Texas Pacific Land (TPL) reported net income of $167.4 million in the third quarter of 2026, compared with $153.9 million in the second quarter of 2026. Diluted earnings per share (EPS) were $2.42. The company described the performance as "the strongest in TPL's history," according to CEO Tyler Glover.
Total revenue came to $273.4 million, compared with $246.1 million in Q2 2026. The increase was driven mainly by a $21.7 million rise in oil and gas royalty revenue, $12.5 million in easements and other surface-related revenue, and $4.3 million in produced water royalties, partially offset by a $11.3 million decline in water sales. Oil and gas royalty production was 42.3 thousand barrels of oil equivalent per day, and the average realized price was $44.97 per barrel of oil equivalent.
Total operating expenses were $65.6 million, compared with $54.2 million in Q2 2026. Adjusted EBITDA (non-GAAP, excludes items such as stock-based compensation) was $238.4 million. Free cash flow (non-GAAP) was $170.3 million. For the nine-month period, net income was $464.2 million ($6.73 per share), compared with $358.0 million in the same period of 2025, and revenue was $756.3 million, compared with $586.6 million.
The board of directors declared a quarterly dividend of $0.60 per share, payable on December 15, 2026, to shareholders of record on December 1, 2026. The company ended September with no debt and with cash of $369.6 million.
