TPL earnings analysis
What we found in TPL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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% respectively compared to the same quarter last year, driven mainly by increased oil and gas royalties and a notable rise in water sales revenue.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenues reached $236.8 million, a 20.2% increase from $196.0 million in Q1 2025.
- Increased EPS
- Diluted EPS stood at $2.07, up from $1.76 in Q1 2025.
- Higher Free Cash Flow
- Free cash flow was $136.4 million compared to $126.6 million in the prior year.
- Growth in Oil Royalties
- Oil and gas royalty revenue of $118.2 million, a 6.2% increase year-over-year.
- Water Sales Surge
- Water sales revenue increased to $46.9 million, up $8.1 million from Q1 2025.
- Land Sale Revenue
- Recognized $20.9 million from a land sale in the quarter, contributing to overall revenue.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Expenses
- Total operating expenses rose to $54.5 million from $45.9 million year-over-year.
- Commodity Price Volatility
- Risks related to fluctuating oil prices as average realized prices decreased by 10.9% to $37.06 per Boe.
- Water Service Expense Growth
- Water service-related expenses surged to $14.3 million, an increase of $3.2 million year-over-year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.07
- Segment
- Land and Resource Management
- Segment
- Water Services and Operations
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing TPL makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
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