Jun 2026 (Q2 FY26) — Aug 6, 2026
Texas Pacific Land Corporation Q2 FY26 — Record Revenue, Net Income, and Free Cash Flow Driven by Royalty Production and Data Center Expansion
Read the full callTexas Pacific Land (TPL) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Texas Pacific Land earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 246 | +31.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 78.0 | +1.3 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 154 | +32.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
6 of 7 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Phase 2b 10,000 barrel per day produced water desalination facility (Orla, Texas) completion | completion of the facility in the middle of 2025 | Sep 2024 | We have completed construction and commenced commissioning on our desalination facility located in Orla, Texas, which we refer to as Phase 2b. | Achieved* |
| Co-location equipment installation (waste heat capture and data center cooling) at the Orla desalination facility | approximately $20 million invested on co-location equipment during 2026 | Dec 2025 | in the second half of this year, we will be spending capital to investigate colocation cooling and waste heat capture opportunities at our Orla Phase 2b desalination facility. This spend was embedded in our original CapEx guidance at the beginning of the year | On Track |
1 of Texas Pacific Land Corp's 16 targets was missed. See which ones, and which are quietly gone. The 2 above are the free sample; 14 more targets are in the full ledger.
Claimed
- Record quarterly total revenue of approximately $246 million, representing a 31% year-over-year increase.
- Record quarterly free cash flow of $156 million, up 20% year-over-year.
- Oil and gas royalty production averaged 39,700 boe/d, an increase of 20% year-over-year.
- SLEM revenues grew 37% sequentially to $24 million, driven by strong easement performance.
- Strategic acquisition of over 10,000 acres for $100 million to expand data center and power generation efforts.
Qualified
- Water sales volumes declined 19% sequentially to 663,000 bbl/d, impacted by weak in-basin natural gas prices.
Price
$344.61 −1.80% · −$6.31
Performance +10.1% 1Y
1Y: $312.99 on 17 Oct 2025 → $344.61. High $539.79 (9 Mar 2026), low $273.56 (16 Dec 2025).
- Previous close
- $350.92
- 52-week range
- $273.56 – $539.79
- One year
- +10.63%
Overview
- Symbol
- TPL
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
6 of 7 judged targets kept · 9 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Phase 2b 10,000 barrel per day produced water desalination facility (Orla, Texas) completion | completion of the facility in the middle of 2025 | Sep 2024 | We have completed construction and commenced commissioning on our desalination facility located in Orla, Texas, which we refer to as Phase 2b. | Achieved* |
| Co-location equipment installation (waste heat capture and data center cooling) at the Orla desalination facility | approximately $20 million invested on co-location equipment during 2026 | Dec 2025 | in the second half of this year, we will be spending capital to investigate colocation cooling and waste heat capture opportunities at our Orla Phase 2b desalination facility. This spend was embedded in our original CapEx guidance at the beginning of the year | On Track |
Claimed
- Record quarterly total revenue of approximately $246 million, representing a 31% year-over-year increase.
- Record quarterly free cash flow of $156 million, up 20% year-over-year.
- Oil and gas royalty production averaged 39,700 boe/d, an increase of 20% year-over-year.
- SLEM revenues grew 37% sequentially to $24 million, driven by strong easement performance.
- Strategic acquisition of over 10,000 acres for $100 million to expand data center and power generation efforts.
Qualified
- Water sales volumes declined 19% sequentially to 663,000 bbl/d, impacted by weak in-basin natural gas prices.
The full ledger
Open Texas Pacific Land Corp’s full ledger
A free account opens 5 company ledgers a month. All 16 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Texas Pacific Land Corporation Q1 FY26 – Record Financials & Next-Gen Progress
Read the full callDec 2025 (Q4 FY25) — Feb 19, 2026
Texas Pacific Land Corporation Q4 FY25 — Record Production, Water Volumes, and Strategic Data Center Progress
Read the full callEvery analysed call
Texas Pacific Land earnings calls (TPL)
Financials
What the filings say
Net profit, year on year: +33% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 174 | 186 | 196 | 188 | 203 | 212 | 237 | 246 |
| Expenses | 46 | 43 | 46 | 44 | 54 | 62 | 54 | 54 |
| Operating profit | 127 | 143 | 150 | 144 | 149 | 149 | 182 | 192 |
| Operating margin | 73.4% | 76.7% | 76.6% | 76.7% | 73.4% | 70.5% | 77.0% | 78.0% |
| Other income | 8 | 8 | 4 | 5 | 6 | 3 | 2 | 3 |
| Interest | — | — | 0 | 0 | — | — | 1 | 1 |
| Profit before tax | 135 | 151 | 154 | 149 | 155 | 152 | 184 | 194 |
| Tax rate | 21.3% | 21.6% | 21.9% | 22.1% | 21.9% | 18.7% | 22.1% | 20.5% |
| Net profit | 107 | 118 | 121 | 116 | 121 | 123 | 143 | 154 |
| EPS ($ per share) | 4.64 | — | 1.75 | 1.68 | 5.27 | — | 2.07 | 2.23 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Reserves | — | — | 488 | 668 | 866 | 1,172 | 1,278 | 1,595 |
| Total liabilities | — | 86 | 86 | 112 | 105 | 113 | 116 | 164 |
| Fixed assets | — | 88 | 79 | 80 | 85 | 90 | 123 | 165 |
| Total assets | — | 598 | 572 | 764 | 877 | 1,156 | 1,248 | 1,623 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 195 | 343 | 207 | 265 | 447 | 418 | 491 | 546 |
| Cash from investing | -82 | -112 | -26 | -15 | -21 | -60 | -472 | -596 |
| Cash from financing | -70 | -51 | -202 | -105 | -337 | -145 | -378 | -176 |
| Net cash flow | 44 | 180 | -21 | 145 | 89 | 213 | -359 | -226 |
| Capital expenditure | -48 | -32 | -5 | -16 | -19 | -20 | -1 | -36 |
| Free cash flow | 148 | 311 | 202 | 249 | 428 | 398 | 489 | 510 |
TPL revenue by segment
Water Service and Operations shrank from 39% to 33% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Land and Resource Management | 61% | 64% | 65% | 69% | 60% | 54% | 65% | 67% | +27.5% |
| Water Service and Operations | 39% | 36% | 35% | 31% | 40% | 46% | 35% | 33% | +39.2% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
TPL operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Production Royalty | ~31.1K boe/dOil and gas royalty production averaged approximately 31,100 barrels of oil equivalent per day, representing 7% growth sequential quarter-over-quarter and 25% growth year-over-year.Source: earnings call transcript | 33.2K boe/dOil and gas royalty production of 33,200 barrels of oil equivalent per day also represents a company record.Source: earnings call transcript | ~36.3K boe/dOil and gas royalty production achieved a record of approximately 36,300 barrels of oil equivalent per day representing 9% sequential increase and a 28% increase year-over-year.Source: earnings call transcript | — | ~37.1K boe/dOil and gas royalty production averaged approximately 37,100 barrels of oil equivalent per day, roughly flat sequentially, and up roughly 19% year-over-year.Source: earnings call transcript | ~39.7K boe/dOil and gas royalty production averaged approximately 39,700 barrels of oil equivalent per day, up 7% sequentially and 20% year-over-year.Source: earnings call transcript | — |
| Net permitted wells | — | 6As of quarter end, TPL had 6 net permitted wells, 11.1 net drilled but uncompleted wells and 5.1 net completed but not producing wells.Source: earnings call transcript | 6.1As of quarter end, TPL had 6.1 net permitted wells, 9.9 net drilled but uncompleted wells and 3.1 net completed but not producing wells.Source: earnings call transcript | 5.6As of quarter end, TPL had 5.6 net permitted wells, 9.8 net drilled but uncompleted wells, are commonly referred to as DUCs, and 4.0 net completed but not producing wells.Source: earnings call transcript | 5.8As of quarter end, TPL had 5.8 net permitted wells, 9.6 net drilled but uncompleted wells or commonly referred to as DUCs, and 5.2 net completed but not producing wells.Source: earnings call transcript | 5.6As of quarter end, TPL had 5.6 net permitted wells, 9.5 net drilled but uncompleted wells or commonly referred to as DUCs and 3.4 net completed but not producing wells.Source: earnings call transcript | -3.4% |
| Net DUCs | 12.9As of quarter end, we had 5.9 net permanent wells, 12.9 net drilled but uncompleted wells, otherwise known as DUCs, and 5.4 net completed but not producing wells, otherwise known as CUPs.Source: earnings call transcript | 11.1As of quarter end, TPL had 6 net permitted wells, 11.1 net drilled but uncompleted wells and 5.1 net completed but not producing wells.Source: earnings call transcript | 9.9As of quarter end, TPL had 6.1 net permitted wells, 9.9 net drilled but uncompleted wells and 3.1 net completed but not producing wells.Source: earnings call transcript | 9.8As of quarter end, TPL had 5.6 net permitted wells, 9.8 net drilled but uncompleted wells, are commonly referred to as DUCs, and 4.0 net completed but not producing wells.Source: earnings call transcript | 9.6As of quarter end, TPL had 5.8 net permitted wells, 9.6 net drilled but uncompleted wells or commonly referred to as DUCs, and 5.2 net completed but not producing wells.Source: earnings call transcript | 9.5As of quarter end, TPL had 5.6 net permitted wells, 9.5 net drilled but uncompleted wells or commonly referred to as DUCs and 3.4 net completed but not producing wells.Source: earnings call transcript | -1% |
| Net completed but not producing wells | 5.4As of quarter end, we had 5.9 net permanent wells, 12.9 net drilled but uncompleted wells, otherwise known as DUCs, and 5.4 net completed but not producing wells, otherwise known as CUPs.Source: earnings call transcript | 5.1As of quarter end, TPL had 6 net permitted wells, 11.1 net drilled but uncompleted wells and 5.1 net completed but not producing wells.Source: earnings call transcript | 3.1As of quarter end, TPL had 6.1 net permitted wells, 9.9 net drilled but uncompleted wells and 3.1 net completed but not producing wells.Source: earnings call transcript | 4As of quarter end, TPL had 5.6 net permitted wells, 9.8 net drilled but uncompleted wells, are commonly referred to as DUCs, and 4.0 net completed but not producing wells.Source: earnings call transcript | 5.2As of quarter end, TPL had 5.8 net permitted wells, 9.6 net drilled but uncompleted wells or commonly referred to as DUCs, and 5.2 net completed but not producing wells.Source: earnings call transcript | 3.4As of quarter end, TPL had 5.6 net permitted wells, 9.5 net drilled but uncompleted wells or commonly referred to as DUCs and 3.4 net completed but not producing wells.Source: earnings call transcript | -34.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
283 filings between Oct 20, 2025 and Sep 29, 2026.
Open market
decisions to buy or sellPurchases
$580.1K
237 purchases by 3 insiders
Sales
$2.87M
5 sales by 3 insiders
60% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 14
- Award — granted as compensation
- 12
- Option exercise — converted options into shares
- 15
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| STEDDUM CHRIS | — | $1.60M | Jun 8, 2026 |
| EPPS DONNA E | $456.9K | $456.5K | Feb 25, 2026 |
| BUFFINGTON STEPHANIE | — | $808.8K | Feb 24, 2026 |
| HORIZON KINETICS ASSET MANAGEMENT LLC | $119.8K | — | Sep 29, 2026 |
| DOYLE PETER | $3.4K | — | Sep 15, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 29, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 4 | $1.4K |
| Sep 28, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $340 |
| Sep 25, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $340 |
| Sep 24, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $340 |
| Sep 23, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $353 |
| Sep 22, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $361 |
| Sep 21, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $349 |
| Sep 18, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $351 |
| Sep 17, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $349 |
| Sep 16, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $352 |
| Sep 15, 2026 | DOYLE PETER Director | Purchase | 5 | $1.9K |
| Sep 15, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $371 |
| Sep 14, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $372 |
| Sep 11, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $368 |
| Sep 10, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $366 |
| Sep 9, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $379 |
| Sep 8, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $375 |
| Sep 4, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $360 |
| Sep 3, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $368 |
| Sep 2, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $363 |
| Sep 1, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $369 |
| Aug 31, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $369 |
| Aug 28, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $364 |
| Aug 27, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $366 |
| Aug 26, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $375 |
| Aug 25, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $373 |
| Aug 24, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $377 |
| Aug 21, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $382 |
| Aug 20, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $378 |
| Aug 19, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $372 |
| Aug 18, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $361 |
| Aug 17, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $357 |
| Aug 14, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $358 |
| Aug 13, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $343 |
| Aug 12, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $353 |
| Aug 11, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $353 |
| Aug 10, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $345 |
| Aug 7, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $353 |
| Aug 6, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $356 |
| Aug 5, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $386 |
| Aug 4, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $404 |
| Aug 3, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $393 |
| Jul 31, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $400 |
| Jul 30, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $389 |
| Jul 29, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $394 |
| Jul 28, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $393 |
| Jul 27, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $409 |
| Jul 24, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $424 |
| Jul 23, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $430 |
| Jul 22, 2026 | HORIZON KINETICS ASSET MANAGEMENT LLC 10% owner | Purchase | 1 | $427 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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