Income StatementBalance SheetCash FlowSegments
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Texas Pacific Land Business Segments

Business, geographic, and product segment breakdowns

Texas Pacific Land generates $839.0M in annual revenue across 2 key segments: LRM ($417.2M), and WSO ($207.2M). The company-wide operating margin is 74.42%. Based on the Q1 2026 filing.

LRM (TTM)$417.2MWSO (TTM)$207.2M
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$26.7B
P/E Ratio52.95
ROE36.47%

Products & Services

Inter-segment revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Oil and gas royalties$97.0M$111.2M$95.0M$108.7M$96.7M$118.2M
Water sales$36.7M$38.8M$25.6M$44.6M$60.7M$46.9M
Produced water royalties$28.1M$27.7M$30.7M$32.3M$33.5M$33.5M
Land sale—$0.0———$20.9M
Easements and other surface-related income$21.8M$18.2M$36.2M$16.7M$20.6M$17.3M

Carrying value of the financing receivable

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Land sale—————$21.0M

Carrying value of the financing receivable, current

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Land sale—————$1.0M

Contractual payments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Land sale—————$42.4M

Effective interest rate

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Land sale—————7.5%

Financing receivable, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Land sale—————$20.9M

Interest earned on financing receivable, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Land sale—————$100.0K

Total contractual consideration

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Land sale—$0.0———$42.5M

Accounts receivable and accrued receivables, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Oil and gas royalties$60.7M———$61.3M—

Geographic

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Area of land (in acres)$873.0K$873.0K$874.0K$882.0K$882.0K$881.0K
Area of land acquired191000.00191000.00191000.00191000.00191000.00191000.00
Remaining area of land acquired16000.0016000.0016000.0016000.0033000.0033000.00

Business Segments

Ad valorem and other taxes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$1.3M$2.2M$1.9M$2.6M$1.6M$2.5M
WSO$36.0K$10.0K$13.0K$11.0K$11.0K$12.0K

Depreciation, depletion and amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$7.3M$7.7M$9.1M$10.5M$17.3M$9.2M
WSO$4.1M$4.3M$4.6M$4.5M$4.7M$4.8M

General and administrative expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$4.5M$3.3M$3.6M$3.4M$4.0M$5.5M
WSO$2.2M$2.8M$2.0M$2.2M$2.5M$3.1M

Pre-Tax Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$104.5M$109.4M$111.0M$103.3M$85.1M$129.6M
WSO$46.5M$45.0M$38.0M$51.9M$66.7M$54.0M

Income Tax

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$22.5M$23.9M$24.4M$22.5M$15.6M$28.6M
WSO$10.1M$9.9M$8.4M$11.4M$12.9M$12.0M

Inter-segment revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$118.6M$126.6M$128.5M$122.3M$113.4M$153.6M
WSO$67.2M$69.4M$59.0M$80.8M$98.2M$83.3M

Interest Expense, Nonoperating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$0.0$0.0———$793.0K
WSO$0.0$0.0———$199.0K

Net Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$81.9M$85.5M$86.6M$80.8M$69.5M$100.9M
WSO$36.4M$35.1M$29.6M$40.5M$53.8M$42.0M

Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$98.2M$106.0M$106.8M$98.5M$83.1M$128.8M
WSO$44.4M$44.1M$36.9M$50.6M$66.1M$53.5M

Other income, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$6.3M$3.4M$4.2M$4.8M$2.5M$1.6M
WSO$2.1M$905.0K$1.1M$1.3M$682.0K$647.0K

Salaries and related employee expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$7.4M$7.4M$7.0M$7.3M$7.5M$7.6M
WSO$7.0M$7.2M$7.0M$7.1M$7.4M$7.4M

Total consolidated assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
LRM$1.0B$1.1B$1.2B$1.3B$1.3B$1.5B
WSO$223.8M$225.6M$217.8M$234.2M$291.1M$295.1M

Total consolidated property, plant and equipment, net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
WSO$117.8M$123.9M$123.4M$129.9M$157.2M$159.5M
LRM$4.8M$4.6M$4.6M$7.7M$7.3M$7.3M

Total Operating Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
WSO$22.8M$25.3M$22.1M$30.2M$32.1M$29.7M
LRM$20.5M$20.6M$21.7M$23.8M$30.3M$24.8M

Total purchases of fixed assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
WSO$7.4M$9.9M$3.6M$10.6M$31.6M$6.7M
LRM$69.0K$3.0K$161.0K$10.1M$68.0K$217.0K

Water service-related expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
WSO$9.4M$11.1M$8.5M$16.4M$17.5M$14.3M
LRM$0.0$0.0$0.0$0.0$0.0$0.0