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Texas Pacific Land
Texas Pacific Land (TPL) investor relations material
Texas Pacific Land Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record consolidated revenues of $798.2 million, net income of $481.4 million, and free cash flow of $498.3 million for both Q4 and full year 2025, with all-time highs in oil and gas royalty production, water sales volumes, and produced water royalties volumes.
Completed a major acquisition of 17,306 net royalty acres in the Midland Basin for $450.7 million and invested $50 million in a data infrastructure company to support data center development.
Declared a 12.5% increase in the regular dividend and executed a three-for-one stock split.
Advanced next-generation initiatives, including strategic investments in data centers, power generation, and nearing completion of a 10,000 barrel/day desalination facility.
Maintained a debt-free balance sheet with $145 million in cash and a $500 million undrawn credit facility at year-end.
Financial highlights
Q4 2025 consolidated revenues were approximately $212 million; adjusted EBITDA was $178 million with an 84% margin, and net income was $123.3 million.
Full year 2025 adjusted EBITDA reached $687.4 million (86% margin), and free cash flow totaled $498.3 million (62% margin).
Oil and gas royalty production increased 29% year-over-year; water sales daily volumes rose 4%; produced water royalty daily volumes grew 25%.
Water sales and produced water royalties grew to $169.7 million and $124.2 million, respectively, in 2025.
Capital expenditures for 2025 were $66 million, at the low end of guidance.
Outlook and guidance
Anticipates 2026 capital expenditures of $65–$75 million, with $20 million allocated to waste heat capture and data center co-location at the desalination facility.
Expects to commence operations and ramp volumes at the Orla desalination facility in 2026, with potential for large-scale freeze desalination in the Permian.
Management emphasizes capital-efficient growth, targeting continued free cash flow per share expansion and disciplined capital allocation.
Permian Basin activity and robust well inventory support a long runway for future cash flow and revenue growth.
Remains focused on maximizing long-term intrinsic value per share and leveraging a robust opportunity set across legacy and next-gen businesses.
Explain Q4 O&G revenue decline despite production growth
Strategic rationale for Bolt Data & Energy investment
TPL's capacity for future strategic investments
TPL's unique value for data center partners?
Desalination: impact of waste heat capture?
Permian production outlook despite rig count drop?
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Next Texas Pacific Land earnings date
Q1 20267 May, 2026
Texas Pacific Land
Next Texas Pacific Land earnings date
Q1 20267 May, 2026
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Frequently asked questions
Texas Pacific Land Corporation engages in the land and resource management, and water services and operations businesses. It primarily owns, leases, or accesses real estate properties and resources. The company's portfolio of mineral interests comprises brine disposal plants, oil and gas tracts, water injection wells associated with oil production, oil and gas royalties, coal bed methane leases, and disposal wells for produced water from natural gas reserves. Texas Pacific Land Corporation was founded in 1888 and is headquartered in Dallas, Texas.
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