TPL Texas Pacific Land Corp

Overview and Growth

In fiscal 2025, Texas Pacific Land Corp recorded $798.19M of revenue, net income of $481.38M, and an operating cash inflow of $545.91M. Revenue of $798.19M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $705.82M in fiscal 2024, revenue recorded a 13.1% year-over-year increase. Diluted earnings per share were $6.97, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 6.1% increase from fiscal 2024 diluted EPS of $6.57. Diluted shares averaged 69.03M; this is the reported share base over which the company’s diluted per-share earnings were spread. The company employed $1.62B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Revenue equaled 0.49x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Operating income was $592.16M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 74.2%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $481.38M, completing the progression from revenue through gross and operating profitability to the final reported result. The final earnings result represented 60.3% of revenue, connecting the absolute net income figure with the company’s top-line scale. EBITDA was $654.69M, adding a pre-interest, tax, depreciation, and amortization view of the company’s earnings capacity. The earnings statement records $610.33M of pretax income, the profit base against which the reported tax provision can be assessed. Measured against revenue, pretax income equaled 76.5%, adding a pre-tax profitability layer between revenue and net income. The company recognized $128.95M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 21.1%, quantifying the portion of pre-tax earnings paid in income tax. Return on period-end equity was 33.0%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 29.7%, connecting net income with the company’s total asset base. The company moved from fiscal 2024 net income of $453.96M to $481.38M, with the current outcome ending above that comparison.

Liquidity and Capital Structure

The company held $1.62B of assets against $164.37M of liabilities and $1.46B of equity, revealing how the asset base was financed. The near-term balance sheet paired $319.32M of current assets with $72.60M of current liabilities at the reporting date. Current assets covered current liabilities by 4.4x, leaving a positive buffer for near-term obligations. The company held $144.81M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 199.5% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Book equity represented 89.9% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 10.1%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 8.9%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 30.1% higher than fiscal 2024 assets of $1.25B, measuring the company’s own balance-sheet change. Book equity was 28.8% higher than fiscal 2024 equity of $1.13B, showing how shareholder capital changed year over year. Compared with $369.83M in fiscal 2024, the current cash balance moved 60.8% and finished lower.

Cash Flow and Earnings Quality

The company reported $545.91M of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 1.13x of net income, showing how strongly accounting earnings converted into cash from operations.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.