Texas Pacific Land Corp (TPL) financial statements: income statement, balance sheet and cash flow
Texas Pacific Land Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Texas Pacific Land Corp reported revenue of $798.2M (+13.1% year on year) and net income of $481.4M (+6.0% year on year).
Income statement
Texas Pacific Land Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenues
$798.2M
$705.8M
$631.6M
$667.4M
Salaries and related employee expenses
$57.9M
$53.6M
$43.4M
$41.4M
Water service-related expenses
$53.5M
$46.1M
$33.6M
$17.5M
General and administrative expenses
$23.8M
$34.5M
$14.9M
$13.3M
Depreciation, depletion and amortization
$62.5M
$25.2M
$14.8M
$15.4M
Ad valorem and other taxes
$8.3M
$7.3M
$7.4M
—
Total operating expenses
$206.0M
$166.7M
$145.5M
$105.1M
Operating income
$592.2M
$539.1M
$486.1M
$562.3M
Interest expense
($690.0K)
—
—
—
Other income, net
$18.9M
$39.7M
$31.5M
$6.5M
Income before income taxes
$610.3M
$578.8M
$517.6M
$568.9M
Current
$122.4M
$120.3M
$110.5M
$121.2M
Deferred
$6.6M
$4.6M
$1.4M
$1.3M
Total income tax expense
$129.0M
$124.9M
$111.9M
$122.5M
Net income
$481.4M
$454.0M
$405.6M
$446.4M
Amortization of net actuarial costs, net of income taxes of $(41), $(182), and $(27) for the years ended December 31, 2025, 2024 and 2023, respectively
($156.0K)
($684.0K)
($103.0K)
$32.0K
Net actuarial gain (loss) on pension plan, net of income taxes of $192, $483, and $(157) as of December 31, 2025, 2024 and 2023, respectively
$723.0K
$2.4M
($582.0K)
$3.5M
Total other comprehensive income (loss)
$567.0K
$1.8M
($685.0K)
$3.5M
Total comprehensive income
$481.9M
$455.7M
$405.0M
$449.9M
Basic (in dollars per share)
$6.98
$19.75
$52.81
$57.80
Diluted (in dollars per share)
$6.97
$19.72
$52.77
$57.77
Basic (in shares)
68.9M
23.0M
7.7M
7.7M
Diluted (in shares)
69.0M
23.0M
7.7M
7.7M
Texas Pacific Land Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenues
$246.1M
$236.8M
$203.1M
$187.5M
Salaries and related employee expenses
$15.6M
$15.0M
$14.4M
$14.1M
Water service-related expenses
$11.6M
$14.3M
$16.4M
$8.5M
General and administrative expenses
$8.0M
$8.6M
$5.6M
$5.7M
Depreciation, depletion and amortization
$16.6M
$14.0M
$15.0M
$13.7M
Ad valorem and other taxes
$2.5M
$2.5M
$2.6M
$1.9M
Total operating expenses
$54.2M
$54.5M
$54.0M
$43.8M
Operating income
$191.8M
$182.3M
$149.1M
$143.8M
Interest expense
($973.0K)
($992.0K)
—
—
Other income, net
$2.9M
$2.2M
$6.1M
$5.2M
Income before income taxes
$193.7M
$183.6M
$155.2M
$149.0M
Income tax expense
$39.8M
$40.7M
$33.9M
$32.9M
Net income
$153.9M
$142.9M
$121.2M
$116.1M
Other comprehensive loss — periodic pension costs, net of income taxes for the three and six months ended June 30, 2026 and 2025 of $96, $10, $191, $21, respectively
($358.0K)
($359.0K)
($40.0K)
($39.0K)
Total comprehensive income
$153.6M
$142.5M
$121.2M
$116.1M
Basic (in dollars per share)
$2.23
$2.07
$5.27
$5.05
Diluted (in dollars per share)
$2.23
$2.07
$5.27
$5.05
Basic (in shares)
69.0M
69.0M
23.0M
23.0M
Diluted (in shares)
69.0M
69.0M
23.0M
23.0M
Cash dividends per share of common stock (in dollars per share)
$0.60
$0.60
$1.60
$1.60
Balance sheet
Texas Pacific Land Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$144.8M
$369.8M
$725.2M
$510.8M
Accounts receivable and accrued receivables, net
$164.9M
$126.7M
$129.0M
$104.0M
Prepaid expenses and other current assets
$5.3M
$5.3M
$2.9M
$7.4M
Tax like-kind exchange escrow
$595.0K
$1.5M
$5.4M
$6.3M
Prepaid income taxes
$3.7M
—
$0
$4.8M
Total current assets
$319.3M
$503.4M
$862.5M
$633.4M
Royalty interests acquired, net
$840.0M
$432.4M
$46.6M
$45.0M
Real estate acquired
$179.1M
$143.2M
$130.0M
$109.7M
Property, plant and equipment, net
$164.5M
$122.6M
$89.6M
$85.5M
Intangible assets, net
$32.8M
$35.2M
$21.0M
—
Land (surface rights)
$0
$0
$0
$0
1/16th and 1/128th nonparticipating perpetual royalty interests
$0
$0
—
—
Equity investment
$50.0M
—
—
—
Operating lease right-of-use assets
$13.7M
$1.2M
$1.9M
$2.5M
Other assets
$23.7M
$10.1M
$4.8M
$1.3M
Total assets
$1.6B
$1.2B
$1.2B
$877.4M
Accounts payable and accrued expenses
$39.6M
$27.0M
$22.5M
$23.9M
Ad valorem and other taxes payable
$8.9M
$8.4M
$10.8M
$8.0M
Income taxes payable
$4.0M
$4.4M
$4.8M
$3.2M
Unearned revenue
$20.1M
$6.8M
$6.3M
$4.5M
Credit facility
$0
—
—
—
Total current liabilities
$72.6M
$46.6M
$44.4M
$39.6M
Deferred taxes payable
$54.1M
$47.4M
$42.4M
$41.2M
Unearned revenue - noncurrent
$21.1M
$20.6M
$25.0M
$21.7M
Operating lease liabilities
$16.2M
$453.0K
$1.2M
$2.0M
Accrued liabilities - noncurrent
$413.0K
$504.0K
$274.0K
$131.0K
Total liabilities
$164.4M
$115.6M
$113.2M
$104.5M
Commitments and contingencies (Note 14)
$0
$0
$0
$0
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of December 31, 2025 and December 31, 2024
0
0
0
0
Common stock, $0.01 par value; 139,610,808 shares authorized as of December 31, 2025 and December 31, 2024, 68,938,230 and 68,915,409 outstanding as of December 31, 2025 and December 31, 2024, respectively
691.0K
231.0K
78.0K
78.0K
Treasury stock, at cost; 319,998 and 342,819 shares as of December 31, 2025 and December 31, 2024, respectively
-151.2M
—
—
—
Additional paid-in capital
$9.9M
$19.9M
$14.6M
$8.3M
Accumulated other comprehensive income
$4.2M
$3.6M
$1.8M
$2.5M
Retained earnings
$1.6B
$1.3B
$1.2B
$866.1M
Total equity
$1.5B
$1.1B
$1.0B
$772.9M
Total liabilities and equity
$1.6B
$1.2B
$1.2B
$877.4M
Texas Pacific Land Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$248.6M
$247.6M
$531.8M
$543.9M
Accounts receivable and accrued receivables, net
$174.8M
$181.1M
$127.8M
$114.3M
Prepaid expenses and other current assets
$5.1M
$5.9M
$77.6M
$9.3M
Tax like-kind exchange escrow
$0
$595.0K
$0
$0
Prepaid income taxes
$0
$0
—
—
Total current assets
$428.4M
$435.1M
$737.2M
$667.5M
Royalty interests acquired, net
$820.4M
$831.5M
$405.9M
$416.0M
Real estate acquired
$289.3M
$179.1M
$179.1M
$147.7M
Property, plant and equipment, net
$182.9M
$166.8M
$137.5M
$127.9M
Intangible assets, net
$31.7M
$32.3M
$33.4M
$34.0M
Land (surface rights)
$0
$0
$0
$0
1/16th and 1/128th nonparticipating perpetual royalty interests
$0
$0
$0
$0
Equity investment
$50.0M
$50.0M
—
—
Financing receivable, net
$20.4M
$20.0M
—
—
Operating lease right-of-use assets
$13.1M
$13.4M
$14.0M
—
Other assets
$23.3M
$23.4M
$17.7M
$11.5M
Total assets
$1.9B
$1.8B
$1.5B
$1.4B
Accounts payable and accrued expenses
$40.8M
$40.5M
$38.5M
$27.0M
Ad valorem and other taxes payable
$5.4M
$2.9M
$7.5M
$5.0M
Income taxes payable
$28.9M
$37.3M
$9.9M
$4.2M
Unearned revenue
$19.0M
$22.2M
$11.9M
$9.0M
Credit facility
$0
$0
—
—
Total current liabilities
$94.1M
$102.9M
$67.9M
$45.1M
Deferred taxes payable
$59.3M
$57.7M
$52.5M
$48.7M
Unearned revenue - noncurrent
$18.0M
$19.0M
$19.7M
$21.2M
Operating lease liabilities
$15.5M
$15.8M
$16.5M
—
Accrued liabilities - noncurrent
$104.0K
$74.0K
$372.0K
$646.0K
Total liabilities
$187.1M
$195.5M
$156.9M
$115.7M
Commitments and contingencies (Note 12)
$0
$0
$0
$0
Preferred stock, $0.01 par value; 1,000,000 shares authorized, none outstanding as of June 30, 2026 and December 31, 2025
0
0
0
0
Common stock, $0.01 par value; 139,610,808 shares authorized as of June 30, 2026 and December 31, 2025, 68,974,683 and 68,938,230 outstanding as of June 30, 2026 and December 31, 2025, respectively
691.0K
691.0K
231.0K
231.0K
Treasury stock, at cost; 283,545 and 319,998 shares as of June 30, 2026 and December 31, 2025, respectively
-132.7M
-132.9M
-151.2M
-144.7M
Additional paid-in capital
$7.0M
$2.9M
$6.6M
$5.4M
Accumulated other comprehensive income
$3.4M
$3.8M
$3.5M
$3.5M
Retained earnings
$1.8B
$1.7B
$1.5B
$1.4B
Total equity
$1.7B
$1.6B
$1.4B
$1.3B
Total liabilities and equity
$1.9B
$1.8B
$1.5B
$1.4B
Cash flow statement
Texas Pacific Land Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$481.4M
$454.0M
$405.6M
$446.4M
Depreciation, depletion and amortization
$62.5M
$25.2M
$14.8M
$15.4M
Amortization of debt issuance costs
$211.0K
—
—
—
Share-based compensation
$15.1M
$12.5M
$10.3M
$8.4M
Pension curtailment/settlement gains
$0
($4.6M)
—
—
Deferred taxes
$6.6M
$4.6M
$1.4M
$1.3M
Receivables and other assets
($52.9M)
($610.0K)
($24.5M)
($13.8M)
Prepaid income taxes
($3.7M)
$0
$4.8M
($4.8M)
Income taxes payable
($381.0K)
($407.0K)
$1.6M
($25.9M)
Unearned revenue
$13.7M
($3.9M)
$5.1M
$1.9M
Operating liabilities, excluding income taxes
$22.9M
$6.3M
($3.2M)
$10.4M
Ad valorem and other taxes payable
$494.0K
($2.3M)
$2.3M
$7.9M
Cash provided by operating activities
$545.9M
$490.7M
$418.3M
$447.1M
Acquisition of royalty interests, net of post-closing adjustments
($454.2M)
($395.6M)
($3.6M)
($1.7M)
Acquisition of a business
$0
($45.0M)
—
—
Acquisition of intangible assets
$0
$0
($21.4M)
—
Equity investment
($50.0M)
—
—
—
Acquisition of real estate
($36.0M)
($1.5M)
($20.3M)
($633.0K)
Purchase of fixed assets
($59.5M)
($29.7M)
($15.0M)
($19.2M)
Proceeds from sale of fixed assets
$0
$0
$5.0K
$106.0K
Post-close adjustment from seller related to prior year asset acquisition
$3.9M
—
—
—
Cash used in investing activities
($595.8M)
($471.7M)
($60.3M)
($21.4M)
Dividends paid
($147.8M)
($347.3M)
($100.0M)
($247.3M)
Shares exchanged for tax withholdings
-14.8M
-1.6M
-2.1M
-1.8M
Repurchases of common stock
($8.4M)
($29.2M)
($42.6M)
($87.8M)
Debt issuance costs
($5.1M)
—
—
—
Cash used in financing activities
($176.0M)
($378.1M)
($144.6M)
($336.8M)
Net (decrease) increase in cash, cash equivalents and restricted cash
($226.0M)
($359.2M)
$213.4M
$88.9M
Cash, cash equivalents and restricted cash, beginning of period
$371.4M
$730.5M
$517.2M
$428.2M
Cash, cash equivalents and restricted cash, end of period
$145.4M
$371.4M
$730.5M
$517.2M
Income taxes paid
$127.0M
$120.7M
$104.1M
$152.0M
Nonmonetary exchange of assets
$0
$0
$880.0K
$4.2M
Increase (decrease) in accounts payable related to capital expenditures
$6.4M
($273.0K)
$403.0K
($245.0K)
Accrued dividends on unvested stock awards
($309.0K)
$730.0K
$158.0K
$198.0K
Operating lease right-of-use assets
$13.6M
$0
$0
$1.4M
Texas Pacific Land Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$296.8M
$142.9M
$358.0M
$236.8M
Land sale with financing arrangement
($20.9M)
($20.9M)
—
—
Depreciation, depletion and amortization
$30.7M
$14.0M
$40.6M
$25.6M
Share-based compensation
$9.5M
$5.1M
$11.4M
$7.9M
Deferred taxes
$5.2M
$3.6M
$5.1M
$1.3M
Other
$111.0K
$186.0K
—
—
Operating assets, excluding income taxes
($8.5M)
($14.5M)
($16.0M)
$8.2M
Operating liabilities, excluding income taxes
($6.5M)
($5.3M)
$27.6M
($2.0M)
Income taxes payable
$24.9M
$33.3M
$5.5M
($207.0K)
Prepaid income taxes
$3.7M
$3.7M
$0
—
Cash provided by operating activities
$334.9M
$162.0M
$432.2M
$277.6M
Purchases of fixed assets
($29.2M)
($7.3M)
($30.9M)
($12.3M)
Acquisition of real estate
($110.2M)
$0
($36.0M)
($4.5M)
Acquisition of royalty interests, net of post-close adjustments
$0
$0
($3.5M)
($3.5M)
Post-close adjustment from seller related to prior year asset acquisition
$0
—
$3.9M
$3.9M
Cash used in investing activities
($139.4M)
($8.4M)
($137.6M)
($16.4M)
Dividends paid
($83.2M)
($41.8M)
($111.0M)
($74.2M)
Shares exchanged for tax withholdings
-9.1M
-9.1M
-14.8M
-14.3M
Cash settlement of common stock repurchases
$0
$0
($8.4M)
($100.0K)
Cash used in financing activities
($92.3M)
($50.9M)
($134.2M)
($88.6M)
Net increase in cash, cash equivalents and restricted cash
$103.2M
$102.8M
$160.4M
$172.5M
Cash, cash equivalents and restricted cash, beginning of period
$145.4M
$145.4M
$371.4M
$371.4M
Cash, cash equivalents and restricted cash, end of period
$248.6M
$248.2M
$531.8M
$543.9M
Income taxes paid
$46.4M
$3.0K
$89.9M
$65.5M
Interest paid
$1.3M
$650.0K
—
—
(Decrease) increase in accounts payable related to purchases of fixed assets