11.0 points year over year). Total costs grew 32% against revenue growth of 47%. The fastest-growing cost line was General & admin (+48%). Net earnings were $4.4M, up 2044% year over year. The effective tax rate was 0.0%.
Operating cash flow was $28.3M (up 37% year over year), 650% of net earnings. Non-cash charges added back $23.7M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items used $3.2M. Capital expenditures of $21.1M left free cash flow of $7.2M.
Questions
What was TXO Partners, L.P.'s revenue in the third quarter 2025?
TXO Partners, L.P.
Was TXO Partners, L.P. profitable in the third quarter 2025?
Operating profit was $3.8M (3.7% of revenue) and net earnings $4.4M.
Source: TXO Partners, L.P. 10-Q on SEC EDGAR.