Oil & Gas Royalties was the largest of Texas Pacific Land Corp’s 3 reported lines in fiscal 2025, at $411.68M — 71% of $582.50M.
| Product and Service | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Oil & Gas Royalties | $452.43M | $357.39M | $373.33M | $411.68M | ||||
| Water Sales | — | $112.20M | $150.72M | — | ||||
| Water Sales & Royalties | — | — | — | — | ||||
| Easements & Other Surface-Related Income | $3.49M | $67.91M | $63.07M | $170.01M | ||||
| Produced Water Royalties | — | $84.26M | $104.12M | — | ||||
| Land Sales & Other Operating Revenue | — | — | — | — | ||||
| Sale Of Oil & Gas Royalty Interests | — | — | — | — | ||||
| Land Sales | — | $6.81M | $4.39M | $819.00K | ||||
| Other Operating Revenue | — | — | — | — | ||||
| Total | $455.92M | $628.57M | $695.64M | $582.50M |
In fiscal 2025, which ended December 31, 2025, the 3 revenue lines Texas Pacific Land Corp reported in this breakdown added up to $582.50M. The revenue lines reported changed from fiscal 2024, so the total is not directly comparable with the $695.64M reported that year. Oil & Gas Royalties was the largest revenue line, at $411.68M or 70.7% of the total, followed by Easements & Other Surface-Related Income ($170.01M, 29.2%) and Land Sales ($819.00K, 0.1%). Together, the two largest revenue lines made up 99.9% of this total.
Compared with fiscal 2024, Easements & Other Surface-Related Income grew the fastest, rising 169.5% to $170.01M. Because revenue lines were added or dropped between the two years, part of this reflects how Texas Pacific Land Corp regrouped its reporting.
The table also keeps 6 revenue lines that Texas Pacific Land Corp no longer reports, so earlier years can still be read on their original basis; use "Show 6 discontinued" beneath the table to see them. This breakdown covers every fiscal year from 2018 to 2025, as reported in Texas Pacific Land Corp's annual filings.
Lrm was the largest of Texas Pacific Land Corp’s 2 reported lines in fiscal 2025, at $490.73M — 97% of $504.27M.
| Segment | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Lrm | $452.43M | $357.39M | $373.33M | $490.73M | ||||
| Land & Resource Management | — | — | — | — | ||||
| Wso | $3.49M | $112.20M | $150.72M | $13.55M | ||||
| Water Services & Operations | — | — | — | — | ||||
| Total | $455.92M | $469.60M | $524.06M | $504.27M |
In fiscal 2025, which ended December 31, 2025, the 2 segments Texas Pacific Land Corp reported in this breakdown added up to $504.27M. That is less than the $582.50M in its breakdown by revenue line, so these segments do not account for all of its revenue that year. Lrm was the largest segment, at $490.73M or 97.3% of the total, followed by Wso ($13.55M, 2.7%).
Compared with fiscal 2024, Lrm grew the fastest, rising 31.4% to $490.73M. Wso fell the most, down 91.0% to $13.55M.
The table also keeps 2 segments that Texas Pacific Land Corp no longer reports, so earlier years can still be read on their original basis; use "Show 2 discontinued" beneath the table to see them. This breakdown covers every fiscal year from 2018 to 2025, as reported in Texas Pacific Land Corp's annual filings.
Texas Pacific Land Corp (TPL) breaks its revenue down by revenue line and segment. In fiscal 2025, its largest revenue line was Oil & Gas Royalties, with $411.68M or 70.7% of the total, followed by Easements & Other Surface-Related Income at $170.01M (29.2%).
Oil & Gas Royalties was Texas Pacific Land Corp's largest revenue line in fiscal 2025, with $411.68M in revenue, 70.7% of the $582.50M reported across its 3 revenue lines.
Lrm was Texas Pacific Land Corp's largest segment in fiscal 2025, with $490.73M in revenue, 97.3% of the $504.27M reported across its 2 segments.
Of the Texas Pacific Land Corp segments reported in both fiscal 2024 and fiscal 2025, and making up at least 2% of the total, Lrm grew the fastest, rising 31.4% from $373.33M to $490.73M.
Every figure is taken from Texas Pacific Land Corp's annual financial filings and shown as reported: each line keeps the name the company gives it, years follow its own fiscal calendar, and lines it has stopped reporting stay in the table for the years they were reported.
The breakdown by revenue line covers fiscal 2018 to 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.