Filing Flows › TXO Partners, L.P. (TXO) › Q4 2025
TXO Partners, L.P. (TXO) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
TXO Partners, L.P. (TXO) reported revenue of $126M for the fourth quarter 2025 (Q4 2025), +41% from a year earlier and +25% from the quarter before. Operating margin was -21.5%, net loss $28.3M (22.4% of revenue).
TXO Partners, L.P., Q4 2025: revenue $126M (+41% year over year), operating margin -21.5%, net loss $28.3M, operating cash flow $32.5M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $126M | +25% | +41% |
| Operating profit | −$27.0M | -819% | — |
| Net earnings | −$28.3M | -749% | — |
| Operating cash flow | $32.5M | +15% | -20% |
What changed
Revenue was $125.9M in Q4 2025, up 41% year over year and up 25% from the previous quarter. Oil and Condensate was the largest line at 74% of revenue.
Operating costs exceeded revenue by $27.0M, an operating margin of -21.5%. Total costs grew 82% against revenue growth of 41%. The fastest-growing cost line was Other operating costs (+86%). The quarter ended with a net loss of $28.3M, after a profit of $4.4M the previous quarter.
Operating cash flow was $32.5M (down 20% year over year). Non-cash charges added back $29.8M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $27.5M. Capital expenditures of $35.7M exceeded it, leaving free cash flow of −$3.2M.
Questions
What was TXO Partners, L.P.'s revenue in the fourth quarter 2025?
TXO Partners, L.P.
Was TXO Partners, L.P. profitable in the fourth quarter 2025?
Operating loss was $27.0M (-21.5% of revenue) and net loss $28.3M.
Source: TXO Partners, L.P. 10-K on SEC EDGAR.