Texas Pacific Land
Monetizes Permian Basin land, energy royalties, surface access, and oilfield water services.
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Profile
Owns Permian Basin land and royalty interests that generate oil and gas royalties, easement and materials income, and selective land-sale proceeds. Water operations sell sourced and treated water and earn produced-water royalties, while results depend on commodity prices and activity decisions by regional operators.
Owns about 882,000 surface acres and oil-and-gas royalty interests concentrated in the Permian Basin of West Texas. Land and Resource Management collects oil and gas royalties without funding well development, while monetizing easements, commercial leases, materials, and selective land sales.
Runs Water Services and Operations through Texas Pacific Water Resources, supplying sourced and treated water, developing infrastructure, and earning produced-water royalties. Surface ownership also supports power-generation and data-center projects alongside energy development.
Execution centers on layering multiple revenue streams across the same acreage rather than producing hydrocarbons itself. Results remain tied to commodity prices, drilling and completion decisions, and spending by a limited group of Permian operators; water operations also face federal, state, local, and environmental regulation.
Company facts
Categories
Key statistics
Year to date +22.3% · Average volume (30d) 364.1K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Feb 23, 2026 | Keybanc | Reiterate | Overweight | $1,050 | $639 |
| Dec 1, 2025 | KeyBanc | Target | $1,050 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $2.18 | $2.23 | +2.3% | $249.5M | $246.1M | −1.4% | −6.87% |
| May 6, 2026Q1 FY26 | $2.02 | $2.07 | +2.5% | $233.0M | $236.8M | +1.6% | −4.92% |
| Feb 18, 2026Q4 FY25 | $1.79 | $1.79 | 0.0% | $207.5M | $211.6M | +2.0% | +10.40% |
| Nov 5, 2025Q3 FY25 | $1.92 | $1.76 | −8.5% | $175.0M | $203.1M | +16.0% | +10.02% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $196.0M | $187.5M | $203.1M | $211.6M | $236.8M | $246.1M | |
| Gross profit | $172.9M | $165.4M | $171.7M | $288.2M | $194.4M | $246.1M | |
| Operating income | $150.1M | $143.8M | $149.1M | $149.2M | $182.3M | $191.8M | |
| Net income | $120.7M | $116.1M | $121.2M | $123.3M | $142.9M | $153.9M | |
| Diluted EPS | $1.75 | $1.68 | $1.76 | $1.78 | $2.07 | $2.23 | |
| Gross margin | 88.2% | 88.2% | 84.5% | 136.2% | 82.1% | 100.0% | |
| Operating margin | 76.6% | 76.6% | 73.4% | 70.5% | 77.0% | 78.0% |
Fiscal years (4-quarter sums)FY21 $451.0M · FY22 $667.4M · FY23 $631.6M · FY24 $705.8M · FY25 $798.2M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $248.6M · Total debt $15.5M · Total assets $1.86B · Shareholders' equity $1.67B
Dividends
Raised for 4 straight years — most recently to $0.60 from $0.1778 split-adjusted in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 1, 2026 | Jun 1 | Jun 15 | $0.60 | |
| Mar 2, 2026 | Mar 2 | Mar 16 | $0.60 | raised from $0.1778 split-adjusted |
| Dec 1, 2025 | Dec 1 | Dec 15 | $0.5333 | cut from $1.60 |
| Sep 2, 2025 | Sep 2 | Sep 16 | $1.60 | |
| Jun 2, 2025 | Jun 2 | Jun 16 | $1.60 | |
| Mar 3, 2025 | Mar 3 | Mar 17 | $1.60 | |
| Dec 2, 2024 | Dec 2 | Dec 16 | $1.60 | raised from $1.17 |
| Sep 3, 2024 | Sep 3 | Sep 17 | $1.17 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 68.97M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.30M | 7.68% | 13F | Aug 7, 2026 |
| State Street Corp | 3.96M | 5.75% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 3.81M | 5.52% | 13F | Aug 13, 2026 |
| Peter Doyle · director | 3.54M | 5.14% | Form 4 | Jun 17, 2026 |
| Horizon Kinetics Asset Management LLC · 10 percent owner | 3.24M | 4.70% | Form 4 | Aug 28, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 27, 2026 | Horizon Kinetics Asset Management LLC | 10 percent owner | +1 | $365.74 |
| Aug 26, 2026 | Horizon Kinetics Asset Management LLC | 10 percent owner | +1 | $375.00 |
| Aug 25, 2026 | Horizon Kinetics Asset Management LLC | 10 percent owner | +1 | $372.58 |
| Aug 24, 2026 | Horizon Kinetics Asset Management LLC | 10 percent owner | +1 | $377.39 |
| Aug 21, 2026 | Horizon Kinetics Asset Management LLC | 10 percent owner | +1 | $381.51 |
Peers
- LandBridge
Permian surface-land and water-royalty owner; closest structural analog to TPL.
- Viper Energy
Largest pure-play Permian mineral/royalty company; NRA acquisition rival.
- WaterBridge Infrastructure
Largest US produced water network; direct Delaware Basin water rival to TPWR.
- Black Stone Minerals
Multi-state mineral royalty MLP; Permian Culberson County development active.
- Kimbell Royalty Partners
Multi-basin royalty MLP; Permian top basin, ~25,500 Boe/d, 28-state footprint.
- Dorchester Minerals
Passive royalty MLP; $202M Permian NRA acquisition in September 2024.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Texas Pacific Land | $363.30 | −0.29% | $25.13B | 46.5 | 39.3 | 28.0 | +31.2% |
| LandBridge | $86.94 | −0.03% | $6.70B | 39.3 | 39.7 | 29.7 | +40.5% |
| Viper Energy | $44.18 | 0.00% | $15.91B | 339.8 | 18.6 | 8.1 | +135.9% |
| WaterBridge Infrastructure | $31.44 | 0.00% | $1.48B | 70.3 | 52.4 | 2.0 | — |
| Black Stone Minerals | $14.75 | 0.00% | $3.13B | 12.2 | 14.1 | 6.5 | +39.6% |
| Kimbell Royalty Partners | $15.46 | +3.85% | $1.47B | 22.8 | 14.7 | 4.0 | +30.0% |
| Dorchester Minerals | $28.58 | −0.51% | $1.38B | 15.8 | — | 7.2 | +73.1% |
| Median | 31.1 | 18.6 | 6.8 | +40.5% |