Texas Pacific Land Corporation

Energy Oil & Gas Exploration & Production Dallas, Texas Last filing Feb 18, 2026 · FY2025

                    Revenue
                    FY2025
                
$798.2M
                    3y CAGR +6.1%
                    
                    P79
                    
                    +13.1%
                    
                    Net income
                    FY2025
                
$481.4M
                    Net margin +60.3%
                    
                    P100
                    
                    +6.0%
                    
                    Total assets
                    FY2025
                
$1.6B
                    ROA +29.7%
                    
                    P100
                    
                    +30.1%
                    
                    Operating cash flow
                    FY2025
                
$545.9M
                    
                    +11.3%

8 yrs · FY2018–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

30 accounts · 5 years

Total assets $1.6B

Total liabilities $164.4M

Shareholders equity $1.5B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	8.9%	29.6%	62.7%	58.2%	56.0%
Accounts Receivable	0.0%	0.0%	0.0%	0.0%	0.0%
Prepaid Expenses	0.3%	0.4%	0.3%	0.8%	0.4%
Other Current Assets	0.3%	0.4%	0.3%	0.8%	0.4%
Total Current Assets	19.7%	40.3%	74.6%	72.2%	68.9%
Property,Plant and Equipment	10.1%	9.8%	7.7%	9.7%	10.4%
Operating Lease Assets	0.8%	0.1%	0.2%	0.3%	0.2%
Intangible Assets	2.0%	2.8%	1.8%	0.0%	0.0%
Deferred Tax Assets	3.3%	0.7%	0.8%	0.8%	0.7%
Other Noncurrent Assets	1.5%	0.8%	0.4%	0.1%	0.3%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.4%	2.2%	1.9%	2.7%	2.4%
Accrued Liabilities	0.0%	0.0%	0.0%	0.0%	0.1%
Deferred Revenue	1.2%	0.5%	0.5%	0.5%	0.5%
Operating Lease Liabilities	1.0%	0.0%	0.1%	0.2%	0.2%
Other Current Liabilities	4.5%	3.7%	3.8%	4.5%	6.7%
Total Current Liabilities	4.5%	3.7%	3.8%	4.5%	6.7%
Deferred Revenue Noncurrent	1.3%	1.7%	2.2%	2.5%	2.7%
Operating Lease Liabilities Noncurrent	1.0%	0.0%	0.1%	0.2%	0.2%
Deferred Tax Liabilities	3.3%	3.8%	3.7%	4.7%	5.1%
Other Noncurrent Liabilities	4.5%	3.7%	3.8%	4.5%	6.7%
Total Liabilities	10.1%	9.3%	9.8%	11.9%	14.7%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	0.6%	1.6%	1.3%	0.9%	0.0%
Retained Earnings	98.3%	102.4%	101.3%	98.7%	87.4%
Treasury Stock	0.5%	13.5%	12.5%	11.9%	2.0%
Accumulated Other Comprehensive Income	0.3%	0.3%	0.2%	0.3%	-0.1%
Total Stockholders Equity	89.9%	90.7%	90.2%	88.1%	85.3%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $798.2M

Operating income $592.2M

Net income $481.4M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	49.2%	56.6%	54.6%	76.1%	59.0%
Expenses Cost of Revenue	12.7%	13.4%	12.6%	12.0%	11.6%
Expenses Selling,General and Administrative	1.5%	2.8%	4.0%	2.5%	1.5%
Expenses Depreciation and Amortization	3.9%	2.0%	1.3%	1.8%	2.1%
Expenses Share Based Compensation	0.9%	1.0%	0.9%	1.0%	0.0%
Expenses Operating Expenses	12.7%	13.4%	12.6%	12.0%	11.6%
Other Income Expense Operating Income	36.5%	43.2%	42.0%	64.1%	47.4%
Other Income Expense Other Income/expense	0.0%	0.2%	0.2%	-0.0%	0.1%
Other Income Expense Income Before Tax	37.6%	46.4%	44.8%	64.8%	47.5%
Income Tax Income Tax Expense	7.9%	10.0%	9.7%	14.0%	12.2%
net Income net Income	29.7%	36.4%	35.1%	50.9%	35.3%
net Income Comprehensive Income	29.7%	36.5%	35.0%	51.3%	35.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.2%	5.5%	6.0%	2.6%	1.0%
Earnings Per Share Weighted Average Shares Diluted	4.3%	5.5%	6.0%	2.6%	1.0%

Cash Flow Statement

Operating, investing, and financing flows

18 accounts · 5 years

Operating cash flow $545.9M

Investing cash flow $-595.8M

Financing cash flow $-176.0M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	29.7%	36.4%	35.1%	50.9%	35.3%
Operating Activities Depreciation and Amortization	3.9%	2.0%	1.3%	1.8%	2.1%
Operating Activities Stock Based Compensation	0.9%	1.0%	0.9%	1.0%	0.0%
Operating Activities Deferred Income Taxes	0.4%	0.4%	0.1%	0.1%	-0.0%
Operating Activities Changes In Operating Assets and Liabilities	0.8%	-0.3%	0.4%	0.2%	-0.2%
Operating Activities Other Non Cash Items	1.4%	0.5%	-0.3%	1.1%	0.4%
Operating Activities net Cash From Operating Activities	33.6%	39.3%	36.2%	51.0%	34.7%
Investing Activities Business Acquisitions	0.0%	3.6%	0.0%	0.0%	—
Investing Activities net Cash From Investing Activities	-36.7%	-37.8%	-5.2%	-2.4%	-2.0%
Financing Activities Repayment of Debt	0.3%	0.0%	0.0%	0.0%	0.0%
Financing Activities Repurchase of Common Stock	0.5%	2.3%	3.7%	10.0%	2.6%
Financing Activities Dividends Paid	9.1%	27.8%	8.6%	28.2%	11.2%
Financing Activities Tax Withholding On Stock Based Compensation	0.9%	0.1%	0.2%	0.2%	0.0%
Financing Activities net Cash From Financing Activities	-10.8%	-30.3%	-12.5%	-38.4%	-13.7%
Cash Reconciliation Effect of Exchange Rate On Cash	9.0%	29.8%	63.2%	58.9%	56.0%
Cash Reconciliation net Change In Cash	-13.9%	-28.8%	18.5%	10.1%	19.0%
Cash Reconciliation Cash At Beginning of Period	9.0%	29.8%	63.2%	58.9%	56.0%
Cash Reconciliation Cash At End of Period	9.0%	29.8%	63.2%	58.9%	56.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+74.2%	+76.4%	+77.0%	+84.3%	+80.4%
Operating margin	+74.2%	+76.4%	+77.0%	+84.3%	+80.4%
Net margin	+60.3%	+64.3%	+64.2%	+66.9%	+59.9%
FCF margin	—	—	—	+64.2%	+55.2%
Growth
Revenue CAGR (3y)	+6.1%	+16.1%	+27.8%	+10.8%	+14.5%
Returns
ROE	+33.0%	+40.1%	+38.9%	+57.8%	+41.4%
ROA	+29.7%	+36.4%	+35.1%	+50.9%	+35.3%
ROIC	—	—	—	—	—
Liquidity
Current ratio	4.40x	10.81x	19.43x	16.00x	10.34x
Quick ratio	1.99x	7.95x	16.34x	12.91x	8.42x
Leverage
D/E	0.11x	0.10x	0.11x	0.14x	0.17x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.49x	0.57x	0.55x	0.76x	0.59x
Cash conversion cycle	—	—	—	—	—

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Texas Pacific Land Corporation

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