TPL financial statements

The full income statement, balance sheet, and cash-flow statement for Texas Pacific Land Corporation (TPL), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	798M YoY+13.1%	706M YoY+11.8%	632M YoY-5.4%	667M YoY+48.0%	451M YoY+49.0%
Selling, general & administrative	23.8M YoY-31.0%	34.5M YoY-25.8%	46.5M YoY+110.9%	22.0M YoY+89.2%	11.6M YoY+19.4%
General & administrative	23.8M YoY-31.0%	34.5M YoY-25.8%	46.5M YoY+110.9%	22.0M YoY+89.2%	11.6M YoY+19.4%
Amortization of intangibles	2.30M YoY+53.3%	1.50M YoY+275.0%	400K	0.00	—
Operating income	592M YoY+9.8%	539M YoY+10.9%	486M YoY-13.6%	562M YoY+55.2%	362M YoY+66.8%
Interest expense	690K	0.00	0.00	—	—
Other non-operating income	15.0K YoY-99.4%	2.35M YoY-0.5%	2.36M YoY+10845.5%	-22.0K YoY-105.1%	433K YoY-82.0%
Pre-tax income	610M YoY+5.4%	579M YoY+11.8%	518M YoY-9.0%	569M YoY+56.7%	363M YoY+65.3%
Income tax	129M YoY+3.3%	125M YoY+11.6%	112M YoY-8.6%	122M YoY+31.7%	93.0M YoY+113.3%
Net income	481M YoY+6.0%	454M YoY+11.9%	406M YoY-9.1%	446M YoY+65.3%	270M YoY+53.4%
	$6.97 YoY+6.1%	$6.57 YoY+12.1%	$5.86 YoY-8.7%	$6.42 YoY+65.9%	$3.87 YoY+53.4%
EPS (basic)	$6.98 YoY+6.1%	$6.58 YoY+12.1%	$5.87 YoY-8.6%	$6.42 YoY+66.0%	$3.87 YoY+53.4%
	68.9M YoY-0.0%	69.0M YoY-0.3%	69.1M YoY-0.5%	69.5M YoY-0.4%	69.8M YoY-0.1%
	69.0M YoY-0.0%	69.1M YoY-0.2%	69.2M YoY-0.5%	69.5M YoY-0.3%	69.8M YoY-0.1%
Dividends per share	$2.13	—	$1.44	—	$1.22 YoY+10.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	319M YoY-36.6%	503M YoY-41.6%	862M YoY+36.2%	633M YoY+20.3%	527M YoY+58.3%
Cash & equivalents	145M YoY-60.8%	370M YoY-49.0%	725M YoY+42.0%	511M YoY+19.3%	428M YoY+52.4%
Prepaid expenses	5.29M YoY-0.4%	5.32M YoY+80.6%	2.94M YoY-60.4%	7.43M YoY+143.2%	3.05M YoY+136.7%
	1.62B YoY+30.1%	1.25B YoY+7.9%	1.16B YoY+31.8%	877M YoY+14.8%	764M YoY+33.7%
Property, plant & equipment	165M YoY+34.2%	123M YoY+36.8%	89.6M YoY+4.8%	85.5M YoY+7.2%	79.7M YoY+0.6%
Operating lease right-of-use	13.7M YoY+1076.5%	1.16M YoY-37.5%	1.86M YoY-26.3%	2.52M YoY+38.3%	1.83M YoY-26.2%
Intangible assets	32.8M YoY-6.7%	35.2M YoY+67.4%	21.0M	0.00	—
	72.6M YoY+55.9%	46.6M YoY+4.9%	44.4M YoY+12.1%	39.6M YoY-22.2%	50.9M YoY+138.1%
Accrued liabilities	39.6M YoY+46.8%	27.0M YoY+19.8%	22.5M YoY-4.0%	23.4M YoY+30.9%	17.9M YoY+34.4%
Deferred revenue	20.1M YoY+195.8%	6.80M YoY+7.4%	6.33M YoY+41.0%	4.49M YoY+17.8%	3.81M YoY-4.7%
	164M YoY+42.2%	116M YoY+2.1%	113M YoY+8.3%	105M YoY-7.0%	112M YoY+30.0%
Deferred revenue (non-current)	21.1M YoY+2.1%	20.6M YoY-17.5%	25.0M YoY+15.2%	21.7M YoY+6.2%	20.4M YoY-7.8%
Non-current lease liability	16.2M YoY+3470.6%	453K YoY-61.3%	1.17M YoY-40.2%	1.96M YoY+35.3%	1.45M YoY-28.7%
Deferred tax liabilities	54.1M YoY+14.1%	47.4M YoY+11.9%	42.4M YoY+3.0%	41.2M YoY+5.7%	38.9M YoY+0.6%
	1.46B YoY+28.8%	1.13B YoY+8.6%	1.04B YoY+35.0%	773M YoY+18.6%	652M YoY+34.3%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	691K YoY+199.1%	231K YoY+196.2%	78.0K YoY+0.0%	78.0K YoY+0.0%	78.0K
Additional paid-in capital	9.91M YoY-50.2%	19.9M YoY+36.2%	14.6M YoY+76.2%	8.29M YoY+29517.9%	28.0K
Retained earnings	1.60B YoY+24.9%	1.28B YoY+9.0%	1.17B YoY+35.3%	866M YoY+29.7%	668M YoY+36.9%
Treasury stock	151M YoY-10.4%	169M YoY+16.4%	145M YoY+39.2%	104M YoY+575.5%	15.4M
Accumulated other comprehensive income	4.15M YoY+15.8%	3.58M YoY+95.7%	1.83M YoY-27.2%	2.52M YoY+349.9%	-1.01M YoY+62.6%
Total liabilities & equity	1.62B YoY+30.1%	1.25B YoY+7.9%	1.16B YoY+31.8%	877M YoY+14.8%	764M YoY+33.7%
	68.9M YoY+0.0%	68.9M YoY-0.2%	69.0M YoY-0.3%	69.3M YoY-0.6%	69.7M YoY-0.1%
	68.9M YoY-0.0%	69.0M YoY-0.1%	69.0M YoY-0.4%	69.3M YoY-0.6%	69.7M YoY-0.1%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	546M YoY+11.3%	491M YoY+17.3%	418M YoY-6.5%	447M YoY+68.6%	265M YoY+28.1%
Depreciation & amortization	62.5M YoY+148.5%	25.2M YoY+70.5%	14.8M YoY-4.0%	15.4M YoY-5.4%	16.3M YoY+12.9%
Share-based compensation	15.1M YoY+21.1%	12.5M YoY+20.8%	10.3M YoY+22.7%	8.43M YoY+30014.3%	28.0K
Deferred income taxes	6.55M YoY+42.4%	4.60M YoY+229.1%	1.40M YoY+10.8%	1.26M YoY+653.9%	-228K YoY+90.5%
	-596M YoY-26.3%	-472M YoY-682.2%	-60.3M YoY-181.8%	-21.4M YoY-42.7%	-15.0M YoY+42.3%
Capital expenditure	36.0M YoY+2335.7%	1.48M YoY-92.7%	20.3M YoY+7.1%	19.0M YoY+15.5%	16.4M YoY+222.7%
Free cash flow	510M YoY+4.2%	489M YoY+22.9%	398M YoY-7.1%	428M YoY+72.1%	249M YoY+23.2%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	0.00	0.00 YoY-100.0%	5.00K YoY-95.3%	106K YoY-90.2%	1.09M
	-176M YoY+53.4%	-378M YoY-161.5%	-145M YoY+57.1%	-337M YoY-220.9%	-105M YoY+48.0%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	8.38M YoY-71.3%	29.2M YoY-31.5%	42.6M YoY-51.5%	87.8M YoY+345.9%	19.7M
Dividends paid	148M YoY-57.4%	347M YoY+247.4%	100.0M YoY-59.6%	247M YoY+190.0%	85.3M YoY-57.7%
Net change in cash	-226M YoY+37.1%	-359M YoY-268.3%	213M YoY+139.9%	88.9M YoY-38.8%	145M YoY+804.2%
Income taxes paid	127M YoY+5.2%	121M YoY+15.9%	104M YoY-31.5%	152M YoY+122.7%	68.2M YoY+46.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	19.8B YoY-22.1%	25.4B YoY+110.6%	12.1B YoY-33.2%	18.1B YoY+86.7%	9.67B YoY+71.5%
P/E	41.1× YoY-26.5%	56.0× YoY+82.0%	30.8× YoY-27.5%	42.4× YoY+18.4%	35.8× YoY+11.9%
P/S	24.8× YoY-31.1%	36.0× YoY+84.3%	19.5× YoY-28.4%	27.3× YoY+27.2%	21.4× YoY+15.1%
P/B	13.6× YoY-39.5%	22.4× YoY+79.4%	12.5× YoY-50.0%	25.0× YoY+68.7%	14.8× YoY+27.7%
P/FCF	38.8× YoY-25.3%	52.0× YoY+81.8%	28.6× YoY-38.6%	46.5× YoY+19.6%	38.9× YoY+39.3%
	2.4% YoY+36.1%	1.8% YoY-45.1%	3.3% YoY+37.9%	2.4% YoY-15.6%	2.8% YoY-10.6%
	2.6% YoY+33.8%	1.9% YoY-45.0%	3.5% YoY+62.7%	2.1% YoY-16.4%	2.6% YoY-28.2%
	0.74%	—	0.83%	—	0.88% YoY-36.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: TPL's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TPL filings on SEC EDGAR → Not investment advice.