10-Q · May 6, 2026
Texas Pacific Land Corporation's Q1 2026 results showed total revenues of $236.8 million and a diluted EPS of $2.07, exceeding the consensus estimates slightly. The revenues and net income were up by 20.2% and 18.5%…
Earnings analysis · 10-Q
TPL earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
Texas Pacific Land delivered a strong Q3 2026, with revenue of $273.4 million and diluted EPS of $2.42, both above the supplied consensus estimates of $258.4 million and $2.33. Revenue, EPS, and free cash flow increased…
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Texas Pacific Land delivered a strong Q3 2026, with revenue of $273.4 million and diluted EPS of $2.42, both above the supplied consensus estimates of $258.4 million and $2.33. Revenue, EPS, and free cash flow increased both sequentially and year over year, with oil and gas royalties, easements, and produced water royalties driving the improvement. The filing provides no quantitative forward guidance, balance-sheet detail, operating cash flow, or capex figures in the supplied extract, while risk factors and market-risk disclosures were unchanged.
Reported figures
- Earnings per share
- $2.42
What stood out
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Record revenue accelerates
Q3 revenue was $273.4 million, up $27.4 million, or 11.1%, from $246.0 million in Q2 2026 and up $70.4 million, or 34.7%, from $203.0 million in Q3 2025.
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EPS beats consensus
Diluted EPS was $2.42, up $0.19, or 8.5%, sequentially from $2.23 and up $0.66, or 37.5%, year over year from $1.76. EPS exceeded the $2.33 consensus estimate.
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Free cash flow reaches record
Free cash flow reached $170.3 million, an increase of $19.3 million, or 12.8%, from $151.0 million in Q2 2026 and $34.3 million, or 25.2%, from $136.0 million in Q3 2025.
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Royalty activities drive growth
Oil and gas royalties, easements, and produced water royalties were identified as drivers of the sequential improvement; the supplied filing materials do not provide numerical revenue by activity.
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Controls remain effective
Disclosure controls were effective as of September 30, 2026, and the company reported no changes in internal control that materially affected, or were reasonably likely to materially affect, reporting.
What to watch
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Existing operating risks persist
The company reported no material changes to the risk factors disclosed in its 2025 Annual Report, limiting evidence of newly added filing risks but leaving existing commodity-price and customer-activity exposure unchanged.
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No change in market-risk exposure
The company reported no material changes in market-risk disclosures from the 2025 Annual Report, so the filing does not indicate reduced exposure to market or commodity volatility.
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Planned insider share sales
The CFO and spouse adopted a Rule 10b5-1 arrangement for sales of up to 9,953 shares beginning February 16, 2027 and expiring no later than August 13, 2027, creating a potential insider-selling overhang.
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No legal or buyback catalyst
The company reported no material pending legal proceedings and did not repurchase any shares during the three months ended September 30, 2026.
Management's outlook
The 10-Q does not provide numeric revenue or EPS guidance; the prior earnings release also stated that no forward financial guidance was provided.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.