Texas Pacific Land Corp financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Texas Pacific Land Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	300	490	303	451	667	632	706	798
General and administrative	4.69	9.54	9.75	11.6	22	46.5	34.5	23.8
Operating income	261	400	217	362	562	486	539	592
Interest expense						0	0	0.69
Other non-operating income	0.92	2.68	2.4	0.62	6.55	31.5	39.7	18.9
Pre-tax income	262	402	220	363	569	518	579	610
Income tax	52	83.5	43.6	93	122	112	125	129
Net income	210	319	176	270	446	406	454	481
EBITDA	263	408	232	379	578	501	564	655
EPS, basic	2.99	4.56	2.52	3.87	6.42	5.87	6.58	6.98
EPS, diluted	2.99	4.56	2.52	3.87	6.42	5.86	6.57	6.97
Shares, basic (weighted)		69.8	69.8	69.8	69.5	69.1	69	68.9
Shares, diluted (weighted)	70.1	69.8	69.8	69.8	69.6	69.2	69.1	69
Dividend per share		0.19	1.11	1.22		4.33		2.13

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	123	304	281	428	511	725	370	145
Receivables								165
Other current assets			1.29	3.05	7.43	2.94	5.32	5.3
Total current assets			333	527	633	862	503	319
Property, plant and equipment		88.3	79.3	79.7	85.5	89.6	123	165
Lease right-of-use assets		3.1	2.47	1.83	2.53	1.86	1.16	13.7
Intangible assets					0	21	35.2	32.8
Total assets		598	572	764	877	1,156	1,248	1,623
Accounts payable		19.2	13.3	17.9	23.4	22.5	27	39.6
Deferred revenue			4	3.81	4.49	6.33	6.8	20.1
Total current liabilities			21.4	50.9	39.6	44.4	46.6	72.6
Lease liabilities			2.03	1.45	1.96	1.17	0.45	16.2
Total liabilities		86	86.5	112	105	113	116	164
Paid-in capital			0	0.03	8.29	14.6	19.9	9.91
Retained earnings			488	668	866	1,172	1,278	1,595
Treasury stock			0	-15.4	-104	-145	-169	-151
Other comprehensive income		-1.46	-2.69	-1.01	2.52	1.83	3.58	4.15
Shareholders' equity	245	512	485	652	773	1,043	1,132	1,459
Total equity	245	512	485	652	773	1,043	1,132	1,459
Total liabilities and equity		598	572	764	877	1,156	1,248	1,623
Shares outstanding		69.8	69.8	69.7	23.1	23	68.9	68.9

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	210	319	176	270	446	406	454	481
Depreciation and amortization	2.58	8.91	14.4	16.3	15.4	14.8	25.2	62.5
Stock-based compensation		0	0	0.03	8.43	10.3	12.5	15.1
Deferred income tax	14.8	26	-2.39	-0.23	1.26	1.4	4.6	6.56
Change in receivables	-34	-13.8	18.8	-47.6
Change in payables	4.78	7.96	-6.29
Cash from operations	195	343	207	265	447	418	491	546
Capital expenditures	-47.9	-32.2	-5.09	-16.4	-19
Acquisitions					0	0	-45	0
Cash from investing	-81.5	-112	-26	-15	-21.4	-60.3	-472	-596
Share buybacks	-38.4	-4.35	0	-19.7	-87.8	-42.6	-29.2	-8.38
Dividends paid	-31.7	-46.5	-202	-85.3	-247	-100	-347	-148
Cash from financing	-70	-50.9	-202	-105	-337	-145	-378	-176
Net change in cash	43.9	180	-20.6	145	88.9	213	-359	-226
Free cash flow	148	311	202	249	428
Income taxes paid	45.9	44.4	46.6	68.2	152	104	121	127

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $341.07 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	74.9%	Operating income / revenue.
EBITDA margin	82.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	76.2%	Pre-tax income / revenue.
Net margin	60.3%	Net income / revenue.
Operating cash flow margin	67.2%	Cash from operations / revenue.
Effective tax rate	20.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	32.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	29.1%	Net income / average total assets.
Return on invested capital (ROIC)	37.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	7.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	6.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	21.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	1.7%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	22.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	4.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	23.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	6.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	2.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	22.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	21.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	13.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	28.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	23.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	24.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	30.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	22.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	23.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.55x	Current assets / current liabilities.
Quick ratio	4.50x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.64x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	10.1%	Total liabilities / total assets.
Working capital	$334.3M	Current assets - current liabilities.
Goodwill and intangibles / assets	1.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.64B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	4.91x	Revenue / average property, plant and equipment.
Receivables turnover	5.14x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$7.84	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$13.00	Revenue / diluted weighted shares.
Operating cash flow per share	$8.74	Cash from operations / diluted weighted shares.
Book value per share	$24.25	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$23.79	Tangible book value / shares outstanding.
Cash per share	$3.60	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$23.53B	Share price x shares outstanding.
Enterprise value	$23.28B	Market cap + total debt - cash - short-term investments.
P/E	43.5x	Market cap / net income. Only when net income is positive.
P/S	26.2x	Market cap / revenue.
P/B	14.1x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	14.3x	Market cap / tangible book value, when positive.
P/OCF	39.0x	Market cap / cash from operations, when positive.
EV/Sales	25.9x	Enterprise value / revenue.
EV/EBIT	34.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	31.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	2.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	0.7%	(Dividends paid + share buybacks) / market cap.
PEG	15.5x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Texas Pacific Land Corp's revenue in fiscal 2025?

Texas Pacific Land Corp reported revenue of $798.2M for fiscal 2025, 13.1% higher than the year before.

Was Texas Pacific Land Corp profitable in fiscal 2025?

Yes. Net income was $481.4M, a net margin of 60.3%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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