01—Abstract
Summary
Summary of the 8-K filed February 18, 2026. Cited figures are marked; the original filing is the authoritative source.
Texas Pacific Land Corporation (NYSE: TPL) furnished this Form 8-K on February 18, 2026 to report financial results for the three months and year ended December 31, 2025 (Exhibit 99.1) and an updated February 2026 investor presentation (Exhibit 99.2).
For the full year 2025, the company reported total revenues of $798.2 milliona (up from $705.8 million in 2024), net income of $481.4 million, or $6.97 per diluted share, Adjusted EBITDA of $687.4 million, and free cash flow of $498.3 million. Oil and gas royalty production averaged 34.6 thousand Boe per day for the year, compared with 26.8 thousand in 2024, and the company completed a three-for-one stock split on December 22, 2025. Fourth-quarter 2025 revenue was $211.6 million, net income was $123.3 million ($1.79 per diluted share), and free cash flow was $118.9 million.
The company acquired 17,306 net royalty acres, primarily in the Midland Basin, for $450.7 millionb in cash, invested $50.0 million in Bolt Data & Energy, Inc., and entered into a $500 million revolving credit facility that remained fully undrawn at year end. Cash and equivalents were $144.8 million at December 31, 2025, with no debt shown in the investor presentation.
On February 10, 2026, the Board declared a quarterly cash dividend of $0.60c per share, a 12.5% increase from the prior quarterly dividend, payable March 16, 2026. The company also highlighted progress in next-generation opportunities, including data center infrastructure and produced water desalination, and noted an earnings call scheduled for February 19, 2026.
02—Key points
Key Highlights
- FY 2025 total revenues of $798.2 million versus $705.8 million in FY 2024; net income of $481.4 million, or $6.97 per diluted share.
- Q4 2025 total revenues of $211.6 million and net income of $123.3 million ($1.79 per diluted share), compared with $203.1 million revenue and $121.2 million net income in Q3 2025.
- Acquired 17,306 net royalty acres, primarily in the Midland Basin, for $450.7 million in an all-cash transaction in Q4 2025.
- Invested $50.0 million in Bolt Data & Energy, Inc. to develop data center campuses across TPL land, and entered into a $500 million revolving credit facility, undrawn at year end.
- Board declared a quarterly dividend of $0.60 per share on February 10, 2026, a 12.5% increase, payable March 16, 2026; FY 2025 free cash flow was $498.3 million.
- Oil and gas royalty production averaged 34.6 thousand Boe per day in FY 2025 versus 26.8 thousand in FY 2024; produced water royalty volumes averaged 4.8 million barrels per day in Q4 2025.
- Three-for-one stock split effected December 22, 2025.
03—Questions
Frequently Asked Questions
How did Texas Pacific Land perform financially in fiscal 2025?
Total revenues rose to $798.2 million from $705.8 million in 2024, and net income increased to $481.4 million from $454.0 million. Adjusted EBITDA was $687.4 million and free cash flow was $498.3 million, both described as records for the fiscal year.
What drove the increase in revenue in 2025?
The filing attributes the increase to a $38.3 million rise in oil and gas royalty revenue, a $20.1 million increase in produced water royalties, a $19.0 million increase in water sales, and an $18.5 million increase in easements and other surface-related income. Production rose to 34.6 thousand Boe per day from 26.8 thousand, while the average realized price fell to $34.18 per Boe from $39.87.
What is the new dividend and when is it payable?
On February 10, 2026, the Board declared a quarterly cash dividend of $0.60 per share, payable March 16, 2026 to stockholders of record at the close of business on March 2, 2026. The filing describes this as a 12.5% increase from the prior regular quarterly dividend.
How much did the company spend on acquisitions and investments in the fourth quarter?
The company acquired 17,306 net royalty acres for an aggregate purchase price of $450.7 million, net of post-closing adjustments, and invested $50.0 million in Bolt Data & Energy, Inc. The filing also reports fourth-quarter purchases of fixed assets of $28.7 million.
What is the company's balance sheet and liquidity position?
The investor presentation shows cash and cash equivalents of $144.8 million and no debt as of December 31, 2025. The company also has a $500 million revolving credit facility, which the filing states is fully undrawn, and management describes the company as holding a net cash position.
04—Continue